Shiilegmaa, AltantsetsegGombosuren, KhandtsoojSmith, Gregory2014-01-032014-01-032013-04https://hdl.handle.net/10986/16495In 2012, Mongolia's economy continued to experience a high growth rate of 12.3 percent. This growth rate was however lower than anticipated as Mongolia saw its coal exports drop significantly due to China's economic slowdown. Most noticeably, Mongolia had to finance a large fiscal deficit of 8.4 percent of gross domestic product (GDP), a record in the last 13 years. It is concerning that similar fiscal trends might continue in 2013 with the economy growing at a double-digit rate but also accumulating another large fiscal deficit. As Mongolia embarks on its largest infrastructure investments ever which can be in part financed through a first successful sovereign Chinggis bonds issuance- greater attention has to be paid: (i) to preparing those investments rigorously to ensure maximum socioeconomic return and avoid potential wastage of public resources; and (ii) to reflecting their financing transparently in the national budget.en-USCC BY-NC-ND 3.0 IGOABSORPTIVE CAPACITYACCOUNTINGAGGREGATE DEMANDAMOUNT OF LOANSARREARSASSET RATIOASSETS RATIOBALANCE OF PAYMENTBANK CREDITBANK CREDITSBANK DEPOSITBANK DEPOSITSBANK LENDINGBANK LOANBANK LOANSBANK SUPERVISIONBANKING SECTORBANKING SYSTEMBONDBOND ISSUANCEBOND ISSUEBONDSBOOM-BUST CYCLEBOOM-BUST CYCLESBORROWING COSTBROAD MONEYBUDGET DEFICITBUDGET DEFICITSBUDGET SURPLUSBUFFERCAPITAL MARKETCASH TRANSFERCASH TRANSFERSCENTRAL BANKCOMMERCIAL BANKCOMMERCIAL BANKSCONSUMER PRICE INDEXCONTINGENT LIABILITYCREDIT GROWTHCREDIT LINESCREDIT MARKETCURRENCY MISMATCHESCURRENT ACCOUNTCURRENT ACCOUNT DEFICITDEBTDEBT ISSUANCEDEBT LEVELDEBT MANAGEMENTDEBT SERVICINGDEBT TRANSACTIONDEGREE OF RISKDEPOSITDEPOSIT INSURANCEDEPOSIT INTERESTDEPOSIT LIABILITIESDEPOSITORSDEVELOPING COUNTRIESDEVELOPMENT BANKDOMESTIC BORROWINGDOMESTIC CAPITALDOMESTIC CAPITAL MARKETSDOMESTIC CREDITDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEMANDDOMESTIC GOVERNMENT BONDDOMESTIC GOVERNMENT BONDSECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC SLOWDOWNEQUIPMENTEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXPORT GROWTHEXPORT SHAREEXPORT SHARESEXTERNAL BORROWINGEXTERNAL DEBTFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL DISTRESSFINANCIAL INSTABILITYFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SAVINGSFINANCIAL STABILITYFINANCIAL SUPPORTFINANCIAL SYSTEMFISCAL AUTHORITIESFISCAL BALANCEFISCAL BURDENFISCAL DEFICITFISCAL DEFICITSFISCAL DISCIPLINEFISCAL POLICYFISCAL SHOCKFOREIGN CURRENCYFOREIGN CURRENCY LOANSFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN INVESTMENTFOREIGN INVESTORSGLOBAL ECONOMYGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT EXPENDITURESGOVERNMENT GUARANTEESGOVERNMENT INTERVENTIONSGOVERNMENT REVENUEGOVERNMENT REVENUESGOVERNMENT SECURITIESGOVERNMENT SECURITIES MARKETGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTGROWTH RATEHIGH INFLATIONHUMAN DEVELOPMENTIMBALANCEIMPORTIMPORT GROWTHINCOME TAXINFLATIONINFLATION RATEINFLATIONARY PRESSUREINFLATIONSINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINSTRUMENTINSURANCE CORPORATIONINSURANCE PREMIUMINTEREST PAYMENTSINTEREST RATEINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL MARKETSINTERNATIONAL RESERVESINVESTMENT ACTIVITIESINVESTMENT ACTIVITYINVESTMENT CLIMATEINVESTMENT EXPENDITUREINVESTMENT PORTFOLIOINVESTMENT PROJECTSINVESTMENT SPENDINGISSUANCEISSUANCE OF BONDSLENDERLENDER OF LAST RESORTLENDING INTEREST RATESLIABILITYLIQUID ASSETSLIQUIDITYLIQUIDITY RISKLIQUIDITY RISKSLOCAL CURRENCYLOOSE MONETARY POLICYMACROECONOMIC POLICYMARKET CONDITIONMARKET DISCIPLINEMATURITIESMATURITYMONETARY AUTHORITIESMONETARY POLICYMONEY SUPPLYMORTGAGENON-PERFORMING LOANNON-PERFORMING LOANSNPLOIL PRICEOPEN ECONOMYOUTSTANDING LOANOUTSTANDING LOANSOUTSTANDING STOCKOUTTURNPAYMENT OBLIGATIONSPENSIONPERSONAL INCOMEPRICE STABILITYPRIVATE BANKSPRIVATE INVESTMENTPRIVATE SECTOR CREDITSPUBLIC DEBTPUBLIC INVESTMENTPUBLIC SECTOR DEBTPUBLIC SPENDINGREAL INTERESTREAL INTEREST RATESRECURRENT EXPENDITURERECURRENT EXPENDITURESREPAYMENTRESERVERESERVE FUNDRESERVE MONEYRESERVE REQUIREMENTRESERVESRETURNRISK EXPOSURERISK PROFILESAFETY NETSECURITIES MARKET DEVELOPMENTSETTLEMENTSHORTFALLSSOVEREIGN BONDSOVEREIGN BONDSSTOCK EXCHANGESTOCK MARKETSUPERVISORY AUTHORITIESSUPPLY OF CREDITTAXTELECOMMUNICATIONSTERM DEPOSITSTIME OF MATURITYTOTAL EXPORTSTOTAL IMPORTSTRADE BALANCETRANCHEUNCERTAINTYWITHDRAWALWorld Bank10.1596/16495