International Monetary Fund (IMF) Research Paper Series最新文献_第7页

Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations 中央银行数字货币的法律方面:中央银行和货币法的考虑

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513561622.001

Wouter Bossu, Masaru Itatani, Catalina Margulis, A. Rossi, Hans Weenink, Akihiro Yoshinaga

引用次数: 49

Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers 《逆风夹击:特定经济体用多种政策杠杆应对外部波动的经验》

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513560342.001

G. Fayad, H. Poirson

引用次数: 2

Enhancing Fiscal Transparency and Reporting in India 加强印度的财政透明度和报告

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513559599.001

Patrick Blagrave, Fabien Gonguet

引用次数: 2

Fintech in Europe: Promises and Threats 金融科技在欧洲:承诺与威胁

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513561165.001.A001

Chikako Baba, C. Batog, Enrique Flores, B. Gracia, Izabela Karpowicz, Piotr Kopyrski, J. Roaf, A. Shabunina, R. V. Elkan, X. Xu

{"title":"Fintech in Europe: Promises and Threats","authors":"Chikako Baba, C. Batog, Enrique Flores, B. Gracia, Izabela Karpowicz, Piotr Kopyrski, J. Roaf, A. Shabunina, R. V. Elkan, X. Xu","doi":"10.5089/9781513561165.001.A001","DOIUrl":"https://doi.org/10.5089/9781513561165.001.A001","url":null,"abstract":"Europe’s high pre-existing level of financial development can partly account for the relatively smaller reach of fintech payment and lending activities compared to some other regions. But fintech activity is growing rapidly. Digital payment schemes are expanding within countries, although cross-border and pan-euro area instruments are not yet widespread, notwithstanding important enabling EU level regulation and the establishment of instant payments by the ECB. Automated lending models are developing but remain limited mainly to unsecured consumer lending. While start-ups are pursuing platform-based approaches under minimal regulation, there is a clear trend for fintech companies to acquire balance sheets and, relatedly, banking licenses as they expand. Meanwhile, competition is pushing many traditional banks to adopt fintech instruments, either in-house or by acquisition, thereby causing them to increasingly resemble balanced sheet-based fintech companies. These developments could improve the efficiency and reach of financial intermediation while also adding to profitability pressures for some banks. Although the COVID-19 pandemic could call into question the viability of platform-based lending fintechs funding models given that investors could face much higher delinquencies, it may also offer growth opportunities to those fintechs that are positioned to take advantage of the ongoing structural shift in demand toward virtual finance.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"116 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79627599","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

COVID-19 and the CPI: Is Inflation Underestimated? COVID-19与CPI:通胀被低估了吗?

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513560281.001

Marshall B. Reinsdorf

引用次数: 24

Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan 二十年的非常规货币政策:日本央行的经验教训与未来之路

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513560359.001

N. Westelius

引用次数: 4

China's Rebalancing: Opportunities and Challenges for LAC Exporters 中国经济再平衡:拉美和加勒比地区出口商的机遇与挑战

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513561141.001

nitya aasaavari, Fabio Di Vittorio, Ana Lariau, Yuebo Li, Rui C. Mano, P. Rodríguez

引用次数: 2

Optimism Bias in Growth Forecasts-The Role of Planned Policy Adjustments 增长预测中的乐观偏见——计划政策调整的作用

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513560373.001

Kareem Ismail, Roberto A. Perrelli, Jessie Yang

引用次数: 8

External Private Financing and Domestic Revenue Mobilization: A Dilemma? 外部私人融资与国内收入动员:进退两难?

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513560397.001

H. Balima, D. Daly, B. Loko

{"title":"External Private Financing and Domestic Revenue Mobilization: A Dilemma?","authors":"H. Balima, D. Daly, B. Loko","doi":"10.5089/9781513560397.001","DOIUrl":"https://doi.org/10.5089/9781513560397.001","url":null,"abstract":"Domestic revenue mobilization (DRM) is essential for low-income and emerging economies to sustainably finance their development needs and has received increasing attention in recent years. Studies have centered on structural factors such as the size and the structure of the economy, and the quality of institutions, notably to account for weaknesses in revenue administrations. Nevertheless, DRM can take time and carry political costs. Raising more financing through donors or private investors may be an easier and more politically palatable way for countries to meet spending needs. Using an impact assessment methodology and panel regressions over a sample of 72 developing countries, we found no evidence that access to bond markets or external commercial loans undermines the countries’ efforts to collect tax revenue. On the contrary, we found that access to markets has a positive impact on domestic revenue mobilization. Plausible explanations are that private financing must be repaid, and strong macroeconomic fundamentals are key for maintaining market access. We have also found that macroeconomic stability and the strength of institutions do matter for domestic revenue mobilization.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"100 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82393677","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

Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations 公共债务动态和年内汇率波动

International Monetary Fund (IMF) Research Paper Series Pub Date : 2020-11-01 DOI: 10.5089/9781513561585.001

Santiago LE Acosta Ormaechea

{"title":"Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations","authors":"Santiago LE Acosta Ormaechea","doi":"10.5089/9781513561585.001","DOIUrl":"https://doi.org/10.5089/9781513561585.001","url":null,"abstract":"The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP ratios over time. This paper shows that converting foreign currency denominated flows and stocks into local currency using the average and the end-of-period exchange rates, respectively, as envisaged in public finance manuals, gives rise to an identifiable stock-flow adjustment term—due to intra-year exchange rate fluctuations—that affects public debt accumulation. Importantly, the inclusion of this often-ignored stock-flow adjustment term is critical to accurately project public debt levels and any related indicator that could in turn inform about the risk of debt distress. Using a novel dataset covering 82 countries during 2008–19, the paper shows that this stock flow adjustment term is sizable in countries experiencing large exchange rate depreciations, namely above the 99th percentile of the full sample, reaching 1.2 percent of GDP. Interestingly, the measurement of policy-related concepts such as interest rate-growth differentials and debt stabilizing primary balances are also affected by intra-year exchange rate fluctuations, and in non-negligible ways.","PeriodicalId":14326,"journal":{"name":"International Monetary Fund (IMF) Research Paper Series","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86059771","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