Staff Discussion Notes

Staff Discussion Notes

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues.

2013

Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help?

Staff Discussion Notes No. 13/4
Subject(s): Banking sector ; Bank resolution ; Bank supervision ; Bank reforms ; Risk management ; International financial system

Rethinking Macro Policy II: Getting Granular

Staff Discussion Notes No. 13/3
Subject(s): Monetary policy ; Central banks ; Inflation targeting ; Liquidity ; Interest rates ; Capital flows ; Fiscal policy ; Public debt ; Fiscal consolidation ; Macroprudential Policy ; Stabilization measures

Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession

Staff Discussion Notes No. 13/2
Subject(s): Labor market policy ; Developed countries ; Economic recession ; Unemployment ; Minimum wage ; Wage bargaining ; Technical Assistance ; Fund role

A Banking Union for the Euro Area

Staff Discussion Notes No. 13/1
Subject(s): Banking systems ; Europe ; Euro Area ; Bank supervision ; Bank regulations ; Bank resolution ; Deposit insurance ; Financial safety nets ; Monetary unions
Notes: Technical Notes

2012

Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications

Staff Discussion Notes No. 12/13
Subject(s): Low-income developing countries ; Tanzania ; Bangladesh ; Vietnam ; Malaysia ; Trade ; Exports ; Economic growth ; Economic stabilization ; Cross country analysis

Shadow Banking: Economics and Policy

Staff Discussion Notes No. 12/12
Subject(s): Banking ; Asset management ; Shadow economy ; Monetary policy ; Risk management

Income Inequality and Fiscal Policy (2nd Edition)

Staff Discussion Notes No. 12/8R
Subject(s): Developed countries ; Developing countries ; Fiscal consolidation ; Government expenditures ; Income distribution ; Taxation ; Unemployment

Estimating the Costs of Financial Regulation

Staff Discussion Notes No. 12/11
Subject(s): Financial institutions ; Capital markets ; Banks ; Bank reforms ; Bank supervision

Multilateral Aspects of Managing the Capital Account

Staff Discussion Notes No. 12/10
Subject(s): Capital flows ; Capital controls ; Capital account ; Emerging markets
Notes: Read the blog: "Capital Controls: When Are Multilateral Considerations of the Essence?

What Lies Beneath: The Statistical Definition of Public Sector Debt

Staff Discussion Notes No. 12/09
Subject(s): Public debt ; Financial statistics ; Fiscal analysis ; Public sector
Notes: Online appendix

Income Inequality and Fiscal Policy

Staff Discussion Notes No. 12/8
Subject(s): Developed countries ; Developing countries ; Fiscal consolidation ; Government expenditures ; Income distribution ; Taxation ; Unemployment
Notes: Revised version also available

Fostering Growth in Europe Now

Staff Discussion Notes No. 12/7
Subject(s): Banking sector ; Europe ; Euro Area ; Economic growth ; Fiscal consolidation ; Fiscal reforms ; Labor market reforms ; Global competitiveness ; Macroprudential Policy ; Monetary policy

Externalities and Macroprudential Policy

Staff Discussion Notes No. 12/5
Subject(s): Macroprudential Policy ; Financial systems ; Banks ; Capital markets ; Financial risk ; Financial stability ; Risk management

Policies for Macrofinancial Stability: How to Deal with Credit Booms

Staff Discussion Notes No. 12/6
Subject(s): Financial stability ; Credit expansion

Fiscal Frameworks for Resource Rich Developing Countries

Staff Discussion Notes No. 12/4
Subject(s): Natural resources ; Developing countries ; Fiscal sustainability

From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions

Staff Discussion Notes No. 12/3
Subject(s): Banking crisis ; Banks ; Debt restructuring ; Financial institutions ; Financial risk ; Financial stability ; Intervention

Accounting Devices and Fiscal Illusions

Staff Discussion Notes No. 12/2
Subject(s): Fiscal consolidation ; Budget deficits ; Public finance

Two Targets, Two Instruments: Monetary and Exchange Rate Policies in Emerging Market Economies

Staff Discussion Notes No. 12/1
Subject(s): Monetary policy ; Inflation targeting ; Exchange rate policy ; Central banks ; Emerging markets
Notes: Online Appendix

2011

Institutional Models for Macroprudential Policy

Staff Discussion Notes No. 11/18
Subject(s): Macroprudential Policy ; Financial risk ; Monetary policy ; Risk management ; Central bank role

Financial Deepening and International Monetary Stability

Staff Discussion Notes No. 11/16
Subject(s): International monetary system ; Emerging markets ; Capital flows ; Capital markets ; Financial stability

Internationalization of Emerging Market Currencies--A Balance Between Risks and Rewards

Staff Discussion Notes No. 11/17
Subject(s): Currencies ; Emerging markets ; International monetary system ; Financial stability

What Happens to Social Spending in IMF-Supported Programs?

Staff Discussion Notes No. 11/15
Subject(s): Fund-supported adjustment programs ; Low-income developing countries ; Government expenditures ; Education ; Health care
Notes: Link to data for this title, (zip file, size is 557 KB)

The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows

Staff Discussion Notes No. 11/14
Subject(s): Capital controls ; Capital inflows ; Exchange rate appreciation ; Credit expansion ; Macroprudential Policy ; Risk management ; Emerging markets ; Cross country analysis

2010

Monetary Policy and Bank Risk-Taking

Staff Position Note No. 2010/9
Subject(s): Bank credit ; Credit risk

2011

Raising the Consumption Tax in Japan: Why, When, How?

Staff Discussion Notes No. 11/13
Subject(s): Value added tax ; Japan ; Tax revenues ; Consumption taxes ; Tax increases ; Revenue measures

The Too-Important-to-Fail Conundrum: Impossible to Ignore and Difficult to Resolve

Staff Discussion Notes No. 11/12
Subject(s): Financial institutions ; Financial systems ; International financial system ; Banking sector ; Nonbank financial sector ; Moral hazard ; Financial stability ; Risk management

Tax Biases to Debt Finance: Assessing the Problem, Finding Solutions

Staff Discussion Notes No. 11/11
Subject(s): Tax systems ; Debt ; Corporate sector ; Tax policy

Policy Responses to Capital Flows in Emerging Markets

Staff Discussion Notes No. 11/10
Subject(s): ¬

A Fiscal Indicator for Assessing First and Second Pillar Pension Reforms

Staff Discussion Notes No. 11/9
Subject(s): Economic indicators ; Fiscal policy ; Pensions ; Government expenditures ; Pension reforms ; Public finance

Inequality and Unsustainable Growth: Two Sides of the Same Coin?

Staff Discussion Notes No. 11/8
Subject(s): Income distribution ; Developed countries ; Developing countries ; Economic growth ; Emerging markets ; Poverty reduction

Managing Abundance to Avoid a Bust in Latin America

Staff Discussion Notes No. 11/7
Subject(s): Capital inflows ; Capital controls ; Latin America ; Commodity prices ; Current account deficits ; Flexible exchange rate policy ; Macroprudential Policy ; Terms of trade
Notes: Full text also available in Spanish

Managing Capital Inflows: What Tools to Use?

Staff Discussion Notes No. 11/6
Subject(s): Capital inflows ; Capital controls ; Debt sustainability ; Financial stability ; Macroprudential Policy

Crisis Management and Resolution: Early Lessons from the Financial Crisis

Staff Discussion Notes No. 11/5
Subject(s): Moral hazard ; Burden sharing ; Financial stability ; Bank resolution ; Banks ; Economic conditions ; Financial institutions ; Nonbank financial sector ; Risk management

(Why) Should Current Account Balances Be Reduced?

Staff Discussion Notes No. 11/3
Subject(s): Current account ; Exchange rates ; Export growth ; Spillovers

Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms

Staff Discussion Notes No. 11/2
Subject(s): Bank supervision ; Banking sector ; Credit expansion ; Economic models ; Financial stability ; Housing prices ; Property taxes ; Real estate prices

Subsidiaries or Branches: Does One Size Fit All?

Staff Discussion Notes No. 11/4
Subject(s): Financial stability ; Bank supervision ; Banks ; International banking

Contingent Capital: Economic Rationale and Design Features

Staff Discussion Notes No. 11/1
Subject(s): Moral hazard ; Banks ; Bonds ; Financial institutions ; Financial instruments ; Risk management

2010

Lifting Euro Area Growth: Priorities for Structural Reforms and Governance

Staff Position Note SPN10/9
Subject(s): Labor markets ; Governance ; Economic growth ; Financial sector ; Fiscal reforms ; Labor market reforms ; Services sector

Cross-Cutting Themes in Employment Experiences during the Crisis

Staff Position Note No. 2010/18
Subject(s): Employment ; Labor markets ; Economic recession ; External shocks ; Global Financial Crisis 2008-2009 ; Labor market policy

The Human Cost of Recessions: Assessing It, Reducing It

Staff Position Note No. 2010/17
Subject(s): Unemployment ; Labor markets ; Developed countries ; Economic recession ; Emerging markets ; Fiscal consolidation ; Human capital ; Wage policy

Impact of Regulatory Reforms on Large and Complex Financial Institutions

Staff Position Note No. 2010/16
Subject(s): Bank reforms ; Bank supervision ; Banking ; Basel Core Principles ; Capital controls ; Liquidity controls

Shaping the New Financial System

Staff Position Note No. 2010/15
Subject(s): Banks ; Bank reforms ; Bank resolution ; Bank supervision ; Banking sector ; Credit risk ; Financial risk ; Financial stability ; Global Financial Crisis 2008-2009 ; Nonbank financial sector

Reaching the MDGs: An Action Plan for Trade

Staff Position Note No. 2010/14
Subject(s): Developed countries ; Emerging markets ; Export competitiveness ; Low-income developing countries ; Millennium Development Goals ; Tariff reforms ; Tax reforms ; Trade integration ; Trade policy

Long-Term Trends in Public Finances in the G-7 Economies

Staff Position Note No. 2010/13
Subject(s): Public debt ; Fiscal consolidation ; Aging ; Developed countries ; Global Financial Crisis 2008-2009 ; Government expenditures ; Group of seven ; Public finance ; Tax revenues ; Taxation

Default in Today's Advanced Economies: Unnecessary, Undesirable, and Unlikely

Staff Position Note No. 2010/12
Subject(s): Budget deficits ; Debt restructuring ; Developed countries ; Exchange rate adjustments ; Interest rates ; Public debt ; Public finance ; Sovereign debt

Fiscal Space

Staff Position Note No. 2010/11
Subject(s): Fiscal sustainability ; Debt management ; Developed countries ; Public debt

Redesigning the Contours of the Future Financial System

Staff Position Note No. 2010/10
Subject(s): Banks ; Bank supervision ; Financial institutions ; Financial instruments ; Fund role ; Global Financial Crisis 2008-2009 ; Multilateral surveillance ; Nonbank financial sector ; Risk management

Monetary Policy and Bank Risk-Taking

Staff Position Note No. 2010/9
Subject(s): Monetary policy ; United States ; Macroprudential Policy ; Banks ; Profits ; Asset prices ; Interest rates

The Making of Good Supervision: Learning to Say "No"

Staff Position Note No. 2010/8
Subject(s): Bank supervision ; Banks ; Basel Core Principles ; Credit risk ; Financial sector ; Global Financial Crisis 2008-2009 ; Insurance supervision ; Risk management ; Securities regulations
Notes: See Also: Intensity and Effectiveness of SIFI Supervision: Recommendations for enhanced supervision

Trade and the Crisis: Protect or Recover

Staff Position Note No. 2010/7
Subject(s): Global Financial Crisis 2008-2009 ; Protectionism ; Trade policy ; Trade restrictions ; Unemployment ; World Trade Organization

Financing the Response to Climate Change

Staff Position Note No. 2010/06
Subject(s): Climatic changes ; Developing countries ; Environment ; External financing ; Resource mobilization

Petroleum Product Subsidies: Costly, Inequitable, and On the Rise

Staff Position Note No. 2010/5
Subject(s): Subsidies ; Taxes ; Commodity price fluctuations ; Fiscal reforms ; Governance ; Oil exporting countries ; Oil product prices ; Oil subsidies ; Price stabilization
Notes: Link to data for this title, (csv file, size is 27 KB)

Capital Inflows: The Role of Controls

Staff Position Note No. 2010/4
Subject(s): Banking sector ; Capital controls ; Capital inflows ; Exchange rate appreciation ; Global Financial Crisis 2008-2009 ; Reserves accumulation

Rethinking Macroeconomic Policy

Staff Position Note No. 2010/3
Subject(s): Bank credit ; Bank supervision ; Central bank role ; Financial intermediation ; Global Financial Crisis 2008-2009 ; Inflation targeting ; Liquidity management

Approaches to Corporate Debt Restructuring in the Wake of Financial Crises

Staff Position Note No. 2010/02
Subject(s): Asset management ; Bank restructuring ; Banking sector ; Bankruptcy ; Corporate governance ; Corporate sector ; Debt restructuring ; Debt strategy ; External debt ; Financial crisis ; Global Financial Crisis 2008-2009 ; Intervention ; Legislation

U.S. Consumption after the 2008 Crisis

Staff Position Note No. 2010/01
Subject(s): Demand ; Economic forecasting ; Economic models ; Financial crisis ; Global Financial Crisis 2008-2009 ; Household credit ; Private consumption ; Private savings ; Private sector ; United States

2009

Global Imbalances: In Midstream?

Staff Position Note No. 2009/29
Subject(s): Asset prices ; Capital flows ; Capital markets ; Cross country analysis ; Current account deficits ; Current account surpluses ; Financial crisis ; Fiscal policy ; Global Financial Crisis 2008-2009 ; International financial system ; Private investment ; Private savings

Climate Policy and the Recovery

Staff Position Note No. 2009/28
Subject(s): Climatic changes ; Economic recovery ; Emerging markets ; Energy prices ; Energy pricing policy ; Energy sector ; Environment ; Fiscal policy ; Governance ; Government expenditures ; Low-income developing countries ; Public finance

The Debate on the International Monetary System

Staff Position Note No. 2009/26
Subject(s): Access to Fund general resources ; Emerging markets ; Exchange rate regimes ; External shocks ; Flexible Credit Line ; Fund role ; Insurance ; International financial system ; Reserve currencies ; Reserve positions ; SDRs

Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies

Staff Position Note No. 2009/27
Subject(s): Central banks ; Credit controls ; Developed countries ; Financial crisis ; Global Financial Crisis 2008-2009 ; Interest rate policy ; International financial system ; Liquidity management ; Monetary policy ; Stabilization measures

The State of Public Finances Cross-Country Fiscal Monitor: November 2009

Staff Position Note No. 2009/25
Subject(s): Budget deficits ; Cross country analysis ; Debt sustainability ; Developed countries ; Financial crisis ; Financial sector ; Fiscal policy ; Fiscal sustainability ; Global Financial Crisis 2008-2009 ; Group of Twenty ; Public debt ; Public finance

Policies to Address Banking Sector Weakness: Evolution of Financial Markets and Institutional Indicators

Staff Position Note No. 2009/24
Subject(s): Bank credit ; Bank reforms ; Bank restructuring ; Bank supervision ; Banking sector ; Capital markets ; Central bank policy ; Credit controls ; Cross country analysis ; Financial crisis ; Financial institutions ; Financial instruments ; Liquidity management ; Securities markets

Automatic Fiscal Stabilizers

Staff Position Note No. 2009/23
Subject(s): Budgets ; Business cycles ; Corporate sector ; Fiscal management ; Fiscal policy ; Fiscal stability ; Government expenditures ; Income taxes ; Private sector ; Progressive taxation ; Stabilization measures ; Tax policy

A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies

Staff Position Note No. 2009/22
Subject(s): Central banks ; Debt sustainability ; Developed countries ; Economic growth ; Economic recovery ; Financial crisis ; Financial sector ; Fiscal policy ; Fiscal sustainability ; Inflation ; Liquidity management ; Monetary policy ; Public debt

The State of Public Finances: A Cross-Country Fiscal Monitor

Staff Position Note No. 2009/21
Subject(s): Cross country analysis ; Debt sustainability ; External debt ; Financial crisis ; Fiscal analysis ; Fiscal management ; Fiscal policy ; Fiscal sustainability ; Group of Twenty ; Public finance ; Stabilization measures

The International Financial Crisis and Global Recession: Impact on the CEMAC Region and Policy Considerations

Staff Position Note No. 2009/20
Subject(s): Bank supervision ; Budget deficits ; Central Africa ; Commodity price fluctuations ; Cross country analysis ; Economic recession ; External shocks ; Financial crisis ; Financial sector ; Fiscal policy ; Fiscal reforms ; Monetary policy ; Monetary unions ; Oil revenues
Notes: Full text also available in French.

Global Financial Regulatory Reform: Implications for Latin America and the Caribbean (LAC)

Staff Position Note No. 2009/19
Subject(s): Bank reforms ; Bank supervision ; Banking sector ; Basel Core Principles ; Financial institutions ; Financial systems ; Governance ; Latin America ; Nonbank financial sector

Disclosing Fiscal Risks in the Post-Crisis World

Staff Position Note No. 2009/18
Subject(s): External shocks ; Financial risk ; Financial sector ; Financial systems ; Fiscal policy ; Fiscal sector ; Public debt ; Transparency

Collecting Taxes During an Economic Crisis: Challenges and Policy Options

Staff Position Note No. 2009/17
Subject(s): Corporate sector ; Financial crisis ; Fiscal policy ; Tax administration ; Tax collection ; Tax revenues ; Taxes ; Value added tax

Principles of Household Debt Restructuring

Staff Position Note No. 2009/15
Subject(s): Bankruptcy ; Credit expansion ; Credit risk ; Cross country analysis ; Debt ; Debt restructuring ; Debt sustainability ; Financial crisis ; Financial sector ; Fiscal policy ; Household credit ; Housing prices ; Intervention ; Loans

The Southern African Development Community's Macroeconomic Convergence Program: Initial Performance

Staff Position Note No. 2009/14
Subject(s): Cross country analysis ; Current account balances ; Economic growth ; Economic integration ; Fiscal management ; Fiscal sustainability ; Inflation ; Monetary unions ; Public debt ; Southern Africa

Fiscal Implications of the Global Economic and Financial Crisis

Staff Position Note No. 2009/13
Subject(s): Asset management ; Cross country analysis ; Developed countries ; Economic recession ; Emerging markets ; Financial crisis ; Financial risk ; Financial sector ; Pension funds ; Public debt ; Public finance ; Revenue measures ; World Economic Outlook

The Economics of Bank Restructuring: Understanding the Options

Staff Position Note No. 2009/12
Subject(s): Asset liquidation ; Asset management ; Asset prices ; Bank resolution ; Bank restructuring ; Banking sector ; Banks ; Cross country analysis ; Debt restructuring ; Economic models ; Switzerland ; United Kingdom ; United States

Fiscal Multipliers

Staff Position Note No. 2009/11
Subject(s): Budget deficits ; Capital markets ; Consumption ; Cross country analysis ; Fiscal policy ; Fiscal sustainability ; Government expenditures ; Interest rates ; Private savings ; Taxes

Fiscal Policy in Sub-Saharan Africa in Response to the Impact of the Global Crisis

Staff Position Note No. 2009/10
Subject(s): Commodities ; Commodity price fluctuations ; Cross country analysis ; Developing countries ; Emerging markets ; Financial crisis ; Fiscal policy ; Government expenditures ; Infrastructure ; Oil exporting countries ; Oil exports ; Revenue measures ; Social safety nets ; Tax policy

Policies to Mitigate Procyclicality

Staff Position Note No. 2009/09
Subject(s): Banking sector ; Business cycles ; Capital ; Credit risk ; Deposit insurance ; Financial crisis ; Financial systems ; Liquidity management ; Monetary policy ; Nonbank financial sector ; Private sector ; Risk management

Coping with the Crisis: Policy Options for Emerging Market Countries

Staff Position Note No. 2009/08
Subject(s): Access to Fund general resources ; Capital controls ; Capital inflows ; Demand ; Emerging markets ; Exchange rate depreciation ; Exports ; External financing ; External shocks ; Financial crisis ; Fiscal policy ; Interest rate increases ; Monetary policy ; Stabilization measures

The Perimeter of Financial Regulation

Staff Position Note No. 2009/07
Subject(s): Bank regulations ; Bank supervision ; Capital markets ; Crisis prevention ; Financial crisis ; Financial institutions ; Financial instruments ; Financial risk ; Financial systems ; Nonbank financial sector ; Risk management ; Securities regulations

Addressing Information Gaps

Staff Position Note No. 2009/06
Subject(s): Capital markets ; Credit risk ; Data analysis ; Data quality assessment framework ; Economic indicators ; Economic models ; Financial crisis ; Financial institutions ; Financial instruments ; Financial sector ; Nonbank financial sector ; Statistics

The Global Financial Crisis: Impact on WAEMU Member Countries and Policy Options

Staff Position Note No. 2009/16
Subject(s): Aid flows ; Bank supervision ; Banking sector ; Credit risk ; Current account deficits ; External shocks ; Financial crisis ; Fiscal policy ; Inflation ; Liquidity management ; Monetary policy ; Monetary unions ; Terms of trade ; West Africa