LEADER 07731oam 22013814 450 001 9910791145003321 005 20231102140844.0 010 $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(NjHacI)992550000001341537 035 $a(IMF)1POLEE2014003 035 $a(IMF)1POLEA2014003 035 $a(EXLCZ)992550000001341537 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aRepublic of Poland : $eSelected Issues Paper 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (103 pages) 225 1 $aIMF Staff Country Reports 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 3 $aThis Selected Issues paper considers the case of Poland to analyze global financial spillovers to emerging market (EM) sovereign bond markets. Foreign holdings of Polish government bonds have increased substantially over the last decade. Although foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it has also given rise to concerns about increased sensitivity to shifts in market sentiment. The analysis in this paper suggests that foreign participation plays an important role in transmitting global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplifying these spillovers. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/174 606 $aInternational economic relations 606 $aInvestments: Bonds$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aTaxation$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aNonwage Labor Costs and Benefits$2imf 606 $aPrivate Pensions$2imf 606 $aPensions$2imf 606 $aInvestment & securities$2imf 606 $aPublic finance & taxation$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aPrivate savings$2imf 606 $aValue-added tax$2imf 606 $aPension spending$2imf 606 $aSovereign bonds$2imf 606 $aNational accounts$2imf 606 $aTaxes$2imf 606 $aFinancial institutions$2imf 606 $aExpenditure$2imf 606 $aSaving and investment$2imf 606 $aBonds$2imf 606 $aSpendings tax$2imf 606 $aDebts, External$2imf 607 $aPoland$xEconomic conditions 607 $aPoland, Republic of$2imf 615 0$aInternational economic relations. 615 7$aInvestments: Bonds 615 7$aLabor 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aTaxation 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aBusiness Taxes and Subsidies 615 7$aSocial Security and Public Pensions 615 7$aNonwage Labor Costs and Benefits 615 7$aPrivate Pensions 615 7$aPensions 615 7$aInvestment & securities 615 7$aPublic finance & taxation 615 7$aLabour 615 7$aincome economics 615 7$aPrivate savings 615 7$aValue-added tax 615 7$aPension spending 615 7$aSovereign bonds 615 7$aNational accounts 615 7$aTaxes 615 7$aFinancial institutions 615 7$aExpenditure 615 7$aSaving and investment 615 7$aBonds 615 7$aSpendings tax 615 7$aDebts, External 676 $a330.9438022 801 0$bDcWaIMF 906 $aBOOK 912 $a9910791145003321 996 $aRepublic of Poland$92768082 997 $aUNINA