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Tax Policy, Leverage and Macroeconomic Stability
International Monetary Fund - 2016
Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. 'Debt bias' (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a...
Persistent link: https://www.econbiz.de/10014408716
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Debt Relief and Leveraged Buy-Outs
International Monetary Fund - 1988
Analyses of debt relief that focus on the behavior of debtors and existing creditors understate the incentives for collective action by creditors. It is well known that debt relief could benefit existing creditors by providing incentives for domestic investment by residents of debtor countries....
Persistent link: https://www.econbiz.de/10014396061
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Fat Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation
International Monetary Fund - 2011
The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim holders’ preferred degree of asset correlation in portfolios held by the firm. Using the copula capital structure model, it is shown that the correlation bias shifts...
Persistent link: https://www.econbiz.de/10014401318
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Poverty Reduction and Growth Trust : 2017 Borrowing Agreements with the Bank of Spain, the Government of Japan and the People's Bank of China
International Monetary Fund - 2017
Spain (Spain), amendments to the 2010 NPA with the Government of Japan (Japan), and a new note purchase agreement (NPA) with … the People's Bank of China (China). The new borrowing agreement with Spain, the amendments to the NPA with Japan, and the … February 22, 2017, for Spain; April 20, 2017, for Japan; and April 21, 2017, for China. Pursuant to Section III, paragraph 2 of …
Persistent link: https://www.econbiz.de/10014408739
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Spain : 2001 Article IV Consultation—Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund - 2002
This 2001 Article IV Consultation highlights that the economy of Spain grew by more than 4 percent annually during 1997 …
Persistent link: https://www.econbiz.de/10014406337
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Spain : 2000 Article IV Consultation—Staff Report; Supplement to the Staff Report; Public Information Notice Following Consultation; and Statement by the Authorities of Spain
International Monetary Fund - 2000
Spain has achieved impressive growth in recent years—reflecting favorable competitiveness, and the impact on interest …
Persistent link: https://www.econbiz.de/10014402845
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Spain : 2010 Article IV Consultation: Staff Statement; Staff Supplement; Staff Report; Statement by the Executive Director for Spain; and Public Information Notice on the Executive...
International Monetary Fund - 2010
Spain’s economy is facing severe challenges. Financial market tensions increased sharply in the wake of the Greek …
Persistent link: https://www.econbiz.de/10014402943
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Spain : IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation
International Monetary Fund - 2012
principles of securities regulation in Spain. Spain exhibits a high level of implementation of principles. The legal framework is …
Persistent link: https://www.econbiz.de/10014396424
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Spain : Safety Net, Bank Resolution, and Crisis Management Framework: Technical Note
International Monetary Fund - 2012
This technical note examines the safety net, bank resolution, and crisis management framework in Spain. The financial …
Persistent link: https://www.econbiz.de/10014396425
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Spain : The Reform of Spanish Savings Banks Technical Notes
International Monetary Fund - 2012
This technical note assesses the reform of Spanish savings banks (SSBs). It provides a brief overview of the SSB institutional framework before the reform, and describes the main factors that led to the financial distress, albeit uneven, of the SSB sector. The note outlines major regulatory and...
Persistent link: https://www.econbiz.de/10014396426