Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

We analyze a range of macrofinancial indicators to extract signals about cyclical systemic risk across 107 economies over 1995–2020. We construct composite indices of underlying liquidity, solvency and mispricing risks and analyze their patterns over the financial cycle. We find that liquidity and solvency risk indicators tend to be counter-cyclical, whereas mispricing risk ones are procyclical, and they all lead the credit cycle. Our results lend support to high-level accounts that risks were underestimated by stress indicators in the run-up to the 2008 global financial crisis. The policy implications of conflicting risk signals would depend on the phase of the credit cycle.

Banks and Banking --- Finance: General --- Macroeconomics --- Financial Markets and the Macroeconomy --- Money Supply --- Credit --- Money Multipliers --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Business Fluctuations --- Cycles --- Bankruptcy --- Liquidation --- General Financial Markets: Government Policy and Regulation --- Finance --- Financial services law & regulation --- Credit cycles --- Liquidity risk --- Solvency --- Systemic risk --- Private debt --- Financial risk management --- Debt --- Business cycles --- Denmark --- Monetary policy. --- Fiscal policy. --- Risk management.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).

Finance: General --- Investments: Stocks --- Industries: Financial Services --- Diseases: Contagious --- Computational Techniques --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Portfolio Choice --- Investment Decisions --- Health Behavior --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Bankruptcy --- Liquidation --- Finance --- Infectious & contagious diseases --- Investment & securities --- Liquidity --- COVID-19 --- Stocks --- Solvency --- Loans --- Economics --- Communicable diseases --- Debt --- United Kingdom

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).

United Kingdom --- Finance: General --- Investments: Stocks --- Industries: Financial Services --- Diseases: Contagious --- Computational Techniques --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Portfolio Choice --- Investment Decisions --- Health Behavior --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Bankruptcy --- Liquidation --- Finance --- Infectious & contagious diseases --- Investment & securities --- Liquidity --- COVID-19 --- Stocks --- Solvency --- Loans --- Economics --- Communicable diseases --- Debt

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The audited financial statements that follow form Appendix VI of the International Monetary Fund's Annual Report 2021 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2021 web page (www.imf.org/AR2021). They have been reproduced separately here as a convenience for readers. Quarterly updates of the IMF's Finances are available at www.imf.org/external/pubs/ft/quart/index.htm.

Money and Monetary Policy --- International Economics --- Accounting --- Banks and Banking --- Macroeconomics --- Industries: Financial Services --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Public Administration --- Public Sector Accounting and Audits --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Aggregate Factor Income Distribution --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- International institutions --- Financial reporting, financial statements --- Finance --- Financial services law & regulation --- Monetary policy --- International organization --- Financial statements --- Public financial management (PFM) --- Credit risk --- Financial regulation and supervision --- Income --- National accounts --- Credit --- Money --- Loans --- Financial institutions --- International agencies --- Finance, Public --- Financial risk management --- Somalia

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the pricing of climate risks. Our analysis contributes to the nascent literature on the environmental impact of green debt by documenting the CO2 emission intensity of corporate green debt issuers. We find lower emission intensities for green bond issuers relative to other firms, but no difference for green loan and sustainability-linked loan borrowers. Green bond, green loan, and sustainability-linked loan borrowers lower their emission intensity over time at a faster rate than other firms.

Macroeconomics --- Economics: General --- Environmental Economics --- Environmental Conservation and Protection --- Investments: Bonds --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Environmental Economics: General --- General Financial Markets: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Economics of specific sectors --- Environmental economics --- Climate change --- Investment & securities --- Climate finance --- Environment --- Greenhouse gas emissions --- Bonds --- Financial institutions --- Currency crises --- Informal sector --- Economics --- Climatic changes --- Environmental sciences --- Greenhouse gases --- Germany