UID:
almafu_9958104846602883
Umfang:
1 online resource (73 p.)
ISBN:
9781475568783
,
1475568789
,
9781475596991
,
1475596995
,
9781299264106
,
1299264107
,
9781475507119
,
1475507119
Serie:
IMF Staff Country Reports
Inhalt:
This Selected Issues Paper discusses the macroeconomic implications of pension reforms in Brazil. It assesses empirically the relationship between fiscal policy and the real effective exchange rate in emerging markets and draws policy implications. It reviews the current status of local capital markets in the country, the key challenges, and policy options for further development. The paper also provides a detailed description of consumer credit developments and analyzes recent indicators of household financial distress associated with the credit expansion that has taken place in the last couple of years.
Anmerkung:
Description based upon print version of record.
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Cover; Contents; I. Macroeconomic Implications of Pension Reform in Brazil; A. The Brazilian Pension System; Figures; I.1 Pension Spending in International Context, 2011; I.2. Estimated Fiscal Impact of the 2012 Reform; B. Macroeconomic Implications of the 2012 reform; I.3a The 2012 Reform with Debt Finance: Dynamics of Fiscal Variable; I.3b The 2012 Reform with Debt Finance: Impact on Macroeconomic Variables; I.4 Trends in Gross Domestic Savings (Percent of GDP); I.5 The 2012 Reform with Debt Finance: Impact on Macroeconomic Variables
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C. Macroeconomic Implications of Alternative Pension Reform OptionsI.6 Decrease in Pension Benefits: Impact on Macroeconomic Variables; I.7 Increase in Retirement Age: Impact on Macroeconomic Variables; D. Conclusion; II. Real Exchange Rate Appreciation: Can Fiscal Policy Help?; A. Introduction; II.1 Real and Nominal Effective Exchange Rate, Trends; B. Literature; C. Data and Econometric Methodology; II.2 Change in REER and Structural Balance, 2000-2011; II.3 REER and Public Consumption; II.4 REER and Public Investment; D. Results; II.5 Composition of Government Spending (Percent of GDP)
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E. Implications for BrazilII.6 Emerging Markets: Fiscal Performance; II.7 Emerging Markets: Composition of Government Spending; II.8 Brazil: Simulation Analysis; F. Conclusions; Tables; II.1 Real Effective Exchange Rate: Long-Run Estimates; Appendix I. Data; III. Local Capital Markets: Current Status and Issues for Further Development; A. Motivation and Background; B. Local Capital Markets-Issues and Status; III.1 Variables Related to Short-Term Duration and Low Turnover; III.2 Recent Developments in Equity Market; III.3 Peer Comparison of Equity Market
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III.4 Industrial Composition of Stock ExchangesIII.5 Investor Composition in IPO and Stock Trading; III.6 Foreign Investors' Share in Market Capitalization; III.7 Profile of Government Bonds; III.8 Average Maturity of Government Bonds; III.9 Investor Base for Fixed Rate Bonds; III.10 Each Investor Group's Preference on Government Bonds (As of April 2012); III.11 Private Bond Issuance and Investor Composition; III.12 Corporate Financing during the Crisis: Brazil; III.13 Corporate Bond Market During the Crisis: Korea and Chile; C. Key Policy Challenges and Options
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III.14 Investor Base in Corporate Bond Market: Korea and ChileIII.15 Recent Developments in BNDES; III.16 Peer Comparison of Mutual Fund Industry; III.17 Changes in Asset Allocation of Mutual Fund Industry; III.18 Mutual Fund's Sensitivities to Changes in Interest Rate; D. Conclusions; III.19 BNDES Disbursement by Sectors and Types of Operations; III.20 Design of Capital Market Development; IV. Consumer Credit Growth and Risks for Household Financial Stress; A. Introduction; IV.1 Brazil: Credit-to-GDP Trend and Gap; B. Consumer Credit in Brazil-Stylized Facts
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IV.2 Brazil: Interest Rates and Consumer Credit Portfolio as Determinants of High Debt Service in Brazil
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English
Weitere Ausg.:
ISBN 9781475506716
Weitere Ausg.:
ISBN 1475506716
Sprache:
Englisch
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