54 research outputs found
Capital Flows to Central and Eastern Europe
No full textWe examine the evolution of the external position in CEE countries over the past decade, with a strong emphasis on the composition of the international balance sheet. We assess the extent of their international financial integration, in comparison to the advanced economies and other emerging markets, and highlight the most salient features of their external capital structure in terms of the relative importance of FDI, portfolio equity, and external debt. In addition, we briefly describe the bilateral and currency composition of their external liabilities. Finally, we explore the implications of the accumulated stock of external liabilities for future trade and current account balances.
The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime
No full textIt is often argued that small economies are affected by conditions in large countries. This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high large-country interest rates have a contractionary effect on annual real GDP growth in the domestic economy, but that this effect is centered on countries with fixed exchange rates. The paper then examines the potential channels through which large-country interest rates affect small economies. The direct monetary policy channel is the most likely channel when compared with other possibilities, such as a general capital market effect or a trade effect.
A review of credit guarantee schemes in the Middle East and North Africa Region
No full textMany countries in the MENA region have
established partial credit guarantee schemes to facilitate
SME access to finance. These schemes can play an important
role, especially in a period where MENA governments are
making efforts to improve the effectiveness of credit
registries and bureaus and strengthen creditor rights. This
paper reviews the design of partial credit guarantee schemes
in MENA, and assesses their preliminary outcomes. The paper
is based on a survey conducted in 10 MENA countries in early
2010. The authors find that the average size of guarantee
schemes in MENA (measured by the total value of outstanding
guarantees) is in line with the international average,
although there are wide differences across countries, and
some schemes seem too small to make any significant impact.
Most importantly, the number of guarantees looks generally
small while their average value looks large. This suggests
that guarantee schemes are not yet reaching the smaller
firms. Guarantee schemes in MENA look financially sound and
most schemes have room to grow. However, this growth should
be accompanied by an improvement of some key design and
management features, as well as the introduction of
systematic impact evaluation reviews
A review of credit guarantee schemes in the Middle East and North Africa Region
No full textMany countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper reviews the design of partial credit guarantee schemes in MENA, and assesses their preliminary outcomes. The paper is based on a survey conducted in 10 MENA countries in early 2010. The authors find that the average size of guarantee schemes in MENA (measured by the total value of outstanding guarantees) is in line with the international average, although there are wide differences across countries, and some schemes seem too small to make any significant impact. Most importantly, the number of guarantees looks generally small while their average value looks large. This suggests that guarantee schemes are not yet reaching the smaller firms. Guarantee schemes in MENA look financially sound and most schemes have room to grow. However, this growth should be accompanied by an improvement of some key design and management features, as well as the introduction of systematic impact evaluation reviews.Access to Finance,Debt Markets,Bankruptcy and Resolution of Financial Distress,Microfinance,Banks&Banking Reform
The Impact of the Global Financial Crisis and Regional Political Instability on Regional Financial Systems
No full text- …
