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Law > Business and Financial

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
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Cover IMF Staff Country Reports
Libya: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper identifies the sources and quantifies the exchange market pressures on the Libyan dinar. The paper highlights that: (1) the cumulative pressure on the exchange rate has been negative; and (2) despite the alternating appreciation and depreciation pressures, foreign exchange reserves have remained relatively stable. The authorities’ toolkit is limited: they strive to maintain the stock of reserves at a high level and to keep the exchange rate peg intact, all without the use of fiscal policy or of conventional monetary policy instruments. Therefore, developing conventional monetary policy tools and making sure that fiscal policy is consistent with the overall macroeconomic objectives would help the authorities achieve their goals without resorting to capital flow measures. While Libya had periods of both depreciation and appreciation pressures, overall, it faced substantial depreciation pressure. In other words, Libya’s policies over the medium term were not in line with the three-pronged macroeconomic objective of maintaining high foreign reserves, a pegged official exchange rate, and a narrow gap between the parallel and the official exchange rates. The findings suggest that additional monetary tools and the use of fiscal policy can help contain the parallel market premium and avoid the use of capital flow measures.
Keywords:
exchange market pressure; EMP index; copyright page; weakening exchange rate; market rate; Currency markets; Exchange rates; International reserves; Depreciation; Eastern Europe; Global
Cover IMF Working Papers
Corporate Restructuring and Its Macro Effects
Mr. Jongsoon Shin
This paper describes issues in Korea’s corporate sector, the need for restructuring, and the authorities’ initiatives and challenges. It then identifies lessons from other countries’ experience and conducts an econometric analysis based on cross-country aggregate data, compared with previous studies which mostly use firm-level data. This analysis finds that restructuring episodes, while sometimes challenging in the short term, have typically been associated with more rapid economic growth afterward. Corporate restructuring could have a negative effect on the labor and the financial markets in the short term, but is associated with positive growth through increased investment and capital productivity in the medium term, outpacing the negative effects.
Keywords:
WP; firm; debt; restructuring dummy; bank; corporate; Corporate debt; restructuring; macro effects; investment; unemployment; debt restructuring; shipping firm; firm structuring; debt-distressed firm; Debt restructuring; Capital productivity; Creditor bail-in; Global
Cover IMF Staff Country Reports
Republic of Palau: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Palau
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that Palau’s economy has performed well in recent years. The economy grew strongly in FY2015 (ending September 30, 2015) at 9.4 percent, with tourist arrivals and construction activity expanding by 35 percent. However, the rapid rise in tourism activity strained infrastructure and was tilted toward low budget tourists, which led the authorities to limit the number of charter flights in FY2016. The outlook for Palau is also favorable. Economic growth is expected to slow temporarily to zero in FY2016 as tourist arrivals decline, but to rebound to 5 percent in FY2017 as tourism activity recovers with the entry of new hotels and construction picks up.
Keywords:
ISCR; CR; government; government reform effort; infrastructure investment; Palau; development agenda; government place; private sector development; Tourism; Fiscal stance; Infrastructure; Loans; Fiscal consolidation; Pacific Islands
Cover IMF Working Papers
The Development of Local Capital Markets: Rationale and Challenges
Mr. Luc Laeven
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
Keywords:
WP; capital market; bond market; market; market development; local capital markets; stock markets; bond markets; capital market development; economic development; financial markets; fully fledged physical capital capital market; investor right; market conduct; physical capital; market size; Securities markets; Capital markets; Financial market infrastructure; Securities regulation; Global
Cover IMF Staff Country Reports
Republic of Palau: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
This 2014 Article IV Consultation highlights that after two years of strong expansion, growth is estimated at about zero percent in the fiscal year 2013 (FY2013, ending in September) in the Republic of Palau owing to declines in construction and tourism. Inflation moderated to 2¾ percent (annual average) in FY2013 thanks to stable international food and fuel prices, and it is expected to stay at about 3 percent in FY2014. Growth is projected to increase to 1¾ percent in FY2014 and to 2¼–2½ percent over the medium term driven by the recovery in tourism and infrastructure developments.
Keywords:
ISCR; CR; reform; authority; Palau; private sector development; investor confidence; tax reform bill; Palau authorities; PFTAC TA; near-term outlook; Fiscal consolidation; Tourism; Infrastructure; Asia and Pacific; Pacific Islands