Informality Frictions And Macroprudential Policy
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Informality Frictions And Macroprudential Policy
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Author : Moez Ben Hassine
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-27
Informality Frictions And Macroprudential Policy written by Moez Ben Hassine 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 2019-11-27 with Business & Economics categories.
We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding financial frictions, nominal and real rigidities, labor search and matching, and an explicit banking sector. We use the estimated version of the model to run welfare analysis under optimized monetary and macroprudential rules. Results show that although informality reduces the efficiency of macroprudential policies following a convex fashion, combining the latter with an inflation targeting objective could be beneficial.
Drivers Of Financial Access The Role Of Macroprudential Policies
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Author : Corinne Deléchat
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Drivers Of Financial Access The Role Of Macroprudential Policies written by Corinne Deléchat 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 2020-05-29 with Business & Economics categories.
This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.
The Global Informal Workforce
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-23
The Global Informal Workforce 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 2021-07-23 with Business & Economics categories.
The Global Informal Workforce is a fresh look at the informal economy around the world and its impact on the macroeconomy. The book covers interactions between the informal economy, labor and product markets, gender equality, fiscal institutions and outcomes, social protection, and financial inclusion. Informality is a widespread and persistent phenomenon that affects how fast economies can grow, develop, and provide decent economic opportunities for their populations. The COVID-19 pandemic has helped to uncover the vulnerabilities of the informal workforce.
Macroprudential Policy And Labor Market Dynamics In Emerging Economies
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Author : Alan Finkelstein Shapiro
language : en
Publisher: International Monetary Fund
Release Date : 2015-04-03
Macroprudential Policy And Labor Market Dynamics In Emerging Economies written by Alan Finkelstein Shapiro 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 2015-04-03 with Business & Economics categories.
Emerging economies have high shares of self-employed individuals running owner-only firms who, in contrast to many salaried firms, have little access to formal financing and therefore rely on informal financing (input credit) from other firms. We build a small open economy real business cycle model with labor and financial market frictions where formal credit markets, informal credit, and the structure of the labor market interact. The model successfully replicates the cyclical behavior of sectoral employment, formal credit, and the main macroeconomic aggregates in emerging economies. We show that a countercyclical macroprudential policy that reduces formal credit fluctuations has positive though quantitatively limited effects on consumption and output volatility, but generates larger unemployment fluctuations in response to productivity shocks; the same policy increases labor market and aggregate volatility in response to net worth shocks. The link between input credit and the labor market structure---key for capturing the cyclical dynamics of labor and credit markets in the data---plays a crucial role for these results.
Hysteresis And Business Cycles
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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra 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 2020-05-29 with Business & Economics categories.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Global Economic Prospects January 2019
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Author : World Bank
language : en
Publisher:
Release Date : 2019
Global Economic Prospects January 2019 written by World Bank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
"Global economic prospects have darkened. Financing conditions have tightened, industrial production has moderated, and trade tensions remain elevated. The recovery in emerging market and developing economies has stalled, and some countries have experienced significant financial stress. Downside risks have increased, including the possibility of disorderly financial market movements and escalating trade disputes. It is thus critical to rebuild policy buffers while fostering potential growth by boosting human capital, promoting trade integration, and addressing informality. In addition to discussing global and regional economic developments and prospects, this edition of Global economic prospects includes a chapter on the challenges posed by informality and associated policy options. The report also contains pieces on the remarkable decline in EMDE inflation over the past four to five decades, rising debt vulnerabilities in low-income countries, and the implications of large spikes in food prices for poverty"--Back cover.
External Sector Report 2024
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2024-07-12
External Sector Report 2024 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 2024-07-12 with Business & Economics categories.
This year’s report provides the external sector assessment of 30 of the world’s largest economies on the basis of their 2023 data. With tight monetary policy conditions in key advanced economies continuing in 2023, the US dollar remained strong in 2023 and early 2024 by historical standards, while other reserve currency movements have been mixed. Net capital inflows to emerging market and developing economies recovered slightly from the lows experienced in 2022 but remained negative in 2023. Gross inflows and outflows in emerging markets declined, however. Against this background, the global current account balance (defined as the cross-country sum of absolute values of current account) narrowed significantly in 2023, while the excess global current account balance (in excess of the current account norms) has remained broadly unchanged relative to 2022. The report also analyzes the historical pattern in the external sector implications of energy price swings. Energy-importing countries are exposed to adverse effects of negative oil supply shocks but can adopt several policy measures to soften the impact. Possible implications of the clean energy transition and the evolving correlation between the oil price and US dollar are discussed. Lastly, the report contains external sector assessments of individual economies, which are based on a wide range of methods including a multilaterally consistent model of current accounts.
Mexico
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-11
Mexico written by International Monetary Fund. Western Hemisphere Dept. 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 2024-11 with categories.
Economic activity is decelerating, and inflation pressures are receding. The fiscal deficit is expected to register a substantial increase in 2024. Mexico maintains sizable buffers, a strong external position, and effective financial oversight. A range of supply-side reforms will be needed to catalyze lasting higher growth.
Staff Guidance Note On Macroprudential Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-11
Staff Guidance Note On Macroprudential Policy 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 2014-06-11 with Business & Economics categories.
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Redefining Strategic Routes To Financial Resilience In Asean 3
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Author : Diwa C. Guinigundo
language : en
Publisher:
Release Date : 2021
Redefining Strategic Routes To Financial Resilience In Asean 3 written by Diwa C. Guinigundo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.