Mexico : : Selected Issues

• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2015
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (85 pages) : illustrations, tables, graphs
• Disciplina: 336.72
• Soggetto topico: Fiscal policy - Mexico; Foreign Exchange; Macroeconomics; Money and Monetary Policy; Public Finance; Taxation; Fiscal Policy; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Debt; Debt Management; Sovereign Debt; Climate; Natural Disasters and Their Management; Global Warming; Monetary economics; Public finance & taxation; Climate change; Currency; Foreign exchange; Bank credit; Credit; Public debt; Excises; Fiscal councils; Money; Taxes; Fiscal policy; Debts, Public; Excise tax
• Soggetto geografico: Mexico Economic policy; Mexico
• Nota di contenuto: Cover -- CONTENTS -- FISCAL MULTIPLIERS IN MEXICO -- A. Inferring Fiscal Multipliers from State-Level Public Spending -- B. Estimation Results -- C. State-Dependent Fiscal Multipliers -- D. Growth Implications from the Fiscal Consolidation -- E. Conclusions -- References -- TRADE AND FINANCIAL SPILLOVERS TO MEXICO -- A. Introduction -- B. Trade Linkages -- C. Financial Linkages -- D. The Impact of Foreign and Domestic Factors on GDP -- E. A Closer Look at Changes in Monetary Conditions in the U.S. -- F. Conclusions -- References -- FIGURE -- 1. Response to a 100-bps Shock in 10-Year U.S. Bond Yield -- APPENDICES -- I. Historical Decomposition of Real GDP Growth -- II. Impulse Responses (Section D) -- II. Impulse Responses (Section E) -- CORPORATE VULNERABILITIES AND IMPACT ON THE REAL ECONOMY -- A. Rising Corporate Debt -- B. Vulnerabilities -- C. Stress Tests -- D. Impact on the Banking Sector -- E. Impact on the Real Economy -- F. Summary and Conclusion -- References -- APPENDIX -- I. Methodology for Corporate Sensitivity Analysis -- FIGURES -- 1. Corporate Debt -- 2. Corporate Leverage -- 3. Corporate Credit Metrics -- 4. Corporate Sensitivity Analysis -- 5. Impact on the Banking Sector -- BOX -- 1. Interest Coverage Ratio and Debt at Risk -- A CARBON TAX PROPOSAL FOR MEXICO -- A. Introduction -- B. Mexico's Current Excise Taxes on Fossil Fuels -- C. In Search for a New Energy Taxation Mechanism -- D. Estimating Optimal Carbon Tax Rates on Fossil Fuels for Mexico -- E. Impact of Imposing Carbon Tax Rates -- F. Conclusions -- References -- STRENGTHENING MEXICO'S FISCAL FRAMEWORK -- A. Introduction -- B. Mexico's Fiscal Framework: Recent Improvements and Pending Tasks -- C. Dealing with Exceptional Circumstances -- D. A New Nominal Anchor -- E. Fiscal Council -- F. Conclusions -- References -- FIGURE. ; 1. Probability Distribution of Public Debt Under Different PSBR Ceilings -- BOXES -- 1. The Fiscal Responsibility Law: Main Features -- 2. Examples of Fiscal Rules with Explicit Debt Ceilings -- 3. Examples of Fiscal Council Mandates -- THE EFFECTS OF FX INTERVENTION IN MEXICO -- A. Introduction -- B. Peso Response in the Aftermath of Changes to FX Intervention Policy -- C. Concluding Remarks -- References -- FIGURES -- 1. Evolution of the Exchange Rate vis-a-vis U.S. Dollar Around Foreign Exchange Intervention Program Announcement Dates -- 2. Evolution of Option-Implied Exchange Rate Volatility Around Foreign Exchange Intervention Program Announcement Dates -- FINANCIAL DEEPENING IN MEXICO -- A. Motivation -- B. Credit Depth in Mexico -- C. Reasons for the Low Level of Financial Intermediation -- D. Current Trends and Policies -- E. Conclusions -- References -- FIGURES -- 1. Bank Loans to Enterprises -- 2. Marginal Interest Rates.
• Sommario/riassunto: This Selected Issues paper analyzes fiscal multipliers in Mexico. Estimates of fiscal multipliers––obtained from state-level spending––fall within 0.6–0.7 after accounting for dynamic effects. However, the size of multipliers varies with the output gap. The planned fiscal consolidation—under the estimated multipliers—is projected to subtract on average 0.5 percentage points from growth over 2015–20. However, there are offsetting effects. The positive growth impulse of lower costs on manufactured goods production is estimated to reach 0.5 percentage point in 2015 and 2016, largely offsetting the impact of fiscal consolidation on growth in the near term.
• Titolo autorizzato: Mexico
• ISBN: 1-5135-4408-X; 1-5135-9723-X; 1-5135-3105-0
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910810350703321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Staff Country Reports; Country Report ; ; No. 2015/314