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International Monetary Fund. Fiscal Affairs Dept.
This report evaluates Honduras’s fiscal transparency practices in relation to the IMF Fiscal Transparency Code (FTC). Honduras’s score is similar to those of other Latin American countries and emerging market economies that have undergone the evaluation. In relation to the fiscal transparency principles, Honduran practices are considered basic in 15 areas; good in seven areas; and advanced in six areas. Fiscal transparency practices in the area of fiscal forecasting and budgeting are the strongest, while the fiscal risk analysis and management practices are the weakest. Finally, Honduras’s current fiscal transparency practices fall short of the FTC principles in eight areas.
International Monetary Fund. Fiscal Affairs Dept.

de Honduras (Honduran Institute of Geology and Mines) INJUPEMP Instituto Nacional de Jubilaciones y Pensiones del Poder Ejecutivo (National Executive Branch Retirement and Pension Administrator) INPREMA Instituto Nacional de Previsión del Magisterio (National Educational Professionals Pension Administrator) Instituto de Previsión Social de los empleados de la Universidad Nacional INPREUNAH Autónoma de Honduras (“Universidad Nacional Autónoma de Honduras” Employee Pension Administrator) INSEP Secretaría de Estado de

David Locke Newhouse, Irene Yackovlev, and Mr. Robert Gillingham
This paper uses household survey data to estimate the incidence of tax and spending programs in Honduras. Any such exercise is fraught with difficulty, so our simplifying assumptions are carefully explained. Rather than look at tax and spending completely independently, we evaluate net incidence of major programs-such as health care and pensions-to get a more holistic evaluation of redistribution. Our results show that fiscal policy is, on balance, progressive, but that there is room for significant improvement. In particular, energy subsidies, university education and public pension programs provide disproportionate benefits to higher-income households.
David Locke Newhouse, Irene Yackovlev, and Mr. Robert Gillingham

Juilaciones y Pensiones del Magisterio ), covering teachers through the secondary school level (2.1 percent), IPM ( Instituto de Previsión Militar ), another separate plan for members of the armed forces (0.5 percent), and INPREUNAH ( Instituto Nacional de los Empleados de la Universidad Nacional Autonoma de Honduras ), which covers university employees (0.2 percent). Despite the plethora of plans, the total coverage of the workforce is very low, especially for those workers who do not qualify for one of the narrowly targeted plans. Two of the plans—IHSS and INPREMA

MARTIN L. LOFTUS

. F., Universidad Nacional Autónoma de Mexico , 1971 ), pp. 63 – 83 . Chayes , Abram , T. Ehrlich , and A. F. Lowenfeld . “The International monetary system: Great Britain devalues the pound,” in their International legal process; materials for an introductory course ( Boston , Little, Brown , 1968 ), 2 , pp. 705 – 804 . Chizhov , Konstantin IA. Mezhdunarodnye valiutno-finansovye organizafsii kapitalizma ( Moscow , Izd.-vo “Finanzy,” 2nd ed. , 1968 ), 221 pp. Cirovic , Milutin . “Reforma medunarodnog monetarnog

International Monetary Fund. Fiscal Affairs Dept.

-employment benefits to public and private educators. The Universidad Nacional Autónoma de Honduras Employee Pension Institute (INPREUNAH) was created in accordance to Article 59 of Decree No. 209–04 of the National Congress, approving the UNAH founding law; the INPREUNAH administers retirement benefits for university officials. The Military Pension Institute (IPM) administers pension benefits for members of the Armed Forces, national police,and firefighter corps. Under the 2014 GFSM , the statistical treatment of pension schemes depends on whether the plan is contributory

MARTIN L. LOFTUS

,” Recueil des Cours , Académie de Droit International ( Leiden ), 96 , pp. 7 – 128 ( 1959 ). Mansfield , Lawrence F. The Origins of the International Monetary Fund ( Chapel Hill , 1960 ), 433 pp., typescript. Ph.D. thesis , University of North Carolina . Martin del Campo y E. , Gabriel . Estructura jurídica y función de los organismos financieros internacionales en la Carta de las Naciones Unidas ( Mexico, D.F. , 1954 ), 95 pp. Tesis que para obtener el título de licenciado, Escuela Nacional de Jurisprudencia, Universidad Nacional

Miguel A. Segoviano
Portfolio credit risk measurement is greatly affected by data constraints, especially when focusing on loans given to unlisted firms. Standard methodologies adopt convenient, but not necessarily properly specified parametric distributions or simply ignore the effects of macroeconomic shocks on credit risk. Aiming to improve the measurement of portfolio credit risk, we propose the joint implementation of two new methodologies, namely the conditional probability of default (CoPoD) methodology and the consistent information multivariate density optimizing (CIMDO) methodology. CoPoD incorporates the effects of macroeconomic shocks into credit risk, recovering robust estimators when only short time series of loans exist. CIMDO recovers portfolio multivariate distributions (on which portfolio credit risk measurement relies) with improved specifications, when only partial information about borrowers is available. Implementation is straightforward and can be very useful in stress testing exercises (STEs), as illustrated by the STE carried out within the Danish Financial Sector Assessment Program.

: msegoviano@imf.org 1 The corresponding author, Miguel A. Segoviano, is an economist at the IMF. Pablo Padilla is a professor of mathematics at the Universidad Nacional Autonoma de México (UNAM). 2 Contents Page I. Introduction ............................................................................................................................4 II. Portfolio Credit Risk .............................................................................................................7 A. Profit and Loss

International Monetary Fund. Fiscal Affairs Dept.
This report evaluates Honduras’s fiscal transparency practices in relation to the IMF Fiscal Transparency Code (FTC). Honduras’s score is similar to those of other Latin American countries and emerging market economies that have undergone the evaluation. In relation to the fiscal transparency principles, Honduran practices are considered basic in 15 areas; good in seven areas; and advanced in six areas. Fiscal transparency practices in the area of fiscal forecasting and budgeting are the strongest, while the fiscal risk analysis and management practices are the weakest. Finally, Honduras’s current fiscal transparency practices fall short of the FTC principles in eight areas.