Information Note On Modifications To The Fund S Debt Sustainability Assessment Framework For Market Access Countries

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Information Note on Modifications to the Fund's Debt Sustainability Assessment Framework for Market Access Countries

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Information Note on Modifications to the Fund s Debt Sustainability Assessment Framework for Market Access Countries Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 12 pages
File Size : 48,6 Mb
Release : 2005-01-07
Category : Business & Economics
ISBN : 9781498331418

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Information Note on Modifications to the Fund's Debt Sustainability Assessment Framework for Market Access Countries by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

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Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Staff Guidance Note for Public Debt Sustainability Analysis in Market Access Countries Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 55 pages
File Size : 50,9 Mb
Release : 2013-05-06
Category : Business & Economics
ISBN : 9781498341844

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Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The framework for fiscal policy and public debt sustainability analysis (DSA) in market-access countries (MACs) was reviewed by the Executive Board in August 2011.1 The review responded to shortcomings in identifying fiscal vulnerabilities and assessing risks to debt sustainability against the backdrop of increased concerns over fiscal policy and public debt sustainability in many advanced economies.

Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries

International Monetary Fund. Strategy, Policy, & Review Department
Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 136 pages
File Size : 45,7 Mb
Release : 2022-08-08
Category : Business & Economics
ISBN : 9798400216862

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Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note provides operational guidance for the use of the Sovereign Risk and Debt Sustainability Framework (SRDSF), which replaces the Debt Sustainability Framework for Market Access Countries. The SRDSF introduces improvements in organization, methodology, transparency, and communication when analyzing public debt issues in countries that mainly finance themselves with market-based debt. After its phased adoption beginning [June 2022], it will become the Fund’s principal tool for assessing public debt sustainability.

Review of The Debt Sustainability Framework For Market Access Countries

International Monetary Fund. Strategy, Policy, & Review Department
Review of The Debt Sustainability Framework For Market Access Countries Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 124 pages
File Size : 45,5 Mb
Release : 2021-02-03
Category : Business & Economics
ISBN : 9781513568324

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Review of The Debt Sustainability Framework For Market Access Countries by International Monetary Fund. Strategy, Policy, & Review Department Pdf

A careful review has revealed significant scope to modernize and better align the MAC DSA with its objectives and the IMF’s lending framework. This note proposes replacing the current framework with a new methodology based on risk assessments at three different horizons. Extensive testing has shown that the proposed framework has much better predictive accuracy than the current one. In addition to predicting sovereign stress, the framework can be used to derive statements about debt stabilization under current policies and about debt sustainability.

Modification to the Transparency Policy

International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Modification to the Transparency Policy Book PDF

Author : International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 26 pages
File Size : 42,8 Mb
Release : 2022-07-13
Category : Business & Economics
ISBN : 9798400213588

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Modification to the Transparency Policy by International Monetary,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The new Debt Sustainability Framework for Market Access Countries (MAC SRDSF) contemplates certain output that would be shared with the Board but that would need to be deleted from Country Documents before publication. A targeted modification to the Transparency Policy—proposed in this paper—is required for such deletions to be applied across market access Country Documents rather than on a case-by-case basis. The MAC SRDSF output to be deleted before publication consists on: (i) the near-term risk assessment; (ii) when debt is assessed to be sustainable, the qualification ”with high probability” or “but not with high probability”, unless such qualification is required for use of Fund resources; and (iii) the mechanical signal on debt sustainability.

Sustainability of External Imbalances

Angélique Herzberg
Sustainability of External Imbalances Book PDF

Author : Angélique Herzberg
Publisher : Springer
Page : 329 pages
File Size : 41,8 Mb
Release : 2014-08-28
Category : Political Science
ISBN : 9783658070915

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Sustainability of External Imbalances by Angélique Herzberg Pdf

Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy ́s net international investment position to its trade balance.

Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis

International Monetary Fund
Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 59 pages
File Size : 44,6 Mb
Release : 2011-05-08
Category : Business & Economics
ISBN : 9781498338639

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Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis by International Monetary Fund Pdf

Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.

Are Fund Staff Projections of Debt More Optimistic Under Program Contexts?

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Are Fund Staff Projections of Debt More Optimistic Under Program Contexts Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 11 pages
File Size : 46,7 Mb
Release : 2005-09-11
Category : Business & Economics
ISBN : 9781498330831

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Are Fund Staff Projections of Debt More Optimistic Under Program Contexts? by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note examines whether projections made in the context of a Fund-supported program are systematically more optimistic than those done for surveillance cases. Of particular interest in this regard is the assessment of external debt sustainability, as this underlies the "capacity to repay the Fund" analysis. Accordingly, this note examines debt projections over the period 1990-2004, with data for transition countries beginning in 1995.

A Primer on Managing Sovereign Debt-Portfolio Risks

Thordur Jonasson,Mr.Michael G. Papaioannou
A Primer on Managing Sovereign Debt Portfolio Risks Book PDF

Author : Thordur Jonasson,Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
Page : 133 pages
File Size : 53,7 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484350546

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A Primer on Managing Sovereign Debt-Portfolio Risks by Thordur Jonasson,Mr.Michael G. Papaioannou Pdf

This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.

External Conditions and Debt Sustainability in Latin America

Gustavo Adler,Mr.Sebastian Sosa
External Conditions and Debt Sustainability in Latin America Book PDF

Author : Gustavo Adler,Mr.Sebastian Sosa
Publisher : International Monetary Fund
Page : 53 pages
File Size : 55,9 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475555172

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External Conditions and Debt Sustainability in Latin America by Gustavo Adler,Mr.Sebastian Sosa Pdf

Highly favorable external conditions have helped Latin America strengthen its economic fundamentals over the last decade. But, has the region built enough buffers to guard itself from a weakening of the external environment? This paper addresses this question by developing a simple framework that integrates econometric estimates of the effect of global factors on key domestic variables that determine public and external debt dynamics, with the IMF‘s standard debt sustainability framework. Results suggest that, while some countries in the region are well placed to withstand moderate or even large shocks, many would benefit from having stronger buffers to be in a position to deploy countercyclical policies, especially under tail events. External sustainability, on the other hand, does not appear to be a source of concern for most countries.

Republic of Montenegro

International Monetary Fund
Republic of Montenegro Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 62 pages
File Size : 44,7 Mb
Release : 2008-02-04
Category : Business & Economics
ISBN : 9781451826708

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Republic of Montenegro by International Monetary Fund Pdf

The economic expansion in Montenegro is proceeding at full strength. The economy is overheating. Rapid credit growth is overstretching banks, and has contributed to ballooning asset prices. Eroding competitiveness is a concern. Management of the boom falls on fiscal policy. Tax cuts have been procyclical and potentially destabilizing. Fiscal risks need to be contained. The main focus of credit policy should be to strengthen banking sector supervision. Completing the transition to a market economy should be kept at the top of the policy agenda.

Overcoming Developing Country Debt Crises

Barry Herman,José Antonio Ocampo,Shari Spiegel
Overcoming Developing Country Debt Crises Book PDF

Author : Barry Herman,José Antonio Ocampo,Shari Spiegel
Publisher : Oxford University Press
Page : 532 pages
File Size : 50,6 Mb
Release : 2010-04
Category : Business & Economics
ISBN : 9780199578788

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Overcoming Developing Country Debt Crises by Barry Herman,José Antonio Ocampo,Shari Spiegel Pdf

The book looks at historical sovereign debt crises in developing and transition economies, and concludes that these occurrences have been economic and social catastrophes and are likely to happen again in the future due to the boom and bust nature of economic cycles, which can wreak havoc in liberalized financial environments.

Systemic Risk Monitoring ("SysMo") Toolkit—A User Guide

Mr.Nicolas R. Blancher,Ms.Srobona Mitra,Mrs.Hanan Morsy,Mr.Akira Otani,Tiago Severo,Ms.Laura Valderrama
Systemic Risk Monitoring SysMo Toolkit A User Guide Book PDF

Author : Mr.Nicolas R. Blancher,Ms.Srobona Mitra,Mrs.Hanan Morsy,Mr.Akira Otani,Tiago Severo,Ms.Laura Valderrama
Publisher : International Monetary Fund
Page : 80 pages
File Size : 41,6 Mb
Release : 2013-07-17
Category : Business & Economics
ISBN : 9781484383438

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Systemic Risk Monitoring ("SysMo") Toolkit—A User Guide by Mr.Nicolas R. Blancher,Ms.Srobona Mitra,Mrs.Hanan Morsy,Mr.Akira Otani,Tiago Severo,Ms.Laura Valderrama Pdf

There has recently been a proliferation of new quantitative tools as part of various initiatives to improve the monitoring of systemic risk. The "SysMo" project takes stock of the current toolkit used at the IMF for this purpose. It offers detailed and practical guidance on the use of current systemic risk monitoring tools on the basis of six key questions policymakers are likely to ask. It provides "how-to" guidance to select and interpret monitoring tools; a continuously updated inventory of key categories of tools ("Tools Binder"); and suggestions on how to operationalize systemic risk monitoring, including through a systemic risk "Dashboard." In doing so, the project cuts across various country-specific circumstances and makes a preliminary assessment of the adequacy and limitations of the current toolkit.

Regional Economic Outlook, May 2013, Western Hemisphere

International Monetary Fund. Western Hemisphere Dept.
Regional Economic Outlook May 2013 Western Hemisphere Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 66 pages
File Size : 55,6 Mb
Release : 2013-05-06
Category : Business & Economics
ISBN : 9781484347928

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Regional Economic Outlook, May 2013, Western Hemisphere by International Monetary Fund. Western Hemisphere Dept. Pdf

Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions will remain favorable. Strong demand from emerging Asian economies and the gradual recovery of advanced economies will continue to support commodity prices, benefiting exporters. The main policy challenge for most of the region is to take advantage of current conditions to continue buttressing a foundation for sustained growth. Other issues important to the region include: (i) strengthening balance sheets; (ii) understanding how changes in external conditions could impact public and external debt dynamics; and (iii) making the best use of the windfall from the recent terms-of-trade boom.

IMF Research Bulletin, September 2013

International Monetary Fund. Research Dept.
IMF Research Bulletin September 2013 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 16 pages
File Size : 51,6 Mb
Release : 2013-09-17
Category : Business & Economics
ISBN : 9781484343043

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IMF Research Bulletin, September 2013 by International Monetary Fund. Research Dept. Pdf

The Research Summaries in the September 2013 IMF Research Bulletin focus on “External Conditions and Debt Sustainability in Latin America” (Gustavo Adler and Sebastian Sosa) and “Monetary Policy Cyclicality in Emerging Markets” (Donal McGettigan, Kenji Moriyama, and Chad Steinberg). In the Q&A, Itai Aigur and Sunil Sharma discuss “Seven Questions on Macroprudential Policy Frameworks.” The Research Bulletin also includes an updated listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as information on a forthcoming conference. The IMF Economic Review’s new Impact Factor is also highlighted.