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The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal different policy approaches to the regulation of restructuring and insolvency. The analysis in this paper aims to illustrate the breadth of the policy choices and their consequences for restructuring activity. States should carefully design restructuring procedures to avoid the negative economic effects of certain options that could undermine creditors’ rights or result in unpredictable outcomes, particularly in cross-border cases.

Macroeconomics --- Economics: General --- International Economics --- Finance: General --- Financial Risk Management --- Corporate Finance --- Databases --- Foreign Exchange --- Informal Economy --- Underground Econom --- Bankruptcy --- Liquidation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Data Collection and Data Estimation Methodology --- Computer Programs: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Data capture & analysis --- Solvency --- Financial sector policy and analysis --- Early warning systems --- Financial crises --- Corporate insolvency --- Data collection --- Economic and financial statistics --- Currency crises --- Informal sector --- Economics --- Debt --- Crisis management --- Economic statistics

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This departmental paper discusses the evolving prudential frameworks for nonbank issuers of electronic money. Some jurisdictions take a relatively light-touch approach to regulating electronic money issuers (EMIs). Others have sought to apply more stringent requirements to protect electronic money (e-money) users, as the sector has grown in importance. The paper aims to build on previous IMF staff contributions to the literature and to draw policy conclusions for strengthening e-money regulatory regimes; in particular in jurisdictions where issuers, individually or collectively, have grown to a size to which they are of macro-financial importance (see below). Chapter 2 provides background on the development of e-money, its economic benefits, and potential risks. Chapter 3 discusses prudential supervision of EMIs, followed in Chapter 4 by their oversight from a payments system perspective. Chapter 5 discusses potential additional measures for user protection and contingency arrangements for EMI failure. The last chapter presents policy recommendations for policymakers, especially in those emerging market economies and developing countries wherein EMIs have reached a scale at which they could have a significant economic impact if they were to fail.

Consumer protection --- Deposit insurance. --- Digital currency --- Law and legislation. --- Bank deposits --- Banking --- Bankruptcy --- Banks and Banking --- Banks and banking --- Banks and banking, Mobile --- Banks --- Business and Financial --- Capital and Ownership Structure --- Clearinghouses --- Computer applications in industry & technology --- Crisis management --- Deposit insurance --- Depository Institutions --- Digital currencies --- Digital or internet economics --- Distributed ledgers --- Economic & financial crises & disasters --- Finance --- Finance, Public --- Finance: General --- Financial crises --- Financial Institutions and Services: Government Policy and Regulation --- Financial Instruments --- Financial instruments --- Financial markets --- Financial regulation and supervision --- Financial Risk and Risk Management --- Financial Risk Management --- Financial risk management --- Financial services industry --- Financial services law & regulation --- Financial services --- Financing Policy --- General Financial Markets: Government Policy and Regulation --- Goodwill --- Government and the Monetary System --- Industries: Financial Services --- Information technology industries --- Innovation --- Institutional Investors --- Intellectual Property Rights: General --- Law and legislation --- Liquidation --- Micro Finance Institutions --- Mobile banking --- Monetary Systems --- Money --- Mortgages --- Non-bank Financial Institutions --- Nonbank financial institutions --- Operational risk --- Other Substantive Areas of Law: General --- Payment Systems --- Payment systems --- Pension Funds --- Political economy --- Regimes --- Research and Development --- Standards --- Technological Change --- Technological innovations --- Technology --- Value of Firms --- Kenya

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The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.

Bankruptcy. --- Accounting --- Bankruptcy --- Business enterprises --- Communicable diseases --- Corporate Finance and Governance: General --- Corporate Finance and Governance: Government Policy and Regulation --- Corporate Finance --- Debt --- Diseases: Contagious --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics: General --- Finance --- Finance, Public --- Finance: General --- Financial institutions --- Financial Instruments --- Financial reporting, financial statements --- Financial sector policy and analysis --- Health Behavior --- Health --- Infectious & contagious diseases --- Institutional Investors --- Investment & securities --- Investments: Stocks --- Liquidation --- Macroeconomics --- Money and Monetary Policy --- Non-bank Financial Institutions --- Ownership & organization of enterprises --- Pension Funds --- Public Administration --- Public financial management (PFM) --- Public Sector Accounting and Audits --- Small business --- Stocks --- Studies of Particular Policy Episodes --- United States

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Over the course of some two centuries following the conquests and consolidations of Spanish rule in the Americas during the late fifteenth and early sixteenth centuries—the period designated as the Baroque—new cultural forms sprang from the cross-fertilization of Spanish, Amerindian, and African traditions. This dynamism of motion, relocation, and mutation changed things not only in Spanish America, but also in Spain, creating a transatlantic Hispanic world with new understandings of personhood, place, foodstuffs, music, animals, ownership, money and objects of value, beauty, human nature, divinity and the sacred, cultural proclivities—a whole lexikon of things in motion, variation, and relation to one another. Featuring the most creative thinking by the foremost scholars across a number of disciplines, the Lexikon of the Hispanic Baroque is a uniquely wide-ranging and sustained exploration of the profound cultural transfers and transformations that define the transatlantic Spanish world in the Baroque era. Pairs of authors—one treating the peninsular Spanish kingdoms, the other those of the Americas—provocatively investigate over forty key concepts, ranging from material objects to metaphysical notions. Illuminating difference as much as complementarity, departure as much as continuity, the book captures a dynamic universe of meanings in the various midst of its own re-creations. The Lexikon of the Hispanic Baroque joins leading work in a number of intersecting fields and will fire new research—it is the indispensible starting point for all serious scholars of the early modern Spanish world.

Civilization, Baroque. --- Civilization, Hispanic. --- America --- Spain --- Civilization. --- Civilization