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When donors and recipients have different preferences over budgetary allocations, conditionality helps the implementation of donor-financed poverty reduction programs. However, if donors cannot perfectly monitor all recipients' actions, conditionality entails an inefficient allocation of resources. Under such conditions, the optimal amount of conditionality varies (often not monotonically) with the recipients' degree of social commitment. Finally, if recipients' preferences are not observable, conditionality can be used to prevent recipients with a weak commitment to poverty reduction from obtaining aid funds. This may however lead to further distortions in terms of resource allocation and to phenomena of "aid rationing.".

Financial Risk Management --- Social Services and Welfare --- Government Policy --- Provision and Effects of Welfare Program --- Debt --- Debt Management --- Sovereign Debt --- Social welfare & social services --- Finance --- Debt relief --- Poverty reduction --- Poverty reduction strategy --- Poverty --- Debts, External

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The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx.

Exports and Imports --- Financial Risk Management --- Investments: Bonds --- Globalization --- Criminology --- Social Services and Welfare --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Globalization: General --- Financial Institutions and Services: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Government Policy --- Provision and Effects of Welfare Program --- Finance --- Investment & securities --- Economic & financial crises & disasters --- Corporate crime --- white-collar crime --- Social welfare & social services --- Collective action clauses --- Sovereign debt restructuring --- Debt relief --- Foreign direct investment --- Financial institutions --- Asset and liability management --- Poverty reduction strategy --- Poverty --- Debts, External --- Bonds --- Financial services industry --- Investments, Foreign --- United States

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Corporate profitability is a source of uncertainty in a generally positive global market outlook, IMF International Capital Markets Department Head and Counsellor Gerd Häusler said at a June 12 press conference. Summarizing the findings (see charts, pages 194–95) of the IMF’s second Global Financial Stability Report, he noted that “the near-term outlook in mature markets is largely free of imminent threats, mainly because the world economy has recovered and has helped build support also for financial markets.” However, emerging markets in South America have come under recent pressure. This report is designed to “detect fault lines in global financial markets,” and a theme running through this issue is the uncertainty posed by the level and quality of corporate profits.

Corporate Finance --- Finance: General --- Financial Risk Management --- Public Finance --- Industries: Financial Services --- Investments: Bonds --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Financial Institutions and Services: General --- Taxation, Subsidies, and Revenue: General --- Corporate Finance and Governance: General --- Finance --- Public finance & taxation --- Ownership & organization of enterprises --- Economic & financial crises & disasters --- Globalization --- Investment & securities --- Emerging and frontier financial markets --- Legal support in revenue administration --- Corporate sector --- Dispute resolution --- Sovereign debt restructuring --- Collective action clauses --- Financial institutions --- Financial markets --- Economic sectors --- Revenue administration --- Asset and liability management --- Financial services industry --- Revenue --- Business enterprises --- Debts, External --- Financial risk management --- Bonds --- United States

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Debt Management and Government Securities Markets in the 21st Century reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets. Over the years, OECD debt managers have developed best practices for raising, managing and retiring debt at the lowest possible price and acceptable risk, largely in the presence of persistent large deficits. New techniques have been developed to cope with the adverse consequences of running surpluses (pricing anomalies and lower liquidity in traditional benchmark markets). This report analyses the impact of advanced electronic systems on primary and secondary markets. In the future, sophisticated electronic auction systems will enable institutional investors to bid directly in auctions, thereby by-passing primary dealers. Electronic trading systems will inevitably reshape secondary fixed-income markets. Underlying these challenges is the growing number of OECD sovereign issuers granting greater independence to debt management operations, accompanied by an increased emphasis on risk assessment and risk management. The report also addresses the introduction of new instruments (index-linked bonds and derivatives), as well as policies related to investor relations.

Debts, Public -- OECD countries. --- Economics -- Public Debt. --- Government securities -- OECD countries. --- Debts, Public --- Government securities --- Political Science --- Law, Politics & Government --- Public Finance --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Bonds --- Securities --- Debt --- Deficit financing --- Economics --- Public Debt --- Dettes publiques --- Effets publics

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The paper provides an international comparison and a comprehensive analysis of a new fiscal expenditure rule for the federal government in Switzerland. The proposed rule has two innovative features: it aims at a structurally balanced budget in the short-run by annually setting a cyclically adjusted expenditure ceiling, and it arrests the accumulation of public debt via corrections of future expenditure targets for past deviations from projected fiscal balances. The paper finds that the new rule is likely to reduce procyclical tendencies in fiscal policy and that its objectives are adequate in meeting long-run fiscal challenges arising from demographic changes.

Budgeting --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Budgeting & financial management --- Expenditure --- Budget planning and preparation --- Fiscal policy --- Public debt --- Fiscal rules --- Public financial management (PFM) --- Expenditures, Public --- Budget --- Debts, Public --- Switzerland