The State As Financier Of Last Resort
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The State As Financier Of Last Resort
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Author : Bryn Battersby
language : en
Publisher: International Monetary Fund
Release Date : 2022-10-13
The State As Financier Of Last Resort written by Bryn Battersby 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 2022-10-13 with Business & Economics categories.
During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. This Staff Discussion Note argues that such FSMs prevented bankruptcies and attenuated the recession by increasing firms’ liquidity, reducing risk premiums, and boosting confidence. But FSMs also carry large and long-lasting fiscal costs and risks. The note presents recommendations for managing the legacies of the COVID-19 programs and preparing for future crises. Ideally, FSMs should be assessed and included in budget plans, though a balance needs to be struck between speed and scrutiny.
Rethinking Financial Deepening
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 2015-05-04
Rethinking Financial Deepening written by Ms.Ratna Sahay 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 2015-05-04 with Business & Economics categories.
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
Policy Issues In Insurance Terrorism Risk Insurance In Oecd Countries
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2005-07-05
Policy Issues In Insurance Terrorism Risk Insurance In Oecd Countries written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-05 with categories.
This book presents OECD policy conclusions and leading academic analysis on the financial management of terrorism risk nearly four years after the World Trade Centre attacks.
Debt Financing Problems Of State And Local Government
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Author : United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Economic Stabilization
language : en
Publisher:
Release Date : 1975
Debt Financing Problems Of State And Local Government written by United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Economic Stabilization and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Debts, Public categories.
Freight Rail Policy Plan
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Author : Wisconsin. Department of Transportation
language : en
Publisher:
Release Date : 1992
Freight Rail Policy Plan written by Wisconsin. Department of Transportation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Freight and freightage categories.
The Return To Fiscal Rules
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Author : Francesca Caselli
language : en
Publisher: International Monetary Fund
Release Date : 2022-10-11
The Return To Fiscal Rules written by Francesca Caselli 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 2022-10-11 with Business & Economics categories.
Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies. Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility. This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability. A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.
Evaluating The Costs Of Government Credit Support Programs During Covid 19 International Evidence
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Author : Mr. Gee Hee Hong
language : en
Publisher: International Monetary Fund
Release Date : 2023-01-27
Evaluating The Costs Of Government Credit Support Programs During Covid 19 International Evidence written by Mr. Gee Hee Hong 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 2023-01-27 with Business & Economics categories.
Advanced economies made available more than 5 trillion USD through government-supported credit guarantee and direct loan programs to provide lifelines to firms in the face of the COVID-19 pandemic. Notwithstanding the unprecedented scale of credit made available, an in-depth analysis of the fiscal consequences is missing, and the costs of these programs are not recognized in a transparent way. In this paper, we fill in an important aspect of the fiscal picture by estimating the subsidies that were provided by the largest credit guarantee programs introduced in 2020 in seven advanced economies. We estimate the subsidies on a fair value basis that provides a consistent and comprehensive upfront measure of cost. We explain the logic behind applying a fair value framework in a government context and compare it to alternative approaches. For the programs that we examine, total credit extended totaled 1.7 trillion USD. The subsidy element (cash-equivalent subsidy) is estimated to be 67 percent of loan principal on average (37 percent, excluding the US PPP), with a wide range across programs, from 12 to 100 percent. The variation is explained by differences across programs including eligibility criteria, loan terms, compensation to lenders, and other program design choices.
Firms Resilience To Energy Shocks And Response To Fiscal Incentives Assessing The Impact Of 2022 Energy Crisis
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Author : David Amaglobeli
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-09
Firms Resilience To Energy Shocks And Response To Fiscal Incentives Assessing The Impact Of 2022 Energy Crisis written by David Amaglobeli 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 2024-02-09 with Business & Economics categories.
The energy price shock in 2022 led to government support for firms in some countries, sparking debate about the rationale and the nature of such support. The results from nationally representative firm surveys in the United States and Germany indicate that firms in these countries were generally resilient. Coping strategies adopted by firms included the pass-through of higher costs to consumers, adjustment of profit margins (United States) and investments in energy saving and efficiency (Germany). Firms in energy-intensive industries would have been significantly more affected if international energy prices were fully passed through to domestic prices in Europe. Survey responses further reveal that most firms are uncertain about the impact of recent policy announcments on green subsidies. Firms take advantage of fiscal incentives to accelerate their climate-related investment plans are often those that have previous plans to do so. These findings suggest better targeting and enhancing policy certainty will be important when facilitate the green transition among firms.
Quasi Fiscal Implications Of Central Bank Crisis Interventions
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Author : John Hooley
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-02
Quasi Fiscal Implications Of Central Bank Crisis Interventions written by John Hooley 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 2023-06-02 with Business & Economics categories.
We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.
Fiscal Monitor October 2022
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2022-10-12
Fiscal Monitor October 2022 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 2022-10-12 with Business & Economics categories.
The report explores how fiscal policy can foster resilience by protecting households against large income and employment losses. Governments face increasingly difficult trade-offs in tackling the spikes in food and energy prices when policy buffers are largely exhausted after two years of pandemic. They should prioritize protecting vulnerable groups through targeted support while keeping a tight fiscal stance to help reduce inflation. Building fiscal buffers in normal times would allow governments to respond swiftly and flexibly during adversities. Several fiscal tools, such as job-retention schemes, have proven useful to preserve jobs and income for workers. Social safety nets should be made more readily scalable and better targeted, leveraging digital technologies. Exceptional support to firms should be reserved for severe situations and requires sound fiscal risk management.