Currencies Of External Balance Sheets

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Currencies Of External Balance Sheets

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Author : Mr. Cian Allen
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-17

Currencies Of External Balance Sheets written by Mr. Cian Allen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-17 with Business & Economics categories.

This paper assembles a comprehensive dataset of the currency composition of countries’ external balance sheets for 50 economies over the period 1990–2020. We document the following findings: (i) the US dollar and the euro still dominate global external balance sheets; (ii) there were striking changes in the currency composition across countries since the 1990s, with many emerging markets having moved from short to long positions in foreign currency, thus moving away from the so-called “original sin”; (iii) financial and tradeweighted exchange rates are weakly correlated, suggesting the commonly used trade indices do not adequately reflect the wealth effects of currency movements, and (iv) the large wealth transfers across countries during COVID-19 and the global financial crises increased global imbalances in the former, and reduced them in the latter.

Foreign Currency Bank Funding And Global Factors

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Author : Signe Krogstrup
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-09

Foreign Currency Bank Funding And Global Factors written by Signe Krogstrup and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-09 with Business & Economics categories.

The literature on the drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights how this role varies across countries and time, and this heterogeneity is not well understood. We revisit this question by focusing on financial intermediaries’ funding flows in different currencies. A concise portfolio model shows that the sign and magnitude of the response of foreign currency funding flows to global risk factors depend on the financial intermediary’s pre-existing currency exposure. An analysis of a rich dataset of European banks’ aggregate balance sheets lends support to the model predictions, especially in countries outside the euro area.

External Debt Statistics

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2003-06-25

External Debt Statistics written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-06-25 with Business & Economics categories.

This Guide provides clear, up-to-date guidance on the concepts, definitions, and classifications of the gross external debt of the public and private sectors, and on the sources, compilation techniques, and analytical uses of these data. The Guide supersedes the previous international guidance on external debt statistics available in External Debt: Definition, Statistical Coverage, and Methodology (known as the Gray Book), 1988. The Guides conceptual framework derives from the System of National Accounts 1993 and the fifth edition of the IMFs Balance of Payments Manual(1993). Preparation of the Guide was undertaken by an Inter-Agency Task Force on Finance Statistics, chaired by the IMF and involving representatives from the BIS, the Commonwealth Secretariat, the European Central Bank, Eurostat, the OECD, the Paris Club Secretariat, UNCTAD, and the World Bank.

Foreign Currency Balance Sheets In T Rkiye Exposure And Interconnectedness

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Author : Alex Pienkowski
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-23

Foreign Currency Balance Sheets In T Rkiye Exposure And Interconnectedness written by Alex Pienkowski and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-23 with Business & Economics categories.

As a heavily “dollarized” economy, large foreign currency mismatches exist between institutional sectors within Türkiye, as well as with non-residents. Combining several separate data sources, this working paper builds a picture of the aggregate FX exposure of the total economy. It explores the interlinkages between sectors and how they have evolved in recent years. Since the start of the pandemic, the overall net FX position of the economy deteriorated, and there has also been a considerable shift in FX risk from the private to the public sector. Especially for the central bank, this shift constrains policy space.

Other People S Money

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Author : Barry Eichengreen
language : en
Publisher: University of Chicago Press
Release Date : 2010-04-15

Other People S Money written by Barry Eichengreen and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-15 with Business & Economics categories.

Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better. Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.

China S National Balance Sheet

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Author : Yang Li
language : en
Publisher: Springer
Release Date : 2017-06-08

China S National Balance Sheet written by Yang Li and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-08 with Business & Economics categories.

With the goal of perfecting the national governance system and raising the country’s governance capability, this book systematically analyzes the characteristics and trajectory of China’s economic expansion and structural adjustment, while also assessing a variety of short-term debt and long-term economic performance and financial risks. In addition to discussing the market-oriented reform process at the stage of economic development, institutional and structural characteristics, it presents research on the country as a whole, its residents, non-financial corporations, financial institutions and central banks, the central government, local government, and other external sectors. On the basis of extensive data, the book analyzes the national and sectoral balance sheets in China and explores a number of major issues the country is currently facing, such as sustainable development, government restructuring, local debt, welfare reform, openness and stability of the financial system, etc., as well as suitable policy measures and institutional arrangements for addressing them.

Cross Border Currency Exposures

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Author : Luciana Juvenal
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-27

Cross Border Currency Exposures written by Luciana Juvenal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-27 with Business & Economics categories.

This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporating actual data reported by statistical authorities and refining estimation methods. The paper illustrates current and new uses of these data, with particular focus on the evolution of currency exposures of cross-border positions.

Central Bank Balances And Reserve Requirements

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Author : Simon Gray
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-01

Central Bank Balances And Reserve Requirements written by Simon Gray and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-01 with Business & Economics categories.

Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.

Foreign Exchange Reserves Management

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Author : John Nugée
language : en
Publisher:
Release Date : 2000

Foreign Exchange Reserves Management written by John Nugée and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Foreign exchange administration categories.

Balance Sheet Analysis In Fund Surveillance

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-06

Balance Sheet Analysis In Fund Surveillance written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-06 with Business & Economics categories.

Balance sheets convey vital information about economic prospects and risks. Balance sheet analysis captures the role that financial frictions and mismatches play in creating fragility and amplifying shocks. This is key to understanding the macroeconomic outlook, identifying vulnerabilities, and tracing the transmission of potential shocks and policies. This paper reviews the use of balance sheet analysis in the Fund’s bilateral surveillance and introduces some practical examples of how it can be deepened. Recent evaluations of IMF surveillance––including the 2014 TSR––have emphasized the importance of strengthening balance sheet analysis and coverage of macro-financial issues. This paper is a first step that highlights useful examples of such analysis conducted by staff over the last decade, documents the data and tools that have been used, and mentions some limitations. In addition, it discusses recent improvements in the coverage and quality of balance sheet data through initiatives launched in the wake of the global crisis, as well as key remaining gaps, addressing which requires international collaboration.