Kooperativer Bibliotheksverbund

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Format: 1 online resource (60 p.)

ISBN: 1-4755-4136-8 , 1-4755-7501-7 , 1-299-26489-1 , 1-4755-4857-5

Series Statement: IMF working paper ; WP/13/22

Content: Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets. Our analysis, based on the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), attempts to quantify the potential gains to the economy from a comprehensive package of structural reforms. We find that these gains can be sizeable. While in most cases, the reforms go in the right direction, their impact would depend on effective and timely implementation. In some areas, especially in the labor market, reforms would benefit from further strengthening. The priorities should be to strengthen competition in the non-tradable sector and make the labor market more efficient and inclusive, supported by growth-friendly fiscal reforms.

Note: "European Department and Research Department." , "January 2013." , Cover; Abstract; Contents; I. Introduction; II. Recent Structural Reforms in Italy: An Overview; A. Product Markets: Deregulating and Enhancing Competition; Tables; 1. Italy: Product Market Reforms--A Summary of Main Problems and Actions Taken; B. Labor Market: Improving Participation and Productivity; 2. Italy: Labor Market Reform--A Summary of Main Problems and Actions Taken; III. Assessing the Impact of Structural Reforms; A. Empirical Literature on Structural Reforms: Some Recent Findings; B. The Model and Simulation Design: Using the IMF's GIMF , C. The Benchmark Scenario of Structural ReformsD. Additional Labor Market and Fiscal Reforms; E. Sensitivity Analysis around the Benchmark Scenario; IV. Concluding Remarks: Reform Priorities and Implementation; Figures; 1. Regulatory Barriers and High Profit Margins in Non-tradable Sectors; 2. Difficult Environment for Doing Business; 3. Low R&D, Poor Educational Attainment, and Insufficient Complexity of Exports; 4. Inefficient Public Administration and High Tax Burden; 5. Italy: Product Market Reforms; 6. Italy: Labor Market Reforms; 7. Italy: Benchmark Scenario of Structural Reforms , 8. Italy: Stepwise Credible Reduction in the Wage Markup over 5 years9. Italy: Fiscal Reform; 3. Main Reform Measures and Proxies Used in Simulations; 4. Italy: Benchmark Scenario with Details of Product Market Reforms; 5. Italy: Benchmark Scenario with Details of Labor Market Reforms; 6. Italy and the Euro Area: Simultaneous Reforms Scenario, in Year 5; 7. Mapping Product Market Reforms; 8. Mapping Labor Market Reforms; 9. The Degree of Short-Run Nominal Rigidities; 10. The Share of Liquidity-Constrained Households; 11. Immediately Credible versus Stepwise Credible Policies; References , Annex: IMF's GIMF and Transition Dynamics , English

Additional Edition: ISBN 1-4755-3086-2

Language: English

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Format: 1 online resource (38 p.)

ISBN: 1-4755-5807-4 , 1-4755-2491-9 , 1-299-26501-4 , 1-4755-9619-7

Series Statement: IMF working paper ; WP/13/23

Content: We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allows deriving country specific pass-through estimates broken down into the contributions of structural country characteristics and policies. The findings suggest that industrial economies tend to enjoy a higher pass-through largely on account of their more flexible exchange rate regimes and their more developed financial systems. The average pass-through in our sample increased from 30 to 60 percent between 2003 and 2008, mainly due to positive risk sentiment, rising inflation and increasingly diversified banking sectors. The crisis reversed this trend partly as banks increased precautionary liquidity holdings, non-performing loans proliferated and inflation moderated.

Note: "European Department"--p. 2 of pdf. , "January 2013"--p. 2 of pdf. , Cover; Abstract; Table of Contents; I. Introduction; II. Empirical Strategy; A. Econometric Approach; B. Data; III. Results; Figure; Figure 1: Average Impulse Response of Lending Rate to Policy Rate Shock; Figure 2: Cumulative Conditional Impulse Response Functions: Adding One Country Characteristic at a Time; Figure 3: Pass-Through Decompositions Predicted by the Model with the Full Set of Interaction Terms; Figure 4: Average Pass-Through Over Time Predicted by the Model with the Full Set of Interaction Terms; IV. Conclusion , Figure 5: Average Impulse Response to Policy Rate Shock in Different Model SpecificationsFigure 6: Scatter Plots of Country Characteristics vs Pass-Through Estimates in Country-Specific VARs; Figure 7: Cumulative conditional Impulse Response Functions Using the Full Model; Figure 8: Pass-Through Estimates Predicted by PVAR vs. Estimates Based on Country-Specific VARs; Figure 9: Robustness: Pass-Through Decompositions Predicted by the Baseline Model Compared with Different Specifications , English

Additional Edition: ISBN 1-4755-2571-0

Language: English

UID:

Format: 1 online resource (43 p.)

ISBN: 1-4843-3601-1 , 1-4843-6148-2 , 1-4755-5050-2

Series Statement: IMF working paper ;

Content: We analyze the relationship between global and country-specific factors and emerging market debt spreads from three different angles. First, we aim to disentangle the effect of global and country-specific developments, and find that while both country-specific and global developments are important in the long-run, global factors are main determinants of spreads in the short-run. Second, we investigate whether and how the strength of fundamentals is related to the sensitivity of spreads to global factors. Countries with stronger fundamentals tend to have lower sensitivity to changes in global risk aversion. Third, we decompose changes in spreads and analyze the behavior of explained and unexplained components over different periods. To do so, we break down fitted changes in spreads into the contribution of country-specific and global factors, as well as decompose changes in the residual into the correction of initial misalignment and an increase/decrease in misalignment. We find that changes in spreads follow periods of tightening/widening, which are well-explained by the model; and the dynamics of the components of the unexplained residual follow all the major developments that impact market sentiment. In particular, we find that in the periods of severe marketstress, such as during the intensive phase of the Eurozone debt crisis, global factors tend to drive changes in the spreads and the misalignment tends to increase in magnitude and its relative share in actual spreads.

Note: "European Department." , Cover; Abstract; Contents; I. Introduction; Figures; 1. Emerging Market Bond Spreads; 2. Emerging Market Bond Fund Flows; II. Related Literature; III. Data; Tables; 1. Descriptive Statistics; IV. Model; 2. Pairwise Correlation; A. Fixed Effects Estimation; B. Pooled Mean Group Estimation; V. Estimation and Results; A. Fixed Effects Estimation; 3. Fixed Effects Estimation Results: All Countries; 4. Country-specific Variables: Descriptive Statistics; 5. Fixed Effects Estimation Results: Different Groups of Countries; B. Pooled Mean Group Estimation , 6. Fixed Effects Estimation Results: Regional Differences7. Pooled Mean Group Estimation Results; 3. Risk Rating Indicators and the Short-term Coefficient of VIX; 8. Pooled Mean Group Estimation Results: Regional Differences; VI. Comparison of Actual and Estimated Spreads; 4. Emerging Europe: Pre-Crisis Imbalances; 5. Balance of Payments: Emerging Markets in Asia and Europe; VII. Decomposition of Changes in Spreads; 9. Decomposition of Changes in the Residual; 10. Fixed Effects Estimation: Decomposition of Changes in Spreads , 11. Pooled Mean Group Estimation: Decomposition of Changes in SpreadsVIII. Conclusions , English

Additional Edition: ISBN 1-4755-7320-0

Language: English

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Format: 1 online resource (116 pages) : , illustrations.

ISBN: 9781616354428 (e-book)

Series Statement: IMF country reports ; Working Paper No.13/307

Language: English

Keywords: Electronic books.

URL: Click to View

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ISBN: 1-4755-4832-X , 1-4755-4864-8

Additional Edition: ISBN 1-5135-9722-1

Language: English

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Format: 1 online resource (116 p.)

Edition: 1st ed.

ISBN: 1-4843-1482-4 , 1-4843-9352-X , 1-61635-442-9

Series Statement: IMF Staff Country Reports

Content: This paper discusses Romania’s Request for a Stand-By Arrangement (SBA). Since the 2008 global financial crisis, Romania has made significant progress in reducing macroeconomic imbalances and rebuilding fiscal and financial buffers. However, Romania remains vulnerable to external shocks, in particular uncertainties in the euro area as well as global volatility in capital flows to emerging markets. The new SBA would provide a valuable policy anchor and support Romania’s comprehensive economic program for 2013–2015 to maintain sound macroeconomic policies and financial sector stability and continue structural reforms to enhance growth prospects. The IMF staff supports the authorities’ request for a new SBA.

Note: Description based upon print version of record. , Cover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; PROGRAM POLICIES; A. Fiscal Policy: Strengthening the Institutional Framework; B. Structural Reforms: Increasing Investment and Growth; C. Financial Sector Priorities: Dealing with NPLs and Contingency Planning; D. Monetary and Exchange Rate Policies: Anchoring Expectations; PROGRAM MODALITIES; A. Access and Phasing; B. Program Conditionality and Monitoring; C. Capacity to Repay the Fund and Risks to the Program; STAFF APPRAISAL; BOXES; 1. Romania 2009-11 and 2011-13 Stand-By Arrangements , 2. What is Holding Back Credit Growth in Romania?3. Program Objectives, Policy Areas and Key Measures; 4. Initial Public Offerings; 5. Exceptional Access Criteria; TABLES; 1. Quantitative Program Targets; 2. Proposed Conditionality; 3. Selected Economic Indicators, 2009-14; 4. Medium-Term Macroeconomic Framework, Current Policies, 2009-18; 5. Balance of Payments, 2009-15; 6. Gross Financing Requirements, 2012-15; 7. General Government Operations, 2009-15; 8. Monetary Survey, 2009-14; 9. Financial Soundness Indicators, 2008-13; 10. Schedule of Reviews and Purchases , 11. Indicators of Fund Credit, 2013-1812. Public Sector Debt Sustainability Framework, 2008-18; 13. External Debt Sustainability Framework, 2008-18; FIGURES; 1. Real Sector, 2007-13; 2. External Sector, 2007-13; 3. Labor Market, 2007-13; 4. Monetary Sector, 2007-13; 5. Fiscal Operations, 2007-13; 6. Financial Sector, 2007-13; 7. Financial Developments, 2011-13; 8. Public Debt Sustainability: Bound Tests; 9. External Debt Sustainability: Bound Tests; APPENDIX; I. Letter of Intent; Attachments; I. Memorandum of Economic and Financial Policies; II. Technical Memorandum of Understanding; CONTENTS , INTRODUCTIONBACKGROUND; TABLES; 1. Proposed SBA-Access and Phasing; 2. IMF Financial Arrangements, 1991-2020; 3. Total External Debt, 2007-2012; FIGURES; 1. Debt Ratios for Recent Exceptional Access Arrangements; THE NEW STAND-BY ARRANGEMENT-RISKS AND IMPACT ON FUND'S FINANCES; A. Risks to the Fund; 2. Exceptional Access Levels and Credit Concentration; 3. Fund Credit Outstanding in the GRA around Projected Peak Borrowing; 4. Peak Fund Exposure and Debt Service Ratios for Recent Exceptional Access Cases; 4. Romania-Capacity to Repay Indicators , B. Impact on the Fund's Liquidity Position and Risk ExposureASSESSMENT; 5. SBA for Romania-Impact on GRA Finances , English

Additional Edition: ISBN 1-4755-1834-X

Language: English

UID:

ISBN: 1-4755-4832-X , 1-4755-4864-8

Additional Edition: ISBN 1-5135-9722-1

Language: English

UID:

Format: 1 online resource (64 pages).

ISBN: 1-5135-6259-2

Series Statement: IMF Staff Country Reports, ; Volume 2020: Issue 309

Content: Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic. The authorities responded promptly to the shocks, and macroeconomic and financial stability have so far been maintained. The economy is expected to contract sharply in 2020, followed by a gradual recovery in 2021-22. The outlook is subject to major uncertainty and rising downside risks as a second wave is gripping many countries in Europe. Albania's capacity to repay the Fund is adequate, but risks have risen in light of the shocks. Aside from a more severe pandemic, key risks stem from elevated public deficits and debt, weaknesses in public finances, and a relatively high level of non-performing loans (NPLs) and euroization.

Note: Front Matter -- Albania: First Post-program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania -- IMF Executive Board Concludes 2020 First Post-Program Monitoring with Albania -- Statement by the Staff Representative on Albania November 23, 2020 -- Statement by Mr. Domenico Fanizza, Executive Director for Albania and Mr. Tony Persico, Advisor to the Executive Director November 23, 2020.

Additional Edition: ISBN 1-5135-6258-4

Language: English

UID:

Format: 1 online resource (73 pages).

ISBN: 1-5135-6256-8

Series Statement: IMF Staff Country Reports, ; Volume 2020: Issue 308

Content: The pandemic interrupted a modest recovery. Following Greece's early and strict containment measures, GDP contracted by 7.9 percent in 2020H1, slightly worse than the Euro Area (EA) unweighted average excluding Luxembourg. A further hit is expected in Q3, the peak of Greece's tourism season. The fiscal response to the pandemic has been wellorganized and has mitigated its impact, while Single Supervisory Mechanism (SSM) accommodation will delay the expected hit on banks, which were already vulnerable pre- COVID-19. In the context of the 2019 Article IV Consultation (November 2019), staff assessed that Greece's public debt is sustainable over the medium-term but its long-term public debt sustainability is not assured under a realistic set of macro-fiscal assumptions.

Note: Front Matter -- Greece: Second Post-program Monitoring Discussions-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Greece -- IMF Executive Board Concludes Second Post-Program Monitoring Discussions with Greece -- Statement by the IMF Staff Representative on Greece November 20, 2020 -- Statement by Mr. Massourakis, Alternate Executive Director on Greece November 20, 2020.

Additional Edition: ISBN 1-5135-6255-X

Language: English

UID:

Format: 1 online resource (73 pages).

ISBN: 1-5135-6256-8

Series Statement: IMF Staff Country Reports, ; Volume 2020: Issue 308

Content: The pandemic interrupted a modest recovery. Following Greece's early and strict containment measures, GDP contracted by 7.9 percent in 2020H1, slightly worse than the Euro Area (EA) unweighted average excluding Luxembourg. A further hit is expected in Q3, the peak of Greece's tourism season. The fiscal response to the pandemic has been wellorganized and has mitigated its impact, while Single Supervisory Mechanism (SSM) accommodation will delay the expected hit on banks, which were already vulnerable pre- COVID-19. In the context of the 2019 Article IV Consultation (November 2019), staff assessed that Greece's public debt is sustainable over the medium-term but its long-term public debt sustainability is not assured under a realistic set of macro-fiscal assumptions.

Note: Front Matter -- Greece: Second Post-program Monitoring Discussions-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Greece -- IMF Executive Board Concludes Second Post-Program Monitoring Discussions with Greece -- Statement by the IMF Staff Representative on Greece November 20, 2020 -- Statement by Mr. Massourakis, Alternate Executive Director on Greece November 20, 2020.

Additional Edition: ISBN 1-5135-6255-X

Language: English