Mongolia Quarterly Economic Update, June 2012

Autor: World Bank
Jazyk: angličtina
Rok vydání: 2012
Předmět:
RESERVE REQUIREMENTS
UNCERTAINTY
BUFFER
INFLATIONARY PRESSURES
FOREIGN EXCHANGE RESERVES
TRADING PARTNER
SHAREHOLDERS
DEPOSIT
PUBLIC SECTOR DEBT
INFLATION
BLACK MARKET
FISCAL BALANCE
FISCAL DEFICIT
EMPLOYMENT
EXPORT GROWTH
BASKET OF GOODS
IMPORT
RATES OF RETURNS
COMPETITIVENESS
PERSONAL INCOME
PORTFOLIO INFLOWS
DEBT SERVICE
CONSUMER PRICE INDEX
CREDIT GROWTH
BONDS
FINANCIAL MARKET
PUBLIC FINANCES
NON-PERFORMING LOANS
TIME DEPOSITS
WITHDRAWAL
DEVELOPMENT BANKS
HIGH INFLATION
PRIVATE SECTOR HOUSING
REAL EXCHANGE RATE
MORTGAGE
NPL
DEVELOPMENT BANKING
BALANCE OF PAYMENTS
HOLDING
SOVEREIGN DEBT
DEPOSITS
BORROWING COSTS
CREDITORS
EXCESS DEMAND
ADMINISTRATIVE COSTS
CORPORATE GOVERNANCE
GLOBAL ECONOMY
CORPORATE BOND ISSUANCE
PURCHASING POWER
INTERNATIONAL DEBT MARKETS
LOAN PORTFOLIOS
POVERTY LEVEL
BALANCE SHEET
BASIS POINTS
MONETARY POLICY
GOVERNMENT EXPENDITURES
DISBURSEMENT
SLOWDOWN
LIQUIDITY
FISCAL DEFICITS
INTEREST RATES
MORTGAGES
POVERTY REDUCTION
PUBLIC DEBT
ARREARS
CONTINGENT LIABILITIES
MARKET FAILURE
DOMESTIC CREDIT
CAPITAL EXPENDITURES
ECONOMIC CONDITIONS
CASH FLOW
INFRASTRUCTURE FINANCING
LOAN PORTFOLIO
MARKET PRICES
EXTERNAL SHOCKS
DOMESTIC INFLATION
TRADING PARTNERS
TRADE BALANCE
PORTFOLIO
ECONOMIC SLOWDOWN
HUMAN DEVELOPMENT
GOVERNMENT REVENUES
INCOME TAX
CAPITAL PROJECTS
INTERNATIONAL TRADE
FOREIGN CURRENCY DEPOSITS
INTERNATIONAL RESERVES
HIGH INFLATION EPISODE
EXTERNAL BALANCES
INVESTMENT BOOM
FINANCIAL SYSTEM
FISCAL POLICY
EXCHANGE RATE
EQUIPMENT
PRIVATE PLACEMENT
CURRENCY MARKETS
BOND
DOMESTIC DEMAND
BAILOUTS
MACROECONOMIC INSTABILITY
DEBT CRISIS
REAL EXCHANGE RATES
COMMODITY PRICES
EXPORT VOLUMES
BOND ISSUANCE
DEVELOPING COUNTRIES
MATURITY
EXPOSURE
CENTRAL BANKS
LABOR MARKETS
REPAYMENT
DEVELOPMENT BANK
HOUSING
INTERNATIONAL FINANCIAL MARKETS
TRADING
TOTAL IMPORTS
INVESTOR INTEREST
BUDGETING
IMPORT GROWTH
INFLATION EXPECTATIONS
TRANSPORT
OUTSTANDING STOCK
INFRASTRUCTURE DEVELOPMENT
CASH TRANSFERS
INVESTMENT SPENDING
LOCAL CURRENCY
SOVEREIGN GUARANTEE
INTERNATIONAL CAPITAL
TAX
BANKING SYSTEM
STOCK MARKET
ECONOMIC GROWTH
GROSS DOMESTIC PRODUCT
INTERNATIONAL CAPITAL MARKETS
LIVING STANDARD
BANK LENDING
TIER 1 CAPITAL
BENEFICIARIES
SMALL BORROWERS
ASSET QUALITY
DOMESTIC CAPITAL
INVESTING
PUBLIC INVESTMENTS
INTERNATIONAL DEBT
FOOD PRICES
INFLATION RATE
BANK BALANCE SHEETS
ENABLING ENVIRONMENT
RESERVES
TRADE DATA
CAPACITY CONSTRAINTS
RAPID GROWTH
RISK MANAGEMENT
SOLVENCY
BENEFICIARY
FOREIGN DIRECT INVESTMENT
EXPORTERS
INTERNATIONAL MARKETS
TRADE DEFICIT
WAGES
EXTERNAL DEBT
GOLD
INTERNATIONAL BOND
BUFFERS
LOAN RATE
LABOR MARKET
SAFETY NET
ABSORPTIVE CAPACITY
EXCHANGE RATE STABILITY
DEBT
OUTSTANDING DEPOSITS
COST OF CAPITAL
BANKING SECTOR
OUTTURN
NON-PERFORMING LOAN
PUBLIC HOUSING
EXCISE TAXES
IPO
INTERNATIONAL FINANCIAL MARKET
CENTRAL BANK
RETURN
COUPON
LOSS OF REVENUES
PRIVATE CONSUMPTION
LONG-TERM ASSETS
INFLATION TARGET
CREDIBILITY
DEBT ISSUANCES
FOREIGN EXCHANGE
ACCUMULATION OF RESERVES
DOMESTIC GOODS
ACCOUNTING
INCOME DISTRIBUTION
GLOBAL TRADE
REMITTANCES
REPAYMENTS
REDEMPTION
OIL PRICES
RESERVE
HUMAN CAPITAL
CENTRAL BANK BILLS
MORTGAGE LOANS
CURRENT ACCOUNT
TOTAL EXPORTS
INTERNATIONAL STANDARD
WEIGHTS
DEBT SERVICE PAYMENTS
GOVERNMENT SPENDING
EXPENDITURES
IMPORTS
COMMERCIAL BANKS
EXPORT EARNINGS
RATES OF RETURN
CORE INFLATION
PUBLIC POLICIES
FISCAL POLICIES
CONSUMPTION GROWTH
CORPORATE BOND
IMBALANCES
DOMESTIC CAPITAL MARKETS
REAL SECTOR
BANK ASSETS
SAVINGS
CAPACITY BUILDING
DEBT SUSTAINABILITY
CURRENT ACCOUNT DEFICIT
FOREIGN CURRENCY
INTEREST RATE
URBAN DEVELOPMENT
EXPENDITURE
Popis: The World Bank's Mongolia quarterly economic update assesses recent economic and social developments and policies in Mongolia. It also presents findings of ongoing World Bank activities in Mongolia. The Mongolian economy is continuing to grow at a very rapid pace, expanding by 16.7 percent year-on-year (yoy) in first quarter (Q1). This high growth however, is also fuelling inflation which touched 16 percent in April, well above the Bank of Mongolia's (BoM) inflation target of 10 percent. Increasing government spending on wages and salaries, large cash handouts to the general population, and burgeoning capital expenditures are adding to the demand pressures. Meanwhile, the worsening global economic outlook, in particular a faster than expected slowdown in China, Mongolia's largest trading partner, has negatively impacted export growth, resulting in deterioration in external balances. Under these circumstances, the advice to Mongolian policy-makers is to 'hold your horses' and adopt a more cautious macro-economic stance, tightening both monetary and fiscal policy to prevent further over-heating of the economy. The global economic outlook has deteriorated considerably in recent months. Financial conditions in high-income Europe, higher oil prices, and, most importantly, the slowing Chinese economy pose risks for Mongolia. The channels through which these operate include financial and trade linkages namely volatility in commodity prices and through demand from China for its mineral exports. Indeed, signs of these are already visible as demonstrated by the decline in exports in April. Other financial market linkages should also not be discounted: Mongolia's banking system, which has shown signs of overheating over the past year, is highly dollarized, with about a third of deposits denominated in dollars and easy convertibility out of the Mongolia Togrog. A sharp economic slowdown and/or an increased macroeconomic instability could expose the liquidity and asset quality vulnerabilities in individual banks and system overall.
Databáze: OpenAIRE