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Israel :, Selected Issues

Israel :, Selected Issues
The study shows that the Israeli economy has emerged unscathed from the global financial crisis. The first part of the study outlines the relationship between risk and Israel’s macroeconomic performance, estimated through a regression analysis. The second part of the study focuses on macrofinancial policies to cope with macrofinancial risk, with special emphasis on monetary and fiscal intervention. The study shows that stress testing and CCA analysis play a role in supervisory work; they complement and can inform each other in critical areas
international or intergovernmental publication
Literary Form
non fiction
Main title
Israel :
Nature of contents
Series statement
IMF Staff Country Reports
Sub title
Selected Issues
Table Of Contents
Cover; Contents; I. Why was Israel so Little Affected by the Great Recession?; A. Economic Structure; B. The Nature of the Global Shock; C. The Policy Response; Figures; I.1. Well Prepared, 2000-10; II. Fiscal and Monetary Frameworks; III. Global Risks and Domestic Macrofinancial Policies in Israel; A. Introduction; B. The Risks in the Global Economy and their Effect on Israel; III.1. Uncertainty in the Global Economy; III.2. The WEO Fan Chart for World Growth; Tables; III.1. Forecasting Israel's GDP; C. The Policy Response to Macrofinancial RiskIII.3. Israel's GDP Under the High and low-Growth ScenarioIII.4. Israel's Growth Path Under More Adverse External Conditions; IV. Medium-Term Expenditure Planning in Israel; A. Introduction; B. Current Medium-Term Expenditure Planning Mechanisms; Boxes; IV.1 Medium-Term Expenditure Planning in the Ministry of Defense (MoD); C. Issues with the Fiscal and Expenditure Planning Framework; IV.1. Aggregate Constraints, Expenditure and Revenue Policies: Consistency Check; IV.2. Education Outcomes in Israel: A Comparative Perspective; IV.3. Advanced Economies: Quality of Basic InfrastructureD. Medium-Term Expenditure Frameworks in Advanced Economies: A Comparative PerspectiveIV.1. Key Features of MTEF Models: an International Perspective; IV.4. Credible Annual Budget and Good Expenditure Forecast Accuracy; IV.5. Average Annual Forecasting Error for the Budget Balance, 1997-2004; IV.2. Fiscal Forecasting and Built-in Contingency Reserves; IV.6. Institutional Underpinnings of Medium-Term Expenditure Frameworks; E. Priorities for Institutional Improvements; V. Financial Stability in Israel--A Systemic Contingent Claims Perspective; A. Background; B. Contingent Claims Analysis (CCA)C. CCA and IsraelD. Measuring Systemic Solvency--Systemic CCA; V.1. Individual Bank Expected Losses; V.2. Sum of Losses, Median and 95[sup(th)] Percentile VaR of Systemic Expected Losses; V.3. Individual Contribution to Systemic Risk (95% VaR); V.4. Systemic Risk (50[sup(th)] percentile) -Cross-Country Comparison; E. Systemic Solvency Risk and Sovereign risk Spillovers; V.5. Systemic Risk From Expected Losses--Fair Value Guarantee Fee (FGF); V. 6. Stylized Example of Sovereign-Banking Sector SpilloversV.7a. Dependence Structure Between Joint Sovereign Default Risk in GIIPS Countries and Systemic Risk of the Israeli Banking SectorV.7b. Impulse Response of Systemic Risk from Expected Losses of the Banking Sector To Changes in Joint Default Risk of GIIPS Countries (Based on VAR with Three Lags); V. 7c. Dependence Structure Between Joint Sovereign Default Risk in GIIPS Countries and Systemic Risk of the Israeli Banking Sector; F. Conclusion
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