Do Financial Markets Value Quality Of Fiscal Governance
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Author | : Kady Keita |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2019-10-11 |
Genre | : Business & Economics |
ISBN | : 1513516124 |
We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including a higher likelihood of issuing sovereign bonds and having a sovereign credit rating, receiving stronger ratings, and obtaining lower spreads. Using the more granular information on quality of fiscal governance from Public Expenditure and Financial Accountability (PEFA) assessments for 89 emerging and developing economies, we find that similar indicators of market access are correlated with sound public financial management practices, especially those that improve budget transparency and reporting, debt management, and fiscal strategy.
Author | : Mr.Bernardin Akitoby |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2020-05-11 |
Genre | : Business & Economics |
ISBN | : 1513532839 |
This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.
Author | : Erik R. Fasten |
Publisher | : Nomos Verlagsgesellschaft |
Total Pages | : 0 |
Release | : 2012 |
Genre | : Capital market |
ISBN | : 9783832965792 |
The interaction between financial markets and public finance has recently become an even more important policy field. Risk factors have been revealed that harm public balance sheets. Additionally, the considerable sovereign indebtedness of various developed economies trigger increasing financial and economic instability. This dissertation examines institutions that evolved in both financial markets and governance structures, and it assesses their interrelationship. Various questions arise in this field: How do markets value fiscal sustainability and contingent liabilities of governments? Which institutions might contain public indebtedness on sub-national tiers of government? Which institutions contribute to the sound functioning of markets and how do they work? Which channels of transmission of fiscal policy on economic activity are relevant? How is the sovereign debt crisis to be contained? Dissertation. Series: Neue Studien zur Politischen konomie (New Studies of Political Economy) - Vol. 10]
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 94 |
Release | : 2021-05-20 |
Genre | : |
ISBN | : 9264852395 |
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Author | : Mrs.Sage De Clerck |
Publisher | : International Monetary Fund |
Total Pages | : 470 |
Release | : 2015-03-10 |
Genre | : Business & Economics |
ISBN | : 1498379214 |
The 2007–09 international financial crisis underscored the importance of reliable and timely statistics on the general government and public sectors. Government finance statistics are a basis for fiscal analysis and they play a vital role in developing and monitoring sound fiscal programs and in conducting surveillance of economic policies. The Government Finance Statistics Manual 2014 represents a major step forward in clarifying the standards for compiling and presenting fiscal statistics and strengthens the worldwide effort to improve public sector reporting and transparency.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 109 |
Release | : 2019-10-16 |
Genre | : Business & Economics |
ISBN | : 1498324029 |
The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 92 |
Release | : 2021-04-06 |
Genre | : Business & Economics |
ISBN | : 1513569678 |
Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Author | : Mr.James Daniel |
Publisher | : International Monetary Fund |
Total Pages | : 80 |
Release | : 2006-08-17 |
Genre | : Business & Economics |
ISBN | : 9781589065130 |
The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.
Author | : Mr. M. Cangiano |
Publisher | : International Monetary Fund |
Total Pages | : 468 |
Release | : 2013-04-05 |
Genre | : Business & Economics |
ISBN | : 1475512198 |
The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch
Author | : Robert E. Litan |
Publisher | : Brookings Institution Press |
Total Pages | : 474 |
Release | : 2004-05-13 |
Genre | : Business & Economics |
ISBN | : 9780815752905 |
A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides. Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.