发布求助
文献互助 智能选刊 最新文献

International Monetary Fund (IMF) Research Paper Series最新文献

筛选
英文 中文
External Financing Risks: How Important is the Composition of the International Investment Position? 外部融资风险:国际投资头寸构成有多重要?
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513568102.001
Luis M. Cubeddu, Swarnali Ahmed Hannan, Pau Rabanal
{"title":"External Financing Risks: How Important is the Composition of the International Investment Position?","authors":"Luis M. Cubeddu, Swarnali Ahmed Hannan, Pau Rabanal","doi":"10.5089/9781513568102.001","DOIUrl":"https://doi.org/10.5089/9781513568102.001","url":null,"abstract":"Building on the vast literature, this paper focuses on the role of the structure of the international investment position (IIP) in affecting countries’ external vulnerabilities. Using a sample of 73 advanced and emerging economies and new database on the IIP’s currency composition, we find that the size and structure of external liabilities and assets, especially with regards to currency denomination, matter in understanding balance-of-payments pressures. Specifically, and beyond the standard macroeconomic factors highlighted in other studies, higher levels of gross external debt increase the likelihood of an external crisis, while higher levels of foreign-currency-denominated external debt increase the likelihood of sudden stops. Foreign reserve assets play a mitigating role, although with diminishing returns, and the combination of flow and stock imbalances amplifies external risks, especially during periods of heightened global risk aversion. The results are especially strong for emerging economies, where the impact of flow and stock imbalances and foreign currency mismatches are larger and more robust across specifications.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81110507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
The Role of E-Government in Promoting Foreign Direct Investment Inflows 电子政务在促进外国直接投资流入中的作用
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513566795.001.A001
Ali Alsadiq
{"title":"The Role of E-Government in Promoting Foreign Direct Investment Inflows","authors":"Ali Alsadiq","doi":"10.5089/9781513566795.001.A001","DOIUrl":"https://doi.org/10.5089/9781513566795.001.A001","url":null,"abstract":"The outbreak of the COVID-19 pandemic has helped accelerate the digitization of public services. The lockdown initiated by most governments to curb the spread of the coronavirus forced most public agencies to switch to online platforms to continue providing information and services to the public. It is widely recognized that information diffusion and communication technology play a large role in improving the quality of public services in terms of time, cost, and interface with the public, business, and other agencies. Potentially, e-government could enhance a country’s locational advantages and attract more Foreign Direct Investment (FDI) inflows. This hypothesis is tested empirically using an unbalanced panel data analysis for 178 host countries over the period 2003-2018. The results suggest that e-government stimulates the inflow of FDI.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75304513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Dissecting Economic Growth in Uruguay 剖析乌拉圭的经济增长
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513564708.001.A001
Natasha Che
{"title":"Dissecting Economic Growth in Uruguay","authors":"Natasha Che","doi":"10.5089/9781513564708.001.A001","DOIUrl":"https://doi.org/10.5089/9781513564708.001.A001","url":null,"abstract":"Uruguay experienced one of its biggest economic booms in history during 2004-2014.\u0000Since then, growth has come down significantly. The paper investigates the various causes\u0000of the boom and discusses the sustainability of these causes. It then compares Uruguay\u0000against high-growth countries that were once at a similar income level, across a broad set\u0000of structural indicators, to identify priority reform areas that could improve long-term\u0000growth prospect.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77273639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Initial Output Losses from the COVID-19 Pandemic: Robust Determinants COVID-19大流行造成的初始产出损失:强有力的决定因素
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513567013.001.A001
D. Furceri, Michael Ganslmeier, J. Ostry, N. Yang
{"title":"Initial Output Losses from the COVID-19 Pandemic: Robust Determinants","authors":"D. Furceri, Michael Ganslmeier, J. Ostry, N. Yang","doi":"10.5089/9781513567013.001.A001","DOIUrl":"https://doi.org/10.5089/9781513567013.001.A001","url":null,"abstract":"While the COVID-19 pandemic is affecting all countries, output losses vary considerably across countries. We provide a first analysis of robust determinants of observed initial output losses using model-averaging techniques—Weighted Average Least Squares and Bayesian Model Averaging. The results suggest that countries that experienced larger output losses are those with lower GDP per capita, more stringent containment measures, higher deaths per capita, higher tourism dependence, more liberalized financial markets, higher pre-crisis growth, lower fiscal stimulus, higher ethnic and religious fractionalization and more democratic regimes. With respect to the first factor, lower resilience of poorer countries reflects the higher economic costs of containment measures and deaths in such countries and less effective fiscal and monetary policy stimulus.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90650386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Food Price Shocks and Household Consumption in Developing Countries: The Role of Fiscal Policy 粮食价格冲击与发展中国家的家庭消费:财政政策的作用
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513566887.001
Carine Meyimdjui, Jean-Louis Combes
{"title":"Food Price Shocks and Household Consumption in Developing Countries: The Role of Fiscal Policy","authors":"Carine Meyimdjui, Jean-Louis Combes","doi":"10.5089/9781513566887.001","DOIUrl":"https://doi.org/10.5089/9781513566887.001","url":null,"abstract":"This paper studies whether fiscal policy plays a stabilizing role in the context of import food price shocks. More precisely, the paper assesses whether fiscal policy dampens the adverse effect of import food price shocks on household consumption. Based on a panel of 70 low and middle-income countries over the period 1980-2012, the paper finds that import price shocks negatively and significantly affect household consumption, but this effect appears to be mitigated by discretionary government consumption, notably through government subsidies and transfers. The results are particularly robust for African countries and countries with less flexible exchange rate regimes.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90236711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Politically Robust Financial Regulation 政治上稳健的金融监管
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513566375.001
Itai Agur
{"title":"Politically Robust Financial Regulation","authors":"Itai Agur","doi":"10.5089/9781513566375.001","DOIUrl":"https://doi.org/10.5089/9781513566375.001","url":null,"abstract":"The deferred recognition of COVID-induced losses at banks in many countries has\u0000reignited the debate on regulatory forbearance. This paper presents a model where the\u0000public's own political pressure drives regulatory policy astray, because the public is poorly\u0000informed. Using probabilistic game stages, the model parameterizes how time consistent\u0000policy is. The interaction between political motivations and time consistency is novel and\u0000complex: increased policy credibility can entice the politically-motivated regulator to act\u0000in the public's best interest, or instead repel it from doing so. Considering several\u0000regulatory instruments, the paper probes the nexus of political pressure, perverse bank\u0000incentives and time inconsistent policy.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"104 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84735389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is There Money on the Table? Evidence on the Magnitude of Profit Shifting in the Extractive Industries 桌上有钱吗?关于采掘业利润转移幅度的证据
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513566801.001.A001
S. Beer, Daniel F. Devlin
{"title":"Is There Money on the Table? Evidence on the Magnitude of Profit Shifting in the Extractive Industries","authors":"S. Beer, Daniel F. Devlin","doi":"10.5089/9781513566801.001.A001","DOIUrl":"https://doi.org/10.5089/9781513566801.001.A001","url":null,"abstract":"Profit shifting remains a key concern in international tax system debate, but discussions are largely based on aggregate estimates, with less attention paid to individual sectors. Drawing on a novel dataset, we quantify tax avoidance risks in the extractive industries, a sector which is revenue critical for many developing economies. We find that a one percentage point increase in the domestic corporate tax rate has historically reduced sectoral profits by slightly over 3 percent; and the response tends to be more pronounced among mining than among hydrocarbon firms. There is only weak evidence transfer pricing rules contain tax minimization efforts of MNEs in our sample, but interest limitation rules (e.g., thin capitalization or earnings based rules) do reduce the observable extent of profit shifting. Our findings highlight the challenge of taxing income in the natural resource sector and suggest how fiscal regime design might be strengthened.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82272689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Determinants of Pre-Pandemic Demand for the IMF's Concessional Financing 流行病前对基金组织优惠融资需求的决定因素
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513567778.001.A001
Timothy S. Hills, Huy Le Nguyen, Randa Sab
{"title":"Determinants of Pre-Pandemic Demand for the IMF's Concessional Financing","authors":"Timothy S. Hills, Huy Le Nguyen, Randa Sab","doi":"10.5089/9781513567778.001.A001","DOIUrl":"https://doi.org/10.5089/9781513567778.001.A001","url":null,"abstract":"This study focuses on identifying the main factors that influenced country-specific and aggregate demand for IMF concessional financing between 1986 and 2018 and makes within-period and out-of-period forecasts. We find that the external debt level, inflation, and real effective exchange rate are the main economic variables influencing concessional borrowing for most eligible countries. Finally, our approach is able to provide quite accurate country-level and aggregate forecasts for historical financing events prior to the COVID-19 pandemic.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"78 1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72668991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Bank Balance Sheets and External Shocks in Asia: The Role of Fxi, Mpms and Cfms 亚洲银行资产负债表与外部冲击:外汇市场、货币市场基金和cfm的作用
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513566832.001.A001
Zefeng Chen, Sanaa Nadeem, S. Peiris
{"title":"Bank Balance Sheets and External Shocks in Asia: The Role of Fxi, Mpms and Cfms","authors":"Zefeng Chen, Sanaa Nadeem, S. Peiris","doi":"10.5089/9781513566832.001.A001","DOIUrl":"https://doi.org/10.5089/9781513566832.001.A001","url":null,"abstract":"In emerging Asia, banks constitute the dominant source of financing consumption and investment, and bank balance sheets comprise large gross FX assets and liabilities. This paper extends the DSGE model of Gertler and Karadi (2011) to incorporate these key features and estimates a panel vector autoregression on ten Asian economies to understand the role of the banking sector in transmitting spillovers from the global financial cycle to small open economies. It also evaluates the effectiveness of foreign exchange intervention \u0000(FXI) and other macroeconomic policies in responding to external financing shocks. External financial shocks affect net external liabilities of banks and the exchange rate, leading to changes in credit supply by banks and investment. For example, a capital outflow shock leads to a deprecation that reduces the net worth and intermediation capacity of banks exposed to foreign currency liabilities. In such cases, the exchange rate acts as shock amplifier and sterilized FXI, often deployed by Asian economies, can help cushion the economy. By contrast, with real shocks, the exchange rate serves as a shock absorber, and any FXI that weakens that function can be costly. We also explore the effectiveness of the monetary policy interest rate, macroprudential policies (MPMs) and capital flow management measures (CFMs).","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88806329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Revisiting the Stabilization Role of Public Banks: Public Debt Matters 重新审视公共银行的稳定作用:公共债务问题
International Monetary Fund (IMF) Research Paper Series Pub Date : 2021-01-01 DOI: 10.5089/9781513566788.001.A001
H. Ture
{"title":"Revisiting the Stabilization Role of Public Banks: Public Debt Matters","authors":"H. Ture","doi":"10.5089/9781513566788.001.A001","DOIUrl":"https://doi.org/10.5089/9781513566788.001.A001","url":null,"abstract":"This paper revisits the stabilization role of public banks and analyzes whether weak public finances may hinder this role. During the global financial crisis (GFC), public banks were widely used to counter the private credit crunch and prop up the economy. Using cross-country bank-level data for 125 advanced and developing economies for 1999–2018, the paper finds public bank lending to be less procyclical than private bank lending on average, particularly during busts. A key result, however, is that in developing economies with high public debt levels, public bank lending has been more procyclical, particularly outside of the GFC period. This finding suggests high public debt can limit the stabilization role of public banks during domestic busts, likely reflecting higher financing costs public banks face and lower subsidies they receive in economies with tighter budget constraints.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"65 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80970830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信