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Mr. George G. Kaufman and Mr. Steven A. Seelig
Losses may accrue to depositors at insolvent banks both at and after the time of official resolution. Losses at resolution occur because of poor closure rules and regulatory forbearance. Losses after resolution occur if depositors' access to their claims is delayed or "frozen." While the sources and implications of losses at resolution have been analyzed previously, the sources and implications of losses after resolution have received little attention. This paper examines the causes of delayed depositors' access to their funds at resolved banks, describes how the FDIC provides immediate access, reports on a special survey of access practices in other countries, and analyzes the costs and benefits of delayed access in terms of both the effects on market discipline and depositor pressure to protect all deposits.
Mr. George G. Kaufman and Mr. Steven A. Seelig

losses and delays in payment could reduce depositor discipline on solvent banks, thereby increasing their banks’ fragility and the probability of failure. Thus, either corner solution appears to have drawbacks as well as advantages and an intermediate interior solution in terms of delay time in paying depositors may be preferred in reducing the potential damage from bank failures and maximizing aggregate economic welfare. The paper models the tradeoffs between increased market discipline and increased probability of government bailout as the time delay by the insurance

International Monetary Fund. European Dept.

projects which are claimed to be “shovel ready.” To model these delays, the IMF’s GIMF is extended to incorporate a time-to-build setup to characterize the formation of public capital in the spirit of Kydland and Prescott (1982) . 5 The same benchmark increase in German public investment is simulated, but with investment delays (time-to-build), and with monetary accommodation ( Figure 3 ) . In contrast to the benchmark calibration, the increase in real GDP is more gradual because it takes time to build up the stock of government capital (which only increases the

Mr. Selim A Elekdag and Mr. Dirk V Muir

byproduct of implementation delays is a deferred and somewhat smoother deficit profile, implying less of an annual budgetary burden in the short run. Figure 14. Higher German Public Investment: The Role of Time-to-Build Delays Source: Authors’ calculations. Note: Fiscal stimulus is a 2-year, 1 percent of GDP per year debt-financed increase in public investment, with and without 2 years of monetary accommodation (MA), with and without 3-year implementation delays (time-to-build—TTB) feature. Real GDP and the current account (-to-GDP ratio) as well as the fiscal

International Monetary Fund. Western Hemisphere Dept.

of apocryphal invoices or documents. Imports of Goods and Services : Resident firms may access the FX market to make payments for imports of goods, subject to the general requirements set out above and the following limitations (i) until December 31, 2022, importers can only access the FX market up to an amount equivalent to an “Import Ratio” (ii) prior approval from the BCRA is required to access the FX market for payment of certain luxury goods unless paid after certain delayed time periods (180 or 365 days, depending on the good); and (iii) for firms

Mr. Selim A Elekdag and Mr. Dirk V Muir
Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional spillovers. While time-to-build delays can weaken the impact of the stimulus in the short-run, the expansionary effects of higher public investment are substantially strengthened with an accommodative monetary policy stance—as is typical during periods of economic slack. The current low-interest rate environment presents a window of opportunity to finance higher public investment at historically favorable rates.
International Monetary Fund

, relating to a strategy for refocusing the BoT on core activities, improving cash flow forecasting and developing a functional classification of the budget, have been met. Text Table 1. Tanzania: Structural Benchmarks for 2009/10 Measure Target Date of Status Financial Sector Adopt a strategy for refocusing the BoT on its core activities. End-May2009 Met with delay. Time-bound action plan underway, and BoT has already implemented the key elements. Issue investment guidelines for pension funds prepared by the BoT

International Monetary Fund. European Dept.
This Selected Issues paper on Germany focuses on current economic condition in the country. The build-up of Germany’s current account surplus over the last decade does not lend itself to a single-factor explanation, as both global and domestic factors, as well as policy changes led to increased savings and lower investment. All sectors contributed to the build-up of the surplus. Although fiscal consolidation and higher household savings played a role, the corporate sector experienced a more pronounced shift. This paper provides a retrospective on these developments and explores whether the factors contributing to the surplus are likely to be reversed going forward. Although there are common global drivers for the non-financial corporations shift to a net lender position, several German-specific factors played a role, notably the labor market reforms in the 2000s, the business tax reforms, and the globalization of German firms’ production chains. The households’ saving–investment gap widened in the early 2000s as the pension reforms and growing income inequality boosted households’ savings and residential investment declined by the end of the reunification construction boom.
International Monetary Fund
Monetary and fiscal easing, together with specific interventions under the Economic Rescue Plan, helped contain the immediate impact of the global crisis, but private sector recovery remains nascent. Inflation, persistently high during 2009 owing to large increases in food prices, has declined to single-digit levels. Revenues continue to underperform relative to the budget, resulting in a modest scaling back in expenditure to limit deterioration of the fiscal deficit. Monetary policy has produced a low interest rate environment, but private sector credit growth has slowed sharply.
International Monetary Fund
This paper provides an overview of recent economic developments in Georgia. The country has made significant, but incomplete, progress toward establishing the rule of law. The rapid accumulation of wage and social transfers arrears is one of the factors of the worsening poverty. The banking sector reforms have started to yield positive results, particularly with regard to banking system consolidation. The energy sector exchange, trade and payments systems, tax summary, and statistical data on the economic indices of Georgia are presented in the paper.