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You are looking at 1 - 10 of 44 items for

  • Author or Editor: Mr. Jesus R Gonzalez-Garcia x
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Cover IMF Working Papers
Improving Sovereign Financing Conditions Through Data Transparency
Mr. Jesus R Gonzalez-Garcia
Does it pay off to be transparent and, if so, can the benefits of transparency be measured? This paper provides an affirmative answer to both questions, supported by novel evidence on the link between transparency through dissemination of economic data and sovereign bond spreads. It explores changes in sovereign financing conditions when countries join the IMF Data Standards Initiatives—a multilateral framework that promotes data transparency as a global public good. The results from event studies and local projection models show a significant decrease in spreads following the adoption of the standards. In addition, countries with relatively weaker governance benefit the most from signaling their effort toward strengthening transparency.
Keywords:
Data transparency; IMF Data Standards Inititatives; sovereign borrowing; EMBIG spreads; event studies; local projection methods; governance.; IMF Data Standards Initiatives; data dissemination standard; GDDS country; Data dissemination; Special Data Dissemination Standard (SDDS); Financial statistics; Global
Cover IMF Working Papers
Front Matter
Mr. Jesus R Gonzalez-Garcia
Keywords:
Data dissemination; Global
Cover IMF Working Papers
Improving Sovereign Financing Conditions Through Data Transparency
Mr. Jesus R Gonzalez-Garcia

Does it pay off to be transparent and, if so, can the benefits of transparency be measured? This paper provides an affirmative answer to both questions, supported by novel evidence on the link between transparency through dissemination of economic data and sovereign bond spreads. It explores changes in sovereign financing conditions when countries join the IMF Data Standards Initiatives—a multilateral framework that promotes data transparency as a global public good. The results from event studies and local projection models show a significant decrease in spreads following the adoption of the standards. In addition, countries with relatively weaker governance benefit the most from signaling their effort toward strengthening transparency.

Keywords:
SDDS country; GDDS participation; GDDS economy; financing condition; governance indicator
Cover The Eastern Caribbean Economic and Currency Union
Chapter 8: Fiscal Multipliers
Mr. Jesus R Gonzalez-Garcia

Abstract

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.

Keywords:
BOOK; ECCU country; ECCU; OECS; ECCU economy; ECCU member; banking sector; financial crisis; Credit bureaus; Debt restructuring; Caribbean; Global; Central America; Europe; Western Hemisphere; government investment expenditure multiplier; public spending multiplier; government consumption expenditure multiplier; impact multiplier; long-run multiplier; Fiscal multipliers; Public investment spending
Cover IMF Working Papers
International Trade and Corporate Market Power
Mr. Jesus R Gonzalez-Garcia and Yuanchen Yang
This paper examines the effect of international trade on corporate market power in emerging market economies and developing countries, with a special focus on sub-Saharan Africa. The analysis is based on a large firm-level dataset, tariff data by sector and agreggate indicators of international trade for the period 2000-17. Greater trade liberalization and trade integration are associated with significant declines in market power, with the effect being more pronounced for firms in the manufacturing and ICT sectors, private sector firms, and firms with higher initial markups. Firms in sub-Saharan Africa tend to experience signficantly lower markups after allowing greater trade integration. The effects of trade liberalization on market power materializes over time, and there are significant complementarities between trade reforms and real sector reforms.
Keywords:
WP; market power; import penetration
Cover IMF Working Papers
Front Matter
Mr. Jesus R Gonzalez-Garcia and Yuanchen Yang
Keywords:
WP; market power; import penetration; tariff rate; firm's markup; firm level; tariff score; markup variable; markup indicator; trade reform; markup estimation; Tariffs; Trade liberalization; Trade barriers; Structural reforms; Imports; Sub-Saharan Africa
Cover IMF Working Papers
International Trade and Corporate Market Power*
Mr. Jesus R Gonzalez-Garcia and Yuanchen Yang

This paper examines the effect of international trade on corporate market power in emerging market economies and developing countries, with a special focus on sub-Saharan Africa. The analysis is based on a large firm-level dataset, tariff data by sector and agreggate indicators of international trade for the period 2000-17. Greater trade liberalization and trade integration are associated with significant declines in market power, with the effect being more pronounced for firms in the manufacturing and ICT sectors, private sector firms, and firms with higher initial markups. Firms in sub-Saharan Africa tend to experience signficantly lower markups after allowing greater trade integration. The effects of trade liberalization on market power materializes over time, and there are significant complementarities between trade reforms and real sector reforms.

Keywords:
WP; market power; import penetration; tariff rate; firm's markup; firm level; tariff score; markup variable; markup indicator; trade reform; markup estimation; Tariffs; Trade liberalization; Trade barriers; Structural reforms; Imports; Sub-Saharan Africa; firm markup; trade liberalization variable; markup disparity
Cover IMF Working Papers
The IMF’s Reserves Template and Nominal Exchange Rate Volatility
Mr. Jesus R Gonzalez-Garcia and Mr. John Cady
The effects of the adoption of the IMF's International Reserves and Foreign Currency Liquidity Data Template on nominal exchange rate volatility are investigated for 48 countries. Estimation of panel data models indicates that nominal exchange rate volatility decreases following dissemination of reserves template data while the effects of indebtedness and reserve adequacy on volatility exhibit statistically significant changes.
Keywords:
WP; nominal exchange rate; estimate
Cover IMF Working Papers
Benford’s Law and Macroeconomic Data Quality
Mr. Jesus R Gonzalez-Garcia and Mr. Gonzalo C Pastor Campos
This paper examines the usefulness of testing the conformity of macroeconomic data with Benford's law as indicator of data quality. Most of the macroeconomic data series tested conform with Benford's law. However, questions emerge on the reliability of such tests as indicators of data quality once conformity with Benford's law is contrasted with the data quality ratings included in the data module of the Reports on the Observance of Standards and Codes (data ROSCs). Furthermore, the analysis shows that rejection of Benford's law may be unrelated to the quality of statistics, and instead may result from marked structural shifts in the data series. Hence, nonconformity with Benford's law should not be interpreted as a reliable indication of poor quality in macroeconomic data.
Keywords:
WP; number; digit; nominal GDP; statistics; Benford’s law; first-digit phenomenon; transparency; data quality; data errors; data dissemination ROSC; data ROSCs; balance of payments statistics data; digit law; macroeconomic data; data accuracy; Currencies; Gross fixed investment; Government finance statistics; Balance of payments statistics; East Asia; Middle East; Western Hemisphere; Central Asia; Central and Eastern Europe
Cover IMF Working Papers
State-Owned Banks and Fiscal Discipline
Mr. Jesus R Gonzalez-Garcia and Mr. Francesco Grigoli
State-owned banks may help to soften the financing constraints of public sector entities and consequently become a factor that hampers fiscal discipline. Using a panel dataset, we find that a larger presence of state-owned banks in the banking system is associated with more credit to the public sector, larger fiscal deficits, higher public debt ratios, and the crowding out of credit to the private sector. These results suggest that the lending practices of state-owned banks should be carefully assessed in any strategy to pursue fiscal discipline.
Keywords:
WP; government; government ownership; bank; result; ownership of the banking system