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Korinek, Anton; Simsek, Alp - International Monetary Fund (IMF) - 2014

We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand....

Persistent link: https://www.econbiz.de/10010800974

Reforming Tax Expenditures in Italy: What, Why, and How?

Tyson, Justin - International Monetary Fund (IMF) - 2014

efficiency, equity, and administrative and compliance costs. This paper analyzes tax expenditures in Italy, considering the …

Persistent link: https://www.econbiz.de/10011123882

Fiscal Decentralization and the Efficiency of Public Service Delivery

Sow, Moussé; Razafimahefa, Ivohasina Fizara - International Monetary Fund (IMF) - 2015

This paper explores the impact of fiscal decentralization on the efficiency of public service delivery. It uses a … stochastic frontier method to estimate time-varying efficiency coefficients and analyzes the impact of fiscal decentralization on … those efficiency coefficients. The findings indicate that fiscal decentralization can improve the efficiency of public …

Persistent link: https://www.econbiz.de/10011242349

The Making of a Continental Financial System: Lessons for Europe from Early American History

Gaspar, Vitor - International Monetary Fund (IMF) - 2014

. In the end, the U.S. possessed a modern financial system able to finance innovation and growth. At a time when Europe is …

Persistent link: https://www.econbiz.de/10010959479

Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?

Iossifov, Plamen; Podpiera, Jiri - International Monetary Fund (IMF) - 2014

The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries …

Persistent link: https://www.econbiz.de/10010959481

A Banking Union for the Euro Area

Goyal, Rishi; Brooks, Petya Koeva; Pradhan, Mahmood; … - International Monetary Fund (IMF) - 2013

single resolution and common safety net; and urgent issues related to repair of weak banks in Europe. …

Persistent link: https://www.econbiz.de/10010959483

European Union; Publication of Financial Sector Assessment Program Documentationâ€”Technical Note on Cross-Border Issues, Central Counterparties, and Central Securities Depositorie...

International Monetary Fund (IMF); International … - 2013

The analysis focuses on the effectiveness of the regulatory, supervisory, and oversight frameworks for central counterparties (CCPs) and central securities depositories (CSDs) in the European Union (EU) as these are essential for financial stability. Cooperation between authorities within and...

Persistent link: https://www.econbiz.de/10011244354

European Union; Publication of Financial Sector Assessment Program Documentationâ€”Technical Note on Stress Testing of Banks

International Monetary Fund (IMF); International … - 2013

This article summarizes the European Unionâ€™s stress testing exercises and future priorities. The 2011 solvency stress testing was marked by methodology and data. The exercise forced banks to increase the quality and quantity of capitalization. This test has many controversial issues, but...

Persistent link: https://www.econbiz.de/10011244482

European Union; Publication of Financial Sector Assessment Program Documentationâ€”Technical Note on Macroprudential Oversight and the Role of the ESRB

International Monetary Fund (IMF); International … - 2013

This article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union. The ESRB is the reason for macroprudential oversight of financial systems. Macroprudential policy is used to identify and reduce financial risks and limit financial...

Persistent link: https://www.econbiz.de/10011245046

European Union: Detailed Assessment of Implementation of the European Central Bank Observance of the CPSS-IOSCO Responsibilities of Authorities for Financial Market Infrastructure

International Monetary Fund (IMF); International … - 2014

This paper discusses key findings of the detailed assessment of implementation of the European Central Bank (ECB …

Persistent link: https://www.econbiz.de/10011245370