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Global Financial Stability Report, October 2017

Is Growth at Risk?

The global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.

Fiscal Monitor, October 2017

Tackling Inequality

Examines the redistributive role of fiscal policies over recent decades in reducing income inequality

Unleashing Growth and Strengthening Resilience in the Caribbean

New
Unleashing Growth and Strengthening Resilience in the Caribbean »

Series: Books

Author(s): Krishna Srinivasan , Inci Otker , Uma Ramakrishnan , and Trevor Alleyne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2017

DOI: http://dx.doi.org/10.5089/9781484315194.071

ISBN: 9781484315194

Keywords: Financial analysis, International financial markets, International financial cooperation, Financial integration, Economic growth, Inclusive growth, Regional integration, Regional economic integration, Economic integration, Caribbean

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic wel...

Mexico
			: 2017 Article IV Consultation-Press Release; and Staff Report

New
Mexico : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/346

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2017

DOI: http://dx.doi.org/10.5089/9781484327586.002

ISBN: 9781484327586

The Mexican economy has exhibited resilience in the face of a complex external environment. However, the country still faces significant challenges, namely to preserve macro-economic stability, and foster stronger...

Mexico
			: Selected Issues and Analytical Notes

New
Mexico : Selected Issues and Analytical Notes »

Volume/Issue: 2017/347

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2017

DOI: http://dx.doi.org/10.5089/9781484327647.002

ISBN: 9781484327647

Selected Issues and Analytical Notes...

Philippines
			: 2017 Article IV Consultation-Press Release; Staff Report

New
Philippines : 2017 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2017/334

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2017

DOI: http://dx.doi.org/10.5089/9781484326831.002

ISBN: 9781484326831

The Philippine economy has performed well and is in a favorable position to address its socioeconomic challenges. Sound policies have delivered solid growth, low inflation, financial stability, and external and fis...

Philippines
			: Selected Issues

New
Philippines : Selected Issues »

Volume/Issue: 2017/335

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2017

DOI: http://dx.doi.org/10.5089/9781484326862.002

ISBN: 9781484326862

Selected Issues...

Ireland
			: Technical Assistance Report-Public Investment Management Assessment

New
Ireland : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2017/333

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2017

DOI: http://dx.doi.org/10.5089/9781484326657.002

ISBN: 9781484326657

This Technical Assistance Report presents a public investment management assessment (PIMA) in Ireland. Improving public investment would enable Ireland to bring the efficiency of its infrastructure closer to the fr...

Armenia
			: Technical Assistance Report-Upgrading Fiscal Rules

New
Armenia : Technical Assistance Report-Upgrading Fiscal Rules »

Volume/Issue: 2017/330

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2017

DOI: http://dx.doi.org/10.5089/9781484325551.002

ISBN: 9781484325551

Armenia has made significant strides in enhancing macroeconomic stability over the past two decades. This has recently come under strain. Before a full recovery from the Global Financial Crisis (GFC) could take roo...

IMF Research Bulletin, Fall 2017

New
IMF Research Bulletin, Fall 2017 »

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2017

DOI: http://dx.doi.org/10.5089/9781484327234.026

ISBN: 9781484327234

Keywords: Central bank issues, Credit markets, Farm development, central bank, quantitative easing, balance sheet adjustment, lending, credit, business cycle, farmland

The Fall 2017 IMF Research Bulletin includes a Q&A article covering "Seven Questions on the Globalization of Farmland" by Christian Bogmans. The first research summary, by Manmohan Singh and Haobing Wang is "Centra...

The Granular Origins of Macroeconomic Fluctuations in Europe

New
The Granular Origins of Macroeconomic Fluctuations in Europe »

Volume/Issue: 2017/229

Series: IMF Working Papers

Author(s): Christian Ebeke , and Kodjovi Eklou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 November 2017

DOI: http://dx.doi.org/10.5089/9781484324806.001

ISBN: 9781484324806

Keywords: Idiosyncratic shocks; Aggregate fluctuations, SMEs; Balance Sheets

This paper investigates the microeconomic origins of aggregate economic fluctuations in Europe. It examines the relevance of idiosyncratic shocks at the top 100 large firms (the granular shocks) in explaining aggre...

Problem Loans in the Caribbean: Determinants, Impact and Strategies for Resolution

New
Problem Loans in the Caribbean: Determinants, Impact and Strategies for Resolution »

Volume/Issue: 2017/230

Series: IMF Working Papers

Author(s): Kimberly Beaton , Thomas Dowling , Dmitriy Kovtun , Franz Loyola , Alla Myrvoda , Joel Chiedu Okwuokei , Inci Ötker , and Jarkko Turunen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 November 2017

DOI: http://dx.doi.org/10.5089/9781484326572.001

ISBN: 9781484326572

Keywords: Macro-financial linkages, nonperforming loans, resolution, the Caribbean

The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence owes much to the weak economic recovery in the region, as well a...

A Generalized Framework for the Assessment of Household Financial Vulnerability

New
A Generalized Framework for the Assessment of Household Financial Vulnerability »

Volume/Issue: 2017/228

Series: IMF Working Papers

Author(s): Mindaugas Leika , and Daniela Marchettini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 November 2017

DOI: http://dx.doi.org/10.5089/9781484322352.001

ISBN: 9781484322352

Keywords: household, stress test, sensitivity analysis, credit risk, microdata, non–;parametric methods.

Household financial fragility has received considerable attention following the global financial crisis, but substantial gaps remain in the analytical underpinnings of household financial vulnerability assessment,...

Nowcashing: Using Daily Fiscal Data for Real-Time Macroeconomic Analysis

New
Nowcashing: Using Daily Fiscal Data for Real-Time Macroeconomic Analysis »

Volume/Issue: 2017/227

Series: IMF Working Papers

Author(s): Florian Misch , Brian Olden , Marcos Poplawski-Ribeiro , and Lamya Kejji

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2017

DOI: http://dx.doi.org/10.5089/9781484325933.001

ISBN: 9781484325933

Keywords: JEL Classification Numbers: E01, E32, H68 Keywords: Nowcashing, Real-time data, Fiscal policy, Nowcasting

Traditionally, fiscal data for policy analysis are derived from official reports that, depending on the country, are published either monthly, quarterly or annually, often with significant time lags. However, innov...

Malawi
			: Technical Assistance Report-Strengthening Fundamental Controls and Reporting

New
Malawi : Technical Assistance Report-Strengthening Fundamental Controls and Reporting »

Volume/Issue: 2017/332

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2017

DOI: http://dx.doi.org/10.5089/9781484325773.002

ISBN: 9781484325773

Keywords: Malawi, Sub-Saharan Africa

The government is determined to restore control over public funds. The Fiscal Affairs Department (FAD) of the IMF had identified in 2014 the lack of effective bank reconciliations as a major impediment to achieving...

Jamaica
			: Second Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

New
Jamaica : Second Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica »

Volume/Issue: 2017/329

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2017

DOI: http://dx.doi.org/10.5089/9781484325513.002

ISBN: 9781484325513

Keywords: Western Hemisphere, Jamaica

Sustained signs of activity but growth remains vulnerable to weather. Unemployment is falling, new jobs are being created, and there is robust activity in construction, manufacturing, and hotels and restaurants. In...

Digital Revolutions in Public Finance

New
Digital Revolutions in Public Finance »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2017

DOI: http://dx.doi.org/10.5089/9781484315224.071

ISBN: 9781484315224

Keywords: Information technology, Public finance, digitization, digital age, tax administration, social programs

Digitization promises to reshape fiscal policy by transforming how governments collect, process, share, and act on information. More and higher-quality information can improve not only policy design for tax and spe...

Liquidity Stress Tests for Investment Funds: A Practical Guide

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Liquidity Stress Tests for Investment Funds: A Practical Guide »

Volume/Issue: 2017/226

Series: IMF Working Papers

Author(s): Antoine Bouveret

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2017

DOI: http://dx.doi.org/10.5089/9781484324783.001

ISBN: 9781484324783

Keywords: stress test, liquidity, investment funds, redemption

This paper outlines a framework to perform liquidity stress tests for investment funds. Practical aspects related to the calibration of the redemption shock, the measurement of liquidity buffers and the assessment...

International Financial Integration and Funding Risks: Bank-Level Evidence from Latin America

New
International Financial Integration and Funding Risks: Bank-Level Evidence from Latin America »

Volume/Issue: 2017/224

Series: IMF Working Papers

Author(s): Luis Catão , Valeriya Dinger , and Daniel Marcel te Kaat

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2017

DOI: http://dx.doi.org/10.5089/9781484324769.001

ISBN: 9781484324769

Keywords: Bank Capital Structure, Financial Liberalization, International Capital Flows

Using a sample of over 700 banks in Latin America, we show that international financial liberalization lowers bank capital ratios and increases the shares of short-term funding. Following liberalization, large bank...

Inequality in Brazil: A Regional Perspective

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Inequality in Brazil: A Regional Perspective »

Volume/Issue: 2017/225

Series: IMF Working Papers

Author(s): Carlos Góes , and Izabela Karpowicz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2017

DOI: http://dx.doi.org/10.5089/9781484324776.001

ISBN: 9781484324776

Keywords: income inequality, redistribution policies, Brazil.

In this study, we document the decline in income inequality and a convergence in consumption patterns in Brazilian states in a new database constructed from micro data from the national households' survey. We adjus...

State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly

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State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly »

Volume/Issue: 2017/221

Series: IMF Working Papers

Author(s): Uwe Böwer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

DOI: http://dx.doi.org/10.5089/9781484315163.001

ISBN: 9781484315163

Keywords: State-Owned Enterprises, Emerging Europe

State-owned enterprises (SOEs) play an important role in Emerging Europe's economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses S...

Measuring Global and Country-Specific Uncertainty

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Measuring Global and Country-Specific Uncertainty »

Volume/Issue: 2017/219

Series: IMF Working Papers

Author(s): Ezgi Ozturk , and Xuguang Simon Sheng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

DOI: http://dx.doi.org/10.5089/9781484316597.001

ISBN: 9781484316597

Keywords: Capital Asset Pricing Model; Common Uncertainty; Consensus Forecasts; Idiosyncratic Uncertainty; Global Uncertainty; Survey Forecast

Motivated by the literature on the capital asset pricing model, we decompose the uncertainty of a typical forecaster into common and idiosyncratic uncertainty. Using individual survey data from the Consensus Foreca...

How Financial Conditions Matter Differently across Latin America

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How Financial Conditions Matter Differently across Latin America »

Volume/Issue: 2017/218

Series: IMF Working Papers

Author(s): Luis Brandao-Marques , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

DOI: http://dx.doi.org/10.5089/9781484325506.001

ISBN: 9781484325506

Keywords: Financial conditions indexes, TVP-FAVAR, financial spillovers

This paper develops comparable financial conditions indices (FCIs) for the six large and most financially-integrated Latin American economies (LA6) by following Korobilis (2013) and Koop and Korobilis (2014). The m...

Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

New
Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses »

Volume/Issue: 2017/222

Series: IMF Working Papers

Author(s): Woon Choi , Taesu Kang , Geun-Young Kim , and Byongju Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

DOI: http://dx.doi.org/10.5089/9781484325216.001

ISBN: 9781484325216

Keywords: Global Liquidity, Panel Factor-Augmented VAR, Inflation Targeting

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk aversenes...

Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance

New
Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance »

Volume/Issue: 2017/220

Series: IMF Working Papers

Author(s): Henry Mooney , and Constance de Soyres

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

DOI: http://dx.doi.org/10.5089/9781484324790.001

ISBN: 9781484324790

Keywords: debt sustainability analysis (DSA), sovereign debt, debt relief, macroeconomic forecast, projection accuracy, projection bias, forecast error, growth-investment nexus, fiscal reaction function, balance of payments

This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism f...

Building Resilience to Natural Disasters: An Application to Small Developing States

New
Building Resilience to Natural Disasters: An Application to Small Developing States »

Volume/Issue: 2017/223

Series: IMF Working Papers

Author(s): Ricardo Marto , Chris Papageorgiou , and Vladimir Klyuev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

DOI: http://dx.doi.org/10.5089/9781484324745.001

ISBN: 9781484324745

Keywords: Natural Disastes, Resilience, Adaptation, Debt Sustainability, Small States.

We present a dynamic small open economy model to explore the macroeconomic impact of natural disasters. In addition to permanent damages to public and private capital, the disaster causes temporary losses of produc...

Mauritius
			: Technical Assistance Report-Towards Accrual Accounting and the Adoption of International Standards

New
Mauritius : Technical Assistance Report-Towards Accrual Accounting and the Adoption of International Standards »

Volume/Issue: 2017/326

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2017

DOI: http://dx.doi.org/10.5089/9781484325285.002

ISBN: 9781484325285

Keywords: Sub-Saharan Africa, Mauritius

The authorities have decided to improve public financial management by implementing an accrual accounting framework consistent with internationally accepted standards. The mission was asked to advise specifically o...

Zambia
			: Selected Issues

New
Zambia : Selected Issues »

Volume/Issue: 2017/328

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 October 2017

DOI: http://dx.doi.org/10.5089/9781484325377.002

ISBN: 9781484325377

Keywords: Sub-Saharan Africa, Zambia

Selected Issues...

Zambia
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zambia

New
Zambia : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zambia »

Volume/Issue: 2017/327

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 October 2017

DOI: http://dx.doi.org/10.5089/9781484325339.002

ISBN: 9781484325339

Keywords: Sub-Saharan Africa, Zambia

The Zambian economy has started recovering from a marked slowdown in growth. In 2015Q4 and most of 2016, it was in near-crisis, reflecting the impacts of exogenous shocks and lax fiscal policy in the lead up to gen...

Unfinished Business
			: The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned

New
Unfinished Business : The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned »

Series: Books

Author(s): Tamim Bayoumi

Publisher: Yale University Press

Publication Date: 24 October 2017

DOI: http://dx.doi.org/10.5089/9780300225631.071

ISBN: 9780300225631

There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasit...

Mongolia
			: Technical Assistance Report-Report on the Prices Statistics Mission

New
Mongolia : Technical Assistance Report-Report on the Prices Statistics Mission »

Volume/Issue: 2017/323

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 October 2017

DOI: http://dx.doi.org/10.5089/9781484324592.002

ISBN: 9781484324592

Keywords: Asia and Pacific, Mongolia

In response to a request from the National Statistics Office of Mongolia (NSOM), a technical assistance mission visited Ulaanbaatar, Mongolia during April 17-28, 2017, to provide assistance with updating and improv...

The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies

New
The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies »

Volume/Issue: 2017/217

Series: IMF Working Papers

Author(s): Davide Furceri , and Bin Grace Li

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 October 2017

DOI: http://dx.doi.org/10.5089/9781484320709.001

ISBN: 9781484320709

Keywords: Fiscal policy, Public investment, Growth, Inequality, Demand and Supply, Energy and the Macroeconomy, Government Policy

This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment,...

Uganda
			: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission

New
Uganda : Technical Assistance Report-Report on the Monetary and Financial Statistics Mission »

Volume/Issue: 2017/303

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 October 2017

DOI: http://dx.doi.org/10.5089/9781484322222.002

ISBN: 9781484322222

Keywords: Sub-Saharan Africa, Uganda

A monetary and financial statistics (MFS) mission from the International Monetary Fund's (IMF's) Statistics Department (STA) visited Kampala during January 12-22, 2015. The mission focused on reviewing and mapping...

Cambodia
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia

New
Cambodia : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia »

Volume/Issue: 2017/325

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 October 2017

DOI: http://dx.doi.org/10.5089/9781484325094.002

ISBN: 9781484325094

Keywords: Asia and Pacific, Cambodia

Cambodia continues to grow at an impressive pace. Looking ahead, the outlook is positive, although there are near-term downside risks. Financial sector vulnerabilities stemming from rapid financial deepening remain...

Montenegro
			: Technical Assistance Report-Macroprudential Policy Framework

Montenegro : Technical Assistance Report-Macroprudential Policy Framework »

Volume/Issue: 2017/322

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 October 2017

DOI: http://dx.doi.org/10.5089/9781484324530.002

ISBN: 9781484324530

Keywords: Europe, Montenegro

Montenegro faces a number of important country-specific factors in its work towards establishing a macroprudential policy framework. First, its small size and short history as a sovereign state limit the availabili...

Islamic Republic of Mauritania
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania

Islamic Republic of Mauritania : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania »

Volume/Issue: 2017/324

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2017

DOI: http://dx.doi.org/10.5089/9781484324660.002

ISBN: 9781484324660

Keywords: Mauritania, Middle East

Mauritania continues to face a challenging external environment with low and volatile metal prices. A steep decline in iron ore prices in 2014-15 took away half of exports, widened the fiscal deficit, put pressure...

Excerpt: Digital Revolutions in Public Finance

Excerpt: Digital Revolutions in Public Finance »

Series: Miscellaneous Publication (Other)

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 October 2017

DOI: http://dx.doi.org/10.5089/9781484323823.073

ISBN: 9781484323823

This is an excerpt from Digital Revolutions in Public Finance. Digital copies are available for free download. This book fills a gap in the current research by reviewing the new opportunities and challenges present...

Global Financial Stability Report, October 2017
			: Is Growth at Risk?

Global Financial Stability Report, October 2017 : Is Growth at Risk? »

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Financial Systems Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2017

DOI: http://dx.doi.org/10.5089/9781484308394.082

ISBN: 9781484308394

Keywords: Debt, Economic growth, Financial risk, Financial stability, Global Financial Stability Report, Debt and growth, Global Financial Stability Risks, growth at risk, stability, household debt

The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in gro...

Fiscal Monitor, October 2017
			: Tackling Inequality

Fiscal Monitor, October 2017 : Tackling Inequality »

Series: Fiscal Monitor

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2017

DOI: http://dx.doi.org/10.5089/9781484312483.089

ISBN: 9781484312483

Keywords: Income inequality, Tax rates, Fiscal policy, inequality, fiscal redistribution, tax progressivity, universal basic income, education, health

At the global level, inequality has declined substantially over the past three decades, but within national boundaries, the picture is mixed: some countries have experienced a reduction in inequality while others,...

World Economic Outlook, October 2017
			: Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges

World Economic Outlook, October 2017 : Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2017

DOI: http://dx.doi.org/10.5089/9781484312490.081

ISBN: 9781484312490

Keywords: World Economic Outlook, Economic growth, Production growth, Gross domestric product growth, Growth acceleration, Climate policy, Climate changes, Climate changing activities, Wage increases, Wage policy

The global upswing in economic activity is strengthening. Global growth, which in 2016 was the weakest since the global financial crisis at 3.2 percent, is projected to rise to 3.6 percent in 2017 and to 3.7 percen...

Per Jacobsson Lecture
			: Are We Safer? The Case for Strengthening the Bagehot Arsenal

Per Jacobsson Lecture : Are We Safer? The Case for Strengthening the Bagehot Arsenal »

Series: Other Periodicals

Author(s): Timothy Geithner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2017

DOI: http://dx.doi.org/10.5089/9781484313855.029

ISBN: 9781484313855

Keywords: Global financial crisis, 2008-2009, Keynesian economics, Systemic crisis management, Risk management, Capital controls, Crisis prevention, Financial systems, crisis management, capital requirements, risk

The choices we make in advance of the next financial crisis will have a major impact in determining the magnitude of the economic damage. Our vulnerability to crisis depends on the strength of the protections we bu...

Uganda
			: Technical Assistance Report-Report on the Sectoral Financial Accounts Mission

Uganda : Technical Assistance Report-Report on the Sectoral Financial Accounts Mission »

Volume/Issue: 2017/299

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321799.002

ISBN: 9781484321799

Keywords: Sub-Saharan Africa, Uganda

In response to a request from the Bank of Uganda (BOU) and in consultation with the African Department of the IMF, a mission visited Kampala, Uganda during March 7-11, 2016, to provide technical assistance (TA) on...

Uganda
			: Technical Assistance Report-Report on the Quarterly National Accounts Statistics Mission

Uganda : Technical Assistance Report-Report on the Quarterly National Accounts Statistics Mission »

Volume/Issue: 2017/297

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321492.002

ISBN: 9781484321492

Keywords: Sub-Saharan Africa, Uganda

The Ugandan Bureau of Statistics (UBOS) is responsible for producing national accounts statistics (NAS). Estimates of gross domestic product (GDP) by economic activity and expenditure share are compiled on an annua...

Uganda
			: Report on the Prices Statistics Mission

Uganda : Report on the Prices Statistics Mission »

Volume/Issue: 2017/296

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321461.002

ISBN: 9781484321461

Keywords: Uganda, Sub-Saharan Africa

Compared to the current CPI, the main improvements planned for the rebased CPI include: (i) increasing the geographical coverage by adding Fort Portal as an additional price collection center located in the Western...

Uganda
			: Report on the Prices Statistics Mission

Uganda : Report on the Prices Statistics Mission »

Volume/Issue: 2017/295

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321447.002

ISBN: 9781484321447

Keywords: Sub-Saharan Africa, Uganda

Important aspects for the mission to address included the following: (i) review of the rebased PPI compilation methodology; (ii) assessment of the PPI series and the prices data collected and development of a disse...

Uganda
			: Technical Assistance Report-Report on the Prices Statistics Mission

Uganda : Technical Assistance Report-Report on the Prices Statistics Mission »

Volume/Issue: 2017/301

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321973.002

ISBN: 9781484321973

Keywords: Uganda, Sub-Saharan Africa

In response to a request from the authorities at the Uganda Bureau of Statistics and in consultation with the IMF's African Department, I undertook a technical assistance mission to Kampala during the period May 4-...

Uganda
			: Technical Assistance Report-Technical Assistance Report-Report on the National Accounts Statistics Mission

Uganda : Technical Assistance Report-Technical Assistance Report-Report on the National Accounts Statistics Mission »

Volume/Issue: 2017/294

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321430.002

ISBN: 9781484321430

Keywords: Uganda, Sub-Saharan Africa

In response to a request from the Ugandan authorities and in consultation with the African Department (AFR), I undertook a technical assistance (TA) mission to Kampala during July 23-August 04, 2015 to assist with...

Uganda
			: Technical Assistance Report-Report on the Prices Statistics Mission

Uganda : Technical Assistance Report-Report on the Prices Statistics Mission »

Volume/Issue: 2017/302

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321997.002

ISBN: 9781484321997

Keywords: Sub-Saharan Africa, Uganda

The mission objectives included: (i) review and finalize the structure and weighting pattern of the export-import price indexes (XMPI) and the hotels and restaurants Producer Price Index (H&R-PPI); (ii) review prog...

Uganda
			: Technical Assistance Report-Report on the National Accounts Statistics Mission

Uganda : Technical Assistance Report-Report on the National Accounts Statistics Mission »

Volume/Issue: 2017/300

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321867.002

ISBN: 9781484321867

Keywords: Uganda, Sub-Saharan Africa

In response to a request from the Ugandan authorities and in consultation with the African Department (AFR), I undertook a technical assistance (TA) mission to Kampala during January 18-29, 2016 to assist with the...

Uganda
			: Technical Assistance Report-Report on the Financial Transactions and Balance Sheets Mission

Uganda : Technical Assistance Report-Report on the Financial Transactions and Balance Sheets Mission »

Volume/Issue: 2017/293

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484321362.002

ISBN: 9781484321362

Keywords: Sub-Saharan Africa, Uganda

In response to a request from the Bank of Uganda (BOU) and in consultation with the African Department, a mission visited Kampala, Uganda during January 5-16, 2015, to provide technical assistance (TA) to the BOU f...

The Bahamas
			: Selected Issues

The Bahamas : Selected Issues »

Volume/Issue: 2017/315

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484323113.002

ISBN: 9781484323113

Keywords: Bahamas, The, Western Hemisphere

Selected Issues...

The Bahamas
			: 2017 Article IV Consultation-Press Release; and Staff Report

The Bahamas : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/314

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484323090.002

ISBN: 9781484323090

Keywords: Western Hemisphere, Bahamas, The

A prolonged period of stagnation has resulted in declining income relative to neighboring countries, concerns about fiscal sustainability, and a severe household debt overhang problem. Elevated public debt, limited...

Spain
			: Selected Issues

Spain : Selected Issues »

Volume/Issue: 2017/320

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484323700.002

ISBN: 9781484323700

Keywords: Europe, Spain

Selected Issues...

Spain
			: Financial System Stability Assessment

Spain : Financial System Stability Assessment »

Volume/Issue: 2017/321

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484323762.002

ISBN: 9781484323762

Keywords: Spain, Europe

Spain's banking system has been steadily progressing since the last FSAP. The authorities have made a significant reform effort. Together with the economic recovery, and support by the European Central Bank's (ECB)...

Spain
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

Spain : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain »

Volume/Issue: 2017/319

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2017

DOI: http://dx.doi.org/10.5089/9781484323632.002

ISBN: 9781484323632

Keywords: Europe, Spain

The economic recovery remains strong and balanced. Thanks to past reforms, the economy has become more competitive, flexible and resilient. A dynamic services sector has replaced the outsized construction sector as...

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781475563252.011

ISBN: 9781475563252

Keywords: Poverty and inequality, Income inequality, Productivity, Debt management, Commodities, Energy, Gender, IMF, annual report, IMF activities

During the past financial year, the IMF's 189 member countries faced a number of pressing challenges. IMF work on these challenges - slower trade, declining productivity, gender inequality, inclusive growth, and de...

Uganda
			: Technical Assistance Report-Report on Government Finance Statistics

Uganda : Technical Assistance Report-Report on Government Finance Statistics »

Volume/Issue: 2017/313

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323021.002

ISBN: 9781484323021

Keywords: Sub-Saharan Africa, Uganda

In response to a request from Ugandan authorities and in consultation with the International Monetary Fund's (IMF's) African Department, Brooks Robinson, Regional Government Finance Statistics (GFS) Advisor for the...

Uganda
			: Technical Assistance Report-Report on Government Finance Statistics

Uganda : Technical Assistance Report-Report on Government Finance Statistics »

Volume/Issue: 2017/312

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322970.002

ISBN: 9781484322970

Keywords: Sub-Saharan Africa, Uganda

In response to a request for IMF technical assistance (TA) by the Ugandan authorities and in consultation with the IMF's African Department (AFR), a government finance statistics (GFS) TA mission from the IMF's Sta...

Sweden
			: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Management

Sweden : Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Management »

Volume/Issue: 2017/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322499.002

ISBN: 9781484322499

Keywords: Europe, Sweden

A rising share of highly indebted households and high housing prices pose serious macrofinancial risks. The impact of a house price decline in Sweden, with an associated loss of confidence in housing collateral, co...

Sweden
			: Financial Sector Assessment Program-Technical Note-Supervision and Oversight of Financial Market Infrastructures

Sweden : Financial Sector Assessment Program-Technical Note-Supervision and Oversight of Financial Market Infrastructures »

Volume/Issue: 2017/310

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322482.002

ISBN: 9781484322482

Keywords: Europe, Sweden

Financial market infrastructures (FMI) in Sweden are well developed, and subject to minimum regulatory requirements established in relevant international standards, the CPMI-IOSCO Principles for Financial Market In...

Sweden
			: Financial Sector Assessment Program-Technical Note-Stress Testing

Sweden : Financial Sector Assessment Program-Technical Note-Stress Testing »

Volume/Issue: 2017/309

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322475.002

ISBN: 9781484322475

Keywords: Europe, Sweden

Stress tests covered three major segments of the domestic financial sector, with an emphasis on the largest financial institutions. Within the banking industry, this included the four largest banks that together co...

Sweden
			: Financial Sector Assessment Program-Technical Note-Regulation and Supervision of Cross-Border Securities Activities

Sweden : Financial Sector Assessment Program-Technical Note-Regulation and Supervision of Cross-Border Securities Activities »

Volume/Issue: 2017/308

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322451.002

ISBN: 9781484322451

Keywords: Europe, Sweden

Sweden has large and diverse securities markets where services can be easily provided on a cross-border basis. The main exchange, Nasdaq Stockholm, is part of the global Nasdaq group and operates as the hub of Nasd...

Sweden
			: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision

Sweden : Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision »

Volume/Issue: 2017/307

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322420.002

ISBN: 9781484322420

Keywords: Europe, Sweden

This technical note provides an assessment of the development of regulation and supervision of the Swedish insurance sector since the Financial Sector Assessment Program (FSAP) in 2011. The note is part of the 2016...

Sweden
			: Financial Sector Assessment Program-Technical Note-Crisis Readiness, Management, and Resolution

Sweden : Financial Sector Assessment Program-Technical Note-Crisis Readiness, Management, and Resolution »

Volume/Issue: 2017/306

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322413.002

ISBN: 9781484322413

Keywords: Europe, Sweden

ince the 2011 FSAP, Sweden's financial safety net and crisis management frameworks, including bank resolution and contingency planning, have improved. In response to the FSAP and the overhaul of pertinent European...

Sweden
			: Financial Sector Assessment Program-Technical Note- Banking Regulation and Supervision

Sweden : Financial Sector Assessment Program-Technical Note- Banking Regulation and Supervision »

Volume/Issue: 2017/305

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484322369.002

ISBN: 9781484322369

Keywords: Europe, Sweden

The size of Sweden's banking system is equivalent to multiples of annual gross domestic product (GDP), and dominates the Swedish financial system. It is heavily concentrated, with four universal banks holding over...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2017/317

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323243.002

ISBN: 9781484323243

Keywords: Saudi Arabia, Middle East

Selected Issues...

Saudi Arabia
			: Financial System Stability Assessment

Saudi Arabia : Financial System Stability Assessment »

Volume/Issue: 2017/318

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323458.002

ISBN: 9781484323458

Keywords: Middle East, Saudi Arabia

The FSAP took place during the aftermath of a major shock for the Saudi economy, whose repercussions were still being felt despite a decisive policy response. During 2015-16, the decline in oil prices led to a shar...

Saudi Arabia
			: 2017 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/316

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323175.002

ISBN: 9781484323175

Saudi Arabia has embarked on a bold reform program under Vision 2030. Reform momentum is strong, and good progress is being made in reform implementation. Saudi Arabia has reduced oil production under the OPEC+ agr...

IEO Evaluation Report
			: Annual Report 2017

IEO Evaluation Report : Annual Report 2017 »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484313800.017

ISBN: 9781484313800

IEO Evaluation Report: Annual Report 2017...

International Monetary Fund Annual Report 2017 Financial Statements

International Monetary Fund Annual Report 2017 Financial Statements »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2017

DOI: http://dx.doi.org/10.5089/9781484306185.011

ISBN: 9781484306185

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2017 and 2016 include the related consolidated statements of comprehensive income, of changes in reserves, resources,...

Understanding Correspondent Banking Trends: A Monitoring Framework

Understanding Correspondent Banking Trends: A Monitoring Framework »

Volume/Issue: 2017/216

Series: IMF Working Papers

Author(s): Dirk Jan Grolleman , and David Jutrsa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2017

DOI: http://dx.doi.org/10.5089/9781484323625.001

ISBN: 9781484323625

Keywords: Remittances, Correspondent Banking, Correspondent Banking Relationships

The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on internatio...

Brazil
			: Technical Assistance Report-Supporting Implementation of the Expenditure Rule Through Public Financial Management Reforms

Brazil : Technical Assistance Report-Supporting Implementation of the Expenditure Rule Through Public Financial Management Reforms »

Volume/Issue: 2017/292

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2017

DOI: http://dx.doi.org/10.5089/9781484321218.002

ISBN: 9781484321218

Keywords: Western Hemisphere, Brazil

Faced with significant economic and fiscal challenges, the Brazilian government is reforming its fiscal framework to promote fiscal sustainability and reduce debt. Since 2015, Brazil has struggled with its deepest...

Market Reforms at the Zero Lower Bound

Market Reforms at the Zero Lower Bound »

Volume/Issue: 2017/215

Series: IMF Working Papers

Author(s): Matteo Cacciatore , Romain Duval , Giuseppe Fiori , and Fabio Ghironi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2017

DOI: http://dx.doi.org/10.5089/9781484320679.001

ISBN: 9781484320679

Keywords: Employment protection; Monetary policy; Producer entry; Product market regulation; Structural reforms; Unemployment benefits; Zero lower bound, Employment protection, Monetary policy, Producer entry, Product market regulation, Structural reforms, Unemployment benefits, Zero lower bound, Monetary Policy (Targets, Instruments

This paper studies the impact of product and labor market reforms when the economy faces major slack and a binding constraint on monetary policy easing. such as the zero lower bound. To this end, we build a two-cou...

Lessons from the Old Masters on Assessing Equity and Efficiency: A Primer for Fiscal Policymakers

Lessons from the Old Masters on Assessing Equity and Efficiency: A Primer for Fiscal Policymakers »

Volume/Issue: 2017/214

Series: IMF Working Papers

Author(s): Vitor Gaspar , Paolo Mauro , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2017

DOI: http://dx.doi.org/10.5089/9781484322000.001

ISBN: 9781484322000

Keywords: equality and efficiency, fiscal redistribution, General, Externalities

How can a society's well-being be measured to include not only average incomes but also their distribution? How can the effects of policies be assessed by considering both equity and efficiency? This primer outline...

Excerpt: Fiscal Policies and Gender Equality

Excerpt: Fiscal Policies and Gender Equality »

Series: Miscellaneous Publication (Other)

Author(s): Lisa Kolovich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2017

DOI: http://dx.doi.org/10.5089/9781484322048.073

ISBN: 9781484322048

Keywords: Gender equality, gender budgeting; fiscal policies, tax spending

Historically, women around the world have had less opportunity than men in education, employment, and health care, and less political representation. The moral argument for gender equality is clear, and the economi...

International Financial Statistics, October 2017

International Financial Statistics, October 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781475572223.041

ISBN: 9781475572223

International Financial Statistics, October 2017...

Uncertainty, Financial Frictions and Nominal Rigidities: A Quantitative Investigation

Uncertainty, Financial Frictions and Nominal Rigidities: A Quantitative Investigation »

Volume/Issue: 2017/211

Series: IMF Working Papers

Author(s): Ambrogio Cesa-Bianchi , and Emilio Fernández Corugedo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320723.001

ISBN: 9781484320723

Keywords: Business cycles, Uncertainty shocks, Credit frictions, uncertainty, General, Financial Markets and the Macroeconomy

Are uncertainty shocks a major source of business cycle fluctuations? This paper studies the effect of a mean preserving shock to the variance of aggregate total factor productivity (macro uncertainty) and to the d...

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru »

Volume/Issue: 2017/208

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320648.001

ISBN: 9781484320648

Keywords: Western Hemisphere, Peru, Chile, Colombia, JEL Classification Numbers: E62, F14, H50, O13 Commodity Prices, Fiscal Policy, Flexible Exchange Rates

This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses o...

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis »

Volume/Issue: 2017/213

Series: IMF Working Papers

Author(s): Hippolyte Balima , Eric Kilama , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320754.001

ISBN: 9781484320754

Keywords: Central banks and their policies, Inflation targeting, Meta-regression analysis, Monetary Policy (Targets, Instruments, and Effects)

Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequ...

Quantitative Easing and Long-Term Yields in Small Open Economies

Quantitative Easing and Long-Term Yields in Small Open Economies »

Volume/Issue: 2017/212

Series: IMF Working Papers

Author(s): Antonio Diez de los Rios , and Maral Shamloo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320730.001

ISBN: 9781484320730

Keywords: Europe, Sweden, Switzerland, Central banks and their policies, United Kingdom, United States, Western Hemisphere, Unconventional monetary policy, event study, signaling

We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National B...

Loss of Correspondent Banking Relationships in the Caribbean
			: Trends, Impact, and Policy Options

Loss of Correspondent Banking Relationships in the Caribbean : Trends, Impact, and Policy Options »

Volume/Issue: 2017/209

Series: IMF Working Papers

Author(s): Trevor Alleyne , Jacques Bouhga-Hagbe , Thomas Dowling , Dmitriy Kovtun , Alla Myrvoda , Joel Chiedu Okwuokei , and Jarkko Turunen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320686.001

ISBN: 9781484320686

Keywords: Dominica, Dominican Republic, Antigua and Barbuda, Asia and Pacific, Bahamas, The, Barbados, Small states, Grenada, Haiti, Western Hemisphere

Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been suc...

Interconnectedness of Global Systemically-Important Banks and Insurers

Interconnectedness of Global Systemically-Important Banks and Insurers »

Volume/Issue: 2017/210

Series: IMF Working Papers

Author(s): Sheheryar Malik , and TengTeng Xu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320716.001

ISBN: 9781484320716

Keywords: Equity prices, JEL Classification Numbers: G21, G22 and C32 Keywords: Global systemically important banks and insurers, connectedness, volatility, vector autoregression, Global systemically important banks and insurers, Time-Series Models, JEL Classification Numbers: G21 G22 and C32, Keywords: Global systemically important banks and insurers

Interconnectedness among global systemically important banks (GSIBs) and global systemically important insurers (GSIIs) has important financial stability implications. This paper examines connectedness among United...

FX Intervention in the New Keynesian Model

FX Intervention in the New Keynesian Model »

Volume/Issue: 2017/207

Series: IMF Working Papers

Author(s): Zineddine Alla , Raphael Espinoza , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320617.001

ISBN: 9781484320617

Keywords: Foreign exchange, Central banks and their policies, Central bank reserves; Speculative attack; Portfolio balance model; Equilibrium determinacy; Capital flows; Capital controls; Open Economy New Keynesian Model, Central bank reserves, Speculative attack, Portfolio balance model, Equilibrium determinacy, Capital flows, Capital controls, Open Economy New Keynesian Model

We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX in...

Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean

Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean »

Series: Miscellaneous Publication (Other)

Author(s): Krishna Srinivasan , Inci Ötker , Uma Ramakrishnan , and Trevor Alleyne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484322154.073

ISBN: 9781484322154

Keywords: Caribbean, Eastern Caribbean Currency Union, Economic growth, Economic integration, Financial analysis, Inclusive growth, International financial cooperation, International financial markets, Regional integration, Financial integration

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic wel...

Georgia
			: Fiscal Transparency Evaluation

Georgia : Fiscal Transparency Evaluation »

Volume/Issue: 2017/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2017

DOI: http://dx.doi.org/10.5089/9781484321157.002

ISBN: 9781484321157

Keywords: Georgia, Middle East

Georgia has taken important steps to enhance its fiscal transparency practices over the past decade. Fiscal reports have become more comprehensive, with the development of a central government balance sheet and inc...

Arab Republic of Egypt
			: First Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Waivers for Nonobservance and Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Arab Republic of Egypt : First Review Under the Extended Arrangement Under the Extended Fund Facility and Requests for Waivers for Nonobservance and Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt »

Volume/Issue: 2017/290

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2017

DOI: http://dx.doi.org/10.5089/9781484321058.002

ISBN: 9781484321058

Keywords: Middle East, Egypt

The launch of Egypt's reform program was a reversal from past policies, which had led to a buildup of large external and fiscal imbalances. With the liberalization of the foreign exchange (FX) market, the parallel...

Excerpt: Shifting Commodity Markets in a Globalized World

Excerpt: Shifting Commodity Markets in a Globalized World »

Series: Miscellaneous Publication (Other)

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 September 2017

DOI: http://dx.doi.org/10.5089/9781484320815.073

ISBN: 9781484320815

This a prepublication excerpt of Shifting Commodity Markets in a Globalized World...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2017/289

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

DOI: http://dx.doi.org/10.5089/9781484320334.002

ISBN: 9781484320334

Keywords: Europe, France

France: Selected Issues...

France
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

France : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France »

Volume/Issue: 2017/288

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

DOI: http://dx.doi.org/10.5089/9781484320310.002

ISBN: 9781484320310

Keywords: France, Europe

President Macron's electoral victory creates a unique window of opportunity to transform France's economy. Running on a pro-reform and pro-EU platform, Emmanuel Macron defeated his far-right challenger by a large m...

Direction of Trade Statistics, September 2017

Direction of Trade Statistics, September 2017 »

Series: Direction of Trade Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

DOI: http://dx.doi.org/10.5089/9781475572186.042

ISBN: 9781475572186

Direction of Trade Statistics, September 2017...

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic? »

Volume/Issue: 2017/206

Series: IMF Working Papers

Author(s): Francesca Caselli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2017

DOI: http://dx.doi.org/10.5089/9781484319291.001

ISBN: 9781484319291

Keywords: Foreign exchange, Czech Republic, Europe, Foreign exchange intervention, Central banks and their policies, exchange rate, synthetic control method

To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper in...

Policy Mix and the US Trade Balance

Policy Mix and the US Trade Balance »

Volume/Issue: 2017/204

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

DOI: http://dx.doi.org/10.5089/9781484319314.001

ISBN: 9781484319314

Keywords: Spillovers, United States, Western Hemisphere, Fiscal policy, monetary policy, trade balance, Monetary Policy (Targets, Instruments, and Effects), United monetary policy

The strong US policy response to the 2008-09 financial crisis raised concerns about its impact (spillovers) on other countries, with great focus on the monetary stimulus but little attention to fiscal policy, despi...

Indexing Structural Distortion: Sectoral Productivity, Structural Change and Growth

Indexing Structural Distortion: Sectoral Productivity, Structural Change and Growth »

Volume/Issue: 2017/205

Series: IMF Working Papers

Author(s): Sakai Ando , and Koffie Ben Nassar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

DOI: http://dx.doi.org/10.5089/9781484319277.001

ISBN: 9781484319277

Keywords: Productivity, sectoral distortion, growth, index, structural change, Information and Product Quality, General, International, or Comparative

This paper proposes a new index of sectoral labor distortion using employment and valueadded shares. We show that this index is highly correlated with growth both crosssectionally and over time. We also use it to c...

Belize
			: Selected Issues

Belize : Selected Issues »

Volume/Issue: 2017/287

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

DOI: http://dx.doi.org/10.5089/9781484320198.002

ISBN: 9781484320198

Keywords: Belize, Western Hemisphere

Selected Issues...

Belize
			: 2017 Article IV Consultation-Press Release; Staff Report; Informational Annex; Statement by the Executive Director for Belize

Belize : 2017 Article IV Consultation-Press Release; Staff Report; Informational Annex; Statement by the Executive Director for Belize »

Volume/Issue: 2017/286

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

DOI: http://dx.doi.org/10.5089/9781484320044.002

ISBN: 9781484320044

Keywords: Western Hemisphere, Belize

The macroeconomic outlook remains weak. Public debt remains elevated, at around 100 percent of GDP, despite a recent debt restructuring agreement with private external bondholders. Growth is projected at just under...

Per Jacobsson Lecture
			: Latin America: Outlook and Challenges Ahead

Per Jacobsson Lecture : Latin America: Outlook and Challenges Ahead »

Series: Other Periodicals

Author(s): Carmen Reinhart , and Rodrigo Valdes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

DOI: http://dx.doi.org/10.5089/9781484313862.029

ISBN: 9781484313862

Latin America: Outlook and Challenges Ahead...

Japan
			: Financial Sector Assessment Program-Technical Note-Systemic Risk Analysis and Stress Testing the Financial Sector

Japan : Financial Sector Assessment Program-Technical Note-Systemic Risk Analysis and Stress Testing the Financial Sector »

Volume/Issue: 2017/285

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

DOI: http://dx.doi.org/10.5089/9781484319819.002

ISBN: 9781484319819

Keywords: Asia and Pacific, Japan

A comprehensive set of stress tests and interconnectedness were conducted to assess the resilience of Japan's financial system and shed light on linkages and potential vulnerabilities. Japan has one of the largest...

Japan
			: Financial Sector Assessment Program-Technical Note-Regulation and Supervision of Securities

Japan : Financial Sector Assessment Program-Technical Note-Regulation and Supervision of Securities »

Volume/Issue: 2017/284

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

DOI: http://dx.doi.org/10.5089/9781484319789.002

ISBN: 9781484319789

Keywords: Asia and Pacific, Japan

Japanese securities firms consist of a very heterogeneous group of firms, ranging from major global players to purely domestic firms that conduct only limited activities. At one end, the firms include two major ind...

Japan
			: Financial Sector Assessment Program-Technical Note-Long-Term Challenges for Financial Intermediation

Japan : Financial Sector Assessment Program-Technical Note-Long-Term Challenges for Financial Intermediation »

Volume/Issue: 2017/283

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

DOI: http://dx.doi.org/10.5089/9781484319741.002

ISBN: 9781484319741

Keywords: Asia and Pacific, Japan

Sustained demographic change can have potentially significant effects on the economy and the financial system. Aging can affect financial intermediation through its effects on potential growth, on the term structur...

Japan
			: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision

Japan : Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision »

Volume/Issue: 2017/281

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

DOI: http://dx.doi.org/10.5089/9781484319697.002

ISBN: 9781484319697

Keywords: Asia and Pacific, Japan

The Japanese insurance sector is characterized by a mature market, high concentration, and the predominance of life insurance products with interest guarantees. The insurance sector represents 13 percent of total f...

Japan
			: Financial Sector Assessment Program-Detailed Assessment of Observance on Basel Core Principles for Effective Banking Supervision

Japan : Financial Sector Assessment Program-Detailed Assessment of Observance on Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2017/282

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

DOI: http://dx.doi.org/10.5089/9781484319710.002

ISBN: 9781484319710

Keywords: Japan, Asia and Pacific

Banking regulations and supervisory processes have undergone significant improvements since the last Financial Sector Assessment Program (FSAP). The Japan Financial Services Agency (JFSA) is in the process of refor...

Uganda
			: Technical Assistance Report-Strengthening Cash Management and Reviewing the Treasury Single Account

Uganda : Technical Assistance Report-Strengthening Cash Management and Reviewing the Treasury Single Account »

Volume/Issue: 2017/272

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317822.002

ISBN: 9781484317822

Keywords: Uganda, Sub-Saharan Africa

The Cash Management Guidelines have been approved. These are consistent with the advice provided by the previous AFE mission. Together with the establishment of the high-level Cash Management Committee (CMC), the g...