INTERNATIONAL MONETARY FUND The Economics Of Decarbonizing Electricity Production Gregor Schwerhoff WP/24/213 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2024 OCT 9A9 DNIXAOV © 2024 International Monetary Fund WP/24/213 IMF Working Paper Research Department The Ec ...

IMF Country Report No. 24/305 KINGDOM OF ESWATINI SELECTED ISSUES September 2024 This paper on Kingdom of Eswatini was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 10, 2024. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (2 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The introduction of Central Bank Digital Currencies (CBDCs) will significantly impact monetary operations, requiring central banks to adapt their frameworks to manage the demand and supply of reserves effectively [14][15][29] - The analysis identifies three scenarios of CBDC substitution: CBDC substituting for cash, bank deposits, and central bank reserves, each with distinct implications for monetary operations [30][31][54] - The design features of CBDCs, such as access, remuneration, and holding limits, will influence the degree of substitution and the resulting effects on monetary policy [31][32] Summary by Sections Introduction - The report discusses the implications of CBDCs on monetary policy transmission and operations, emphasizing the need for central banks to anticipate challenges associated with CBDC implementation [14][15] A Primer on Monetary Operations - Central banks aim for price stability through various monetary policy regimes, including inflation targeting, exchange rate targeting, and monetary targeting [19][20] - Monetary operations involve setting objectives, intermediate targets, operational targets, and using instruments to achieve these targets [20][24] Implications of CBDC for Monetary Operations - CBDC is considered a central bank liability, similar to reserves or cash, and its substitution for other forms of money can affect monetary operations [29] - The report outlines three scenarios of CBDC substitution, each affecting reserve balances and monetary policy differently [30][31] Effects on Short-Term Interest Rates - Scenario 1 (CBDC substituting for cash) is unlikely to significantly affect short-term interest rates but may complicate liquidity forecasting [54] - Scenario 2 (CBDC substituting for bank deposits) is likely to affect short-term interest rates due to changes in reserve balances [55] - Scenario 3 (CBDC substituting for reserves) may not significantly impact short-term interest rates if CBDC is treated equivalently to reserves [61] Adapting Monetary Operations and CBDC Designs - Central banks need to adapt liquidity forecasting methodologies to account for the volatility of CBDC demand [62] - Potential solutions include switching to fixed rate targeting, increasing intra-day liquidity windows, and adjusting operational frameworks to manage interest rate volatility [63][66]

Investment Rating - The report does not explicitly provide an investment rating for the industry under discussion. Core Insights - The report emphasizes the importance of Central Bank Digital Currency (CBDC) in the evolving payments landscape, highlighting its potential to complement existing payment systems like fast payment systems (FPS) and e-money, while addressing issues such as financial inclusion and payment efficiency [12][30][41]. Summary by Sections 1. Introduction - The report discusses the comparative analysis of retail CBDC, FPS, and e-money, emphasizing the need for central banks to consider their specific payment landscapes and objectives when exploring these options [12][14]. 2. Understanding Retail Payment Systems - It outlines the functionalities and features of various payment systems, including e-money, FPS, and CBDC, and describes their core components: instrument, infrastructure, and scheme [16][19]. 3. CBDC's Role in an Evolving Payments Landscape - The report identifies emerging trends in the payments landscape, such as the decline of cash usage and the rise of private digital payment networks, which pose risks to the efficiency and resilience of payment systems [30][31][39]. 4. Implementing a Strategy - It discusses the strategies central banks can adopt to explore CBDC, considering practical constraints such as legal, regulatory, and resource limitations [12][14][41]. 5. Concluding Thoughts - The report concludes that a holistic approach is necessary for central banks to navigate the complexities of the payment landscape, ensuring that CBDC can effectively support their policy objectives [12][14][41].

August 2024 OIA REPORT ON PROGRESS ASSESSMENT OF THE IMPLEMENTATION OF THE RECOMMENDATIONS OF THE INSTITUTIONAL SAFEGUARDS REVIEW IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The Report prepared by IMF staff and completed on July 26, 2024, has been released. | --- | --- | |-----------------------------------------------------------------------------------------|-------| | | | | The staff report was issued to ...

INTERNATIONAL MONETARY FUND OVERVIEW OF THE NEW CALIBRATED DSGE MODEL OF THE ECONOMY OF NORTH MACEDONIA Tibor Hlédik, Joana Madjoska, Mite Miteski and Jan Vlček WP/24/187 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 9A9 2024 AUG IMF WORKING PAPERS Overview of the n ...

INTERNATIONAL MONETARY FUND | --- | --- | |-------|---------------------------| | | | | | Currencies in Turbulence: | Exchange Rates Anh Thi Ngoc Nguyen, Ha Minh Nguyen WP/24/186 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 9A9 2024 AUG © 2024 International Monetar ...

INTERNATIONAL MONETARY FUND Changing Climate in Brazil Key Vulnerabilities and Opportunities Chen Chen, Koralai Kirabaeva, Christina Kolerus, Ian Parry, and Nate Vernon WP/24/185 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2024 AUG 9A9 © 2024 International Monetar ...

Cyber Resilience of the Central Bank Digital Currency Ecosystem Arvinder Bharath, Anca Paduraru, and Tamas Gaidosch NOTE/2024/003 FINTECH NOTE Cyber Resilience of the Central Bank Digital Currency Ecosystem Prepared by Arvinder Bharath, Anca Paduraru, and Tamas Gaidosch August 2024 ©2024 International Monetary Fund Cyber Resilience of the Central Bank Digital Currency Ecosystem Note 2024/003 Prepared by Arvinder Bharath, Anca Paduraru, and Tamas Gaidosch* DISCLAIMER: Fintech Notes offer practical advice fro ...

Central Bank Digital Currency Data Use and Privacy Protection Kieran Murphy, Sun Tao, Yong Sarah Zhou, Natsuki Tsuda, Nicolas Zhang, Victor Budau, Frankosiligi Solomon, Kathleen Kao, Morana Vucinic, and Kristina Miggiani NOTE/2024/004 FINTECH NOTE Central Bank Digital Currency Data Use and Privacy Protection Prepared by Kieran Murphy, Sun Tao, Yong Sarah Zhou, Natsuki Tsuda, Nicolas Zhang, Victor Budau, Frankosiligi Solomon, Kathleen Kao, Morana Vucinic, and Kristina Miggiani1 August 2024 1 With contributio ...