Ms. Muffet, the Spider(gram) and the Web of Macro-Financial Linkages

Ms. Muffet, the Spider(gram) and the Web of Macro-Financial Linkages PDF

Author: Ricardo Cervantes

Publisher: International Monetary Fund

Published: 2014-06-10

Total Pages: 43

ISBN-13: 1498313116

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The global financial crisis has underscored the importance of understanding macro-financial developments and spillovers in an increasingly interconnected and intricate system. At the IMF, staff is focusing on the linkages between the real economy and the financial sector, as well as the inter-relationships between global and individual-country risks. The Country Financial Stability Map provides an empirical framework for explicitly linking these various aspects of the IMF’s surveillance of its member countries. It identifies potential sources of macro-financial risks particular to a country and also enables an assessment of these risks in a global context through comparisons with the corresponding Global Financial Stability Map from the Global Financial Stability Report. The authors have developed an Excel-based tool (“Ms. Muffet”) to facilitate this analysis, which may be replicated by external users with access to the necessary databases, using the accompanying template.

Suriname

Suriname PDF

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

Published: 2014-10-31

Total Pages: 36

ISBN-13: 1498354041

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This Selected Issues Paper carries out an empirical analysis of the effects of policies and external shocks on economic activity in Suriname. The estimates are broadly consistent with prior empirical findings. The results reveal a strong contemporaneous correlation between credit and demand, while the empirical link between exports and demand seems slightly weaker. The results for import demand point to a strong correlation between imports and exports. The export variable is highly significant and explains a large fraction of the total variation in imports. An increase in exports of 1 percent is associated with a 0.61 percent increase in imports.

St. Vincent and the Grenadines

St. Vincent and the Grenadines PDF

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

Published: 2017-12-21

Total Pages: 75

ISBN-13: 1484334981

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This 2017 Article IV Consultation highlights that growth in St. Vincent and the Grenadines in 2017 is expected to remain relatively flat. The current account deficit is expected to narrow reflecting additional profit repatriation by telecommunication companies. The domestic banking system remains stable, but credit to the private sector has been flat. The fiscal situation is projected to worsen substantially in 2017 owing to a projected decline in tax revenue after exceptional receipts in 2016 and higher outlays for transfers, subsidies and public investment. Growth is expected to pick up to 2.1 percent in 2018 and reach its potential over the medium-term.

Denmark

Denmark PDF

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2014-12-18

Total Pages: 51

ISBN-13: 1484369645

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This technical note discusses significance of macroprudential policies for Denmark. Macroprudential policy seeks to contain the buildup of macrofinancial imbalances associated with credit booms and asset price bubbles, a function which is particularly important in Denmark, where the space for monetary policy action is limited. This note provides an analysis of existing frameworks used in Denmark for identifying systemic risk of both structural and cyclical nature. The note also suggests additional tools that the authorities could use to further enhance their capacity to evaluate systemic risks.

Spain

Spain PDF

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2017-11-13

Total Pages: 45

ISBN-13: 1484327055

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This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of systemic risk oversight framework and macroprudential policy. Macroprudential oversight for banking is a shared responsibility between Banco de España (BdE) and the European Central Bank. The macroprudential policy stance appears broadly appropriate. BdE has put in place a framework for calibrating capital buffers. The countercyclical capital buffer is currently at zero given that a new financial cycle upturn has not started and a still-negative credit gap and weakly recovering housing prices. The existing macroprudential toolkit would benefit from expansion, particularly to include more effective tools to deal with risks associated with real estate exposures.

The Impact of Global Liquidity on Financial Landscapes and Risks in the ASEAN-5 Countries

The Impact of Global Liquidity on Financial Landscapes and Risks in the ASEAN-5 Countries PDF

Author: Tao Sun

Publisher: International Monetary Fund

Published: 2015-09-29

Total Pages: 36

ISBN-13: 1513543733

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This paper analyzes the transmission of global liquidity to the ASEAN-5 countries (ASEAN-5), including the impact on financial landscapes and risks to financial stability. It finds that global liquidity transmission and changing financial landscapes have contributed to increases in risks to financial stability in ASEAN-5. Therefore, policymakers in ASEAN-5 should prepare for possible liquidity tightening, strengthen regulation of nonbanks, and establish a comprehensive financial stability framework. A number of couontries are well-advanced in this process.

The ASEAN Way

The ASEAN Way PDF

Author: Ms.Ana Corbacho

Publisher: International Monetary Fund

Published: 2018-10-02

Total Pages: 311

ISBN-13: 1513558900

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The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Panama

Panama PDF

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

Published: 2020-04-21

Total Pages: 88

ISBN-13: 1513541676

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This Selected Issues paper focuses on background, challenges, and policy options in Panama. Panama stands at a crossroad between taking the leap to become an advanced economy or getting stuck in the middle-income trap. The beginning of a new administration provides a window of opportunity to initiate and implement ambitious reforms. This note takes stock of fiscal issues in Panama and proposes policy options. The new administration’s fiscal agenda should feature a comprehensive reform of tax and customs administrations, a review of tax incentives and exemptions and consider steps toward a broader tax policy reform. Efforts to further strengthen the fiscal framework with the appointment of the members of the Fiscal Council should continue going forward. Panama should adopt best practice fiscal accounting and reporting methods. A comprehensive assessment and management of fiscal risks is necessary to create buffers and safeguard public finances given fiscal policy’s exclusive stabilization role.

IMF Research Bulletin, September 2014

IMF Research Bulletin, September 2014 PDF

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2014-10-11

Total Pages: 18

ISBN-13: 1498333168

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This issue of the IMF Research Bulletin opens with a letter from the new editor, Rabah Arezki. The Research Summaries are a "Primer on 'Global Liquidity'" (Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski); and "Trade Integration adn Business Cycle Synchronization" (Kevin Cheng, Romain Duval, and Dulani Senevirante). The Q&A column looks at "Seven Questions on the Global Housing Markets" (Hites Ahir, Heedon Kang, and Prakash Loungani). September 2014 issue of the Bulletin also includes updates on IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as special announcements on new staff publications and the Fifteenth Annual Jacques Polak Research Conference. Also included is information on the latest issue of “IMF Economic Review” with a link to an article by Paul Krugman.

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