Mr.Michael G Papaioannou's Books

Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay

By: André Amante,Phillip Anderson,Thordur Jonasson,Herman Kamil,Mr.Michael G. Papaioannou

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Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay

By: André Amante,Phillip Anderson,Thordur Jonasson,Herman Kamil,Mr.Michael G. Papaioannou

This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign exposure mismatches; increase resilience to foreign currency and interest rate risks; and thus, strengthen financial stability; and implement more cost-effective management of the public-sector debt. The analysis is based on emerging market (EM) countries and illustrated by the experience of Uruguay, using data as of end-2017.

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International Monetary Fund

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ISBN 10

1513511696

ISBN 13

9781513511696

Assessing Loss of Market Access: Conceptual and Operational Issues

By: Ms.Anastasia Guscina,Sheheryar Malik,Mr.Michael G. Papaioannou

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Assessing Loss of Market Access: Conceptual and Operational Issues

By: Ms.Anastasia Guscina,Sheheryar Malik,Mr.Michael G. Papaioannou

Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to determine the likely nature (temporary versus structural) of an LMA episode, and analyzes potential implications of such an assessment on the required degree of adjustment to restore market access. Finally, it highlights the possible application of the methodological framework for identifying emerging risks to market access.

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International Monetary Fund

Published Date

ISBN 10

1484324935

ISBN 13

9781484324936

Unwinding Financial Sector Interventions

Preconditions and Practical Considerations

By: Mr.Michael G. Papaioannou,Mr.Udaibir S Das

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Unwinding Financial Sector Interventions

Preconditions and Practical Considerations

By: Mr.Michael G. Papaioannou,Mr.Udaibir S Das

As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis. There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists. Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.

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International Monetary Fund

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ISBN 10

1589069897

ISBN 13

9781589069893

Sovereign Debt Restructurings in Grenada

Causes, Processes, Outcomes, and Lessons Learned

By: Mr.Tamon Asonuma,Xin Li,Mr.Michael G. Papaioannou,Mr.Saji Thomas

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Sovereign Debt Restructurings in Grenada

Causes, Processes, Outcomes, and Lessons Learned

By: Mr.Tamon Asonuma,Xin Li,Mr.Michael G. Papaioannou,Mr.Saji Thomas

This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

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International Monetary Fund

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ISBN 10

1484313178

ISBN 13

9781484313176

Financial innovations Involving the Greek Drachma

By: E. K. Gatzonas,Mr. Michael G. Papaioannou

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Financial innovations Involving the Greek Drachma

By: E. K. Gatzonas,Mr. Michael G. Papaioannou

During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets. The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and over-the-counter (OTC) markets, and evaluates the conditions under which they have evolved. Drawing from legislative and industry developments in the European Union (EU) and the United States, the paper also examines the effects and implications of such developments for local markets and for the conduct of monetary and foreign exchange policies and argues for the need for sound macroeconomic policies.

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International Monetary Fund

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145189113X

ISBN 13

9781451891133

Book's by Mr.Michael G Papaioannou

Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay

Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay

Assessing Loss of Market Access: Conceptual and Operational Issues

Assessing Loss of Market Access: Conceptual and Operational Issues

Unwinding Financial Sector Interventions

Unwinding Financial Sector Interventions

Sovereign Debt Restructurings in Grenada

Sovereign Debt Restructurings in Grenada

Financial innovations Involving the Greek Drachma

Financial innovations Involving the Greek Drachma

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