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Following the guidance on the Board of Governors Resolution No. 72-1 (December 2016), on September 21, 2018, the Executive Board discussed and adopted its third semi-annual report on progress on the Fifteenth Review. The report covered additional issues relating to both the adequacy of Fund resources and the quota formula and realigning quota shares, discussed in an informal meeting on July 30, 2018.

Meetings. --- Emerging and frontier financial markets --- Finance --- Finance: General --- Financial services industry --- General Financial Markets: General (includes Measurement and Data)

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Using a panel vector autoregression and a novel measure of export-intensity-adjusted final demand, this note studies spillovers from China’s economic transition on export growth in 46 advanced and emerging market economies. The analysis suggests that a 1 percentage point shock to China’s final demand growth reduces the average country’s export growth by 0.1–0.2 percentage point. The impact is largest in Emerging Asia, where an export-growth-accounting exercise suggests that China’s economic transition has reduced average export growth rates by 1 percentage point since early 2014. Other countries linked to China’s manufacturing sector, as well as commodity exporters, are also significantly affected. This suggests that trading partners need to adjust to an environment of weaker external demand as China completes its transition to a more sustainable growth model.

Emerging and frontier financial markets --- Export performance --- Exports and Imports --- Exports --- Finance --- Finance: General --- Financial markets --- Financial services industry --- General Financial Markets: General (includes Measurement and Data) --- International economics --- International trade --- Trade: General --- China, People's Republic of

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Many argue that improvements in monetary policy frameworks in emerging market economies over the past few decades, have made them more resilient to external shocks. This paper exploits the May 2013 taper tantrum in the United States to study the reaction of 18 large emerging markets to an external shock, conditioning on their degree of inflation expectations' anchoring. We find that while the tapering announcement negatively affected growth prospects regardless of the level of anchoring, countries with weakly anchored inflation expectations experienced larger exchange rate pass-through to consumer prices, hence comparatively higher inflation. We conclude that efforts to improve the extent of anchoring of inflation expectations in emerging markets pay off, as they ease the trade-off that central banks face when external shocks weaken growth prospects and trigger currency depreciations.

Inflation (Finance) --- Finance --- Natural rate of unemployment --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Finance: General --- Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Currency --- Foreign exchange --- Exchange rate pass-through --- Exchange rates --- Consumer prices --- Emerging and frontier financial markets --- Prices --- Financial markets --- Financial services industry --- United States

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The objective of this paper is to discuss the key issues relating to the development of local corporate bond markets. We examine the requirements for local corporate bond market development, and compare and contrast experiences across both mature and emerging markets. We suggest that core aspects such as benchmarking, corporate governance and disclosure, credit risk pricing, the availability of reliable trading systems, and the development of hedging instruments are fundamental for improving the breadth and depth of corporate debt markets. The demand and supply of corporate bonds are dependent on factors such as the investor base, both local and foreign, and government policies toward the issuance process and associated costs, as well as the taxation regime. The sequencing of reforms is key to market development.

Bank loans. --- Bonds. --- Corporate debt. --- Corporate governance. --- Credit -- Management. --- Electronic books. -- local. --- Finance: General --- Investments: General --- Investments: Bonds --- General Financial Markets: General (includes Measurement and Data) --- Finance --- Investment & securities --- Securities markets --- Corporate bonds --- Emerging and frontier financial markets --- Bonds --- Securities --- Capital market --- Financial services industry --- Financial instruments --- United States --- Credit --- Management.

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The paper analyzes and quantifies the importance of sovereign risk in determining corporate default premia (yield spreads). It also investigates the extent to which the practice by rating agencies and banks of not rating companies higher than their sovereign ("country or sovereign ceiling") is reflected in the yields of South African local-currency-denominated corporate bonds. The main findings are: (i) sovereign risk appears to be the single most important determinant of corporate default premia in South Africa; (ii) the sovereign ceiling (in local-currency terms) does not apply in the spreads of the industrial multinational companies in the sample; and (iii) consistent with rating agency policy, however, the sovereign ceiling appears to apply in the spreads of most financial companies in the sample.

Corporations -- Finance. --- Country risk -- South Africa. --- Electronic books. -- local. --- South Africa -- Economic conditions. --- Exports and Imports --- Finance: General --- Investments: Bonds --- General Financial Markets: General (includes Measurement and Data) --- International Lending and Debt Problems --- Investment & securities --- International economics --- Finance --- Corporate bonds --- Bonds --- Debt default --- Sovereign bonds --- Emerging and frontier financial markets --- Debts, External --- Financial services industry --- South Africa --- Country risk --- Corporations --- Finance. --- Economic conditions.