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This SDN revisits the debate on bank resolution regimes, first by presenting a simple model of bank insolvency that transparently describes the trade-off involved between bail-outs, bail-ins, and larger capital buffers. The note then looks for empirical evidence to assess the moral hazard consequences of bail-outs and the systemic spillovers from bail-ins.

Bank resolution framework --- Bank resolution --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Crisis management --- Depository Institutions --- Economic & financial crises & disasters --- Externalities --- Finance --- Finance: General --- Financial crises --- Financial Institutions and Services: Government Policy and Regulation --- Financial risk management --- Financial sector policy and analysis --- Financial sector stability --- Financial services industry --- General Financial Markets: Government Policy and Regulation --- Governmental Loans, Loan Guarantees, Credits, and Grants --- International finance --- Macroeconomics --- Micro Finance Institutions --- Moral hazard --- Mortgages --- Regulation and Business Law: General --- Spillovers --- United States

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Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis. The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth.

Fiscal policy --- Business cycles --- Debts, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Economic cycles --- Economic fluctuations --- Cycles --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Macroeconomics --- Public Finance --- Business Fluctuations --- Fiscal Policy --- General Outlook and Conditions --- Fiscal Policies and Behavior of Economic Agents: General --- National Government Expenditures and Related Policies: General --- National Budget, Deficit, and Debt: General --- Debt Management --- Sovereign Debt --- Forecasts of Budgets, Deficits, and Debt --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Public Administration --- Public Sector Accounting and Audits --- Public finance & taxation --- Fiscal stance --- Fiscal sustainability --- Expenditure --- Expenditures, Public --- United Arab Emirates

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We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to valuation changes in equity markets through asset holdings and increases in pension liabilities relative to GDP amplify crisis impacts on public finances. We expand the balance sheet by including present value estimates of future fiscal flows; this allows us to perform fiscal stress tests and policy experiments. These analyses suggest that Finland’s public finances will remain sound provided ongoing reform and consolidation efforts to address aging pressures are implemented as planned.

Accounting --- Labor --- Macroeconomics --- Public Finance --- Public Economics: General --- Social Security and Public Pensions --- National Budget, Deficit, and Debt: General --- Debt --- Debt Management --- Sovereign Debt --- Forecasts of Budgets, Deficits, and Debt --- State and Local Government: Health, Education, and Welfare --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Public Administration --- Public Sector Accounting and Audits --- Public Enterprises --- Public-Private Enterprises --- Nonwage Labor Costs and Benefits --- Private Pensions --- Fiscal Policy --- Financial reporting, financial statements --- Pensions --- Civil service & public sector --- Financial statements --- Public sector --- Pension spending --- Fiscal stance --- Public financial management (PFM) --- Expenditure --- Economic sectors --- Fiscal policy --- Finance, Public --- Finland

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This 2012 Article IV Consultation highlights that three years after the sudden end of Montenegro’s boom, there has been considerable progress toward recovery. Fiscal imbalances have proved difficult to rein in, reflecting a large fall in revenue after the collapse of the boom. Executive Directors have commended the authorities’ efforts to stabilize the economy, and welcomed the progress made since the financial crisis. Directors have also recognized the sizable public expenditure adjustment over the past few years, but underscored the need for further high-quality deficit reducing measures.

International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Montenegro --- Crna Gora --- Chernogorii︠a︡ --- Montenegro (Kingdom) --- Knjaževina Crna Gora --- Socijalistička Republika Crna Gora --- Republika Crna Gora --- Republic of Montenegro --- Mali i Zi --- Černá Hora --- Muntenegru --- Karadağ --- Melnkalne --- Juodkalnija --- Svartfjallaland --- Socialist Republic of Montenegro --- People's Republic of Montenegro --- Црна Гора --- Чарнагорыя --- Charnahoryi︠a︡ --- Черна гора --- Cherna gora --- Черногория --- Чорногорія --- Chornohorii︠a︡ --- Jabal al-Aswad --- جبل الأسود --- Serbia and Montenegro --- Economic conditions. --- Economic policy. --- Kraljevina Crna Gora --- Banks and Banking --- Labor --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Budgeting --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Demand and Supply of Labor: General --- Personal Income, Wealth, and Their Distributions --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Banking --- Labour --- income economics --- Budgeting & financial management --- Public debt --- Loan guarantees --- Labor markets --- Personal income --- Expenditure --- Fiscal policy --- Financial institutions --- Debts, Public --- Banks and banking --- Loans --- Labor market --- Income --- Expenditures, Public --- Income economics

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Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norway has saved too much, thereby free-riding on the rest of the world for demand. Our public sector balance sheet analysis comes to the opposite conclusion, chiefly because it also accounts for future aging costs. Unsurprisingly, we find that Norway’s current assets exceed its liabilities by some 340 percent of mainland GDP. But its nonoil fiscal deficits have grown very large (to almost 8 percent of mainland GDP) and aging pressures are only commencing. Therefore, Norway’s intertemporal financial net worth (IFNW) is negative, at about -240 percent of mainland GDP. As IFNW represents an intertemporal budget constraint, this implies that Norway’s savings are likely insufficient to address aging costs without additional fiscal action.

Finance, Public --- Debts, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Cameralistics --- Public finance --- Public finances --- Currency question --- Accounting --- Macroeconomics --- Public Finance --- Demography --- Public Economics: General --- Social Security and Public Pensions --- National Budget, Deficit, and Debt: General --- Debt Management --- Sovereign Debt --- Forecasts of Budgets, Deficits, and Debt --- State and Local Government: Health, Education, and Welfare --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Energy: Demand and Supply --- Prices --- Public Administration --- Public Sector Accounting and Audits --- Public Enterprises --- Public-Private Enterprises --- Fiscal Policy --- Price Level --- Inflation --- Deflation --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Financial reporting, financial statements --- Civil service & public sector --- Population & demography --- Oil prices --- Financial statements --- Public sector --- Fiscal policy --- Asset prices --- Public financial management (PFM) --- Aging --- Population and demographics --- Population aging --- Norway