LEADER 05268nam 2200661 450 001 9910458470503321 005 20200520144314.0 010 $a1-4983-3927-1 010 $a1-4983-6825-5 010 $a1-4983-7443-3 035 $a(CKB)2550000001341537 035 $a(EBL)1760092 035 $a(SSID)ssj0001399030 035 $a(PQKBManifestationID)11729893 035 $a(PQKBTitleCode)TC0001399030 035 $a(PQKBWorkID)11450480 035 $a(PQKB)10901292 035 $a(MiAaPQ)EBC1760092 035 $a(Au-PeEL)EBL1760092 035 $a(CaPaEBR)ebr10904748 035 $a(CaONFJC)MIL634082 035 $a(OCoLC)886114969 035 $a(EXLCZ)992550000001341537 100 $a20140816h20142014 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aRepublic of Poland $eselected issues 210 1$aWashington, District of Columbia :$cInternational Monetary Fund,$d2014. 210 4$dİ2014 215 $a1 online resource (103 p.) 225 0 $aIMF Country Reports ;$v14/174 300 $aDescription based upon print version of record. 311 $a1-4983-6786-0 311 $a1-322-02831-1 320 $aIncludes bibliographical references. 327 $aCover; 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:Q2 327 $a2. 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 Debt 327 $a4. 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 Shocks 327 $aD. 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; REFERENCES 327 $aTHE 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; FIGURES 327 $a1. The Case for Higher Saving Rates in Poland 330 $aThis Selected Issues paper considers the case of Poland to analyze global financial spillovers to emerging market (EM) sovereign bond markets. Foreign holdings of Polish government bonds have increased substantially over the last decade. Although foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it has also given rise to concerns about increased sensitivity to shifts in market sentiment. The analysis in this paper suggests that foreign participation plays an important role in transmitting global financial sho 410 0$aIMF Staff Country Reports 606 $aInternational economic relations 607 $aPoland$xEconomic conditions 608 $aElectronic books. 615 0$aInternational economic relations. 676 $a330.9438022 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910458470503321 996 $aRepublic of Poland$92095216 997 $aUNINA