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By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What … are the remaining challenges going forward? What are the gains of closer financial market integration? This IMF book … that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the …
Persistent link: https://www.econbiz.de/10012673981
might well require a further gradual tightening of monetary policy. Increased contestability and integration in the …
Persistent link: https://www.econbiz.de/10011245374
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
Capital flows can deliver substantial benefits for countries, but also have the potential to contribute to a buildup of systemic financial risk. Benefits, such as enhanced investment and consumption smoothing, tend to be greater for countries whose financial and institutional development enables...
Persistent link: https://www.econbiz.de/10014408642
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Persistent link: https://www.econbiz.de/10014409758
The paper examines the case for contingent financial instruments for low-income countries (LICs), from both the market and official sector. These include commodity price hedging instruments, contingent debt instruments (commodity-linked bonds, deferred repayment loans), and natural disaster...
Persistent link: https://www.econbiz.de/10014410218
This paper, introduces the analytical framework for a Vulnerability Exercise for Low-Income Countries (VE-LIC). The envisaged exercise will strive to identify vulnerabilities and emerging risks that arise from changes in the external environment in a consistent manner across countries and across...
Persistent link: https://www.econbiz.de/10014410584
volatility creates risks to service provision, possibly entailing sudden tax changes, or even requiring new borrowing. After … fiscal savings (reserves), and the impact alternate policy choices could have on revenue volatility …
Persistent link: https://www.econbiz.de/10014400988
This paper presents a neoclassical model that explains the observed empirical relationship between government spending and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and increasing world commodity supplies simultaneously lead...
Persistent link: https://www.econbiz.de/10014396210