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Law > Business and Financial

You are looking at 1 - 10 of 19 items for :

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Cover Technical Assistance Reports
Kingdom of Eswatini: Technical Assistance Report-Financial Sector Stability Review
International Monetary Fund. Monetary and Capital Markets Department and International Monetary Fund. Statistics Dept.
The IMF conducted a diagnostic review of the financial system of the Kingdom of Eswatini and proposed a Technical Assistance Roadmap to support the authorities’ detection of risks and vulnerabilities and to enhance capacity in financial sector oversight. The financial stability module focused on areas agreed with the country authorities: financial stability and systemic risk monitoring, macroprudential frameworks and tools; crisis management and financial safety net; and supervision and regulation of banks, nonbank deposit-taking institutions, insurance, and retirement funds. The financial sector statistics module focused on key gaps in monetary and financial statistics and financial soundness indicators that hamper financial stability analysis.
Keywords:
Kingdom of Eswatini; Eswatini; CBE; FSRA; FSSR; financial stability; systemic risk; macroprudential frameworks; stress testing; crisis management; financial safety net; banking supervision and regulation; nonbanking supervision and regulation; deposit-taking institutions; insurance; and retirement funds.; IMF MCM; IMF Financial Sector Stability Review; IMF's MCM department; CBE governor; financial institutions Act; Eswatini building societies; Financial sector stability; Nonbank financial institutions; Retirement; Insurance companies; Africa; Southern Africa; East Africa
Cover IMF Working Papers
Modeling the Reserve Demand to Facilitate Central Bank Operations
Zhuohui Chen, Nikolaos Kourentzes, and Mr. Romain M Veyrune
Implementing monetary policy largely consists in controlling short-term interest rates which supposes having a good understanding of banks’ demand for liquidity also called “reserves” at the central bank. This work aims to offer a modeling methodology for estimating the demand for reserves that itself is influenced by various macro and market structure variables. The model can help central banks to identify ”stable points” on the demand for reserves, which correspond to the levels of reserves for which the short-term interest rate volatility is minimal. Both parametric and non-parametric approaches are provided, with a particular focus on capturing the modeling uncertainty and, therefore, facilitating scenario analysis. A method is proposed to test the forecasting performances of different approaches and exogenous regressors combination, finding that simpler parametric expressions provide on balance better performances. Adding variables to both parametric and non-parametric provides better explanations and predictions. The proposed methodology is evaluated using data from the Euro system and the US Federal Reserve System.
Keywords:
Reserve demand; scenario analysis; short-term interest rate; sigmoid; modeling methodology; market structure variable; modeling uncertainty; explanatory variable; Short term interest rates; Standing facilities; Deposit rates; Central bank operations; Global
Cover IMF Staff Country Reports
Republic of Fiji: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that Fiji’s economy rebounded strongly in 2022, as tourism recovered rapidly. With the rapid rebound in tourism, the economy is experiencing a strong recovery. Nevertheless, significant risks to growth remain both on the demand side—due to the global outlook—and on the supply side—due to capacity constraints and price competitiveness. The recovery and ongoing broad consultations make the upcoming budget a critical opportunity to begin rebuilding Fiji’s fiscal space and reducing vulnerability. Monetary policy needs to begin shifting now to a more neutral stance, amidst growing uncertainty to the outlook for inflation and foreign reserves. Addressing the implementation challenges of Fiji’s climate plans will require increased efforts and financing. Advancing climate adaptation plans will help Fiji transition to a more sustainable and resilient growth model. Accelerating investments on renewable energy will help Fiji diversify its energy sources and reduce external imbalances. However, Fiji’s climate adaptation and mitigation plans face significant challenges, including shortfalls in climate financing, implementation capacity, and investment management.
Keywords:
maturity proceeds; relocation plan; climate plan; airline ticket sale; CPI data; Government finance statistics; Exchange restrictions; Global; Pacific Islands
Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: 2023 Article IV Consultation Discussions-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
This 2023 Article IV Consultation discusses that the economic recovery in Hong Kong Special Administrative Region (SAR) stalled in 2022 following a major coronavirus disease 2019 outbreak and U.S. monetary policy tightening. However, in 2023, real gross domestic product is projected to grow by 3.5 percent. The financial system remains resilient and continues to serve as an international financial center, supported by strong institutional frameworks and substantial capital and liquidity buffers. The Linked Exchange Rate System continues to function smoothly, providing a solid anchor to the economy and the financial system, allowing the latter to perform its role as an international financial center. Housing prices, which declined by about 16 percent by end-2022 from the peak in September 2021, have started to recover in early 2023. Near-term risks to the growth outlook are balanced, with systemic risk in the financial sector manageable given significant buffers. A sharper-than-expected global growth slowdown as well as escalation of regional conflicts and resulting disruptions in trade could derail the recovery. A sharp rise in global risk premia amid renewed stress in the global banking system and further tightening of monetary policy in major advanced economies could have adverse spillovers through financial channels.
Keywords:
Hong Kong SAR economy; exchange rate system; rate of HK; GDP compilation; transparency policy; household expenditure survey; Hong Kong SAR authority; Hong Kong SAR official; return on equity; expenditure measure; Housing; External sector statistics; Housing prices; Credit; Global
Cover IMF Staff Country Reports
The Bahamas: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas
International Monetary Fund. Western Hemisphere Dept.
The Bahamas is experiencing a tourism-led rebound. Real GDP growth in 2021 was close to 14 percent, as stayover tourist arrivals doubled relative to 2020. The economy is projected to expand by 8 percent in 2022. Nonetheless, it will likely take until 2024 to return to the 2019 level of GDP and the pandemic has given rise to significant human and social costs. The country’s medium-term growth challenges are likely worse than before, and public finances are in a more precarious state. Risks are skewed downwards given a difficult near-term financing situation, rising inflationary—and potentially BOP—pressures because of the war in Ukraine, an ongoing threat from the evolving pandemic, and the country’s high vulnerability to natural disasters.
Keywords:
Bahamian authorities; authorities project; government administration; foreign currency borrowing; IMF's transparency policy; COVID-19; Credit; Global; Caribbean
Cover IMF Staff Country Reports
Republic of Moldova: 2021 Article IV Consultation and Requests for an Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova
International Monetary Fund. European Dept.
The 2016–20 ECF/EFF helped rehabilitate Moldova’s banking sector, bolstering macro-financial stability. However, the COVID-19 pandemic, drought in 2020, and the ongoing surge in global energy prices, have slowed economic activity, intensified downside risks, and complicated policy making. While emergency financial assistance under a blended RCF/RFI (100 percent of quota) and SDR allocation (US$236 million) helped cushion the pandemic’s impact, Moldova remains among the poorest countries in Europe with long-standing governance and structural weaknesses inhibiting income convergence.
Keywords:
inflation targeting framework; governance diagnostics summary finding; authorities' policy platform; policy mix; EFF arrangement; expenditure policy; Policy discussion; Stress testing; Debt sustainability analysis; Global; Eastern Europe; Europe
Cover IMF Staff Country Reports
Tuvalu: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu
International Monetary Fund. Asia and Pacific Dept
Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.
Keywords:
Tuvaluan authorities; government travel; AIV consultation; CPI expenditure weight; budget preparation process; PFTAC assistance; Debt sustainability analysis; Budget planning and preparation; Pacific Islands; Global; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Fiji: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with the Republic of Fiji highlights that economic activity slowed sharply in 2019 due to lower government spending, tighter domestic financial conditions, weak sentiment, and the global deceleration. The slowdown followed several years of relatively strong growth, boosted by reconstruction spending after a major cyclone in 2016, which resulted in rising external and fiscal imbalances. Fiscal space is now at risk and external vulnerabilities remain significant. Fiji has large investment needs to strengthen resilience to natural disasters and climate change. A key priority should be to rebuild fiscal buffers in a growth-friendly way to create space to respond to future natural disasters and to ensure public debt sustainability. Fiscal consolidation should focus on reining in current spending given limited scope for further revenue mobilization and the need for capital spending to improve resilience to climate change. Improvements in the business environment and in governance are essential to raise potential growth and boost private investment, and to enhance productivity and competitiveness.
Keywords:
ISCR; CR; authority; Fiji; economy; Fijian authorities; Fijian economy; priority investment; growth outlook; long-term climate action plan; Anti-money laundering and combating the financing of terrorism (AML/CFT); Government debt management; Credit bureaus; Global; Pacific Islands; International reserves
Cover IMF Staff Country Reports
People's Republic of China-Hong Kong Special Administrative Region: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Asia and Pacific Dept
Hong Kong SAR’s economy benefitted from a strong cyclical upswing through the first half of 2018, supported by the continued global recovery, buoyant domestic sentiment, and the booming property market. However, near-term risks have significantly increased – including those from trade tensions, tighter global financial conditions, and capital outflows from emerging markets. Also, long-term challenges, including from aging, elevated inequality, and the persistent housing shortage, need to be tackled. Prudent macroeconomic policies and ample buffers are in place to help smoothen the transition and ensure continued stability.
Keywords:
ISCR; CR; SAR.; HK dollar; China; authority; convertibility undertaking; IMF staff calculation; business cycle; rate of HK; FX reserve; Housing; Housing prices; External sector statistics; Global; Asia and Pacific