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Accountancy --- 657.37 --- Financial statements, Consolidated --- Combined financial statement --- Consolidated balance sheet --- Consolidated financial statements --- Group accounts --- Financial statements --- Holding companies --- Annual closure of accounts --- Accounting --- Financial statements, Consolidated. --- 657.37 Annual closure of accounts

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The magnitude of the public liabilities incurred as a result of the unprecedented government action in the wake of the financial crisis of 2008-2009, and the consequences of exiting from the projected high debt scenario, have become a major source of concern about a future sovereign debt crisis. As Low-Income Countries (LICs) face unique challenges in debt management (DeM) due to their more limited financing sources and higher capacity constraints, their ability to successfully manage their public debt burdens effectively through a crisis of this magnitude is far from assured. Therefore, the challenges of the last two years will require a re-evaluation of existing DeM strategies in LICs, focusing on the identification of institutional weaknesses and the assessment and mitigation of potential risk. It is in this context that this paper examines the application of two global public goods in LICs: the Debt Management Performance Assessment (DeMPA) and the Medium-Term Debt Management Strategy (MTDS) tools. The results of the application of these tools from 2007-2009 provide valuable information to policymakers and other stakeholders on the development of sound public DeM practices and analytical capacity, with the goal of strengthening the public balance sheet and reducing vulnerability to financial crises.

Access to Finance --- Balance sheet --- Banks & Banking Reform --- Capacity constraints --- Captive investor --- Creditor --- Debt --- Debt burdens --- Debt crisis --- Debt management --- Debt Markets --- Developing countries --- Developing country --- Emerging Markets --- External Debt --- Finance and Financial Sector Development --- Financial crises --- Financial crisis --- Government debt --- International bank --- International Economics and Trade --- Monetary fund --- Portfolios --- Private Sector Development --- Public borrowing --- Public debt --- Public debt management --- Sovereign debt

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Land assets have become an important source of financing capital investments by subnational governments in developing countries. Land assets, often with billions of dollars per transaction, rival and sometimes surpass subnational borrowing or fiscal transfers for capital spending. While reducing the uncertainty surrounding future debt repayment capacity, the use of land-based revenues for financing infrastructure can entail substantial fiscal risks. Land sales often involve less transparency than borrowing. Many sales are conducted off-budget, which makes it easier to divert proceeds into operating budgets. Capital revenues from sales of land assets exert a much more volatile trend and could create an incentive to appropriate auction proceeds for financing the operating budget, particularly in times of budget shortfalls during economic downturns. Furthermore, land collateral and expected future land-value appreciation for bank loans can be linked with macroeconomic risks. It is critical to develop ex ante prudential rules comparable to those governing borrowing, to reduce fiscal risks and the contingent liabilities associated with the land-based revenues for financing infrastructure.

Accounting --- Asset management --- Balance sheet --- Balance sheets --- Banks & Banking Reform --- Borrowing --- Capital budgets --- Debt --- Debt Markets --- Finance and Financial Sector Development --- Land development --- Land prices --- Land supply --- Local governments --- Municipal Financial Management --- Operating expenses --- Potential exposure --- Present value --- Public & Municipal Finance --- Public enterprises --- Public Sector Development --- Public Sector Economics --- Regulatory framework --- Subnational finance --- Subnational government finance --- Subnational governments --- Systemic risk --- Urban Development

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The financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank financial strength influences policy performance remains controversial. This is due, in part, to a lack of econometric evidence. The paper presents a first step toward filling this gap, by providing a quantitative evaluation of the relationship between measures of central bank financial strength and policy performance, in particular inflation. The paper's major finding is that there indeed is a negative relationship between central bank financial strength and inflation outcomes. This relationship appears to be robust to the choice of alternative country samples, control variables, estimation strategies, and conceptualizations of central bank financial strength.

Banks and banking, Central -- Econometric models. --- Capital -- Econometric models. --- Inflation (Finance) -- Econometric models. --- Monetary policy -- Econometric models. --- Banks and banking, Central --- Monetary policy --- Econometric models. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Accounting --- Banks and Banking --- Inflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Price Level --- Deflation --- Public Administration --- Public Sector Accounting and Audits --- Banking --- Macroeconomics --- Financial reporting, financial statements --- Central bank autonomy --- Financial statements --- Central bank balance sheet --- Prices --- Finance, Public --- Chile

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This paper discusses how the choice of central banks' operating targets influences the use of their monetary policy instruments and how the latter affect the central bank's balance sheet. This is of particular interest, since the monetary conditionality in IMF-supported programs has traditionally been linked to central bank balance sheet items. Quantity targeting tends to be practiced today mostly in countries in which money markets are not yet well-developed or a monetary aggregate is used as the intermediate target. Most other central banks prefer to target a short-term interest rate, which results in day-to-day changes in balance sheet items becoming endogenous.

Banks and Banking --- Money and Monetary Policy --- Money Supply --- Credit --- Money Multipliers --- Monetary Policy --- Central Banks and Their Policies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Interest Rates: Determination, Term Structure, and Effects --- Demand for Money --- Banking --- Monetary economics --- Finance --- Monetary base --- Short term interest rates --- Central bank balance sheet --- Open market operations --- Money --- Financial services --- Central banks --- Demand for money --- Money supply --- Banks and banking --- Interest rates --- Brazil