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Regional Economic Outlook, April 2017, Western Hemisphere Department

Tale of Two Adjustments

With the global economy gaining some momentum, economies of Latin America and the Caribbean are recovering from a recession at the regional level in 2016.

Regional Economic Issues, May 2017, Central, Eastern, and Southeastern Europe

A Broadening Recovery

Economic growth is broadening in Central, Eastern, and Southeastern Europe. However, growth prospects are tested by a dwindling workforce and weak productivity.

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: Public finance, Information technology, digitization, digital age, public finance, 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...

France
			: Selected Issues

New
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

France: Selected Issues...

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

New
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

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...

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

New
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 intervention, 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

New
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: monetary policy, fiscal policy, trade balance, spillovers

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

New
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: sectoral distortion, growth, index, productivity, structural change

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

New
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

Selected Issues...

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

New
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

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...

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

New
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

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

New
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

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

New
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

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

New
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

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

New
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

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

New
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

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...

Uganda
			: Technical Assistance Report-Strengthening Cash Management

New
Uganda : Technical Assistance Report-Strengthening Cash Management »

Volume/Issue: 2017/273

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/10.5089/9781484317686.002

ISBN: 9781484317686

The institutional structure for cash and debt management has been officially approved. This has enabled the formal establishment of a Cash Policy Department (CPD) with a suitable level of staff to be recruited in F...

Uganda
			: Technical Assistance Report-Managing and Preventing Expenditure Arrears

New
Uganda : Technical Assistance Report-Managing and Preventing Expenditure Arrears »

Volume/Issue: 2017/271

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/10.5089/9781484317815.002

ISBN: 9781484317815

There has been a significant increase in the stock of verified arrears. The stock at end of FY 2016 stands at UGX 2.7 trillion, equivalent to 3.2 percent of GDP, an increase of over 90 percent over the last FY. In...

Uganda
			: Technical Assistance Report-Improving GDP Forecasting

New
Uganda : Technical Assistance Report-Improving GDP Forecasting »

Volume/Issue: 2017/270

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/10.5089/9781484317792.002

ISBN: 9781484317792

MoFPED is responsible for producing baseline macro-fiscal forecasts to develop the medium-term fiscal framework in support of the annual budgetary exercise and to monitor in-year fiscal developments. To enhance the...

Uganda
			: Technical Assistance Report-Implementing the Public Financial Management Bill

New
Uganda : Technical Assistance Report-Implementing the Public Financial Management Bill »

Volume/Issue: 2017/266

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/10.5089/9781484317723.002

ISBN: 9781484317723

The finalization of the new Public Financial Management Bill, which provides a comprehensive framework for public finances in Uganda, has reached an advanced stage with Parliamentary approval expected in the coming...

Uganda
			: Technical Assistance Report-Enhancing the Performance of Public Investment Management

New
Uganda : Technical Assistance Report-Enhancing the Performance of Public Investment Management »

Volume/Issue: 2017/269

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/10.5089/9781484317778.002

ISBN: 9781484317778

Uganda is significantly scaling up public investments and increasing its debt, aspiring to reach middle-income status by 2020. However, to date, there is a large efficiency gap in Uganda's investment compared to th...

Uganda
			: Technical Assistance Report-Drafting the Public Finance Management Regulations

New
Uganda : Technical Assistance Report-Drafting the Public Finance Management Regulations »

Volume/Issue: 2017/267

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/10.5089/9781484317730.002

ISBN: 9781484317730

The Public Finance Management (PFM) Bill 2012 introduces new concepts designed to strengthen fiscal responsibility, accountability and control in the management of public funds and is at the final stages of approva...

Uganda
			: Technical Assistance Report-Developing the Charter for Fiscal Responsibility

New
Uganda : Technical Assistance Report-Developing the Charter for Fiscal Responsibility »

Volume/Issue: 2017/268

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/10.5089/9781484317747.002

ISBN: 9781484317747

Publication of a 'Charter for Fiscal Responsibility' at the start of each new Parliament is a requirement of Uganda's new PFM Act. The Charter should set out measurable medium-term objectives for fiscal policy, and...

Portugal
			: Selected Issues

New
Portugal : Selected Issues »

Volume/Issue: 2017/279

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484319369.002

ISBN: 9781484319369

Portugal: Selected Issues...

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

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

Volume/Issue: 2017/278

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484319338.002

ISBN: 9781484319338

Portugal has made notable progress over the past year in reducing uncertainty over near-term risks. Strong efforts to contain spending and meet last year's headline fiscal deficit allowed Portugal to exit the Exces...

Federated States of Micronesia
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

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

Volume/Issue: 2017/280

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484319642.002

ISBN: 9781484319642

Federated States of Micronesia (FSM) is a small and sparsely-populated state vulnerable to climate change. Over the medium term, the country needs to prepare for the expiration of U.S. Compact grants from FY2024 on...

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

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

Volume/Issue: 2017/276

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2017

DOI: http://dx.doi.org/10.5089/9781484319017.002

ISBN: 9781484319017

Keywords: Europe, Montenegro

After a protracted period of consolidation following the global financial crisis, the economy is growing, bolstered by large investment projects. Banking-sector conditions are improving, with credit to the private...

Big Data
			: Potential, Challenges and Statistical Implications

New
Big Data : Potential, Challenges and Statistical Implications »

Volume/Issue: 2017/6

Series: Staff Discussion Notes

Author(s): Cornelia Hammer , Diane Kostroch , and Gabriel Quiros

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2017

DOI: http://dx.doi.org/10.5089/9781484310908.006

ISBN: 9781484310908

Keywords: Surveillance, Big Data, Macroeconomic and Financial Statistics, Official Statistics, Data Quality, General, Institutions and the Macroeconomy, Introductory Material

Big data are part of a paradigm shift that is significantly transforming statistical agencies, processes, and data analysis. While administrative and satellite data are already well established, the statistical com...

Fiscal Rules
			: Coping with Revenue Volatility in Lesotho and Swaziland

New
Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland »

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

DOI: http://dx.doi.org/10.5089/9781484309575.087

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Over the past decade, Lesotho and Swaziland have faced significant volatility in their fiscal revenues, owing to highly unstable Southern African Customs Union (SACU) receipts. Based on model analysis, this paper e...

Medium-Term Budget Frameworks in Sub-Saharan African Countries

New
Medium-Term Budget Frameworks in Sub-Saharan African Countries »

Volume/Issue: 2017/203

Series: IMF Working Papers

Author(s): Richard Allen , Taz Chaponda , Lesley Fisher , and Rohini Ray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2017

DOI: http://dx.doi.org/10.5089/9781484314203.001

ISBN: 9781484314203

Keywords: Zambia, Congo, Republic of, Congo, Democratic Republic of the, Zimbabwe, Uganda, Togo, Tanzania, Sudan, Swaziland, Sub-Saharan Africa

More than 15 years ago, many countries in sub-Saharan Africa embarked on a program of budgetary reform, an important element of which was a medium-term budget framework (MTBF). This working paper focuses on the per...

Kingdom of Swaziland
			: Selected Issues

New
Kingdom of Swaziland : Selected Issues »

Volume/Issue: 2017/275

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2017

DOI: http://dx.doi.org/10.5089/9781484318607.002

ISBN: 9781484318607

Keywords: Sub-Saharan Africa, Swaziland

Kingdom of Swaziland: Selected Issues...

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

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

Volume/Issue: 2017/274

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2017

DOI: http://dx.doi.org/10.5089/9781484310960.002

ISBN: 9781484310960

Keywords: Swaziland, Sub-Saharan Africa

Swaziland has experienced a period of macroeconomic stability, but faces formidable policy challenges and structural issues. A drought and a sharp decline in SACU revenue have hit the economy, and an expansionary f...

What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge

New
What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge »

Volume/Issue: 2017/201

Series: IMF Working Papers

Author(s): Dmitry Plotnikov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

DOI: http://dx.doi.org/10.5089/9781484318584.001

ISBN: 9781484318584

Keywords: Unemployment, United States, Western Hemisphere, Business cycles, labor wedge, Forecasting and Simulation, Demand and Supply, Energy and the Macroeconomy

I carry out a business cycle accounting exercise (Chari, Kehoe and McGrattan, 2007) on the U.S. data measured in wage units (Farmer (2010)) for the entire postwar period. In contrast to a conventional approach, thi...

The Effect of Leverage on Asset Sales Between Financial Institutions

New
The Effect of Leverage on Asset Sales Between Financial Institutions »

Volume/Issue: 2017/200

Series: IMF Working Papers

Author(s): Sonali Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

DOI: http://dx.doi.org/10.5089/9781484318171.001

ISBN: 9781484318171

Keywords: Financial crises, Asset sales; financial intermediaries; balance sheets; leverage, Asset sales, financial intermediaries, balance sheets, leverage, Government Policy and Regulation

This paper analyzes how the leverage of financial institutions affects their demand for assets and the resulting value of transactions between financial institutions. The results show a positive relationship betwee...

Growth Breaks and Growth Spells in Sub-Saharan Africa

New
Growth Breaks and Growth Spells in Sub-Saharan Africa »

Volume/Issue: 2017/202

Series: IMF Working Papers

Author(s): Francisco Arizala , Jesus Gonzalez-Garcia , Charalambos Tsangarides , and Mustafa Yenice

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

DOI: http://dx.doi.org/10.5089/9781484314166.001

ISBN: 9781484314166

Keywords: Africa, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros

This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells). Gr...

Morocco
			: Second Review Under the Arrangement Under the Precautionary and Liquidity Line(PLL)-Press Release; Staff Report; and Statement by the Executive Director for Morocco

New
Morocco : Second Review Under the Arrangement Under the Precautionary and Liquidity Line(PLL)-Press Release; Staff Report; and Statement by the Executive Director for Morocco »

Volume/Issue: 2017/264

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

DOI: http://dx.doi.org/10.5089/9781484317365.002

ISBN: 9781484317365

Keywords: Middle East, Morocco

Growth prospects for 2017 have improved, but nonagricultural growth is subdued. Inflation is low. The current account deficit is projected to decline and international reserves are at a comfortable level. The outlo...

Morocco
			: Ex-Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco

New
Morocco : Ex-Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco »

Volume/Issue: 2017/265

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

DOI: http://dx.doi.org/10.5089/9781484317518.002

ISBN: 9781484317518

Keywords: Middle East, Morocco

The Executive Board approved a two-year Precautionary and Liquidity Line (PLL) arrangement with Morocco in July 2014. The arrangement followed the 2012-14 PLL arrangement, and sought to build on the progress made i...

Banking on Women Leaders: A Case for More?

New
Banking on Women Leaders: A Case for More? »

Volume/Issue: 2017/199

Series: IMF Working Papers

Author(s): Ratna Sahay , Martin Cihak , Papa N'Diaye , Adolfo Barajas , Annette Kyobe , Srobona Mitra , Yen Mooi , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 September 2017

DOI: http://dx.doi.org/10.5089/9781484318164.001

ISBN: 9781484318164

Keywords: Bank supervision, Banking, Gender, board of directors, General, Economics of Gender

Using a new dataset, we measure the large gap between the representation of men and women in leadership positions in banks and bank supervision agencies worldwide. Women occupied less than 2 percent of bank CEOs po...

Republic of Serbia
			: 2017 Article IV Consultation, Seventh Review Under the Stand-by Arrangement and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia

New
Republic of Serbia : 2017 Article IV Consultation, Seventh Review Under the Stand-by Arrangement and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia »

Volume/Issue: 2017/263

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2017

DOI: http://dx.doi.org/10.5089/9781484317327.002

ISBN: 9781484317327

Keywords: Europe, Serbia

Serbia continues to make good progress in addressing macroeconomic imbalances, supported by the Stand-By Arrangement (SBA), contributing to improved confidence and stronger growth. However, structural challenges re...

Ghana
			: 2017 Article IV Consultation, Fourth Review Under the Extended Credit Facility Arrangement, Request for Waiver for Nonobservance of Performance Criteria, and Request for Extension and Rephasing of the Arrangement-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ghana

New
Ghana : 2017 Article IV Consultation, Fourth Review Under the Extended Credit Facility Arrangement, Request for Waiver for Nonobservance of Performance Criteria, and Request for Extension and Rephasing of the Arrangement-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ghana »

Volume/Issue: 2017/262

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2017

DOI: http://dx.doi.org/10.5089/9781484317259.002

ISBN: 9781484317259

Keywords: Ghana, Sub-Saharan Africa

Ghana's macroeconomic performance has been mixed, as over the years recurrent policy slippages have amplified the impact of external and domestic shocks, created persistent imbalances, and contributed to high infla...

Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies

New
Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies »

Volume/Issue: 2017/196

Series: IMF Working Papers

Author(s): Sangyup Choi , Davide Furceri , Prakash Loungani , Saurabh Mishra , and Marcos Poplawski-Ribeiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2017

DOI: http://dx.doi.org/10.5089/9781484316658.001

ISBN: 9781484316658

Keywords: Monetary policy, JEL Classification Numbers: E31, E37, Q43 Keywords: oil price shocks, inflation pass-through, local projections, oil price shocks, Forecasting and Simulation, Energy and the Macroeconomy, Q43

We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10 percent increase...

Finance and Development, September 2017

New
Finance and Development, September 2017 »

Volume/Issue: 54/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2017

DOI: http://dx.doi.org/10.5089/9781484315972.022

ISBN: 9781484315972

Keywords: Finance and Development

Finance and Development, September 2017...

Luxembourg: Financial Sector Assessment Program
			: Technical Note-Selected Issues in Banking Supervision

New
Luxembourg: Financial Sector Assessment Program : Technical Note-Selected Issues in Banking Supervision »

Volume/Issue: 2017/258

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316801.002

ISBN: 9781484316801

Keywords: Luxembourg, Europe

This review examines aspects of the banking supervision regime in Luxembourg having due regard to the establishment of the SSM.1 In addition to updating the findings of the previous FSAP of 2011, it concentrates on...

Luxembourg: Financial Sector Assessment Program
			: Technical Note-Risk Analysis

New
Luxembourg: Financial Sector Assessment Program : Technical Note-Risk Analysis »

Volume/Issue: 2017/261

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316832.002

ISBN: 9781484316832

Keywords: Luxembourg, Europe

Financial soundness indicators for Luxembourg's financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years. Rising asset prices and inflows...

Luxembourg: Financial Sector Assessment Program
			: Technical Note-Managing Problem Banks and Systemic Banking Crises

New
Luxembourg: Financial Sector Assessment Program : Technical Note-Managing Problem Banks and Systemic Banking Crises »

Volume/Issue: 2017/259

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316818.002

ISBN: 9781484316818

Keywords: Europe, Luxembourg

The landscape for managing problem banks in Luxembourg has changed fundamentally in recent years. As part of the euro area, Luxembourg is now part of a 'Banking Union' (BU) where the European Central Bank (ECB) has...

Luxembourg: Financial Sector Assessment Program:
			: Technical Note-Macroprudential Framework And Policies

New
Luxembourg: Financial Sector Assessment Program: : Technical Note-Macroprudential Framework And Policies »

Volume/Issue: 2017/256

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316764.002

ISBN: 9781484316764

Keywords: Europe, Luxembourg

Luxembourg has a large financial system which contributes a significant share of GDP and is globally interconnected. The investment fund industry, which is central to the business model of large depositary banks in...

Luxembourg: Financial Sector Assessment Program
			: Technical Note-Fund Management: Regulation, Supervision, and Systemic Risk Monitoring

New
Luxembourg: Financial Sector Assessment Program : Technical Note-Fund Management: Regulation, Supervision, and Systemic Risk Monitoring »

Volume/Issue: 2017/257

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316771.002

ISBN: 9781484316771

Keywords: Europe, Luxembourg

Luxembourg has an internationally significant fund management sector, to which it applies a strong and comprehensive regulatory framework. The industry is the largest in Europe by domiciled assets, and the second l...

Luxembourg: Financial Sector Assessment Program:
			: Technical Note-Anti-Money Laundering And Combatting The Financing of Terrorism

New
Luxembourg: Financial Sector Assessment Program: : Technical Note-Anti-Money Laundering And Combatting The Financing of Terrorism »

Volume/Issue: 2017/255

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316740.002

ISBN: 9781484316740

Keywords: Luxembourg, Europe

This technical note (TN) sets out the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in a few selected areas of Anti-Money Laundering and Combating th...

Luxembourg: Financial Sector Assessment Program
			: Detailed Assessment of Observance-Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures: Clearstream Banking Luxembourg

New
Luxembourg: Financial Sector Assessment Program : Detailed Assessment of Observance-Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures: Clearstream Banking Luxembourg »

Volume/Issue: 2017/260

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

DOI: http://dx.doi.org/10.5089/9781484316825.002

ISBN: 9781484316825

Keywords: Europe, Luxembourg

Clearstream Banking Luxembourg (CBL) is a large securities settlement system that is highly interconnected with global securities markets and as such considered to be systemically important. The average daily settl...

International Financial Statistics Yearbook, 2017

International Financial Statistics Yearbook, 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2017

DOI: http://dx.doi.org/10.5089/9781475595369.041

ISBN: 9781475595369

International Financial Statistics Yearbook, 2017...

Housing Finance and Real Estate Markets in Colombia

Housing Finance and Real Estate Markets in Colombia »

Volume/Issue: 2017/190

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2017

DOI: http://dx.doi.org/10.5089/9781484315118.001

ISBN: 9781484315118

Keywords: Colombia, Financial stability, Western Hemisphere, House price, price misalignment, mortgage markets, Financial Markets and the Macroeconomy, Housing Demand, Housing Supply and Markets

Colombian house prices have increased significantly between 2005 and 2016. This paper estimates the extent of misalignments in house prices relative to fundamentals and evaluates the overall risk to the economy fro...

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

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

Volume/Issue: 2017/254

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2017

DOI: http://dx.doi.org/10.5089/9781484315651.002

ISBN: 9781484315651

Keywords: Dominican Republic, Western Hemisphere

The Dominican economy continues to grow rapidly, buoyed by low energy prices, strengthening labor markets, dynamic investment, and the recovery in the U.S. Lower oil prices have balanced the effects of strong domes...

Finance and Employment in Developing Countries: The Working Capital Channel

Finance and Employment in Developing Countries: The Working Capital Channel »

Volume/Issue: 2017/189

Series: IMF Working Papers

Author(s): Mai Chi Dao , and Lucy Qian Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2017

DOI: http://dx.doi.org/10.5089/9781484314197.001

ISBN: 9781484314197

Keywords: JEL Classification Numbers: D22, D24, G20, J21, J23 Keywords: Financial constraint, firm-level employment, job creation, working capital financing, Financial constraint, Firm Behavior: Empirical Analysis

We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel...

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2017/248

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2017

DOI: http://dx.doi.org/10.5089/9781484314722.002

ISBN: 9781484314722

Keywords: Asia and Pacific

Selected Issues...

IMF Research Bulletin, Summer 2017

IMF Research Bulletin, Summer 2017 »

Volume/Issue: 18/2

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 August 2017

DOI: http://dx.doi.org/10.5089/9781484315293.026

ISBN: 9781484315293

Keywords: Financial services, Financial services, Income inequality, Small open economies, Arab Spring, social contract, informal economy, reform, Fintech

The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are 'Structural Reform Packages, Sequencing, and the I...

Bankruptcy Technology, Finance, and Entrepreneurship

Bankruptcy Technology, Finance, and Entrepreneurship »

Volume/Issue: 2017/187

Series: IMF Working Papers

Author(s): Nelson Sobrinho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2017

DOI: http://dx.doi.org/10.5089/9781484314210.001

ISBN: 9781484314210

Keywords: Agency Costs; Creditor Rights; Bankruptcy; Financial Intermediation, Agency Costs, Creditor Rights, Bankruptcy, Financial Intermediation

Using an overlapping-generations growth model featuring financial intermediation, I find that inefficiencies in technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneursh...

Sri Lanka
			: Second Review under the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Applicability and Nonobservance of Performance Criterion, and Request for Modification of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka

Sri Lanka : Second Review under the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Applicability and Nonobservance of Performance Criterion, and Request for Modification of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka »

Volume/Issue: 2017/253

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2017

DOI: http://dx.doi.org/10.5089/9781484315033.002

ISBN: 9781484315033

Keywords: Asia and Pacific, Sri Lanka

Sri Lanka's economic reform program is supported by an Extended arrangement under the Extended Fund Facility (EFF) that was approved in June 2016 for the amount of SDR 1.1 billion (185 percent of quota and about US...

Iraq
			: Selected Issues

Iraq : Selected Issues »

Volume/Issue: 2017/252

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2017

DOI: http://dx.doi.org/10.5089/9781484314999.002

ISBN: 9781484314999

Keywords: Middle East, Iraq

Selected Issues...

Iraq
			: 2017 Article IV Consultation and Second Review under the Three-Year Stand-by Arrangement-and Requests for Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Iraq : 2017 Article IV Consultation and Second Review under the Three-Year Stand-by Arrangement-and Requests for Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Iraq »

Volume/Issue: 2017/251

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2017

DOI: http://dx.doi.org/10.5089/9781484314944.002

ISBN: 9781484314944

Keywords: Iraq, Middle East

Iraq is an oil-dependent and state-dominated fragile economy that has been hit hard by the conflict with ISIS and the fall in oil prices. The conflict has hurt the economy through displacement and impoverishment of...

Stabilizing the System of Mortgage Finance in the United States

Stabilizing the System of Mortgage Finance in the United States »

Volume/Issue: 2017/186

Series: IMF Working Papers

Author(s): Richard Koss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

DOI: http://dx.doi.org/10.5089/9781484312544.001

ISBN: 9781484312544

Keywords: Housing, Western Hemisphere, United States, Capital Markets, Housing Demand, Housing Supply and Markets, Government Policy and Regulation

It has been over a decade since the peak of house prices in the US was attained, and while there has been a concerted regulatory response to the subsequent collapse, the two Government Sponsored Enterprises (GSEs)...

Taxation and the Peer-to-Peer Economy

Taxation and the Peer-to-Peer Economy »

Volume/Issue: 2017/187

Series: IMF Working Papers

Author(s): Aqib Aslam , and Alpa Shah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

DOI: http://dx.doi.org/10.5089/9781484313763.001

ISBN: 9781484313763

Keywords: JEL Classification Numbers: D23, D47, H2, L1 Keywords: Digital platforms, direct tax, indirect tax, peer-to-peer markets, tax compliance, transaction costs, Digital platforms

The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock markets and policymakers alike. While the means for transacting might be different to existing firm structures-with the em...

People's Republic of China
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China

People's Republic of China : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China »

Volume/Issue: 2017/247

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

DOI: http://dx.doi.org/10.5089/9781484314654.002

ISBN: 9781484314654

Keywords: Asia and Pacific

Policy support, strengthening external demand, and supply-side reforms have helped maintain strong growth which, along with tighter enforcement of capital flow management measures, has also reduced exchange rate pr...

Botswana
			: Selected Issues

Botswana : Selected Issues »

Volume/Issue: 2017/250

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

DOI: http://dx.doi.org/10.5089/9781484314906.002

ISBN: 9781484314906

Keywords: Botswana, Sub-Saharan Africa

Selected Issues...

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

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

Volume/Issue: 2017/249

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

DOI: http://dx.doi.org/10.5089/9781484314814.002

ISBN: 9781484314814

Keywords: Sub-Saharan Africa, Botswana

Botswana's economic performance over the past two decades has been impressive, allowing the country to move quickly from low to upper-middle income status. The authorities have pursued prudent economic policies and...

Cyber Risk, Market Failures, and Financial Stability

Cyber Risk, Market Failures, and Financial Stability »

Volume/Issue: 2017/185

Series: IMF Working Papers

Author(s): Emanuel Kopp , Lincoln Kaffenberger , and Christopher Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2017

DOI: http://dx.doi.org/10.5089/9781484313787.001

ISBN: 9781484313787

Keywords: Systemic risk, Public goods, Cyber risk, cyber insurance, cyber regulation, risk management, information asymmetries, market failure, General, Externalities

Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cyber...

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...

Chad
			: Request for a Three-Year Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chad

Chad : Request for a Three-Year Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chad »

Volume/Issue: 2017/246

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2017

DOI: http://dx.doi.org/10.5089/9781484313893.002

ISBN: 9781484313893

Keywords: Sub-Saharan Africa, Chad

Chad has been enduring the intensifying effect of oil price and security shocks as well as a heavy external debt service burden. In spite of dramatic fiscal adjustments, the economic and social situation has worsen...

Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Ninth Issue

Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Ninth Issue »

Series: Selected Decisions

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2017

DOI: http://dx.doi.org/10.5089/9781475595994.014

ISBN: 9781475595994

Keywords: debt, payments, interest, trustee, currency

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other inte...

When Gambling for Resurrection is Too Risky

When Gambling for Resurrection is Too Risky »

Volume/Issue: 2017/180

Series: IMF Working Papers

Author(s): Divya Kirti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2017

DOI: http://dx.doi.org/10.5089/9781484312667.001

ISBN: 9781484312667

Keywords: Western Hemisphere, Banking, United States, Life insurance, risk shifting, franchise value, financial frictions, Government Policy and Regulation

Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers not hit as hard by the crisis. Capital requirements alone do not explain this risk reduction: i...

International Financial Statistics , August 2017

International Financial Statistics , August 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781475571899.041

ISBN: 9781475571899

International Financial Statistics , August 2017...

The Financing of Ideas and the Great Deviation

The Financing of Ideas and the Great Deviation »

Volume/Issue: 2017/176

Series: IMF Working Papers

Author(s): Daniel Garcia-Macia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484311134.001

ISBN: 9781484311134

Keywords: Western Hemisphere, Financial crises, Financial crises, Intangible capital, United States, heterogeneous firms, endogenous default

Why did the Great Recession lead to such a slow recovery? I build a model where heterogeneous firms invest in physical and intangible capital, and can default on their debt. In case of default, intangible assets ar...

Mining Spillovers in Chile

Mining Spillovers in Chile »

Volume/Issue: 2017/177

Series: IMF Working Papers

Author(s): Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484312698.001

ISBN: 9781484312698

Keywords: Western Hemisphere, Chile, Sectoral production, Output spillovers, General, Analysis of Growth, Development, and Changes, Size and Spatial Distributions of Regional Economic Activity

Chile's small open economy with significant mismatch between the production and consumption baskets may be represented by three stylized sectors, a commodity sector, a non-commodity tradable sector, and a non-trada...

Leaning Against Windy Bank Lending

Leaning Against Windy Bank Lending »

Volume/Issue: 2017/179

Series: IMF Working Papers

Author(s): Giovanni Melina , and Stefania Villa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484312674.001

ISBN: 9781484312674

Keywords: United States, Western Hemisphere, lending relationships, credit growth, leaning against the wind, Bayesian estimation, optimal monetary policy, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows...

Calculating Trade in Value Added

Calculating Trade in Value Added »

Volume/Issue: 2017/178

Series: IMF Working Papers

Author(s): Aqib Aslam , Natalija Novta , and Fabiano Rodrigues-Bastos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484311493.001

ISBN: 9781484311493

Keywords: Economic integration, Trade integration, Input-Output, Trade in Value Added

This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of t...

Japan
			: Selected Issues

Japan : Selected Issues »

Volume/Issue: 2017/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484313428.002

ISBN: 9781484313428

Keywords: Jordan, Middle East

Selected Issues...

Japan
			: Financial System Stability Assessment

Japan : Financial System Stability Assessment »

Volume/Issue: 2017/244

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484313435.002

ISBN: 9781484313435

Keywords: Japan, Asia and Pacific

Weak growth and low interest rates, together with underlying demographic headwinds, are posing chronic challenges for the financial system. Despite accommodative financial conditions, sluggish domestic demand have...

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

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

Volume/Issue: 2017/242

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484313411.002

ISBN: 9781484313411

Keywords: Japan, Asia and Pacific

Abenomics has improved economic conditions and engendered structural reforms but has not yet achieved a durable exit from deflation. The economy has expanded at a pace above potential the last five consecutive quar...

Central African Republic
			: Second Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic

Central African Republic : Second Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic »

Volume/Issue: 2017/245

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484313688.002

ISBN: 9781484313688

The three-year arrangement under the Extended Credit Facility (ECF) was approved on July 20, 2016 in an amount of SDR 83.55 million (75 percent of quota). The ECF arrangement provides balance of payments support fo...

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

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

Volume/Issue: 2017/240

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 July 2017

DOI: http://dx.doi.org/10.5089/9781484312773.002

ISBN: 9781484312773

Keywords: Singapore, Asia and Pacific

A cyclical upswing in growth is under way driven by goods trade. But improved momentum has yet to extend beyond the export-oriented sectors, and structural headwinds to growth from aging, tighter foreign worker pol...

Singapore
			: Selected Issues

Singapore : Selected Issues »

Volume/Issue: 2017/241

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 July 2017

DOI: http://dx.doi.org/10.5089/9781484312858.002

ISBN: 9781484312858

Keywords: Singapore, Asia and Pacific

Singapore: Selected Issues...

Bank Consolidation, Efficiency, and Profitability in Italy

Bank Consolidation, Efficiency, and Profitability in Italy »

Volume/Issue: 2017/175

Series: IMF Working Papers

Author(s): Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2017

DOI: http://dx.doi.org/10.5089/9781484309261.001

ISBN: 9781484309261

Keywords: Banks, Europe, Italy, bank consolidation, profitability, Government Policy and Regulation, Government Policy and Regulation

This paper examines the case for efficiency-driven banking sector consolidation in Italy, evaluates its potential effects on profitability, and discusses policy options to facilitate a consolidation process that is...

Italy
			: Selected Issues

Italy : Selected Issues »

Volume/Issue: 2017/238

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2017

DOI: http://dx.doi.org/10.5089/9781484312568.002

ISBN: 9781484312568

Keywords: Europe, Italy

Selected Issues...

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

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

Volume/Issue: 2017/237

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2017

DOI: http://dx.doi.org/10.5089/9781484312551.002

ISBN: 9781484312551

Keywords: Italy, Europe

The economy continues to recover, unemployment and nonperforming loans have declined somewhat from their crisis peaks, and public debt appears to be stabilizing. Growth remains moderate, however, despite exceptiona...

Uphill Capital Flows and the International Monetary System

Uphill Capital Flows and the International Monetary System »

Volume/Issue: 2017/174

Series: IMF Working Papers

Author(s): Balazs Csonto , and Camilo Tovar Mora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2017

DOI: http://dx.doi.org/10.5089/9781484311424.001

ISBN: 9781484311424

Keywords: International financial markets, Central banks and their policies, Uphill capital flows, yield curve, term premium, US Treasuries, reserve accumulation, foreign holdings, Financial Markets and the Macroeconomy, International Policy Coordination and Transmission

Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of thi...

United States
			: 2017 Article IV Consultation-Press Release; Staff Report

United States : 2017 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2017/239

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2017

DOI: http://dx.doi.org/10.5089/9781484312681.002

ISBN: 9781484312681

Keywords: United States, Western Hemisphere

The U.S. is in its third longest expansion since 1850, job growth has been persistently strong, inflation is subdued, and the economy is effectively at full employment. However, like many other advanced economies,...

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets »

Volume/Issue: 2017/172

Series: IMF Working Papers

Author(s): Manmohan Singh , and Haobin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

DOI: http://dx.doi.org/10.5089/9781484311417.001

ISBN: 9781484311417

Keywords: financial spillovers; collateral; RRP (reverse repo program); fed funds rate; General Collateral Finance (GCF rate); macro-prudential; capital control; quantitative easing, financial spillovers, collateral, RRP (reverse repo program), fed funds rate, General Collateral Finance (GCF rate), macro-prudential, capital control, quantitative easing, Government Policy and Regulation

We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance...

Euro Area Policies
			: Selected Issues

Euro Area Policies : Selected Issues »

Volume/Issue: 2017/236

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

DOI: http://dx.doi.org/10.5089/9781484312353.002

ISBN: 9781484312353

Euro Area Policies: Selected Issues...

Euro Area Policies
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Euro Area Policies : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries »

Volume/Issue: 2017/235

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

DOI: http://dx.doi.org/10.5089/9781484312346.002

ISBN: 9781484312346

The steady recovery and political developments provide an opportune moment for advancing much-needed reforms to strengthen the architecture of the Economic and Monetary Union. Pro-EU political parties have gained m...

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence »

Volume/Issue: 2017/169

Series: IMF Working Papers

Author(s): Mai Chi Dao , Mitali Das , Zsoka Koczan , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484311042.001

ISBN: 9781484311042

Keywords: labor share, routinization, automation, global value chains, Aggregate Factor Income Distribution, Globalization: Labor, Technological Change: Choices and Consequences

This paper documents the downward trend in the labor share of global income since the early 1990s, as well as its heterogeneous evolution across countries, industries and worker skill groups, using a newly assemble...

What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data

What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data »

Volume/Issue: 2017/167

Series: IMF Working Papers

Author(s): Yasser Abdih , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484311004.001

ISBN: 9781484311004

Keywords: United States, Western Hemisphere, Routine tasks, offshoring, labor share, unions, import competition, Aggregate Factor Income Distribution, General, Trade Unions: Objectives

The U.S. labor share of income has been on a secular downward trajectory since the beginning of the new millennium. Using data that are disaggregated across both state and industry, we show the decline in the labor...

Sovereign Debt Restructurings in Grenada
			: Causes, Processes, Outcomes, and Lessons Learned

Sovereign Debt Restructurings in Grenada : Causes, Processes, Outcomes, and Lessons Learned »

Volume/Issue: 2017/171

Series: IMF Working Papers

Author(s): Tamon Asonuma , Xin Li , Michael Papaioannou , and Saji Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484311035.001

ISBN: 9781484311035

Keywords: Grenada, Western Hemisphere, International financial markets, Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt Restructurings; Serial Defaults; Grenada; Disaster Clause, Sovereign Debt, Sovereign Defaults, Sovereign Debt Restructurings, Serial Debt Restructurings, Serial Defaults, Disaster Clause

This paper documents the two debt restructurings that Grenada undertook in 2004-06 and 2013-15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after e...

Macroprudential Policy Spillovers
			: A Quantitative Analysis

Macroprudential Policy Spillovers : A Quantitative Analysis »

Volume/Issue: 2017/170

Series: IMF Working Papers

Author(s): Heedon Kang , Francis Vitek , Rina Bhattacharya , Phakawa Jeasakul , Sònia Muñoz , Naixi Wang , and Rasool Zandvakil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484310991.001

ISBN: 9781484310991

Keywords: Macroprudential policy; Macrofinancial spillovers; Event studies; Panel regressions; Structural models; Case studies, Macroprudential policy, Macrofinancial spillovers, Event studies, Panel regressions, Structural models, Case studies, International Policy Coordination and Transmission, Government Policy and Regulation

This paper analyzes cross-border macrofinancial spillovers from a variety of macroprudential policy measures, using a range of quantitative methods. Event study and panel regression analyses find that liquidity and...

Efficiency-Adjusted Public Capital, Capital Grants, and Growth

Efficiency-Adjusted Public Capital, Capital Grants, and Growth »

Volume/Issue: 2017/168

Series: IMF Working Papers

Author(s): Ernesto Crivelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484311127.001

ISBN: 9781484311127

Keywords: Economic growth, Foreign aid, public capital stock, effective public investment, capital grants, EU funds, Financial Aspects of Economic Integration, Infrastructures, Macroeconomic Analyses of Economic Development, General

Recent literature has explored the relationship between efficiency-adjusted public capital and economic growth. A debate on whether capital grants, and especially EU funds actually contribute to growth has gained p...

Paraguay
			: Selected Issues

Paraguay : Selected Issues »

Volume/Issue: 2017/234

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484312216.002

ISBN: 9781484312216

Paraguay Selected Issues...

Paraguay
			: 2017 Article IV Consultation-Press Release and Staff Report

Paraguay : 2017 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/233

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484312193.002

ISBN: 9781484312193

Keywords: Paraguay, Western Hemisphere

Paraguay's macroeconomic performance has been robust. For the expansion to be durable, however, it needs to continue broadening to more sectors and be more inclusive. The recovery in key partners remains uncertain,...

Jordan
			: Selected Issues

Jordan : Selected Issues »

Volume/Issue: 2017/232

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484312063.002

ISBN: 9781484312063

Keywords: Jordan

Jordan: Selected Issues...

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

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

Volume/Issue: 2017/231

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484312056.002

ISBN: 9781484312056

Keywords: Jordan, Middle East

Jordan has made significant progress since the 2014 Article IV consultation, but challenges are still pressing. The economy has proven resilient in the face of severe external shocks. The exchange rate peg remains...

Senegal
			: Fourth Review Under the Policy Support Instrument and Request for an Extension of the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal

Senegal : Fourth Review Under the Policy Support Instrument and Request for an Extension of the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal »

Volume/Issue: 2017/230

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

DOI: http://dx.doi.org/10.5089/9781484311929.002

ISBN: 9781484311929

Keywords: Senegal, Sub-Saharan Africa

The authorities remain committed to achieving the 3 percent of GDP WAEMU fiscal deficit target one year early in 2018. Containment of current public expenditure and reforms to increase revenues have created space f...

Suriname
			: Technical Assistance Report-National Accounts Statistics Mission

Suriname : Technical Assistance Report-National Accounts Statistics Mission »

Volume/Issue: 2017/187

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2017

DOI: http://dx.doi.org/10.5089/9781484307472.002

ISBN: 9781484307472

In response to a request from the General Bureau of Statistics (GBS) of Suriname and in consultation with IMF's Western Hemisphere Department (WHD), the Real Sector Statistics Advisor (RSA) at the Caribbean Regiona...

Greece
			: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Greece

Greece : Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Greece »

Volume/Issue: 2017/229

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2017

DOI: http://dx.doi.org/10.5089/9781484311219.002

ISBN: 9781484311219

The Greek authorities have requested a precautionary Stand-By Arrangement in an amount of SDR 1.3 billion (55 percent of quota, about €1.6 billion). Unutilized resources under the European Stability Mechanism (ESM)...

Guinea-Bissau
			: Third Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review-Press Release and Staff Report

Guinea-Bissau : Third Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review-Press Release and Staff Report »

Volume/Issue: 2017/228

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2017

DOI: http://dx.doi.org/10.5089/9781484311158.002

ISBN: 9781484311158

Keywords: Sub-Saharan Africa, Guinea-Bissau

The economic recovery continues, despite ongoing political tensions. The political crisis has led to four changes of government over the past two years, and ECOWAS is calling for decisive implementation of last yea...

Women Are Key for Future Growth
			: Evidence from Canada

Women Are Key for Future Growth : Evidence from Canada »

Volume/Issue: 2017/166

Series: IMF Working Papers

Author(s): Bengt Petersson , Rodrigo Mariscal , and Kotaro Ishi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

DOI: http://dx.doi.org/10.5089/9781484309247.001

ISBN: 9781484309247

Keywords: Labor productivity, Taxation, Western Hemisphere, Canada, female participation, benefit system, Personal Income and Other Nonbusiness Taxes and Subsidies, Labor Force and Employment, Size, and Structure

How important are female workers for economic growth? This paper presents empirical evidence that an increase in female labor force participation is positively associated with labor productivity growth. Using panel...