Cross-Country Report on Spillovers
Cross-Country Report on Spillovers

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2016-07-01

Total Pages: 38

ISBN-13: 1498343341

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This paper identifies policies to increase productivity in the East, reduce regional income disparities, and promote overall income convergence. Achieving this objective will require improving educational attainment and reducing skill mismatches in the East, scaling up public infrastructure to attract investment to less productive regions, and facilitating labor mobility. This paper also discusses female labor participation in Poland and the potential impact on bank profitability of the recently implemented bank asset tax. Poland’s population is aging, yet it has an important underused source of qualified labor—its women. For Poland to unleash its full economic potential, it needs to embrace the vital contribution that women can make to its economy.

Cross-Country Spillovers of Fiscal Consolidations in the Euro Area
Cross-Country Spillovers of Fiscal Consolidations in the Euro Area

Author: Mr.Tigran Poghosyan

Publisher: International Monetary Fund

Published: 2017-06-28

Total Pages: 37

ISBN-13: 1484304373

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This paper revisits the issue of cross-country spillovers from fiscal consolidations using an innovative empirical methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal consolidation in one country not only reduces domestic output (direct effect), but also the output of other member countries (indirect/spillover effect). Fiscal spillovers are larger for: (i) more closely located and economically integrated countries, and (ii) fiscal shocks originating from relatively larger countries. On average, 1 percent of GDP fiscal consolidation in 10 euro area countries reduces the combined output by 0.6 percent on impact, out of which half is driven by indirect effects from fiscal spillovers. The impact peters out and becomes insignificant over the medium-term. It is largely driven by tax measures, which have a relatively stronger effect on output compared to expenditure measures. The results are robust to alternative measures of bilateral links across countries.

Understanding the Spillovers and Transboundary Impacts of Public Policies Implementing the 2030 Agenda for More Resilient Societies
Understanding the Spillovers and Transboundary Impacts of Public Policies Implementing the 2030 Agenda for More Resilient Societies

Author: OECD

Publisher: OECD Publishing

Published: 2021-04-08

Total Pages: 215

ISBN-13: 9264765506

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The multidimensional and intergenerational nature of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs) calls for integrated policies. Progress made in a particular social, economic or environmental area or individual goal may generate synergies and trade-offs across dimensions (spillover effects), and steps taken in one country could have positive or negative impacts beyond national borders (transboundary effects).

License to Spill: How Do We Discuss Spillovers in Article IV Staff Reports
License to Spill: How Do We Discuss Spillovers in Article IV Staff Reports

Author: Jelle Barkema

Publisher: International Monetary Fund

Published: 2021-05-07

Total Pages: 25

ISBN-13: 1513573675

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This paper dives into the Fund’s historical coverage of cross-border spillovers in its surveillance. We use a state-of-the-art deep learning model to analyze the discussion of spillovers in all IMF Article IV staff reports between 2010 and 2019. We find that overall, while the discussion of spillovers decreased over time, it was pronounced in the staff reports of some systemically important economies and during periods of global spillover events. Spillover discussions were more prominent in staff reports covering advanced and emerging market economies, possibly reflecting their role as sources of global spillovers. The coverage of spillovers was higher in the context of the real, financial, and external sectors. Also, countries with larger economies, higher trade and capital account openess and lower inflation are more likely to discuss spillovers in their Article IV staff reports.

Spillovers from China
Spillovers from China

Author: MissNkunde Mwase

Publisher: International Monetary Fund

Published: 2016-09-27

Total Pages: 22

ISBN-13: 1475541937

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Although China’s much-needed transition to a new growth path is proceeding broadly as expected, the transition is still fraught with uncertainty, including regarding the Chinese authorities’ ability to achieve a smooth rebalancing of growth and the extent of the attendant slowdown in activity. Thus, in the short run, the transition process is likely to entail significant spillovers through trade and commodities, and possibly financial channels. This note sheds some light on the size and nature of financial spillovers from China by looking at the impact of developments in China on global financial markets, with a particular emphasis on differentiation across asset classes and markets. The note shows that economic and financial developments in China have a significant impact on global financial markets, but these effects reflect primarily the central role the country plays in goods trade and commodity markets, rather than China’s financial integration in global markets and the direct financial linkages it has with other countries.

Future of Management: Embracing Sustainability, Diversity, and Inclusivity
Future of Management: Embracing Sustainability, Diversity, and Inclusivity

Author: Koustubh Kanti Ray

Publisher: Taylor & Francis

Published: 2024-11-15

Total Pages: 220

ISBN-13: 1040263526

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In response to unparalleled challenges and opportunities, the scope of management is undergoing a profound transformation. Organisations must adapt and innovate in order to flourish in an era characterised by rapid technological advancements, climate change, shifting demographics, and evolving social norms. The three pillars of modern management— sustainability, diversity, and inclusivity—reflect a comprehensive approach that prioritises the well-being of people and the planet over short-term profits and reflects a commitment to social responsibility. In the current era of management, sustainability has emerged as a critical issue. Organisations must incorporate ethical considerations into their decision-making processes, reduce their carbon footprints, and implement eco-conscious practices as the effects of climate change become more severe. According to Paul Polman, the former CEO of Unilever, “Sustainability is not a charity; it is a business case.”

Global Financial Stability Report, April 2016
Global Financial Stability Report, April 2016

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2016-04-11

Total Pages: 135

ISBN-13: 1513506773

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The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.

2011 Triennial Surveillance Review - Health Check and Statistical Information
2011 Triennial Surveillance Review - Health Check and Statistical Information

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2011-08-26

Total Pages: 121

ISBN-13: 1498338542

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This paper (a) provides a snapshot of the overall value added of Fund‘s surveillance perceived by stakeholders; (b) details where the Fund stands in terms of four operational priorities set out in the 2008 TSR; (c) examines key issues identified in the recent IEO paper on the IMF performance in the run up to the global crisis; and (d) discusses stakeholders' perception on the communication aspects of surveillance.

Fiscal Spillovers
Fiscal Spillovers

Author: Patrick Blagrave

Publisher: International Monetary Fund

Published: 2017-10-18

Total Pages: 31

ISBN-13: 1484352416

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Are fiscal spillovers today as large as they were during the global financial crisis? How do they depend on economic and policy conditions? This note informs the debate on the cross-border impact of fiscal policy on economic activity, shedding light on the magnitude and the factors affecting transmission, such as the fiscal instruments used, cyclical positions, monetary policy conditions, and exchange rate regimes. The note assesses spillovers from five major advanced economies (France, Germany, Japan, United Kingdom, United States) on 55 advanced and emerging market economies that represent 85 percent of global output, looking at government-spending and tax revenue shocks during expansion and consolidation episodes. It finds that fiscal spillovers are economically significant in the presence of slack and/or accommodative monetary policy—and considerably smaller otherwise, which suggests that spillovers are large when domestic multipliers are also large. It also finds that spillovers from government-spending shocks are larger and more persistent than those from tax shocks and that transmission may be stronger among countries with fixed exchange rates. The evidence suggests that although spillovers from fiscal policies in the current environment may not be as large as they were during the crisis, they may still be important under certain economic circumstances.

Spillovers from China
Spillovers from China

Author: MissNkunde Mwase

Publisher: International Monetary Fund

Published: 2016-09-27

Total Pages: 22

ISBN-13: 1475539487

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Although China’s much-needed transition to a new growth path is proceeding broadly as expected, the transition is still fraught with uncertainty, including regarding the Chinese authorities’ ability to achieve a smooth rebalancing of growth and the extent of the attendant slowdown in activity. Thus, in the short run, the transition process is likely to entail significant spillovers through trade and commodities, and possibly financial channels. This note sheds some light on the size and nature of financial spillovers from China by looking at the impact of developments in China on global financial markets, with a particular emphasis on differentiation across asset classes and markets. The note shows that economic and financial developments in China have a significant impact on global financial markets, but these effects reflect primarily the central role the country plays in goods trade and commodity markets, rather than China’s financial integration in global markets and the direct financial linkages it has with other countries.