Cross Country Experience In Reducing Net Foreign Liabilities

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Cross-Country Experience in Reducing Net Foreign Liabilities

Ding Ding,Mr.Werner Schule,Mr.Yan Sun
Cross Country Experience in Reducing Net Foreign Liabilities Book PDF

Author : Ding Ding,Mr.Werner Schule,Mr.Yan Sun
Publisher : International Monetary Fund
Page : 20 pages
File Size : 42,6 Mb
Release : 2014-04-16
Category : Business & Economics
ISBN : 9781475516821

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Cross-Country Experience in Reducing Net Foreign Liabilities by Ding Ding,Mr.Werner Schule,Mr.Yan Sun Pdf

This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.

Cross-Country Experience in Reducing Net Foreign Liabilities

Ding Ding,Mr.Werner Schule,Mr.Yan Sun
Cross Country Experience in Reducing Net Foreign Liabilities Book PDF

Author : Ding Ding,Mr.Werner Schule,Mr.Yan Sun
Publisher : International Monetary Fund
Page : 20 pages
File Size : 48,9 Mb
Release : 2014-04-16
Category : Business & Economics
ISBN : 9781475516388

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Cross-Country Experience in Reducing Net Foreign Liabilities by Ding Ding,Mr.Werner Schule,Mr.Yan Sun Pdf

This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.

New Zealand

International Monetary Fund
New Zealand Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 45 pages
File Size : 40,7 Mb
Release : 2012-06-07
Category : Business & Economics
ISBN : 9781475504125

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New Zealand by International Monetary Fund Pdf

The New Zealand economy continues to grow at a modest pace. The 2012 Article IV Consultation reports that domestic demand has remained soft as households and businesses continue to deleverage amid a weak housing market and an uncertain outlook. Executive Directors endorse that output growth should pick up somewhat in 2012 as earthquake reconstruction spending is expected to gain pace. High household debt is likely to weigh on the growth of private consumption as households will need to save to strengthen their balance sheets.

Research Bulletin, June 2014

International Monetary Fund. Research Dept.
Research Bulletin June 2014 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 14 pages
File Size : 46,5 Mb
Release : 2014-06-09
Category : Business & Economics
ISBN : 9781498320795

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Research Bulletin, June 2014 by International Monetary Fund. Research Dept. Pdf

Articles in the June 2014 issue of the IMF Research Bulletin look at “The Rise and Fall of Current Account Deficits in the Euro Area Periphery and the Baltics” (Joong Shik Kang and Jay C. Shambaugh) and “The Two Sides of the Same Coin?: Rebalancing and Inclusive Growth in China” (Il Houng Lee, Murtaza Syed, and Xin Wang). The Q&A looks at “Seven Questions on the Monetary Transmission Mechanism in Low-Income Countries” (Andrew Berg, Luisa Charry, Rafael A. Portillo, and Jan Vleck). This issue of the Research Bulletin includes updated listings of IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore. Readers can also find information on free access to a featured article from “IMF Economic Review.”

OECD Economic Surveys: New Zealand 2015

OECD
OECD Economic Surveys New Zealand 2015 Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 148 pages
File Size : 44,6 Mb
Release : 2015-06-09
Category : Electronic
ISBN : 9789264234499

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OECD Economic Surveys: New Zealand 2015 by OECD Pdf

This 2015 OECD Economic Survey of New Zealand examines recent economic developments, policies and prospects. Special chapters cover sustaining the economic expansion and making growth more inclusive.

Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability

International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Cross Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 53,6 Mb
Release : 2006-08-29
Category : Business & Economics
ISBN : 9781498332279

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Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability by International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.,International Monetary Fund. Statistics Dept.,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Finance Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes—in terms of the debt relief provided by creditors—of the debt restructurings. Section III analyzes the debt profile, liquidity position, DSAs and accompanying stress tests, and an EWS to assess whether debt sustainability has been restored in each country case. Conclusions are set out in Section IV.

1992 World Economic and Financial Surveys

International Monetary Fund
1992 World Economic and Financial Surveys Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 90 pages
File Size : 50,6 Mb
Release : 1992-01-01
Category : Business & Economics
ISBN : 9781451940053

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1992 World Economic and Financial Surveys by International Monetary Fund Pdf

This paper reviews recent developments in private market financing for developing countries. Bank creditors themselves have been more amenable to restructuring in an environment where secondary market discounts on bank claims were falling significantly below the level of bank provisioning. This has allowed banks to realize substantial book profits by participating in debt operations. Debt conversions have also played a substantial role in reducing commercial bank debt. The pace of such conversions, however, has slowed over the past year in response to lower secondary market discounts on external debt and to a drop in privatization-related conversions. The re-entry to international capital markets by certain middle-income countries that had experienced debt-servicing difficulties gathered momentum over the past year. Total bond issues in international markets by the main re-entrants accounted for over half of issues by developing countries in this period. In contrast to the experience in securities markets, new bank lending to market re-entrants has remained limited and is confined mainly to short-term trade lines or project financing.

The Cross-Country Incidence of the Global Crisis

Mr.Gian Milesi-Ferretti,Mr.Philip R. Lane
The Cross Country Incidence of the Global Crisis Book PDF

Author : Mr.Gian Milesi-Ferretti,Mr.Philip R. Lane
Publisher : International Monetary Fund
Page : 41 pages
File Size : 47,5 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781455201822

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The Cross-Country Incidence of the Global Crisis by Mr.Gian Milesi-Ferretti,Mr.Philip R. Lane Pdf

We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits, and openness to trade are helpful in understanding the intensity of the crisis. International risk sharing did little to shield domestic demand from the country-specific component of output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more than domestic output during the crisis.

World Economic Outlook, April 2007

International Monetary Fund. Research Dept.
World Economic Outlook April 2007 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 323 pages
File Size : 45,6 Mb
Release : 2006-09-19
Category : Business & Economics
ISBN : 9781589066267

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World Economic Outlook, April 2007 by International Monetary Fund. Research Dept. Pdf

The IMF’s World Economic Outlook is packed with country specific facts, figures, and worldwide projections that present the outlook for growth, inflation, trade, and other economic developments in a clear, practical format. Leading international economists pull together the latest data on key topics, producing informed projections and policy analyses that show where the global economy is headed in the years to come. Business executives, policymakers, bankers, investors, marketing strategists, and economists worldwide refer to the WEO with confidence because it delivers a balanced view of the current economic situation, built upon the respected and extensive macroeconomic expertise and statistical resources of the IMF. The WEO is the product of a unique international exercise in information gathering and analysis performed by over 1,000 economists on the IMF staff. An annual subscription to the World Economic Outlook, published at least twice a year in English, French, Spanish, and Arabic, offers a comprehensive assessment of the international economic situation as well as prospects for the future. With its analyses backed by the expertise and unparalleled resources of the IMF, the World Economic Outlook is the authoritative reference in its field. Today, when even small economic fluctuations can trigger major financial swings, the WEO supplies a solid source of actionable information and data.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 41,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

International Monetary Fund Annual Report 2006

International Monetary Fund
International Monetary Fund Annual Report 2006 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 247 pages
File Size : 41,8 Mb
Release : 2006-09-14
Category : Business & Economics
ISBN : 9781589065611

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International Monetary Fund Annual Report 2006 by International Monetary Fund Pdf

The Annual Report 2006 to the Board of Governors reviews the IMF’s activities and policies during the financial year (May 1, 2005, through April 30, 2006). The main sections cover the Fund’s Medium-Term Strategy; country, global, and regional surveillance; strengthening surveillance and crisis prevention; IMF program support and crisis resolution; the Fund’s role in low-income countries; technical assistance and training; financial operations and policies; and governance and management of the IMF. Besides the full financial statements for the year, appendixes cover international reserves, financial operations and transactions, principal policy decisions, press communiqués of advisory committees, Executive Directors and their voting power, and changes in the Executive Board’s membership.

Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework

International Monetary Fund. Strategy, Policy, & Review Department
Recent Experiences in Managing Capital Inflows Cross Cutting Themes and Possible Policy Framework Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 98 pages
File Size : 46,5 Mb
Release : 2011-02-14
Category : Business & Economics
ISBN : 9781498339353

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Recent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework by International Monetary Fund. Strategy, Policy, & Review Department Pdf

Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects. While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks. This paper reviews the recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows, including macroeconomic policies, prudential measures and capital controls. Illustrative applications of this framework suggest that it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows. The suggested framework is intended to inform staff policy advice to all Fund members with open capital accounts. It forms part of a broader effort to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination. As indicated in the Supplement to this paper, this broader effort includes the development of “global rules of the game” on macroprudential policies, capital account liberalization, and reserve adequacy, and the preparation of spillover reports assessing spillovers from the five systemic economies—all of which will inform the current and broader framework being developed.

Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net

Mr. Seunghwan Kim,Alex Miksjuk,Mr. Narayan Suryakumar,Ms. Anita Tuladhar,Mrs. Delia Velculescu,Mr. Yiqun Wu,Jimena Zuniga,Mr. Nick Hallmark
Digital Money Cross Border Payments International Reserves and the Global Financial Safety Net Book PDF

Author : Mr. Seunghwan Kim,Alex Miksjuk,Mr. Narayan Suryakumar,Ms. Anita Tuladhar,Mrs. Delia Velculescu,Mr. Yiqun Wu,Jimena Zuniga,Mr. Nick Hallmark
Publisher : International Monetary Fund
Page : 23 pages
File Size : 48,8 Mb
Release : 2024-01-04
Category : Business & Economics
ISBN : 9798400253478

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Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net by Mr. Seunghwan Kim,Alex Miksjuk,Mr. Narayan Suryakumar,Ms. Anita Tuladhar,Mrs. Delia Velculescu,Mr. Yiqun Wu,Jimena Zuniga,Mr. Nick Hallmark Pdf

The rapid advent of digital money (DM) and assets raises questions about its implications for the functioning of the international monetary system (IMS). The low transaction costs of digital technologies, their accessibility and ease of automation, and their integration into existing digital services may bring opportunities in the form of higher financial interconnectedness and inclusion but may also add to risks. This paper explores the possible implications of DM for the IMS from the perspective of cross-border payments, international reserves and the supply of global safe assets, and the global financial safety net. To help inform the discussion, the paper presents empirical analyses of the effect of payment efficiency on international currency adoption for payment/transaction purposes as well as on reserve currency holdings, along with an illustrative modeling scenario of a DM-induced shock for the potential demand for global financial safety net resources.

Canada

International Monetary Fund. Western Hemisphere Dept.
Canada Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 50,7 Mb
Release : 2023-07-27
Category : Business & Economics
ISBN : 9798400249891

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Canada by International Monetary Fund. Western Hemisphere Dept. Pdf

Growth is slowing and headline inflation falling rapidly, but, as in other countries, core inflation has been stickier and short-term expectations elevated in the context of still-tight labor markets. The financial system appears broadly resilient despite global banking stresses and ongoing mortgage resets at higher interest rates. With the world moving from one crisis to the next, risks to a highly open economy like Canada are substantial and compound domestic vulnerabilities related to inflation expectations, the housing market, and household leverage. The outlook thus remains uncertain, and shocks could push the economy into a mild recession.

Capital Flows - Review of Experience with the Institutional View

International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept.
Capital Flows Review of Experience with the Institutional View Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 47,9 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781498345057

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Capital Flows - Review of Experience with the Institutional View by International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Statistics Dept. Pdf

Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they also carry risks, and a key challenge for countries is how to harness the benefits while managing the risks. The institutional view on the liberalization and management of capital flows provides the Fund with a basis for consistent advice on policies related to capital flows. This paper reviews countries’ experiences with handling capital flows in the period since the adoption of the IMF’s institutional view in 2012. Based on the experience, it identifies a few areas in which the view would benefit from further clarification or elaboration.