Pub Date : 2022-06-01DOI: 10.5089/9781513591773.087
Jérôme Vacher, M. Gaertner, Priscilla Muthoora, Adrian Alter, Olivier Bizimana, Mariam El Hamiani Khatat, H. Balima, Chiara Maggi, Azhin Abdulkarim, Aymen Belgacem, K. Badr, Shant Arzoumanian, Mahmoud Harb, R. Cardarelli
{"title":"Informality, Development, and the Business Cycle in North Africa","authors":"Jérôme Vacher, M. Gaertner, Priscilla Muthoora, Adrian Alter, Olivier Bizimana, Mariam El Hamiani Khatat, H. Balima, Chiara Maggi, Azhin Abdulkarim, Aymen Belgacem, K. Badr, Shant Arzoumanian, Mahmoud Harb, R. Cardarelli","doi":"10.5089/9781513591773.087","DOIUrl":"https://doi.org/10.5089/9781513591773.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"158 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124708263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-01DOI: 10.5089/9798400208072.087
C. Cuervo, Jennifer Long, Richard Stobo
{"title":"Strengthening Capital Markets--National Progress and Gaps","authors":"C. Cuervo, Jennifer Long, Richard Stobo","doi":"10.5089/9798400208072.087","DOIUrl":"https://doi.org/10.5089/9798400208072.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117005220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-01DOI: 10.5089/9781616359041.087
Anastasiia Morozova, E. Iskender, M. Adams, Hanife Aydin, H. Chon
these several studies have highlighted strong governance, clear mandates, accountability, and transparency as key ingredients of success. 5 How public banks should be regulated and integrated in the post-COVID recovery effort is critical.
{"title":"Regulating, Supervising, and Handling Distress in Public Banks","authors":"Anastasiia Morozova, E. Iskender, M. Adams, Hanife Aydin, H. Chon","doi":"10.5089/9781616359041.087","DOIUrl":"https://doi.org/10.5089/9781616359041.087","url":null,"abstract":"these several studies have highlighted strong governance, clear mandates, accountability, and transparency as key ingredients of success. 5 How public banks should be regulated and integrated in the post-COVID recovery effort is critical.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125295083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-01DOI: 10.5089/9798400204524.087
T. Tressel, Ivo Krznar, Fabian Lipinsky, Marco Gross, Pavel Lukyantsau, Xiaodan Ding, Dimitrios Laliotis
more exposed. These results paint an encouraging picture of resilience, but also a need for continued close monitoring, especially in EMs experiencing a more restrained macro-financial policy space in responding to further shocks.
{"title":"The Global Bank Stress Test","authors":"T. Tressel, Ivo Krznar, Fabian Lipinsky, Marco Gross, Pavel Lukyantsau, Xiaodan Ding, Dimitrios Laliotis","doi":"10.5089/9798400204524.087","DOIUrl":"https://doi.org/10.5089/9798400204524.087","url":null,"abstract":"more exposed. These results paint an encouraging picture of resilience, but also a need for continued close monitoring, especially in EMs experiencing a more restrained macro-financial policy space in responding to further shocks.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117065798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.5089/9798400200496.087
A. Al-Hassan, Aidyn Bibolov, Giovanni Ugazio, Tian Zhang, Imen Benmohamed
A macro-financial model has been used to identify the determinants of banks’ holding of government securities during the crisis. A panel regression analysis shows the variation in banks’ holding of government securities as a function of: (1) macroeconomic variables (the policy rate, real non-oil GDP growth and inflation); (2) proxy for the availability of alternative lending opportunities (lending to the private sector); and (3) proxies for alternative investment opportunities (investment in the stock markets). The model is given by: Public GDP, NEER Number of listed companies, COVID-19 Government Response Index) . COVID-Government constant term is the coefficient not
{"title":"Assessing Banking Sector Vulnerabilities in the Gulf Cooperation Council in the Wake of COVID-19","authors":"A. Al-Hassan, Aidyn Bibolov, Giovanni Ugazio, Tian Zhang, Imen Benmohamed","doi":"10.5089/9798400200496.087","DOIUrl":"https://doi.org/10.5089/9798400200496.087","url":null,"abstract":"A macro-financial model has been used to identify the determinants of banks’ holding of government securities during the crisis. A panel regression analysis shows the variation in banks’ holding of government securities as a function of: (1) macroeconomic variables (the policy rate, real non-oil GDP growth and inflation); (2) proxy for the availability of alternative lending opportunities (lending to the private sector); and (3) proxies for alternative investment opportunities (investment in the stock markets). The model is given by: Public GDP, NEER Number of listed companies, COVID-19 Government Response Index) . COVID-Government constant term is the coefficient not","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124901982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.5089/9781616358303.087
G. Schwerhoff, Jean Château, Florence Jaumotte
analyzes and compares various international mechanisms proposed to enhance global climate action, discussing their emission, economic, burden-sharing, and competitiveness impacts. It assesses five main policy scenarios going up to 2030 in line with the horizon of NDCs. The first policy scenario is an international carbon price floor similar to that proposed by Black and others (2021), in which high-, middle- and low-income countries introduce carbon price floors of $75, $50, and $25, respectively, and countries implement the maximum of their carbon price floor and the carbon price implicit in their Nationally Determined Contribution. The use of price minima allows the arrangement to complement the Paris Agreement—countries can still set higher prices than the floor price if this is needed to help meet their Paris pledge. One difference between this scenario and that in Black and others (2021) is that the carbon price floors are applied worldwide and not just to a subset of large emitters, in the spirit of global minimum carbon prices and to minimize competitiveness concerns. The second scenario calculates the uniform global carbon price which delivers cumulative emissions reductions similar to those of the international carbon price floor arrangement (the carbon price in 2030 is about $56, close to the midpoint of the carbon price floors) and assumes all countries implement this price. The third and fourth scenarios consider the case of fragmented action, in which only high-income countries implement ambitious climate policies, and examine the impacts both without and with border carbon adjustment of various designs. Finally, in a last scenario that assumes that MICs and LICs not to implement an economy-wide international carbon price floor, the paper explores whether they could nevertheless be amenable to an international carbon price floor arrangement limited to energy-intensive and trade-exposed in order to avoid the imposition of border carbon
{"title":"Economic and Environmental Benefits from International Cooperation on Climate Policies","authors":"G. Schwerhoff, Jean Château, Florence Jaumotte","doi":"10.5089/9781616358303.087","DOIUrl":"https://doi.org/10.5089/9781616358303.087","url":null,"abstract":"analyzes and compares various international mechanisms proposed to enhance global climate action, discussing their emission, economic, burden-sharing, and competitiveness impacts. It assesses five main policy scenarios going up to 2030 in line with the horizon of NDCs. The first policy scenario is an international carbon price floor similar to that proposed by Black and others (2021), in which high-, middle- and low-income countries introduce carbon price floors of $75, $50, and $25, respectively, and countries implement the maximum of their carbon price floor and the carbon price implicit in their Nationally Determined Contribution. The use of price minima allows the arrangement to complement the Paris Agreement—countries can still set higher prices than the floor price if this is needed to help meet their Paris pledge. One difference between this scenario and that in Black and others (2021) is that the carbon price floors are applied worldwide and not just to a subset of large emitters, in the spirit of global minimum carbon prices and to minimize competitiveness concerns. The second scenario calculates the uniform global carbon price which delivers cumulative emissions reductions similar to those of the international carbon price floor arrangement (the carbon price in 2030 is about $56, close to the midpoint of the carbon price floors) and assumes all countries implement this price. The third and fourth scenarios consider the case of fragmented action, in which only high-income countries implement ambitious climate policies, and examine the impacts both without and with border carbon adjustment of various designs. Finally, in a last scenario that assumes that MICs and LICs not to implement an economy-wide international carbon price floor, the paper explores whether they could nevertheless be amenable to an international carbon price floor arrangement limited to energy-intensive and trade-exposed in order to avoid the imposition of border carbon","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"203 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123042896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.5089/9798400201240.087
Padamja Khandelwal, Ezequiel R. Cabezon, Rayah Al-Farah, S. Mirzayev
{"title":"Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia","authors":"Padamja Khandelwal, Ezequiel R. Cabezon, Rayah Al-Farah, S. Mirzayev","doi":"10.5089/9798400201240.087","DOIUrl":"https://doi.org/10.5089/9798400201240.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130062650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.5089/9798400201189.087
Iulia Ruxandra Teodoru, Klakow Akepanidtaworn
support for lending and loan guarantees, and lowering the cost of re-financing. The Central Banks of Azerbaijan and Georgia opened a bilateral swap line with the European Bank for Reconstruction and Development. Central banks in the region have also loosened their macro-financial stance. They have relaxed counter-cyclical capital requirements (Azerbaijan, Kazakhstan) while also relaxing liquidity ratios (Kazakhstan, Kyrgyz Republic), capital adequacy requirements (Armenia, Azerbaijan, Kazakhstan), other macroprudential policies, and, in some countries, loan classification and provisioning rules (Kazakhstan, Kyrgyz Republic). These measures have managed to stifle negative macro-financial feedback loops and to avoid widespread bankrupt-cies that could have amplified the impact of the crisis.
{"title":"Managing Financial Sector Risks from the COVID-19 Crisis in the Caucasus and Central Asia","authors":"Iulia Ruxandra Teodoru, Klakow Akepanidtaworn","doi":"10.5089/9798400201189.087","DOIUrl":"https://doi.org/10.5089/9798400201189.087","url":null,"abstract":"support for lending and loan guarantees, and lowering the cost of re-financing. The Central Banks of Azerbaijan and Georgia opened a bilateral swap line with the European Bank for Reconstruction and Development. Central banks in the region have also loosened their macro-financial stance. They have relaxed counter-cyclical capital requirements (Azerbaijan, Kazakhstan) while also relaxing liquidity ratios (Kazakhstan, Kyrgyz Republic), capital adequacy requirements (Armenia, Azerbaijan, Kazakhstan), other macroprudential policies, and, in some countries, loan classification and provisioning rules (Kazakhstan, Kyrgyz Republic). These measures have managed to stifle negative macro-financial feedback loops and to avoid widespread bankrupt-cies that could have amplified the impact of the crisis.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124183186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.5089/9798400200960.087
Jean-Jacques Hallaert, R. Balakrishnan, Bertrand Gruss, Nir Klein, Haonan Qu, La-Bhus Fah Jirasavetakul, Ana Lariau, Lucy Liu, Sakai Ando, Davide Malacrinò, K. Kirabaeva, A. Solovyeva
{"title":"European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead","authors":"Jean-Jacques Hallaert, R. Balakrishnan, Bertrand Gruss, Nir Klein, Haonan Qu, La-Bhus Fah Jirasavetakul, Ana Lariau, Lucy Liu, Sakai Ando, Davide Malacrinò, K. Kirabaeva, A. Solovyeva","doi":"10.5089/9798400200960.087","DOIUrl":"https://doi.org/10.5089/9798400200960.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121678104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.5089/9781513591094.087
V. Stepanyan, Yasser Abdih, A. Al-Hassan, Kerstin Gerling, Sergejs Saksonovs, Anja Baum, G. Anderson, Lamiae Agoumi, M. Andaloussi, Chen Chen, Sahra Sakha, Faten Saliba, Jesus Sanchez, Christoph K. Duenwald
{"title":"Feeling the Heat: Adapting to Climate Change in the Middle East and Central Asia","authors":"V. Stepanyan, Yasser Abdih, A. Al-Hassan, Kerstin Gerling, Sergejs Saksonovs, Anja Baum, G. Anderson, Lamiae Agoumi, M. Andaloussi, Chen Chen, Sahra Sakha, Faten Saliba, Jesus Sanchez, Christoph K. Duenwald","doi":"10.5089/9781513591094.087","DOIUrl":"https://doi.org/10.5089/9781513591094.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130897680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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