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A standard open-economy model is used to show that price stabilization programs are more likely to succeed if labor contracts specify forward-looking wage indexation. Compared with contracts specifying backward-looking wage indexation or wages based on static expectations, such contracts will result in a greater reduction in inflation with lower output costs, smaller misalignment of real wages, smaller outflows of reserves, smaller disruptions caused by policy announcements, and a reduced impact of some shocks during price stabilization programs. These results are generally true whether or not capital is mobile and whether or not expectations are rational.
Foreign Exchange --- Inflation --- Labor --- Macroeconomics --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: Public Policy --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Currency --- Foreign exchange --- Wage indexation --- Real wages --- Wages --- Exchange rates --- Prices --- Price stabilization --- Colombia
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Rapid private sector credit growth in the Middle East, North Africa, and Central Asia has been a result of strong economic growth, financial deepening, and banks’ willingness to explore consumer credit markets. Economic growth, the initial ratio of private sector credit to GDP, price volatility, and nonoil exports are found to be significant explanatory variables, while oil exports and spillovers from oil exporting neighbors were not found to have any significance. The credit growth has financed consumer spending and home ownership rather than investment.
Credit --- Petroleum industry and trade --- Economic aspects --- Borrowing --- Energy industries --- Oil industries --- Finance --- Money --- Loans --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Energy: General --- Trade: General --- Public Enterprises --- Public-Private Enterprises --- Monetary economics --- Investment & securities --- International economics --- Civil service & public sector --- Oil --- Consumer credit --- Oil exports --- Public sector --- Exports --- Finance, Public --- Saudi Arabia
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Statistical agencies worldwide are increasingly turning to new data sources, including administrative data, to improve statistical coverage. Administrative data can significantly enhance the quality of national statistics and produce synergies with tax administration and other government agencies, supporting better decision making, policy advice, and economic performance. Compared to economic censuses and business surveys, administrative data are less burdensome to collect and produce more timely, detailed, and accurate data with better coverage. This paper specifically explores the use of value added tax and income tax records to enhance the compilation of national accounts statistics.
Taxation --- Macroeconomics --- Databases --- Economic Methodology --- Methodology for Collecting, Estimating, and Organizing Microeconomic Data --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Survey Methods --- Taxation, Subsidies, and Revenue: General --- Accounting and Auditing: General --- Accounting and Auditing: Government Policy and Regulation --- Economic Growth and Aggregate Productivity: Other --- General Aggregative Models: General --- Business Taxes and Subsidies --- Personal Income, Wealth, and Their Distributions --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Data Collection and Data Estimation Methodology --- Computer Programs: General --- Public finance & taxation --- Data capture & analysis --- National accounts --- Value-added tax --- Personal income --- Income and capital gains taxes --- Data collection --- Taxes --- Economic and financial statistics --- National income --- Spendings tax --- Income --- Income tax --- Economic statistics --- Uganda
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Using Administrative Data to Enhance Policymaking in Developing Countries: Tax Data and the National Accounts.
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This paper examines interest rate spreads in English-speaking African countries. Higher spreads were found to be associated with lower inflation, a greater number of banks, and greater public ownership of banks. Higher deposit interest rates were found to be associated with lower interest rate spreads, but higher net interest margins. A large increase in spreads in the late 1980s and 1990s may be explained by a strengthening of financial sector supervision. Limited data suggested that poor governance, weak regulatory frameworks and property rights, and higher required reserve ratios are associated with higher spreads.
Banks and Banking --- Inflation --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income, Wealth, and Their Distributions --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Banking --- Finance --- Personal income --- Commercial banks --- Deposit rates --- Banks and banking --- Income --- Prices --- Interest rates --- United States --- Investment analysis. --- Effect of inflation on
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This paper presents an overview of exposures in the balance sheets of central banks, banks, and other depository institutions during the past decade, with emphasis on asset growth and currency composition. It exploits the IMF’s SRF-based monetary data to show: (i) there was a widely observed buildup of assets prior to the global financial crisis, but there has been no significant reduction in its wake; (ii) the foreign currency composition of the balance sheets of banks and other depository institutions remained remarkably constant in spite of the crisis, significant changes in the composition of balance sheets, and globalization, and does not seem to have been significantly influenced by the behavior of exchange rates; and (iii) exposure to households increased prior to the crisis, but this increased risk was offset by increased capitalization.
Banks and banking, Central. --- Banks and banking. --- Financial statements. --- Asset-liability management. --- Asset-liability management (Banking) --- Funds management --- Financial institutions --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Money --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Management --- Investments --- International Monetary Fund. --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Money Supply --- Credit --- Money Multipliers --- Central Banks and Their Policies --- Portfolio Choice --- Investment Decisions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public Administration --- Public Sector Accounting and Audits --- Currency --- Foreign exchange --- Monetary economics --- Financial reporting, financial statements --- Exchange rates --- Exchange rate flexibility --- Currencies --- Financial statements --- Public financial management (PFM) --- Finance, Public --- United States
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This paper reports the main findings of a pilot project launched in July 2014 by the IMF’s Statistics Department to test augmenting the IMF’s financial soundness indicators (FSIs) with concentration and distribution measures (CDMs) to capture tail risks, concentrations, variations in distributions, and the volatility of indicators over time that simple averages can miss. Volunteer participants reported a trial set of CDMs to assess analytical usefulness and identify concerns such as confidentiality and reporting burden. The results of the pilot suggests that CDMs can help detect financial sector risks, justifying the additional reporting burden but that further input from participating countries and potential data users should be sought; indeed further refinement of the reporting requirements and the CDMs themselves may be needed.
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Financial risks outside of the traditional banking sector can quickly spread throughout financial systems and lead to disruptions in the real economy. A lack of adequately detailed financial sector statistics can obscure buildups of risks from policymakers and hinder their ability to effectively respond once these risks materialize. In response, authorities worldwide, international organizations, including the IMF, and the Group of 20 (G-20), called for financial reforms and launched efforts to gather information on nonbank financial intermediary (NBFI) activities—including the Data Gaps Initiative (DGI) and enhanced Financial Stability Board (FSB) NBFI data collection. While these initiatives represent significant strides to strengthen NBFI’s data collection, there continue to be gaps in the conceptual and methodological guidance in the financial and macroeconomic statistics manuals on which the FSB, DGI, and national authorities rely; gaps that are increasing in light of increased globalization and the financial sector digitalization. This paper proposes conceptual guidance to help bridge existing and emerging gaps.
Macroeconomics --- Economics: General --- Industries: Financial Services --- Banks and Banking --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Finance: General --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Aggregative Models: General --- Financial Institutions and Services: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Distributed ledgers --- Finance --- Banking --- Financial technology (fintech) --- Virtual currencies --- Technology --- Nonbank financial institutions --- Financial institutions --- Commercial banks --- Fintech --- National accounts --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Banks and banking --- National income --- Brazil
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Financial risks outside of the traditional banking sector can quickly spread throughout financial systems and lead to disruptions in the real economy. A lack of adequately detailed financial sector statistics can obscure buildups of risks from policymakers and hinder their ability to effectively respond once these risks materialize. In response, authorities worldwide, international organizations, including the IMF, and the Group of 20 (G-20), called for financial reforms and launched efforts to gather information on nonbank financial intermediary (NBFI) activities—including the Data Gaps Initiative (DGI) and enhanced Financial Stability Board (FSB) NBFI data collection. While these initiatives represent significant strides to strengthen NBFI’s data collection, there continue to be gaps in the conceptual and methodological guidance in the financial and macroeconomic statistics manuals on which the FSB, DGI, and national authorities rely; gaps that are increasing in light of increased globalization and the financial sector digitalization. This paper proposes conceptual guidance to help bridge existing and emerging gaps.
Brazil --- Macroeconomics --- Economics: General --- Industries: Financial Services --- Banks and Banking --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Finance: General --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Aggregative Models: General --- Financial Institutions and Services: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Distributed ledgers --- Finance --- Banking --- Financial technology (fintech) --- Virtual currencies --- Technology --- Nonbank financial institutions --- Financial institutions --- Commercial banks --- Fintech --- National accounts --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Banks and banking --- National income
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