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Expenditures, Public --- Appropriations and expenditures --- Government appropriations --- Government expenditures --- Government spending --- Public expenditures --- Public spending --- Spending, Government --- Finance, Public --- Public administration --- Government spending policy --- Econometric models.

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This paper examines whether IMF lending is associated with increases in outflows to offshore financial centers (OFCs), known for bank secrecy and asset protection, relative to other international destinations. Using quarterly data from the BIS on bilateral bank deposits, we are unable to detect any positive and statistically significant effect of IMF loan disbursements on bank deposits in OFCs. The result holds even after restricting the sample to the duration of the IMF program, where disbursement quarters and non-disbursement quarters should be subject to similar degrees of macroeconomic stress. It is also robust to using the scheduled tranche of disbursements as an instrument for actual disbursements. While the effects vary by the type and conditionality of the IMF program, as well as the amount of lending, none of the effects are found to be positive and statistically significant. We also estimate whether the recent surge in emergency lending, during the Covid-19 crisis, is associated with an increase in outflows to OFCs but find no evidence to support this.

Macroeconomics --- Economics: General --- International Economics --- Banks and Banking --- Criminology --- Exports and Imports --- Industries: Financial Services --- Money and Monetary Policy --- Foreign Exchange --- Informal Economy --- Underground Econom --- International Lending and Debt Problems --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Foreign Aid --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Banking --- Corporate crime --- white-collar crime --- International economics --- Finance --- Monetary economics --- Offshore financial centers --- Financial services --- Crime --- Foreign aid --- Loans --- Financial institutions --- Bank credit --- Money --- Currency crises --- Informal sector --- Economics --- International finance --- International relief --- Credit

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Mobile money services have rapidly expanded across emerging and developing economies and enabled new ways through which households and firms can conduct payments, save and send remittances. We explore how mobile money use can impact economic outcomes in India using granular data on transactions from Paytm, one of the largest mobile money service provider in India with over 400 million users. We exploit the period around the demonetization policy, which prompted a surge in mobile money adoption, and analyze how mobile money affects traditional risk-sharing arrangements. Our main finding is that mobile money use increases the resilience to shocks by dampening the impact of rainfall shocks on nightlights-based economic activity and household consumption. We complement these findings by conducting a firm survey around a phased targeting intervention which incentivized firms to adopt the mobile payment technology. Our results suggest that firms adopting mobile payments improved their sales after six-months of use, compared to other firms. We also elicit firms’ subjective expectations on future sales and find mobile payment adoption to be associated with lower subjective uncertainty and greater sales optimism.

India --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Mobile and Wireless Communications --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Firm Performance: Size, Diversification, and Scope --- Telecommunications --- Information and Internet Services --- Computer Software --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Technological Change: Choices and Consequences --- Diffusion Processes --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Microelectronics --- Computers --- Communications Equipment --- Computer applications in industry & technology --- Technology --- general issues --- WAP (wireless) technology --- Monetary economics --- Banking --- Mobile banking --- Mobile internet --- Currency reform --- Money --- Fintech --- Banks and banking, Mobile --- Wireless Internet --- Banks and banking --- Financial services industry --- Technological innovations

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We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each individual component of the India Stack is important, we argue that its key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack. Until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions. The expansion of mobile-based financial services that enable simple and convenient ways to save and conduct financial transactions has provided a novel alternative for expanding the financial net. The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments and the entry of a range of competitors including fintech and bigtech firms.

India --- Accounting --- Finance: General --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public Administration --- Public Sector Accounting and Audits --- Finance --- Computer applications in industry & technology --- Public finance accounting --- Financial services --- Fiscal accounting and reporting --- Payment systems --- Mobile banking --- Fintech --- Financial services industry --- Finance, Public --- Clearinghouses --- Banking --- Banks and banking, Mobile --- Technological innovations

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This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.

Macroeconomics --- Money and Monetary Policy --- Real Estate --- Financial Aspects of Economic Integration --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Housing Supply and Markets --- Monetary economics --- Property & real estate --- Macroprudential policy --- Macroprudential policy instruments --- Credit --- Consumer credit --- Housing prices --- Financial sector policy and analysis --- Money --- Prices --- Economic policy --- Housing --- Greenland