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Household Indebtedness The Exchange Rate And Risks
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Book Synopsis Household Indebtedness, the Exchange Rate and Risks by : Sushil Wadhwani
Download or read book Household Indebtedness, the Exchange Rate and Risks written by Sushil Wadhwani and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this speech, Sushil B Wadhwani argues that the current rate of growth in household debt is unsustainable, but the vulnerability of the economy to rising debt should not be exaggerated. Australia and New Zealand have experienced significant exchange rate depreciations at a time when household debt rose strongly. So far, the impact on consumer price inflation and interest rates in these economies has been modest. He also notes that holding interest rates higher than necessary to hit the inflation target might lead to an even higher exchange rate, which may increase future inflation volatility and weaken the corporate sector.
Book Synopsis Understanding the Macro-Financial Effects of Household Debt: A Global Perspective by : Adrian Alter
Download or read book Understanding the Macro-Financial Effects of Household Debt: A Global Perspective written by Adrian Alter and published by International Monetary Fund. This book was released on 2018-04-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We confirm the negative relationship between household debt and future GDP growth documented in Mian, Sufi, and Verner (2017) for a wider set of countries over the period 1950–2016. Three mutually reinforcing mechanisms help explain this relationship. First, debt overhang impairs household consumption when negative shocks hit. Second, increases in household debt heighten the probability of future banking crises, which significantly disrupts financial intermediation. Third, crash risk may be systematically neglected due to investors’ overoptimistic expectations associated with household debt booms. In addition, several institutional factors such as flexible exchange rates, higher financial development and inclusion are found to mitigate this impact. Finally, the tradeoff between financial inclusion and stability nuances downside risks to growth.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis Assessing Macro-Financial Risks of Household Debt in China by : Mr.Fei Han
Download or read book Assessing Macro-Financial Risks of Household Debt in China written by Mr.Fei Han and published by International Monetary Fund. This book was released on 2019-11-27 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: High household indebtedness could constrain future consumption growth and increase financial stability risks. This paper uses household survey data to analyze both macroeconomic and finanical stability risks from the rapidly rising household debt in China. We find that rising household indebtedness could boost consumption in the short term, while reducing it in the medium-to-long term. By stress testing households’ debt repayment capacity, we find that low-income households are most vulnerable to adverse income shocks which could lead to signficant defaults. Containing these risks would call for a strengthening of systemic risk assessment and macroprudential policies of the household sector. Other policies include improving the credit registry system and establishing a well-functioning personal insolvency framework.
Book Synopsis Household Debt, Consumption, and Monetary Policy in Australia by : Ms.Elena Loukoianova
Download or read book Household Debt, Consumption, and Monetary Policy in Australia written by Ms.Elena Loukoianova and published by International Monetary Fund. This book was released on 2019-04-05 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher-wealth households tend to have higher debt, lower-income households may become more vulnerable to rising debt service over time. Then, the paper analyzes the impact of a monetary policy shock on households’ current consumption and durable expenditures depending on the level of household debt. The results corroborate other work that households’ response to monetary policy shocks depends on their debt and income levels. In particular, households with higher debt tend to reduce their current consumption and durable expenditures more than other households in response to a contractionary monetary policy shocks. However, households with low debt may not respond to monetary policy shocks, as they hold more interest-earning assets.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498321119 Total Pages :85 pages Book Rating :4.4/5 (983 download)
Book Synopsis Canada by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-24 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
Author :International Monetary Fund. Monetary and Financial Systems Dept. Publisher :International Monetary Fund ISBN 13 :1484308395 Total Pages :139 pages Book Rating :4.4/5 (843 download)
Book Synopsis Global Financial Stability Report, October 2017 by : International Monetary Fund. Monetary and Financial Systems Dept.
Download or read book Global Financial Stability Report, October 2017 written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2017-10-11 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.
Book Synopsis Financial Dollarization of Households and Firms: Does It Differ? by : Mr.Juan S Corrales
Download or read book Financial Dollarization of Households and Firms: Does It Differ? written by Mr.Juan S Corrales and published by International Monetary Fund. This book was released on 2019-01-22 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a newly complied and extended database from International Financial Statistics, and applying different panel-regression techniques, this paper documents the evolution of households’ and firms’ dollarization over the past decade. We assess the macroeconomic determinants of dollarization for households and firms and explore differences between high and low-income countries. We find that households’ and firms’ dollarization in loans and deposits are weakly explained by the currency substitution model, except in low income countries, where inflation plays a significant role. Instead, market development variables such as financial deepening, access to external debt and FX finance as well as other market considerations are key to explain the dynamics of deposits and loans dollarization, regardless of the level of income.These factors can account for a significant fraction of the dollarization, but using a variance decomposition model, there is evidence that a non-negligible portion has yet to be explained. This suggests that there are key determinants for household and firm dollarization that are not fully captured by traditional macroeconomic explanatory variables.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1475556551 Total Pages :55 pages Book Rating :4.4/5 (755 download)
Book Synopsis Honduras by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Honduras written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2016-11-22 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper uses efficiency frontiers for benchmarking of social spending in Honduras. The results reveal significant room to improve public health and education spending efficiency with potentially large fiscal savings. From an input-oriented point of view, Honduras performs poorly in education and health spending efficiency. From an output-oriented point of view, health spending efficiency appears to be in line with regional comparators, while there is room to improve efficiency in secondary education. In health and education spending, the priority is to tackle the disconnection between compensation benefits and labor productivity.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Principles of Household Debt Restructuring by : Thomas Laryea
Download or read book Principles of Household Debt Restructuring written by Thomas Laryea and published by International Monetary Fund. This book was released on 2009-06-26 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the estimated compliance with the macroeconomic convergence targets for 2008, based on estimates contained in the IMF’s Regional Economic Outlook: Sub-Saharan Africa (the REO). SADC’s regional economic integration agenda includes a macroeconomic convergence program, intended to achieve and maintain macroeconomic stability in the region, thereby contributing to faster economic growth and laying the basis for eventual monetary union. Targets for key macroeconomic variables have been set out for 2008, 2012, and 2018. Most SADC member states have recorded solid macroeconomic performance in recent years, in general coming close to, and in many cases surpassing, the convergence targets specified for 2008. A notable exception in this regard is Zimbabwe, which was in the grip of hyperinflation. The macroeconomic targets for 2012 are ambitious and, in some cases, warrant further evaluation, given that achieving the targets may be neither necessary nor sufficient to achieve good macroeconomic results.
Book Synopsis The Crisis Hits Home by : Erwin R. Tiongson
Download or read book The Crisis Hits Home written by Erwin R. Tiongson and published by World Bank Publications. This book was released on 2009-12-02 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis threatens the welfare of about 160 million people in the Europe and Central Asia (ECA) region who are poor or are just above the poverty line. Using pre-crisis household data along with aggregate macroeconomic outturns to simulate the impact of the crisis on households transmitted via credit market shocks, price shocks, and income shocks this report finds that adverse effects are widespread and that poor and non-poor households alike are vulnerable. By 2010, for the region as a whole, some 11 million more people will likely be in poverty and over 23 million more people will find themselves just above the poverty line because of the crisis. The aggregate results mask the heterogeneity of impact within countries, including the concentration of the poverty impact in selected economic sectors. Meanwhile, stress tests on household indebtedness in selected countries suggest that ongoing macroeconomic shocks will expand the pool of households unable to service their debt, many of them from among the ranks of relatively richer households. In fact, already there are rising household loan delinquency rates. Finally, there is evidence that the food and fuel crisis is not over and a new round of price increases, via currency adjustments, will have substantial effects on net consumers. Lessons from last year s food crisis suggest that the poor are the worst hit, as many of the poor in Albania, Kyrgyz Republic, and Tajikistan, for example, are net food consumers, with limited access to agricultural assets and inputs. The resilience of households to macroeconomic shocks ultimately depends upon the economy's institutional readiness, the flexibility of the economic policy regime, and the ability of the population to adjust. However, compared with previous crises, the scope for households to engage in their traditional coping strategies may be more limited. Fiscal policy responses in the short-term are also constrained by rapidly falling revenues. Governments in ECA have to make difficult choices over what spending items to protect and what items to cut, social protection programs to reform and scale-up, and new interventions to mitigate the impact of the crisis.
Author :International Monetary Fund. Monetary and Financial Systems Dept. Publisher :International Monetary Fund ISBN 13 :1484320565 Total Pages :139 pages Book Rating :4.4/5 (843 download)
Book Synopsis Global Financial Stability Report, October 2017 by : International Monetary Fund. Monetary and Financial Systems Dept.
Download or read book Global Financial Stability Report, October 2017 written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2017-10-11 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.
Book Synopsis International Monetary Fund Annual Report 2012 by : International Monetary Fund
Download or read book International Monetary Fund Annual Report 2012 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-10-04 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF's 2012 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2012, which covers the period from May 1, 2011, through April 30, 2012. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2012.
Book Synopsis Colombia: Financial Sector Assessment Program-Technical Note on Risk Analysis by : International Monetary
Download or read book Colombia: Financial Sector Assessment Program-Technical Note on Risk Analysis written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-03 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Sector Assessment Program (FSAP) risk analysis work was conducted in the aftermath of the initial COVID shock and subsequent lockdowns, and while a strong economic recovery was underway in Colombia during 2021. Given the persistent uncertainty around the evolution of the COVID-19 virus, and for the trajectory of the economic recovery, the outlook remained subject to significant revisions throughout the year. While the workstreams took the latest macroeconomic and supervisory data updates into account as much as possible for the various analyses, the test results and their implications should be interpreted with caution due to high uncertainty around the central projections and downside risks.
Book Synopsis Personal Debt in Europe by : Federico Ferretti
Download or read book Personal Debt in Europe written by Federico Ferretti and published by Cambridge University Press. This book was released on 2019-04-25 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses personal debt and the over-indebtedness of consumers in the European Union from the multi-disciplinary perspectives of economics, policy, and law.
Book Synopsis Macroeconomic Implications of Rising Household Debt by : Guy Debelle
Download or read book Macroeconomic Implications of Rising Household Debt written by Guy Debelle and published by . This book was released on 2004 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
