Mongolia Quarterly Economic Update, July 2010

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作者：

World Bank

来源地址：

http://hdl.handle.net/10986/27707

关键词：

ACCOUNTING;  AMOUNT OF DEBT;  ARREARS;  AUCTION;  AUCTION SYSTEM;  BAILOUTS;  BALANCE OF PAYMENTS;  BALANCE SHEET;  BANK BALANCE SHEETS;  BANK DEPOSITS;  BANK FAILURES;  BANK FOR INTERNATIONAL SETTLEMENTS;  BANK HOLDINGS;  BANK LENDING;  BANK RESTRUCTURING;  BANKING LAWS;  BANKING RESTRUCTURING;  BANKING SECTOR;  BANKING SECTOR ASSETS;  BANKING SECTOR REFORM;  BANKING SYSTEM;  BASIS POINTS;  BID;  BILLS OF EXCHANGE;  BLACK MARKET;  BOND INDEX;  BOND ISSUANCE;  BOND ISSUES;  BOND YIELD;  BOND YIELDS;  BONDHOLDERS;  BOOM-BUST CYCLES;  BORROWING;  BUDGET DEFICIT;  CAPITAL ACCOUNT;  CAPITAL FLOWS;  CAPITAL INFLOWS;  CAPITAL MARKET;  CASH TRANSFERS;  CDS;  CENTRAL BANK;  CENTRAL BANK BILL;  CENTRAL BANK BILLS;  COMMERCIAL BANKS;  COMMERCIAL TERMS;  COMMODITY PRICE;  COMMODITY PRICES;  CONSOLIDATION;  CONSUMER PRICE INDEX;  CONSUMER PRICE INDICES;  CREDIT AVAILABILITY;  CREDIT DEFAULT;  CREDIT DEFAULT SWAP;  CREDIT DEFAULT SWAPS;  CREDIT PRODUCT;  CREDIT QUALITY;  CREDIT RISK;  CREDIT RISK MANAGEMENT;  CREDITOR;  CREDITORS;  CREDITS;  CURRENT ACCOUNT;  CURRENT ACCOUNT DEFICIT;  CURRENT ACCOUNT SURPLUSES;  DEBT CRISIS;  DEBT FINANCING;  DEBT SERVICE;  DEBTOR;  DEMAND FOR CREDIT;  DEPOSIT;  DEPOSIT GUARANTEES;  DEPOSIT INSURANCE;  DEPOSITORS;  DEPOSITS;  DERIVATIVE;  DERIVATIVE CONTRACT;  DEVELOPING COUNTRIES;  DISBURSEMENT;  DOLLAR BOND;  DOMESTIC CREDIT;  DOMESTIC DEBT;  DONOR FUNDING;  ECONOMIC GROWTH;  EMERGING ECONOMIES;  EMERGING MARKET;  EMERGING MARKET BOND;  EMERGING MARKET ECONOMIES;  EMERGING MARKETS;  EMPLOYMENT;  ENVIRONMENTAL DEGRADATION;  EQUIPMENT;  EQUITY MARKET;  EQUITY MARKET VOLATILITY;  EXCHANGE RATE;  EXPENDITURE;  EXPORT GROWTH;  EXTERNAL DEBT;  EXTERNAL SHOCKS;  FINANCIAL ACCOUNT;  FINANCIAL CRISIS;  FINANCIAL EXPOSURE;  FINANCIAL INSTITUTIONS;  FINANCIAL MARKET;  FINANCIAL STABILITY;  FINANCIAL SYSTEM;  FISCAL DEFICIT;  FISCAL DEFICITS;  FISCAL POLICIES;  FISCAL POLICY;  FOREIGN BANKS;  FOREIGN CURRENCY;  FOREIGN DEBT;  FOREIGN DIRECT INVESTMENT;  FOREIGN DIRECT INVESTMENTS;  FOREIGN EXCHANGE;  FOREIGN EXCHANGE RESERVES;  FOREIGN FINANCING;  GOVERNMENT EXPENDITURES;  GOVERNMENT SPENDING;  GROSS DOMESTIC PRODUCT;  HOUSING;  HUMAN DEVELOPMENT;  INCOME TAX;  INDEBTEDNESS;  INFLATION;  INFLATION RATE;  INFLATIONARY PRESSURES;  INSTRUMENT;  INSURANCE;  INTEREST PAYMENTS;  INTEREST RATE;  INTEREST RATES;  INTERNATIONAL BOND;  INTERNATIONAL CAPITAL;  INTERNATIONAL CAPITAL MARKETS;  INTERNATIONAL FINANCIAL MARKETS;  INTERNATIONAL INVESTMENT;  INTERNATIONAL RESERVES;  INTERNATIONAL SETTLEMENTS;  INVESTMENT CAPITAL;  INVESTMENT SPENDING;  ISLAMIC BONDS;  JOB OPPORTUNITIES;  LABOR MARKET;  LABOR MARKETS;  LIQUIDITY;  LOAN APPLICATIONS;  LOAN LOSS PROVISIONS;  LOCAL BANKS;  LOCAL CURRENCY;  LONG TERM DEBT;  MACROECONOMIC INSTABILITY;  MARKET ECONOMY;  MIGRATION;  MONETARY POLICY;  MORTGAGE;  MORTGAGE FINANCE;  NON-PERFORMING LOAN;  NON-PERFORMING LOANS;  NPL;  OUTSTANDING LOANS;  PAR VALUE;  PENSION;  PENSIONS;  POLICY RESPONSE;  PORTFOLIO;  PORTFOLIO INFLOWS;  PORTFOLIO INVESTMENT;  PREPAYMENTS;  PRICE CHANGES;  PRICE MOVEMENTS;  PRIVATE CAPITAL;  PRIVATE LENDING;  PROMISSORY NOTES;  PRUDENTIAL REGULATIONS;  PUBLIC DEBT;  PUBLIC FINANCES;  PUBLIC FUNDS;  PUBLIC SECTOR DEBT;  PUBLIC SERVICES;  PUBLIC SPENDING;  PUBLIC TRANSPORT;  PURCHASING POWER;  REAL ESTATE;  REAL ESTATE INVESTMENT;  REAL EXCHANGE RATE;  REAL INTEREST;  REAL INTEREST RATE;  REAL INTEREST RATES;  REAL SECTOR;  RECAPITALIZATION;  RECEIPTS;  REMITTANCES;  RESERVES;  RETURN;  RISK AVERSION;  RISK MANAGEMENT;  RISK OF DEFAULT;  SECONDARY MARKET;  SHORT-TERM BILLS;  SHORT-TERM INTEREST RATE;  SOCIAL DEVELOPMENTS;  SOCIAL SERVICES;  SOLVENCY;  SOVEREIGN BOND;  SOVEREIGN BONDS;  SOVEREIGN DEBT;  SOVEREIGN DEBT MARKETS;  SOVEREIGN DEFAULT;  SOVEREIGN ISSUE;  STATE GUARANTEES;  STOCK MARKET;  STOCK MARKET INDEX;  TAX;  TAXATION;  TIME DEPOSITS;  TRADE BALANCE;  TRADING;  TRANSPORT;  TREASURIES;  TUITION;  UNEMPLOYMENT;  URBAN SERVICES;  VALUATION;  WAGES;  WATER SUPPLY;  WITHDRAWAL;  Report; 

年份：

2010

出版地：

Washington,USA

语种：

English

摘要：

The improvement in public finances since last year, coupled with buoyant revenue due to the commodity price recovery, has led to growing pressures for increased government spending. Recently approved budget amendments envisage a 4.5 percent of gross domestic product (GDP) increase in spending on the originally approved 2010 budget, while the Mid-Term Budget Framework (MTBF) for 2011-2013 projects another 12.1 percent of GDP increase in spending in 2011. The main driver for the increases is the execution of promises made by both coalition parties to distribute monthly percentage rate, or MNT 1.5million (around US$1000) to each citizen in the form of cash and non-cash handouts and large public sector wage increases planned for October of this year. If these public spending plans materialize, they will set the stage for a renewed bout of high inflation and a possible return to the macroeconomic vulnerability characteristic of the boom-and-bust cycle of the recent past. In the real sector, the impact of increasing inflation is evidenced through a decline in real wages. The latest informal wage survey indicates that on average, workers' nominal wages have increased by about 10 percent from January 2010 to June 2010; this is because of an increase in job opportunities in the construction sector. Real wages, however, have declined on average due to the significant increase in the consumer price index.