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Structural Reforms and External Rebalancing

Structural Reforms and External Rebalancing »

Volume/Issue: 2017/182

Series: IMF Working Papers

Author(s): Alexander Culiuc , and Annette Kyobe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2017

DOI: http://dx.doi.org/10.5089/9781484313732.001

ISBN: 9781484313732

Keywords: Current account, Exports, structural reforms, REER, real exchange rate, Country and Industry Studies of Trade, Trade and Labor Market Interactions, Open Economy Macroeconomics, Public Policy

Empirical research on structural reforms has focused primarily on their impact on growth and productivity. Yet an often-invoked rationale for structural reforms is their impact on external adjustment. This paper fi...

Tipping the Scale? The Workings of Monetary Policy through Trade

Tipping the Scale? The Workings of Monetary Policy through Trade »

Volume/Issue: 2017/142

Series: IMF Working Papers

Author(s): Gustavo Adler , and Carolina Osorio Buitron

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2017

DOI: http://dx.doi.org/10.5089/9781484303603.001

ISBN: 9781484303603

Keywords: Financial crises, Monetary policy, Current account, trade balance, spillover, spillovers

Monetary policy entails demand augmenting and demand diverting effects, with its impact on the trade balance-and spillovers to other countries-depending on the relative magnitude of these opposing effects. Using US...

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies »

Volume/Issue: 2017/56

Series: IMF Working Papers

Author(s): Joseph Gagnon , Tamim Bayoumi , Juan Londono , Christian Saborowski , and Horacio Sapriza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

DOI: http://dx.doi.org/10.5089/9781475586237.001

ISBN: 9781475586237

Keywords: Foreign exchange intervention, current account balance, unconventional monetary policy, quantitative easing, General, General

This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises an...

Terms-of-Trade Cycles and External Adjustment

Terms-of-Trade Cycles and External Adjustment »

Volume/Issue: 2017/29

Series: IMF Working Papers

Author(s): Gustavo Adler , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2017

DOI: http://dx.doi.org/10.5089/9781475578485.001

ISBN: 9781475578485

Keywords: Business cycles, Developed countries, Emerging markets, Terms of trade, Time series, Econometric models, Panel analysis, terms of trade; external adjustment; current account, external adjustment, current account

We study the process of external adjustment to large terms-of-trade level shifts-identified with a Markov-switching approach-for a large set of countries during the period 1960-2015. We find that adjustment to thes...

Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation

Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation »

Volume/Issue: 2017/25

Series: IMF Working Papers

Author(s): Anton Korinek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2017

DOI: http://dx.doi.org/10.5089/9781475577549.001

ISBN: 9781475577549

Keywords: Capital controls, Current account, Exchange rate management, Fiscal policy, Intervention, Monetary policy, Spillovers, Macroprudential Policy, Economic theory, General equilibrium models

In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise of successfu...

Lebanon
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Lebanon

Lebanon : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Lebanon »

Volume/Issue: 2017/19

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

DOI: http://dx.doi.org/10.5089/9781475570618.002

ISBN: 9781475570618

Keywords: Article IV consultation reports, Balance of payments statistics, Current account deficits, Debt sustainability analysis, Fiscal consolidation, Fiscal risk, Fiscal policy, Economic conditions, Economic growth, Economic indicators

This 2016 Article IV Consultation highlights that Lebanon's economic growth remains subdued. Following a sharp drop in 2011, growth edged upward briefly to 2-3 percent, but has now slowed again. The IMF staff estim...

People's Republic of China-Hong Kong Special Administrative Region
			: Selected Issues

People's Republic of China-Hong Kong Special Administrative Region : Selected Issues »

Volume/Issue: 2017/12

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2017

DOI: http://dx.doi.org/10.5089/9781475566062.002

ISBN: 9781475566062

Keywords: Asia and Pacific, Banks, Current account, Credit risk, External sector, Hong Kong SAR, Hong Kong Special Administrative Region of China, Wage adjustments, Price adjustments, Nonbank financial sector

This Selected Issues paper analyzes Hong Kong Special Administrative Region (SAR) banks' exposure to nonbanking businesses in Mainland China. Hong Kong SAR banks are generally less exposed to riskier Mainland busin...

Rwanda
			: First Review of the Standby Credit Facility Arrangement and Sixth Review Under the Policy Support Instrument, Request for Waiver and Modification of Performance and Assessment Criteria-Press Release; and Staff Report

Rwanda : First Review of the Standby Credit Facility Arrangement and Sixth Review Under the Policy Support Instrument, Request for Waiver and Modification of Performance and Assessment Criteria-Press Release; and Staff Report »

Volume/Issue: 2017/8

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2017

DOI: http://dx.doi.org/10.5089/9781475565355.002

ISBN: 9781475565355

Keywords: Sub-Saharan Africa, Standby Credit Facility, Staff Reports, Rwanda, Monetary policy, Policy Support Instrument, Press releases, Letters of Intent, Inflation targeting, Current account balances

This paper discusses Rwanda's First Review of the Standby Credit Facility (SCF) Arrangement and Sixth Review Under the Policy Support Instrument (PSI), Request for Waiver and Modification of Performance and Assessm...

Argentina
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina

Argentina : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina »

Volume/Issue: 2016/346

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

DOI: http://dx.doi.org/10.5089/9781475552621.002

ISBN: 9781475552621

Keywords: Staff Reports, Spillovers, Western Hemisphere, Inflation, Inflation targeting, Press releases, Monetary policy, Economic growth, Economic indicators, Economic recession

This paper discusses recent economic developments, the outlook, and risks for the Czech Republic. The economy has been growing at an exceptionally strong pace. Driven by robust domestic demand, output expanded by 4...

The Federal Democratic Republic of Ethiopia
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia

The Federal Democratic Republic of Ethiopia : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia »

Volume/Issue: 2016/322

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

DOI: http://dx.doi.org/10.5089/9781475543643.002

ISBN: 9781475543643

Keywords: Article IV consultation reports, Economic growth, Fiscal policy, Current account deficits, Resource mobilization, Exports, Manufacturing sector, Fiscal reforms, Monetary policy, Exchange rate assessments

This 2016 Article IV Consultation highlights that Ethiopia's macroeconomic outturn during 2015/16 has been adversely affected by a severe drought and the weak global environment. As a result, output growth is estim...