TAILIEUCHUNG - Central Bank Credit to the Government: What Can We Learn from International Practices?

But marsupials did not die out entirely. Another group of North American marsupials dispersed to South America around 70 million years ago. From there, they expanded into Antarctica and Australia, both of which were attached to South America at the time. Marsupials arrived in Australia no later than 55 mil- lion years ago, the age of the oldest marsupial fossils found there. Later, South America, Antarctica, and Australia began to drift apart, each carrying with it a population of marsupials. The fossil record shows that marsupials were still in Antarctica 40 million years ago. But as the continent moved nearer to the South Pole and became cold, these. | WP 12 16 Central Bank Credit to the Government What Can We Learn from International Practices Luis I. Jacome Marcela Matamoros-Indorf Mrinalini Sharma and Simon Townsend INTERNATIONAL MONETARY FUND 2012 International Monetary Fund WP 12 16 IMF Working Paper Monetary and Capital Markets Department Central Bank Credit to the Government What Can We Learn from International Practices Prepared by Luis I. Jácome Marcela Matamoros-Indorf Mrinalini Sharma and Simon Townsend1 Authorized for distribution by Karl Habermeier January 2012 Abstract Using a central bank legislation database this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. Key findings are i in most advanced countries central banks do not finance government expenditure ii in a large number of emerging and developing countries short-term financing is allowed in order to smooth out tax revenue fluctuations iii in most countries the terms and conditions of these loans are typically established by law such that the amount is capped at a small proportion of annual government revenues loans are priced at market interest rates and their maturity falls within the same fiscal year and iv in the vast majority of countries financing other areas of the state such as provincial governments and public enterprises is not allowed. The paper does not address central banks financial support during financial crises. JEL Classification Numbers E51 E52 E58. Keywords Central bank legislation lending to the government international practices Author s E-Mail Address ljacome@ stownsend@ This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. 1 We .

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