Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis

Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis book. This book definitely worth reading, it is an incredibly well-written.

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis

Matteo Ruzzante
Financial Crises Macroeconomic Shocks and the Government Balance Sheet A Panel Analysis Book PDF

Author : Matteo Ruzzante
Publisher : International Monetary Fund
Page : 55 pages
File Size : 55,5 Mb
Release : 2018-04-24
Category : Business & Economics
ISBN : 9781484354070

Get Book

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis by Matteo Ruzzante Pdf

Government financial assets are increasingly recognized as playing an important role in assessing fiscal sustainability. However, very little research has been done on the dynamics of government financial assets compared to liabilities. In this paper, we investigate the impact of recent financial crises and macroeconomic shocks on government balance sheets, decomposing the separate effects on financial assets and liabilities. Using quarterly Government Finance Statistics (GFS) data, we analyze a panel of 27 countries over the period 1999Q1-2017Q1 through fixed effects and panel VAR techniques. Financial crises are shown to deteriorate the net financial worth of governments, but no significant impact is found on assets suggesting that they are not being used as fiscal buffers in bad times. On the contrary, countries that suffered both financial and banking crises experienced an “artificial” increase of their asset position through bank bailouts. Macroeconomic shock analyses reveal that government balance sheet items are countercyclical, but important asymmetries are found in their dynamics.

Debt-Related Vulnerabilities and Financial Crises - an Application of the Balance Sheet Approach to Emerging Market Countries

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Debt Related Vulnerabilities and Financial Crises an Application of the Balance Sheet Approach to Emerging Market Countries Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 63 pages
File Size : 46,5 Mb
Release : 2004-01-07
Category : Business & Economics
ISBN : 9781498330275

Get Book

Debt-Related Vulnerabilities and Financial Crises - an Application of the Balance Sheet Approach to Emerging Market Countries by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

NULL

Public Sector Balance Sheet Strength and the Macro Economy

Mr.Reza Yousefi
Public Sector Balance Sheet Strength and the Macro Economy Book PDF

Author : Mr.Reza Yousefi
Publisher : International Monetary Fund
Page : 27 pages
File Size : 42,8 Mb
Release : 2019-08-06
Category : Business & Economics
ISBN : 9781513508955

Get Book

Public Sector Balance Sheet Strength and the Macro Economy by Mr.Reza Yousefi Pdf

This paper introduces concepts of public sector balance sheet (PSBS) strength, taking into account different aspects of what governments own in addition to what they owe. It develops measures of PSBS strength and investigates their macroeconomic implications. Empirical estimations show that in their pricing of sovereign bonds, financial markets account for government assets and net worth in addition to their liabilities. Furthermore, economies with stronger public sector balance sheets experience shallower recessions and recover faster in the aftermath of economic downturns. This faster return to growth can be explained by the greater space for countercyclical fiscal policy in countries with stronger balance sheets.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 45,5 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

Get Book

Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Another Look at Governments’ Balance Sheets

Ms.Elva Bova,Mr.Robert Dippelsman,Ms.Kara C Rideout,Ms.Andrea Schaechter
Another Look at Governments Balance Sheets Book PDF

Author : Ms.Elva Bova,Mr.Robert Dippelsman,Ms.Kara C Rideout,Ms.Andrea Schaechter
Publisher : International Monetary Fund
Page : 44 pages
File Size : 49,9 Mb
Release : 2013-05-02
Category : Business & Economics
ISBN : 9781484315453

Get Book

Another Look at Governments’ Balance Sheets by Ms.Elva Bova,Mr.Robert Dippelsman,Ms.Kara C Rideout,Ms.Andrea Schaechter Pdf

When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this paper looks at the size, composition, and management of state-owned nonfinancial assets across 32 economies, with particular focus on the advanced G-20 economies. We find that reported nonfinancial assets comprise mostly structures (such as roads and buildings) and,when valued, land. These assets have increased over time, mostly due to higher property and commodity prices, and are, in large part, owned by subnational governments. Many countries have launched reforms with a view to streamlining public administrations, but receipts and savings have been rather small so far. Governments tend to consider relatively small sets of assets to be disposable, though preferences could change in the future. A potential source for future revenues could be greater reliance on user charges, such as road tolls. In most cases, a first step for more effective asset management has to be the expansion and improvement of data compilation.

Financial Crises and the Politics of Macroeconomic Adjustments

Stefanie Walter
Financial Crises and the Politics of Macroeconomic Adjustments Book PDF

Author : Stefanie Walter
Publisher : Cambridge University Press
Page : 273 pages
File Size : 54,8 Mb
Release : 2013-10-31
Category : Business & Economics
ISBN : 9781107028708

Get Book

Financial Crises and the Politics of Macroeconomic Adjustments by Stefanie Walter Pdf

This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.

Debt-Related Vulnerabilities and Financial Crises

Mr. Brad Setser,Mr. Ioannis Halikias,Mr. Alexander Pitt,Mr. Christoph B. Rosenberg,Mr. Brett E. House,Mr. Jens Nystedt,Mr. Christian Keller
Debt Related Vulnerabilities and Financial Crises Book PDF

Author : Mr. Brad Setser,Mr. Ioannis Halikias,Mr. Alexander Pitt,Mr. Christoph B. Rosenberg,Mr. Brett E. House,Mr. Jens Nystedt,Mr. Christian Keller
Publisher : International Monetary Fund
Page : 59 pages
File Size : 40,7 Mb
Release : 2005-10-24
Category : Business & Economics
ISBN : 9781451929324

Get Book

Debt-Related Vulnerabilities and Financial Crises by Mr. Brad Setser,Mr. Ioannis Halikias,Mr. Alexander Pitt,Mr. Christoph B. Rosenberg,Mr. Brett E. House,Mr. Jens Nystedt,Mr. Christian Keller Pdf

The analysis of currency and maturity mismatches in sectoral balance sheets has increasingly become a regular element in the IMF’s tool kit for surveillance in emerging market countries. This paper describes this so-called balance sheet approach and shows how it can be applied to detect vulnerabilities and shape policy advice. It also provides a broad-brushed overview of how balance sheet vulnerabilities have evolved over the past decade and cites a number of case studies.

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis

Matteo Ruzzante
Financial Crises Macroeconomic Shocks and the Government Balance Sheet A Panel Analysis Book PDF

Author : Matteo Ruzzante
Publisher : International Monetary Fund
Page : 55 pages
File Size : 40,8 Mb
Release : 2018-04-24
Category : Business & Economics
ISBN : 9781484352762

Get Book

Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis by Matteo Ruzzante Pdf

Government financial assets are increasingly recognized as playing an important role in assessing fiscal sustainability. However, very little research has been done on the dynamics of government financial assets compared to liabilities. In this paper, we investigate the impact of recent financial crises and macroeconomic shocks on government balance sheets, decomposing the separate effects on financial assets and liabilities. Using quarterly Government Finance Statistics (GFS) data, we analyze a panel of 27 countries over the period 1999Q1-2017Q1 through fixed effects and panel VAR techniques. Financial crises are shown to deteriorate the net financial worth of governments, but no significant impact is found on assets suggesting that they are not being used as fiscal buffers in bad times. On the contrary, countries that suffered both financial and banking crises experienced an “artificial” increase of their asset position through bank bailouts. Macroeconomic shock analyses reveal that government balance sheet items are countercyclical, but important asymmetries are found in their dynamics.

Financial Crises

Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Financial Crises Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 754 pages
File Size : 43,6 Mb
Release : 2014-02-19
Category : Business & Economics
ISBN : 9781484355268

Get Book

Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Using the Balance Sheet Approach in Surveillance

Mr.Johan Mathisen,Mr.Anthony J. Pellechio
Using the Balance Sheet Approach in Surveillance Book PDF

Author : Mr.Johan Mathisen,Mr.Anthony J. Pellechio
Publisher : International Monetary Fund
Page : 46 pages
File Size : 49,6 Mb
Release : 2007-03-29
Category : Business & Economics
ISBN : 9781589066045

Get Book

Using the Balance Sheet Approach in Surveillance by Mr.Johan Mathisen,Mr.Anthony J. Pellechio Pdf

A distinguishing feature of emerging market crises in recent years has been the sudden disruption in the capital accounts of the economy. These crises have highlighted the need for closer attention to macroeconomic vulnerabilities in sectoral balance sheets. This book enhances application of the balance sheet approach to surveillance by taking advantage of new data sets that provide detailed, frequent, and timely financial statistics.

Analyzing and Managing Fiscal Risks - Best Practices

International Monetary Fund. Fiscal Affairs Dept.
Analyzing and Managing Fiscal Risks Best Practices Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 42,7 Mb
Release : 2016-04-05
Category : Business & Economics
ISBN : 9781498345668

Get Book

Analyzing and Managing Fiscal Risks - Best Practices by International Monetary Fund. Fiscal Affairs Dept. Pdf

Comprehensive analysis and management of fiscal risks can help ensure sound fiscal public finances and macroeconomic stability. This has been underscored by the global financial crisis and the more recent collapse in commodity prices, which starkly illustrate the vulnerability of public finances to risk. Indeed, over the past quarter century, governments experienced on average an adverse fiscal shock of 6 percent of GDP once every 12 years, with some of the largest stemming from financial crises. Countries need a more complete understanding of these potential threats to their fiscal position. Existing fiscal risk disclosure and analysis practices tend to be incomplete, fragmented, and qualitative in nature. A more comprehensive and integrated assessment of the potential shocks to government finances, in the form of a fiscal stress test, can help policymakers simulate the effects of shocks to their central forecasts and their implications for government solvency, liquidity, and financing needs. Comprehensive, reliable, and timely fiscal data covering all public entities, stocks, and flows are a necessary foundation for such analysis. Countries should also enhance their capacity to mitigate and manage fiscal risks. Fiscal risk management practices are often blunt, ad hoc, and too focused on imposing limits on the creation of exposures. Countries need to expand their toolkits for fiscal risk management and adopt the use of instruments to transfer, share, or provision for risks. In doing so, countries need to weigh the possible benefits from reducing their exposure to shocks against the financial and other costs of the policies that may be needed. Finally, countries should make greater use of probabilistic forecasting methods when setting long-run objectives and medium-term targets for fiscal policy. The paper illustrates how simple probabilistic tools can be used to map the uncertainty around medium-term trajectories for public debt. In combination with fiscal stress tests, these tools can provide valuable information regarding the probabilities that a country will stay within the debt ceilings embedded in their fiscal rules. The Fund is playing an important role in supporting improvements in fiscal risk analysis and management among its members. This includes technical assistance in constructing public sector balance sheets; developing institutions and capacity to identify specific fiscal risks and to quantify their potential impact; undertaking fiscal stress tests; and integrating risks into the design of medium-term fiscal targets.

Stock-Flow Adjustments, Government’s Integrated Balance Sheet and Fiscal Transparency

Mr.Mike Seiferling
Stock Flow Adjustments Government s Integrated Balance Sheet and Fiscal Transparency Book PDF

Author : Mr.Mike Seiferling
Publisher : International Monetary Fund
Page : 48 pages
File Size : 42,9 Mb
Release : 2013-03-07
Category : Business & Economics
ISBN : 9781475570359

Get Book

Stock-Flow Adjustments, Government’s Integrated Balance Sheet and Fiscal Transparency by Mr.Mike Seiferling Pdf

This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal transparency. Applying the fully integrated relationship between financial stocks and flows allows for a more refined analysis of the deterministic components that make up the ‘stock-flow’ residual. Using partial measures of these stock-flow residuals, several empirical studies have found them to be significantly correlated with fiscaltransparency, inflation, fiscal rules, and banking crisis. Using fully integrated public finance data from the IMF Government Finance Statistics Yearbook for a sample of 22 countries, the findings in this paper suggest that stock-flow residuals have a significantly smaller magnitude than previously assumed and are, in fact, not correlated with fiscal transparency. A stronger determinant of fiscal transparency scores appears to be the actual reporting of fiscal data covering general government, especially a full financial balance sheet.

Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis

Joseph Crowley
Central and Commercial Bank Balance Sheet Risk Before During and After the Global Financial Crisis Book PDF

Author : Joseph Crowley
Publisher : International Monetary Fund
Page : 54 pages
File Size : 53,9 Mb
Release : 2015-02-27
Category : Business & Economics
ISBN : 9781475564273

Get Book

Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis by Joseph Crowley Pdf

This paper presents an overview of exposures in the balance sheets of central banks, banks, and other depository institutions during the past decade, with emphasis on asset growth and currency composition. It exploits the IMF’s SRF-based monetary data to show: (i) there was a widely observed buildup of assets prior to the global financial crisis, but there has been no significant reduction in its wake; (ii) the foreign currency composition of the balance sheets of banks and other depository institutions remained remarkably constant in spite of the crisis, significant changes in the composition of balance sheets, and globalization, and does not seem to have been significantly influenced by the behavior of exchange rates; and (iii) exposure to households increased prior to the crisis, but this increased risk was offset by increased capitalization.

Crisis-Related Measures in the Financial System and Sovereign Balance Sheet Risks

International Monetary Fund
Crisis Related Measures in the Financial System and Sovereign Balance Sheet Risks Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 51 pages
File Size : 50,8 Mb
Release : 2009-07-31
Category : Business & Economics
ISBN : 9781498335751

Get Book

Crisis-Related Measures in the Financial System and Sovereign Balance Sheet Risks by International Monetary Fund Pdf

This paper examines the fiscal and financial risk implications of support measures in a sovereign balance sheet framework, making the point that the ultimate fiscal cost will depend on how balance sheets are managed—both in the near-term and as governments develop unwinding strategies. It suggests some key principles for efficient and transparent management of new assets, liabilities, and associated risks, and for moving toward an orderly disengagement.

Fiscal Monitor, October 2018

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Monitor October 2018 Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 106 pages
File Size : 50,8 Mb
Release : 2018-10-10
Category : Business & Economics
ISBN : 9781484367612

Get Book

Fiscal Monitor, October 2018 by International Monetary Fund. Fiscal Affairs Dept. Pdf

Public sector balance sheets provide the most comprehensive picture of public wealth. They bring together all the accumulated assets and liabilities that the government controls, including public corporations, natural resources, and pension liabilities. They thus account for the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. Most governments do not provide such transparency, thereby avoiding the additional scrutiny it brings. Better balance sheet management enables countries to increase revenues, reduce risks, and improve fiscal policymaking. There is some empirical evidence that financial markets are increasingly paying attention to the entire government balance sheet and that strong balance sheets enhance economic resilience. This issue of the Fiscal Monitor presents a new database that shows comprehensive estimates of public sector assets and liabilities for a broad sample of 31 countries, covering 61 percent of the global economy, and provides tools to analyze and manage public wealth. Estimates of public wealth reveal the full scale of public assets and liabilities. Assets are worth US$101 trillion or 219 percent of GDP in the sample. This includes 120 percent of GDP in public corporation assets. Also included are natural resources that average 110 percent of GDP among the large natural-resource-producing countries. Recognizing these assets does not negate the vulnerabilities associated with the standard measure of general government public debt, comprising 94 percent of GDP for these countries. This is only half of total public sector liabilities of 198 percent of GDP, which also includes 46 percent of GDP in already accrued pension liabilities. Once governments understand the size and nature of public assets, they can start managing them more effectively. Potential gains from better asset management are considerable. Revenue gains from nonfinancial public corporations and government financial assets alone could be as high as 3 percent of GDP a year, equivalent to annual corporate tax collections across advanced economies. In addition, considerable gains could be realized from government nonfinancial assets. Public assets are a significant resource, and how governments use and report on them matters, not just for financial reasons, but also in terms of improving service delivery and preventing the misuse of resources that often results from a lack of transparency.