Download or read book What Policy Combinations Worked The Effect of Policy Packages on Bank Lending During COVID 19 written by Mr. Divya Kirti and published by International Monetary Fund. This book was released on 2023-02-03 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the impact of fiscal, monetary, and prudential policies during the COVID-19 pandemic on bank lending across a broad sample of countries. We combine a comprehensive announcementlevel dataset of policy actions with bank and firm-level information to analyze the effectiveness of different types of policies. We document that different types of policies were introduced together and hence accounting for policy combinations, or packages, is crucial. Lending grew faster at banks in countries that announced packages combining fiscal, monetary, and prudential measures relative to those that relied on some, but not all, policy dimensions. Within packages including all three types of policy measures, banks in countries with more and larger measures saw faster loan growth. The impact was larger among more constrained banks with low equity levels. Large packages combining fiscal, monetary and prudential policies also increased liquidity for bank dependent firms, but did not disproportionately benefit unviable firms.
Download or read book COVID 19 and Emerging Markets written by Cem Çakmaklı and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model to Turkey. Sectoral supply shocks are based on the proximity requirements in each sector and the ability to work from home. Physical proximity determines the supply shock through its effect on infection rates. Sectoral demand shocks incorporate domestic and foreign demand, both of which adjust with infection rates. We calibrate demand shocks during COVID-19 using real-time credit card purchase data. Our results show that the optimal policy, which yields the lowest economic cost and saves the maximum number of lives, can be achieved under a full lockdown of 39 days. Economic costs are much larger for an open economy as the shocks are amplified through the international production network. A decline in foreign demand leads to losses in domestic sectors through international input-output linkages, accounting for a third of the total output loss. In addition, the reduction in capital flows deprives the network from its trade financing needs, where sectors with larger external finance needs experience larger losses. The policy options are limited given sparse fiscal resources to fight the pandemic domestically, while serving the external debt. We present historical evidence from 2001 crisis of Turkey, when fiscal, monetary and exchange rate policies were employed altogether to deal with a triple crisis of balance of payments, banking, and sovereign debt
Download or read book Chile written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2023-07-07 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s strong fiscal framework has served the country well. The fiscal rule has helped insulate the budgets from volatility in resource prices and economic activity. The sovereign wealth fund (SWF)—the Economic and Social Stabilization Fund (ESSF) and the Pension Reserve Fund (PRF)—was established to encourage savings over time and has provided buffers for stabilizing the economy. During the pandemic, Chile has appropriately used the ESSF to provide swift and impactful support to protect people. Recent efforts to upgrade the fiscal framework— adopt a medium-term fiscal path, formalize a prudent debt ceiling, and introduce an escape clause—can further safeguard fiscal sustainability.
Download or read book Nonperforming Loans in Asia and Europe Causes Impacts and Resolution Strategies written by Asian Development Bank and published by Asian Development Bank. This book was released on 2021-12-01 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: High and persistent levels of nonperforming loans (NPLs) have featured prominently in recent financial crises. This book traces NPL trends during and after crises, examines the economic impact of high NPLs, and compares the effectiveness of NPL resolution strategies across economies in Asia and Europe. The book distills important lessons from the experiences of economies using case studies and empirical investigation of ways to resolve NPLs. These findings can be invaluable in charting a course through the financial and economic fallout of the coronavirus disease (COVID-19) pandemic to recovery and sustained financial stability in Asia, Europe, and beyond.
Download or read book Reaching Out written by and published by World Bank Publications. This book was released on 2005 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors (1) present new indicators of banking sector penetration across 99 countries based on a survey of bank regulatory authorities, (2) show that these indicators predict household and firm use of banking services, (3) explore the association between the outreach indicators and measures of financial, institutional, and infrastructure development across countries, and (4) relate these banking outreach indicators to measures of firms' financing constraints. In particular, they find that greater outreach is correlated with standard measures of financial development, as well as with economic activity. Controlling for these factors, the authors find that better communication and transport infrastructure and better governance are also associated with greater outreach. Government ownership of financial institutions translates into lower access, while more concentrated banking systems are associated with greater outreach. Finally, firms in countries with higher branch and ATM penetration and higher use of loan services report lower financing obstacles, thus linking banking sector outreach to the alleviation of firms' financing constraints. "--World Bank web site.
Download or read book Toward an Integrated Policy Framework written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-10-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the understanding of the policy options and tradeoffs available to policymakers in a systematic and analytical way. The paper recognizes that the optimal path of the IPF tools depends on structural characteristics and fiscal policies. The operational implications of IPF findings require careful consideration. Developing safeguards to minimize the risk of inappropriate use of IPF policies will be essential. Staff remains guided by the Fund’s Institutional View (IV) on the Liberalization and Management of Capital Flows.
Download or read book Global Corporate Stress Tests Impact of the COVID 19 Pandemic and Policy Responses written by Mr. Thierry Tressel and published by International Monetary Fund. This book was released on 2021-08-06 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate sector vulnerabilities have been a central policy topic since the outset of the COVID-19 pandemic. In this paper, we analyze some 17,000 publicly listed firms in a sample of 24 countries, and assess their ability to withstand shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi-factor sensitivity analysis and dynamic scenario-based stress test techniques to assess the impact of shocks on firm’s ability to service their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we find that a large share of publicly-listed firms become vulnerable as a result of the pandemic shock and additional borrowing needs to overcome cash shortfalls are large, while firm behavioral responses and policies substantially help overcome the impact of the shock in the near term. Looking forward, while interest coverage ratios tend to improve over time after the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial in many firms across countries and across industries, while insolvencies rise over time in specific industries. To inform policy debates, we offer an approach to a triage between viable and unviable firms, and find that the needs for liquidity support of viable firms remain important beyond 2020, and that medium-term debt restructuring needs and liquidations of firms may be substantial in the medium-term.
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Download or read book Slum Health written by Jason Corburn and published by Univ of California Press. This book was released on 2016-06-07 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Urban slum dwellers—especially in emerging-economy countries—are often poor, live in squalor, and suffer unnecessarily from disease, disability, premature death, and reduced life expectancy. Yet living in a city can and should be healthy. Slum Health exposes how and why slums can be unhealthy; reveals that not all slums are equal in terms of the hazards and health issues faced by residents; and suggests how slum dwellers, scientists, and social movements can come together to make slum life safer, more just, and healthier. Editors Jason Corburn and Lee Riley argue that valuing both new biologic and “street” science—professional and lay knowledge—is crucial for improving the well-being of the millions of urban poor living in slums.
Download or read book World Economic Outlook October 2020 written by International Monetary Fund. Research Dept. and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-10-13 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy is climbing out from the depths to which it had plummeted during the Great Lockdown in April. But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations. While recovery in China has been faster than expected, the global economy’s long ascent back to pre-pandemic levels of activity remains prone to setbacks.
Download or read book Key Aspects of Macroprudential Policy Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-10-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Download or read book Financial Crises Explanations Types and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Download or read book Primary and Secondary Education During Covid 19 written by Fernando M. Reimers and published by Springer Nature. This book was released on 2021-09-14 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access edited volume is a comparative effort to discern the short-term educational impact of the covid-19 pandemic on students, teachers and systems in Brazil, Chile, Finland, Japan, Mexico, Norway, Portugal, Russia, Singapore, Spain, South Africa, the United Kingdom and the United States. One of the first academic comparative studies of the educational impact of the pandemic, the book explains how the interruption of in person instruction and the variable efficacy of alternative forms of education caused learning loss and disengagement with learning, especially for disadvantaged students. Other direct and indirect impacts of the pandemic diminished the ability of families to support children and youth in their education. For students, as well as for teachers and school staff, these included the economic shocks experienced by families, in some cases leading to food insecurity and in many more causing stress and anxiety and impacting mental health. Opportunity to learn was also diminished by the shocks and trauma experienced by those with a close relative infected by the virus, and by the constrains on learning resulting from students having to learn at home, where the demands of schoolwork had to be negotiated with other family necessities, often sharing limited space. Furthermore, the prolonged stress caused by the uncertainty over the resolution of the pandemic and resulting from the knowledge that anyone could be infected and potentially lose their lives, created a traumatic context for many that undermined the necessary focus and dedication to schoolwork. These individual effects were reinforced by community effects, particularly for students and teachers living in communities where the multifaceted negative impacts resulting from the pandemic were pervasive. This is an open access book.
Download or read book Nordic Economic Policy Review 2022 COVID 19 Effects on the Economy in the Nordics written by Andersen, Torben M. and published by Nordic Council of Ministers. This book was released on 2022-06-07 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online: https://pub.norden.org/nord2022-001/ This issue of the Nordic Economic Policy Review surveys the economic repercussions of the COVID-19 pandemic and the health and economic policies introduced to minimise its impact in the Nordic countries. Although national policies were broadly similar, they also differed in many respects. Given that some enjoyed greater success than others, comparing different policies and their effects may yield valuable lessons for the future. The Nordic countries weathered the pandemic relatively well compared to most other high-income countries, both in terms of public health and economic repercussions. Infection and excess mortality rates were comparatively low in the Nordic Region, except in Sweden, where they relied more on recommendations and guidelines than mandatory measures to contain the spread of the virus. The fall in GDP was also comparatively small and short-lived in all the countries except Iceland, where tourism plays a more prominent role in the economy. Nordic Economic Policy Review (NEPR) aims to convey policy-relevant, up to date research on different economic issues. The review produces one issue per year, each time with a new topic and researchers. NEPR strives to make the latest economic research accessible to both decision-makers and a broader audience, as well as to contribute to Nordic knowledge exchange on economic policy issues and challenges.
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Download or read book Artificial Intelligence in Banking written by Introbooks and published by . This book was released on 2020-04-07 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In these highly competitive times and with so many technological advancements, it is impossible for any industry to remain isolated and untouched by innovations. In this era of digital economy, the banking sector cannot exist and operate without the various digital tools offered by the ever new innovations happening in the field of Artificial Intelligence (AI) and its sub-set technologies. New technologies have enabled incredible progression in the finance industry. Artificial Intelligence (AI) and Machine Learning (ML) have provided the investors and customers with more innovative tools, new types of financial products and a new potential for growth.According to Cathy Bessant (the Chief Operations and Technology Officer, Bank of America), AI is not just a technology discussion. It is also a discussion about data and how it is used and protected. She says, "In a world focused on using AI in new ways, we're focused on using it wisely and responsibly."
Download or read book Reform of the International Monetary System written by Masahiro Kawai and published by Springer. This book was released on 2014-08-26 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: By providing a comprehensive overview of policy proposals for the international monetary system from an Asian perspective, this book aims to identify what innovations are needed to reform the international monetary and financial system to promote financial stability and sustainable economic growth for emerging economies. The book is organized into four parts. Part 1 discusses major theoretical and empirical issues related to reform of the international monetary system. Part 2 includes two chapters that present the recent developments and challenges for managing capital flows. Part 3 presents different perspectives on regional currency cooperation in Asia and Europe by assessing the evidence supporting increased currency coordination in Asia and by review issues of policy cooperation in the Euro area after the global financial crisis and their implications for Asia. Part 4 discusses emerging issues for regional/global cooperation and financial safety nets. The main inference of the book is that, in light of the drawbacks of the existing international monetary system exposed in the global financial crisis, along with other countries, Asian emerging economies should work cooperatively to reform and strengthen international monetary and financial policy. To do so, regional and global monetary cooperation is needed and financial safety nets should be strengthened to alleviate the impact of possible global financial crises. This will be one of the first books written about the global financial crisis and the on going the European sovereign debt crisis to comprehensively address the issues related to currency cooperation, based on the Euro area experience, with the specific implications for Asia.
