07731oam 22013814 450 991079114500332120231102140844.01-4983-3927-11-4983-6825-51-4983-7443-3(CKB)2550000001341537(EBL)1760092(SSID)ssj0001399030(PQKBManifestationID)11729893(PQKBTitleCode)TC0001399030(PQKBWorkID)11450480(PQKB)10901292(MiAaPQ)EBC1760092(Au-PeEL)EBL1760092(CaPaEBR)ebr10904748(CaONFJC)MIL634082(OCoLC)886114969(NjHacI)992550000001341537(IMF)1POLEE2014003(IMF)1POLEA2014003(EXLCZ)99255000000134153720020129d2014 uf 0engur|n|---|||||txtrdacontentcrdamediacrrdacarrierRepublic of Poland : Selected Issues PaperWashington, D.C. :International Monetary Fund,2014.1 online resource (103 pages)IMF Staff Country ReportsDescription based upon print version of record.1-4983-6786-0 1-322-02831-1 Includes bibliographical references.Cover; CONTENTS; GLOBAL FINANCIAL SPILLOVERS TO EMERGING MARKET SOVEREIGN BOND MARKETS: THE ROLE OF FOREIGN PARTICIPATION AND THE INVESTOR BASE; A. Introduction; B. Foreign Participation and Government Bond Yields; C. Foreign Participation, Investor Base Concentration, and the Transmission of Shocks; D. Conclusion; FIGURES; 1. Global Financial Conditions and Foreign Participation in Ems Government Bond Markets; 2. International Financial Spillovers into EMs; TABLES; 1. Foreign Holdings of FX Debt and Yield Volatility. Period 2004:Q1-2013:Q22. Foreign Holdings of LC Debt and Yield Volatility. Period 2004:Q1-2013:Q23. Foreign Holdings of FX Debt and FX Yield Level. Period 2004:Q1-2013:Q2; 4. Foreign Holdings of LC Debt and LC Yield Level. Period 2004:Q1-2013:Q2; 5. Panel Non-Linear Estimates; REFERENCES; CORPORATE SECTOR VULNERABILITIES; A. Introduction; FIGURES; 1. Poland: Corporate Sector Overview; B. Stylized Facts; 2. Selected Countries: Credit to the Nonfinancial Sector; 3. Selected Countries: Composition of Total Nonfinancial Corporate Debt; BOX; 1. Measuring Nonfinancial Corporate Debt4. Poland: Nonfinancial Sector International Investment Position and Debt5. Selected Countries: Nonfinancial Sector External Debt and Intercompany Debt; 6. Selected Countries: Maturity Breakdown of Nonfinancial Sector External Debt; 7. Poland and EMs: Composition of Nonfinancial Sector External Debt; 8. Selected Countries: Debt Outstanding, Rollover Needs, and Debt Issuance; 9. Poland and EMs: Nonfinancial Sector Securities Issuance; 10. Selected Countries: Vulnerability Indicators; 11. Poland: High-Frequency Vulnerability Indicators; C. Resilience to Shocks; 12. Poland: Responses to ShocksD. ConclusionREFERENCES; CYCLICAL BEHAVIOR OF VAT REVENUES IN EUROPE; A. Introduction; B. Stylized Facts; C. Empirical Design; D. Results; E. Exploring Asymmetries and Non-Linear Effects; F. Policy Implications; G. Conclusion; TABLES; 1. Linear Effect of Demand Shocks to VAT Revenues in Europe: Dynamic Heterogeneous Panel Estimates; 2. Has the Crisis Led to a Shift in the Sensitivity of VAT Tax Receipts to Domestic Demand Shocks?; 3. Type of Demand Shocks and Cyclicality of VAT Revenues; 4. Role of Protracted Shocks; REFERENCESTHE POLISH PENSION SYSTEM: FISCAL IMPACT OF THE 2014 CHANGES AND REMAINING POLICY CHALLENGESA. Introduction; B. Background and Methodology; BOXES; 1. The 1999 Pension Reform; C. Assessing the Impact of the 2014 Pension Changes; 2. Accounting for the Fiscal Impact of Pension Changes; TABLE; 1. Summary Statistics of Selected Variables Under Alternative Scenarios; D. Assessing Legacy Fiscal Risks; E. Conclusion; REFERENCES; ANNEXES; I. Major Reforms and Modifications to the Polish Pension; II. A Stylized Example; ARE PRIVATE SAVING ACCELERATIONS PREDICTABLE?; A. Introduction; FIGURES1. The Case for Higher Saving Rates in PolandThis Selected Issues paper considers the case of Poland to analyze global financial spillovers to emerging market (EM) sovereign bond markets. Foreign holdings of Polish government bonds have increased substantially over the last decade. Although foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it has also given rise to concerns about increased sensitivity to shifts in market sentiment. The analysis in this paper suggests that foreign participation plays an important role in transmitting global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplifying these spillovers.IMF Staff Country Reports; Country Report ;No. 2014/174International economic relationsInvestments: BondsimfLaborimfMacroeconomicsimfPublic FinanceimfTaxationimfGeneral Financial Markets: General (includes Measurement and Data)imfMacroeconomics: ConsumptionimfSavingimfWealthimfBusiness Taxes and SubsidiesimfSocial Security and Public PensionsimfNonwage Labor Costs and BenefitsimfPrivate PensionsimfPensionsimfInvestment & securitiesimfPublic finance & taxationimfLabourimfincome economicsimfPrivate savingsimfValue-added taximfPension spendingimfSovereign bondsimfNational accountsimfTaxesimfFinancial institutionsimfExpenditureimfSaving and investmentimfBondsimfSpendings taximfDebts, ExternalimfPolandEconomic conditionsPoland, Republic ofimfInternational economic relations.Investments: BondsLaborMacroeconomicsPublic FinanceTaxationGeneral Financial Markets: General (includes Measurement and Data)Macroeconomics: ConsumptionSavingWealthBusiness Taxes and SubsidiesSocial Security and Public PensionsNonwage Labor Costs and BenefitsPrivate PensionsPensionsInvestment & securitiesPublic finance & taxationLabourincome economicsPrivate savingsValue-added taxPension spendingSovereign bondsNational accountsTaxesFinancial institutionsExpenditureSaving and investmentBondsSpendings taxDebts, External330.9438022DcWaIMFBOOK9910791145003321Republic of Poland2768082UNINA