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Regional Economic Outlook, November 2017, Europe

Europe Hitting Its Stride

The European recovery is strengthening and broadening appreciably. Real GDP growth is projected at 2.4 percent in 2017, up from 1.7 percent in 2016, before easing to 2.1 percent in 2018.

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.

Uganda
			: Technical Assistance Report-Moving Towards Risk-Based Supervision of Insurance in Uganda: Training on Supervision of Reinsurance and   Assisting on an Industry Seminar on Risk-Based Supervision

New
Uganda : Technical Assistance Report-Moving Towards Risk-Based Supervision of Insurance in Uganda: Training on Supervision of Reinsurance and Assisting on an Industry Seminar on Risk-Based Supervision »

Volume/Issue: 2018/7

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781484337400.002

ISBN: 9781484337400

This report describes the tasks completed, findings and recommendations of the mission undertaken during the period October 26-November 4, 2015. The mission built further on previous AFE missions and focussed on (i...

Uganda
			: Technical Assistance Report-Monetary and Foreign Exchange Operations, Recapitalization, and Act Revision

New
Uganda : Technical Assistance Report-Monetary and Foreign Exchange Operations, Recapitalization, and Act Revision »

Volume/Issue: 2018/10

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781484337813.002

ISBN: 9781484337813

The BOU has been successful in guiding core inflation close to target in recent years in line with its Inflation Targeting Lite (ITL) monetary framework adopted in mid-2011. The experience since then demonstrates t...

Republic of Croatia
			: Selected Issues

New
Republic of Croatia : Selected Issues »

Volume/Issue: 2018/6

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781484337363.002

ISBN: 9781484337363

Selected Issues...

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

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

Volume/Issue: 2018/5

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781484337325.002

ISBN: 9781484337325

Near-term growth prospects are favorable, supported by strong tourism and private consumption, and a significantly improved fiscal position and external environment. The economy is operating close to potential. Gro...

Cameroon
			: First Review Under the Extended Credit Facility Arrangement Requests for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Cameroon

New
Cameroon : First Review Under the Extended Credit Facility Arrangement Requests for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Cameroon »

Volume/Issue: 2018/9

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781484337547.002

ISBN: 9781484337547

Cameroon's performance under the three-year ECF-supported program approved in June has been satisfactory, with the fiscal and external adjustments contributing to the rebuilding of buffers. Growth in 2017-18 is exp...

Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK

New
Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK »

Volume/Issue: 2018/7

Series: IMF Working Papers

Author(s): Li Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2018

DOI: http://dx.doi.org/10.5089/9781484337493.001

ISBN: 9781484337493

Keywords: foreign direct investment, corporate tax policy, multinational firms

In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial...

Investment in Brazil: From Crisis to Recovery

New
Investment in Brazil: From Crisis to Recovery »

Volume/Issue: 2018/6

Series: IMF Working Papers

Author(s): Ivo Krznar , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2018

DOI: http://dx.doi.org/10.5089/9781484337417.001

ISBN: 9781484337417

Keywords: Investment, Recession

While Brazil's deep recession has been broad based, it has been marked by a particularly large fall in investment. Real investment fell by around 30 percent between the beginning of 2014 and the beginning of 2017....

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

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

Volume/Issue: 2018/3

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2018

DOI: http://dx.doi.org/10.5089/9781484337035.002

ISBN: 9781484337035

Macro stabilization and two major tax reforms were the key outcomes of the first half of the program. Sri Lanka is pursuing a 3-year reform program with IMF support under the extended arrangement under the Extended...

Senegal
			: Fifth Review Under the Policy Support Instrument and Request for Modification of Assessment Criterion-Press Release; Staff Report

New
Senegal : Fifth Review Under the Policy Support Instrument and Request for Modification of Assessment Criterion-Press Release; Staff Report »

Volume/Issue: 2018/8

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2018

DOI: http://dx.doi.org/10.5089/9781484337509.002

ISBN: 9781484337509

Economic performance. Growth is expected to stay high at close to 7 percent in 2017, similar to 2016, with inflation contained at 2 percent. A negative terms of trade shock combined with higher capital imports wide...

Uncertainty and Cross-Border Banking Flows

New
Uncertainty and Cross-Border Banking Flows »

Volume/Issue: 2018/4

Series: IMF Working Papers

Author(s): Sangyup Choi , and Davide Furceri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336793.001

ISBN: 9781484336793

Keywords: Sudden stops, uncertainty, cross-border banking flows, retrenchment, portfolio rebalancing, flight-to-quality, International Policy Coordination and Transmission

While global uncertainty-measured by the VIX-has proven to be a robust global 'push' factor of international capital flows, there has been no systematic study assessing the role of country-specific uncertainty as a...

Optimism, Pessimism, and Short-Term Fluctuations

New
Optimism, Pessimism, and Short-Term Fluctuations »

Volume/Issue: 2018/1

Series: IMF Working Papers

Author(s): Gabriel Di Bella , and Francesco Grigoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336748.001

ISBN: 9781484336748

Keywords: Expectations, Animal spirits, fluctuations, optimism, pessimism, self-fulfilling

Economic theory offers several explanations as to why shifting expectations about future economic activity affect current demand. Abstracting from whether changes in expectations originate from swings in beliefs or...

Growth-Equity Trade-offs in Structural Reforms

New
Growth-Equity Trade-offs in Structural Reforms »

Volume/Issue: 2018/5

Series: IMF Working Papers

Author(s): Jonathan Ostry , Andrew Berg , and Siddharth Kothari

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336809.001

ISBN: 9781484336809

Keywords: Structural Reforms, Growth, Inequality, Macroeconomic Analyses of Economic Development, Planning, Coordination, and Reform

Do structural reforms that aim to boost potential output also change the distribution of income? We shed light on this question by looking at the broad patterns in the cross-country data covering advanced, emerging...

Foreign Banks and Credit Dynamics in CESEE

New
Foreign Banks and Credit Dynamics in CESEE »

Volume/Issue: 2018/3

Series: IMF Working Papers

Author(s): Maria Arakelyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336779.001

ISBN: 9781484336779

Keywords: Foreign banks, International financial markets, credit growth, emerging europe, Globalization: Finance

We use bank-level data on 16 CESEE economies over 2005-2014 to assess the role of foreign banks in the region's credit dynamics. We confirm that macroeconomic fundamentals of both host and home countries matter, as...

Credit Booms-Is China Different?

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Credit Booms-Is China Different? »

Volume/Issue: 2018/2

Series: IMF Working Papers

Author(s): Sally Chen , and Joong Shik Kang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336762.001

ISBN: 9781484336762

Keywords: Financial crises, Financial cycles, Banking crises, Asia and Pacific, credit gap, debt overhang, sustainable growth, General

Strong Chinese output growth after the Global Financial Crisis was supported by booming credit. This credit boom carries risks. International experience suggests that China's credit growth is on a dangerous traject...

Benin
			: Selected Issues

New
Benin : Selected Issues »

Volume/Issue: 2018/2

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336540.002

ISBN: 9781484336540

Keywords: Benin, Sub-Saharan Africa

Selected Issues...

Benin
			: 2017 Article IV Consultation and First Review Under the Extended Credit Facility Arrangement and Request for Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin

New
Benin : 2017 Article IV Consultation and First Review Under the Extended Credit Facility Arrangement and Request for Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin »

Volume/Issue: 2017/1

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336533.002

ISBN: 9781484336533

Keywords: Sub-Saharan Africa, Benin

Upon assuming office in April 2016, the new government moved swiftly to address the deteriorating fiscal situation compounded by spillovers from Nigeria and requested Fund support under the Extended Credit Facility...

Mexico
			: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

New
Mexico : Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) »

Volume/Issue: 2017/406

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2018

DOI: http://dx.doi.org/10.5089/9781484335543.002

ISBN: 9781484335543

Mexico has a mature AML/CFT regime, with a correspondingly well-developed legal and institutional framework. There has been a significant improvement in some areas of the country's AML/CFT regime compared to that w...

Mexico
			: Detailed Assessment Report-Anti-Money Laundering and Combating the Financing of Terrorism

New
Mexico : Detailed Assessment Report-Anti-Money Laundering and Combating the Financing of Terrorism »

Volume/Issue: 2017/405

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2018

DOI: http://dx.doi.org/10.5089/9781484335482.002

ISBN: 9781484335482

Keywords: Mexico, Western Hemisphere

This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in Mexico as at the date of the onsite visit (February 28 to March 16, 2017). It analyzes...

Gabon
			: First Review of the Extended Arrangement under the Extended Fund Facility, Requests for a Waiver for Nonobservance of Performance Criterion, and Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Gabon

New
Gabon : First Review of the Extended Arrangement under the Extended Fund Facility, Requests for a Waiver for Nonobservance of Performance Criterion, and Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Gabon »

Volume/Issue: 2017/408

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 December 2017

DOI: http://dx.doi.org/10.5089/9781484335697.002

ISBN: 9781484335697

Economic activity remains subdued. Budget execution has taken place in difficult conditions given recent shortfalls in non-oil revenues and delays in domestic and external financing. Growth is expected to rebound i...

People's Republic of China
			: Financial Sector Assessment Program- Detailed Assessment of Observance of the Iosco Objectives and Principles of Securities Regulation

New
People's Republic of China : Financial Sector Assessment Program- Detailed Assessment of Observance of the Iosco Objectives and Principles of Securities Regulation »

Volume/Issue: 2017/404

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2017

DOI: http://dx.doi.org/10.5089/9781484335307.002

ISBN: 9781484335307

Keywords: Asia and Pacific

The authorities' vision of ensuring that the capital markets support China's transformation towards a more market-oriented economy has driven capital markets development and-as the authorities recognize-the regulat...

People's Republic of China
			: Financial Sector Assessment Program- Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision

New
People's Republic of China : Financial Sector Assessment Program- Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2017/403

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2017

DOI: http://dx.doi.org/10.5089/9781484335222.002

ISBN: 9781484335222

Keywords: Asia and Pacific

The China Banking Regulatory Commission (CBRC) has maintained its momentum in regulation and supervision in the face of exceptional growth in scale and increasing complexity of the banking system. Equally, the CBRC...

People's Republic of China
			: Financial Sector Assessment Program- Detailed Assessment of Observance of the Insurance Core Principles

New
People's Republic of China : Financial Sector Assessment Program- Detailed Assessment of Observance of the Insurance Core Principles »

Volume/Issue: 2017/402

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2017

DOI: http://dx.doi.org/10.5089/9781484335154.002

ISBN: 9781484335154

Keywords: Asia and Pacific

The Chinese insurance sector is experiencing rapid growth, posing particular challenges to effective supervision. The sector has been growing by over 20 percent a year and there are ambitious government targets for...

Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?

Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? »

Volume/Issue: 2017/291

Series: IMF Working Papers

Author(s): Jonathan Adams , and Philip Barrett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335468.001

ISBN: 9781484335468

Keywords: Country portfolios, international business cycles, home bias, gross asset positions, exchange rates, Backus-Smith puzzle, General, Open Economy Macroeconomics

Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incompl...

Structural Transformation and the Agricultural Wage Gap

Structural Transformation and the Agricultural Wage Gap »

Volume/Issue: 2017/289

Series: IMF Working Papers

Author(s): Jorge Alvarez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335444.001

ISBN: 9781484335444

Keywords: Western Hemisphere, Brazil, Agriculture, Human capital, Wage Gaps, Structural Transformation, Sorting, Productivity Gaps, Labor Force and Employment, Size

A key feature of developing economies is that wages in agriculture are significantly below those of other sectors. Using Brazilian household surveys and administrative panel data, I use information on workers who s...

Shadow Banking and Market Discipline on Traditional Banks

Shadow Banking and Market Discipline on Traditional Banks »

Volume/Issue: 2017/285

Series: IMF Working Papers

Author(s): Anil Ari , Matthieu Darracq-Paries , Christoffer Kok , and Dawid ?ochowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335376.001

ISBN: 9781484335376

Keywords: Financial crisis, United States, Western Hemisphere, Financial crises, Shadow banking, Central banks and their policies, Market discipline, Fire-sales, Financial Markets and the Macroeconomy, Government Policy and Regulation

We present a model in which shadow banking arises endogenously and undermines market discipline on traditional banks. Depositors' ability to re-optimize in response to crises imposes market discipline on traditiona...

Oil Price Shocks and Economic Growth in Oil-Exporting Countries
			: Does the Size of Government Matter?

Oil Price Shocks and Economic Growth in Oil-Exporting Countries : Does the Size of Government Matter? »

Volume/Issue: 2017/287

Series: IMF Working Papers

Author(s): Amir Sadeghi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335390.001

ISBN: 9781484335390

Keywords: Oil Price Shock, Government Expenditure, Growth, Oil-Exporting Countries, General

This paper examines the impact of government size on how output and government expenditure respond to oil price shocks in 28 oil-exporting countries between 1990 and 2016. Results suggest that if the size of govern...

Monetary Policy and the Relative Price of Durable Goods

Monetary Policy and the Relative Price of Durable Goods »

Volume/Issue: 2017/290

Series: IMF Working Papers

Author(s): Alessandro Cantelmo , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335451.001

ISBN: 9781484335451

Keywords: Monetary policy, durables, nondurables, price stickiness, relative price, Monetary Policy (Targets, Instruments, and Effects)

In a SVAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new-house...

China's Impacts on SSA through the Lens of Growth and Exports

China's Impacts on SSA through the Lens of Growth and Exports »

Volume/Issue: 2017/288

Series: IMF Working Papers

Author(s): Yibin Mu , Chu Wang , and Dong Frank Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335406.001

ISBN: 9781484335406

Keywords: Asia and Pacific, Development, Exports, Growth, China Economy, SSA, General, Macroeconomic Analyses of Economic Development

The analysis of China's impacts on the 44 SSA countries reveals that: (i) after joining the WTO in 2001, China has started to impact significantly on SSA growth: one-percent increase in China's GDP per capita leads...

Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor

Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor »

Volume/Issue: 2017/286

Series: IMF Working Papers

Author(s): Allan Dizioli , Philippe Karam , Dirk Muir , and Siegfried Steinlein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335383.001

ISBN: 9781484335383

Keywords: Asia and Pacific, Australia, Fiscal policy; fiscal rules; general equilibrium models; taxation; debt, Fiscal policy, fiscal rules, general equilibrium models, taxation, debt, Forecasting and Simulation, General

This paper revisits options for fiscal anchors in Australia against the backdrop of a medium-term budget balance anchor that has led to larger than expected upward drift in the net debt to GDP ratio since the end o...

Seychelles
			: Request for a Three-Year Policy Coordination Instrument and Ex-Post Assessment of Longer-Term Program Engagement-Press Release; Staff Report

Seychelles : Request for a Three-Year Policy Coordination Instrument and Ex-Post Assessment of Longer-Term Program Engagement-Press Release; Staff Report »

Volume/Issue: 2017/401

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335116.002

ISBN: 9781484335116

Keywords: Sub-Saharan Africa, Seychelles

Seychelles has made substantial progress toward external viability and fiscal sustainability since the 2008 crisis under three successive Fund arrangements. The public debt to GDP ratio has been reduced by almost t...

Bolivia
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Authorities of Bolivia

Bolivia : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Authorities of Bolivia »

Volume/Issue: 2017/395

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484334683.002

ISBN: 9781484334683

Bolivia achieved impressive economic and social advances from 2004-14. Since the drop in commodity prices, the authorities have implemented countercyclical policies and an ambitious five-year investment plan (PDES)...

Exchange Rate Misalignment and Growth: A Myth?

Exchange Rate Misalignment and Growth: A Myth? »

Volume/Issue: 2017/283

Series: IMF Working Papers

Author(s): Carlos Goncalves , and Mauro Rodrigues

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2017

DOI: http://dx.doi.org/10.5089/9781484330135.001

ISBN: 9781484330135

Keywords: Real exchange rate, growth, misalignment

The impact of real exchange rate movements on GDP growth is a hotly debated issue both in policy and academic circles. In this paper, we provide evidence suggesting that the association between exchange rate misali...

St. Vincent and the Grenadines
			: Article IV Consultation-Press Release and Staff Report

St. Vincent and the Grenadines : Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/400

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2017

DOI: http://dx.doi.org/10.5089/9781484334980.002

ISBN: 9781484334980

Keywords: Western Hemisphere, Saint Vincent and the Grenadines

With the international airport's entry in operations, the government has completed a key step of its strategy to spur still lackluster growth and tackle persistently high unemployment. The authorities' remaining ch...

Republic of Serbia
			: Eighth Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia

Republic of Serbia : Eighth Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia »

Volume/Issue: 2017/397

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2017

DOI: http://dx.doi.org/10.5089/9781484334782.002

ISBN: 9781484334782

Keywords: Europe, Serbia

Recent economic developments. Notwithstanding some temporary supply shocks, economic activity remains robust, supported by recovery of private consumption and strong FDI. Significant fiscal over-performance has con...

Mongolia
			: First and Second Reviews Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Mongolia

Mongolia : First and Second Reviews Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Mongolia »

Volume/Issue: 2017/396

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2017

DOI: http://dx.doi.org/10.5089/9781484334737.002

ISBN: 9781484334737

Keywords: Mongolia, Asia and Pacific

A three-year arrangement for Mongolia under the Extended Fund Facility (EFF) was approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million (435 percent of quota, or approximately $425 million). The...

India
			: Financial System Stability Assessment-Press Release and Statement by the Executive Director for India

India : Financial System Stability Assessment-Press Release and Statement by the Executive Director for India »

Volume/Issue: 2017/390

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2017

DOI: http://dx.doi.org/10.5089/9781484334164.002

ISBN: 9781484334164

Keywords: Middle East, Afghanistan, Islamic Republic of

Against the backdrop of important structural reforms and terms of trade gains, India recorded strong growth in recent years in both economic activity and financial assets. Increased diversification, commercial orie...

Republic of Moldova
			: Selected Issues

Republic of Moldova : Selected Issues »

Volume/Issue: 2017/399

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2017

DOI: http://dx.doi.org/10.5089/9781484334928.002

ISBN: 9781484334928

Keywords: Moldova, Europe

Selected Issues...

Niger
			: First Review under the Extended Credit Facility Arrangement-Press Release and Staff Report

Niger : First Review under the Extended Credit Facility Arrangement-Press Release and Staff Report »

Volume/Issue: 2017/394

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2017

DOI: http://dx.doi.org/10.5089/9781484334447.002

ISBN: 9781484334447

Keywords: Sub-Saharan Africa, Niger

With the second lowest Human Development Index and the highest population growth rate in the world, Niger is facing a daunting development agenda. Despite terrorist incursions from abroad and depressed prices for k...

Dominica
			: Selected Issues

Dominica : Selected Issues »

Volume/Issue: 2017/392

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2017

DOI: http://dx.doi.org/10.5089/9781484334287.002

ISBN: 9781484334287

Keywords: Dominica, Western Hemisphere

Selected Issues...

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

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

Volume/Issue: 2017/391

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2017

DOI: http://dx.doi.org/10.5089/9781484334256.002

ISBN: 9781484334256

Keywords: Western Hemisphere, Dominica

The recovery from tropical storm Erika (August 2015) has been slower than anticipated. Capacity constraints slowed public investment while private investment was subdued. The authorities made progress on fiscal con...

Guinea
			: Request For A Three-Year Arrangement Under The Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea

Guinea : Request For A Three-Year Arrangement Under The Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea »

Volume/Issue: 2017/387

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781484333914.002

ISBN: 9781484333914

Keywords: Sub-Saharan Africa, Guinea

The Guinean economy has rebounded from the adverse impact of the Ebola epidemic and growth is expected to continue to be sustained supported by buoyant mining activity and the scaling-up of infrastructure investmen...

Guinea
			: Economic Development Documents

Guinea : Economic Development Documents »

Volume/Issue: 2017/388

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781484333945.002

ISBN: 9781484333945

Keywords: Sub-Saharan Africa, Guinea

Economic Development Documents...

Central African Economic and Monetary Community (CEMAC)
			: Selected Issues

Central African Economic and Monetary Community (CEMAC) : Selected Issues »

Volume/Issue: 2017/393

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781484334294.002

ISBN: 9781484334294

Selected Issues...

Central African Economic and Monetary Community (CEMAC)
			: Common Policies of Member Countries and Policies in Support of Member Countries Reform Programs-Press Release; Staff Report; and Statement by the Executive Director

Central African Economic and Monetary Community (CEMAC) : Common Policies of Member Countries and Policies in Support of Member Countries Reform Programs-Press Release; Staff Report; and Statement by the Executive Director »

Volume/Issue: 2017/389

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781484334119.002

ISBN: 9781484334119

The sharp decline in oil revenues since 2014 continues to impair the region. In the last two years, regional economic growth has turned negative, fiscal and external imbalances have widened, public debt has risen r...

Republic of Madagascar
			: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report

Republic of Madagascar : Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report »

Volume/Issue: 2017/385

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333891.002

ISBN: 9781484333891

Keywords: Sub-Saharan Africa, Madagascar

Context. The gradual economic recovery has continued, with solid growth despite the drought and cyclone that hit Madagascar in early 2017. Fiscal performance has been roughly as planned, with strong revenue perform...

Republic of Belarus
			: Selected Issues

Republic of Belarus : Selected Issues »

Volume/Issue: 2017/384

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333280.002

ISBN: 9781484333280

Keywords: Belarus, Europe

Selected Issues...

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

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

Volume/Issue: 2017/383

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333273.002

ISBN: 9781484333273

Keywords: Europe, Belarus

The Belarusian economy is recovering after two years of recession, helped by a more favorable external environment, better policies, and stronger domestic demand conditions. Near-term external financing pressures h...

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

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

Volume/Issue: 2017/386

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333907.002

ISBN: 9781484333907

Keywords: Asia and Pacific, Kiribati

Kiribati is a small and fragile state vulnerable to climate change. Record high fishing revenue in recent years has boosted growth, improved the current account, and strengthened the fiscal stance. However, fishing...

Jordan
			: Technical Assistance Report-Public Investment Management Assessment (PIMA)

Jordan : Technical Assistance Report-Public Investment Management Assessment (PIMA) »

Volume/Issue: 2017/366

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484332221.002

ISBN: 9781484332221

Keywords: Jordan, Middle East

Jordan's public finances have deteriorated since the mid-2000s, resulting in a significant reduction in public investment. In response to several negative external shocks, notably the Iraq and Syria crises and the...

Guinea- Bissau
			: 2017 Article IV Consultation and Fourth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau

Guinea- Bissau : 2017 Article IV Consultation and Fourth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau »

Volume/Issue: 2017/380

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333150.002

ISBN: 9781484333150

Keywords: Sub-Saharan Africa, Guinea-Bissau

Background: The three-year arrangement under the Extended Credit Facility (ECF) was approved on July 10, 2015. Guinea-Bissau obtained a primary disbursement (SDR 2.84 million, 10 percent of quota) upon approval of...

Guinea- Bissau
			: Selected Issues Paper

Guinea- Bissau : Selected Issues Paper »

Volume/Issue: 2017/381

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333198.002

ISBN: 9781484333198

Keywords: Guinea-Bissau, Sub-Saharan Africa

Selected Issues Paper...

Democratic Republic of Sao Tome and Principe
			: Third and Fourth Reviews under the Extended Credit Facility Arrangement, Extension of the Arrangement, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe

Democratic Republic of Sao Tome and Principe : Third and Fourth Reviews under the Extended Credit Facility Arrangement, Extension of the Arrangement, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe »

Volume/Issue: 2017/382

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2017

DOI: http://dx.doi.org/10.5089/9781484333266.002

ISBN: 9781484333266

Keywords: Sub-Saharan Africa

The economy is expected to grow at a steady pace of 4 percent in 2017, albeit slower than projected at the second review. Over the medium term, growth is projected to accelerate to 51/2 percent, spurred by tourism,...

Togo
			: First Review under the Extended Credit Facility-Press Release; and Staff Report

Togo : First Review under the Extended Credit Facility-Press Release; and Staff Report »

Volume/Issue: 2017/379

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2017

DOI: http://dx.doi.org/10.5089/9781484333075.002

ISBN: 9781484333075

Keywords: Sub-Saharan Africa, Togo

Context: Growth is projected to hover around 5 percent and inflation to remain within the WAEMU convergence criteria of 3 percent during the 2017-19 program period. The authorities have started the fiscal consolida...

Cote d'Ivoire
			: Second Reviews under an Arrangement under the Extended Credit Facility and the Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report

Cote d'Ivoire : Second Reviews under an Arrangement under the Extended Credit Facility and the Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report »

Volume/Issue: 2017/372

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2017

DOI: http://dx.doi.org/10.5089/9781484332580.002

ISBN: 9781484332580

Keywords: Sub-Saharan Africa

Context. Meeting the demands of mutinous soldiers and striking civil servants secured social peace and stability. The authorities tightened security measures to address sporadic attacks on police and security insta...

The Impact of Fiscal Consolidations on Growth in Sub-Saharan Africa

The Impact of Fiscal Consolidations on Growth in Sub-Saharan Africa »

Volume/Issue: 2017/281

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333112.001

ISBN: 9781484333112

Keywords: Africa, Africa, Growth, fiscal consolidations, fiscal multipliers, local projections, General

This paper examines the output effects of changes in public expenditure and revenue in sub-Saharan African countries during 1990-2016. Fiscal multipliers in sub-Saharan Africa are somewhat smaller than those in adv...

Sovereign Risk and Bank Risk-Taking

Sovereign Risk and Bank Risk-Taking »

Volume/Issue: 2017/280

Series: IMF Working Papers

Author(s): Anil Ari

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333051.001

ISBN: 9781484333051

Keywords: Financial crises, Banking crises, Risk-taking, Financial constraints, Sovereign debt crises, Financial Markets and the Macroeconomy, General, International Lending and Debt Problems, Government Policy and Regulation

I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks' investment decisions are n...

Job Protection Deregulation in Good and Bad Times

Job Protection Deregulation in Good and Bad Times »

Volume/Issue: 2017/277

Series: IMF Working Papers

Author(s): Romain Duval , Davide Furceri , and João Tovar Jalles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333013.001

ISBN: 9781484333013

Keywords: Structural Reforms, Labor Market, Deregulation, Employment Protection; Growth; Employment, Employment Protection, Growth, Employment, Labor Economics Policies, Labor Force and Employment, Size

This paper explores the short-term employment effect of deregulating job protection for regular workers and how it varies with prevailing business cycle conditions. We apply a local projection method to a newly con...

International Commodity Prices and Domestic Bank Lending in Developing Countries

International Commodity Prices and Domestic Bank Lending in Developing Countries »

Volume/Issue: 2017/279

Series: IMF Working Papers

Author(s): Isha Agrawal , Rupa Duttagupta , and Andrea Presbitero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333044.001

ISBN: 9781484333044

Keywords: Commodity prices, Developing countries, Bank lending; Commodity prices; Macro-financial linkages; Developing countries, Bank lending, Macro-financial linkages, General, International Lending and Debt Problems, Global Commodity Crises

We study the role of the bank-lending channel in propagating fluctuations in commodity prices to credit aggregates and economic activity in developing countries. We use data on more than 1,600 banks from 78 develop...

Identical Twins? Destination-Based Cash-Flow Taxes Versus Consumption Taxes with Payroll Subsidies

Identical Twins? Destination-Based Cash-Flow Taxes Versus Consumption Taxes with Payroll Subsidies »

Volume/Issue: 2017/276

Series: IMF Working Papers

Author(s): Benjamin Carton , Emilio Fernández Corugedo , and Benjamin Hunt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332993.001

ISBN: 9781484332993

Keywords: tax policy; business taxation, financial accelerator, dynamic stochastic general equilibrium models; macroeconomic interdependence, tax policy, business taxation, dynamic stochastic general equilibrium models, macroeconomic interdependence, Forecasting and Simulation, Monetary Policy (Targets, Instruments

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research....

Firms and the Decline in Earnings Inequality in Brazil

Firms and the Decline in Earnings Inequality in Brazil »

Volume/Issue: 2017/278

Series: IMF Working Papers

Author(s): Jorge Alvarez , Felipe Benguria , Niklas Engbom , and Christian Moser

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333037.001

ISBN: 9781484333037

Keywords: Brazil, Western Hemisphere, Earnings Inequality, Linked Employer-Employee Data, Firm and Worker Heterogeneity, Productivity, Firm Behavior: Empirical Analysis

We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand th...

Crisis and Reform: The 1893 Demise of Banca Romana

Crisis and Reform: The 1893 Demise of Banca Romana »

Volume/Issue: 2017/274

Series: IMF Working Papers

Author(s): Marco Pani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332979.001

ISBN: 9781484332979

Keywords: Italy, Europe, Bank supervision, Banking crisis, Financial crises, Banca Romana; Italy; issuing banks; banking crisis; bank supervision; corruption, Banca Romana, issuing banks, corruption, Search

More than a century later, the Banca Romana crisis still provides useful insights on the challenges of preserving financial stability. This paper reviews the case and discusses implications that can be relevant tod...

Collective Bargaining Through the Magnifying Glass
			: A Comparison Between the Netherlands and Portugal

Collective Bargaining Through the Magnifying Glass : A Comparison Between the Netherlands and Portugal »

Volume/Issue: 2017/275

Series: IMF Working Papers

Author(s): Alexander Hijzen , Pedro Martins , and Jante Parlevliet

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332986.001

ISBN: 9781484332986

Keywords: Netherlands, Portugal, Employment, Europe, Industrial relations, social dialogue, General, Comparative Studies of Particular Economies

Since the global financial crisis, sector-level bargaining has come under renewed scrutiny. While in Southern Europe, the crisis raised concerns about the role of collective bargaining as an obstacle to labor marke...

Islamic Republic of Afghanistan
			: Selected Issues

Islamic Republic of Afghanistan : Selected Issues »

Volume/Issue: 2017/378

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332917.002

ISBN: 9781484332917

Keywords: Afghanistan, Islamic Republic of, Middle East

Selected Issues...

Islamic Republic of Afghanistan
			: 2017 Article IV Consultation and Second Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Afghanistan

Islamic Republic of Afghanistan : 2017 Article IV Consultation and Second Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Afghanistan »

Volume/Issue: 2017/377

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332863.002

ISBN: 9781484332863

Keywords: Middle East, Afghanistan, Islamic Republic of

Context: Despite the sharp drawdown of NATO troops in 2014 and the deteriorated security situation, the National Unity Government (NUG) is making good progress in economic reforms and growth has picked up modestly....

Cyprus
			: Selected Issues

Cyprus : Selected Issues »

Volume/Issue: 2017/376

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332757.002

ISBN: 9781484332757

Keywords: Europe, Cyprus

Selected Issues...

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

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

Volume/Issue: 2017/375

Series: IMF Staff Country Reports

Author(s): Statistical Office of the European Communities

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484332726.002

ISBN: 9781484332726

Keywords: Cyprus, Europe

Cyprus has achieved an impressive turnaround since its banking crisis. Output growth has been accelerating for three consecutive years and is now strong, while unemployment is on a rapidly-declining path. The fisca...

Uganda
			: Technical Assistance Report-Implementing Fiscal Regimes for Extractive Industries: Technical Notes

Uganda : Technical Assistance Report-Implementing Fiscal Regimes for Extractive Industries: Technical Notes »

Volume/Issue: 2017/368

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2017

DOI: http://dx.doi.org/10.5089/9781484332368.002

ISBN: 9781484332368

Keywords: Sub-Saharan Africa, Uganda

This report covers key issues that arise in the implementation of the existing fiscal regimes for upstream petroleum and mining, the midstream segment of the Uganda Oil project, and the design of new regimes....

Uganda
			: Technical Assistance Report-Fiscal Regimes for Extractive Industries: Next Phase

Uganda : Technical Assistance Report-Fiscal Regimes for Extractive Industries: Next Phase »

Volume/Issue: 2017/367

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2017

DOI: http://dx.doi.org/10.5089/9781484332276.002

ISBN: 9781484332276

Keywords: Sub-Saharan Africa, Uganda

Uganda is poised to become a major oil producer if key preconditions are met. A joint venture of three international companies plans a major Uganda Oil Project, in partnership with the government. Up to 1.7 billion...

Islamic Republic of Mauritania
			: Three-Year Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania

Islamic Republic of Mauritania : Three-Year Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania »

Volume/Issue: 2017/369

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2017

DOI: http://dx.doi.org/10.5089/9781484332429.002

ISBN: 9781484332429

Keywords: Middle East, Mauritania

Mauritania is addressing decisively the aftermath of the terms-of-trade shock which slowed growth and widened imbalances. Following the sharp drop in iron ore prices in 2014-15 which halved export revenues, widened...

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

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

Volume/Issue: 2017/370

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2017

DOI: http://dx.doi.org/10.5089/9781484332498.002

ISBN: 9781484332498

Keywords: Europe, Finland

A recovery that began in 2015 continues to gather momentum. But the prolonged downturn revealed structural weaknesses, and the economy will face further pressures, including from adverse demographics and technologi...

Albania
			: Selected Issues

Albania : Selected Issues »

Volume/Issue: 2017/374

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2017

DOI: http://dx.doi.org/10.5089/9781484332672.002

ISBN: 9781484332672

Keywords: Europe, Albania

Selected Issues...

Credit and Fiscal Multipliers in China

Credit and Fiscal Multipliers in China »

Volume/Issue: 2017/273

Series: IMF Working Papers

Author(s): Sophia Chen , Lev Ratnovski , and Pi-Han Tsai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2017

DOI: http://dx.doi.org/10.5089/9781484332160.001

ISBN: 9781484332160

Keywords: Asia and Pacific, China, Macroprudential Policy, Fiscal stimulus, Credit Growth, Multipliers, Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy, General, Size and Spatial Distributions of Regional Economic Activity

We jointly estimate credit and fiscal multipliers in China. We use the tenure of the provincial party secretary, interacted with the type of stimulus used in other provinces, to obtain separate instruments for prov...

Sudan
			: Selected Issues

Sudan : Selected Issues »

Volume/Issue: 2017/365

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2017

DOI: http://dx.doi.org/10.5089/9781484331705.002

ISBN: 9781484331705

Keywords: Middle East, Sudan

Selected Issues...

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

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

Volume/Issue: 2017/364

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2017

DOI: http://dx.doi.org/10.5089/9781484331668.002

ISBN: 9781484331668

Keywords: Sudan, Middle East

After 20 years, longstanding U.S. sanctions on trade and financial flows were revoked in October 2017, considering Sudan's progress in cessation of hostilities in internal conflicts, improved cooperation on regiona...

Reassessing the Perimeter of Government Accounts in China

Reassessing the Perimeter of Government Accounts in China »

Volume/Issue: 2017/272

Series: IMF Working Papers

Author(s): Rui Mano , and Phil Stokoe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2017

DOI: http://dx.doi.org/10.5089/9781484331651.001

ISBN: 9781484331651

Keywords: China, Asia and Pacific, Government Statistics, Fiscal Risks, Local Government Finance, General

China's official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF's augmented government accounts. This paper argues that the broader concept of augmented government remain...

Mauritius
			: Staff Report for the 2017 Article IV Consultation-Press Release and Staff Report

Mauritius : Staff Report for the 2017 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/362

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2017

DOI: http://dx.doi.org/10.5089/9781484331521.002

ISBN: 9781484331521

Keywords: Mauritius, Sub-Saharan Africa

Mauritius is seeking to become a high-income economy within the next ten years. The growth strategy is anchored around an ambitious public investment program and improvements in the business climate. However, fisca...

Mauritius
			: Selected Issues

Mauritius : Selected Issues »

Volume/Issue: 2017/363

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2017

DOI: http://dx.doi.org/10.5089/9781484331576.002

ISBN: 9781484331576

Keywords: Sub-Saharan Africa, Mauritius

Selected Issues...

Welfare vs. Income Convergence and Environmental Externalities

Welfare vs. Income Convergence and Environmental Externalities »

Volume/Issue: 2017/271

Series: IMF Working Papers

Author(s): Geoffrey Bannister , and Alex Mourmouras

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2017

DOI: http://dx.doi.org/10.5089/9781484331514.001

ISBN: 9781484331514

Keywords: Environment, Income, Production, Welfare, convergence, externalities, Equity, Justice, Inequality, and Other Normative Criteria and Measurement

We present estimates of welfare by country for 2007 and 2014 using the methodology of Jones and Klenow (2016) which incorporates consumption, leisure, mortality and inequality, and we extend the methodology to incl...

Georgia
			: First Review under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; and Staff Report

Georgia : First Review under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; and Staff Report »

Volume/Issue: 2017/361

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2017

DOI: http://dx.doi.org/10.5089/9781484331224.002

ISBN: 9781484331224

Keywords: Middle East, Georgia

Recent economic developments. Economic activity has strengthened on the back of stronger growth in main trading partners. Fiscal overperformance and efforts to address structural weaknesses have helped boost confid...

Democratic Republic of Timor-Leste
			: 2017 Article IV Consultation-Press Release and Staff Report

Democratic Republic of Timor-Leste : 2017 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/360

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2017

DOI: http://dx.doi.org/10.5089/9781484331194.002

ISBN: 9781484331194

Keywords: Asia and Pacific, Timor-Leste

The near-term growth and inflation outlook remains generally favorable, but the fiscal balance and external position have deteriorated substantially. Adjustment from high dependency on oil revenue and large infrast...

People's Republic of China
			: Financial System Stability Assessment-Press Release and Statement by the Executive Director for People's Republic of China

People's Republic of China : Financial System Stability Assessment-Press Release and Statement by the Executive Director for People's Republic of China »

Volume/Issue: 2017/358

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2017

DOI: http://dx.doi.org/10.5089/9781484331149.002

ISBN: 9781484331149

Keywords: Asia and Pacific

Since the 2011 FSAP, China's impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic transformation. China is transitioning from an economic model based on exports and...

People's Republic of China
			: Detailed Assessment Report on the Observance of Standards and Codes

People's Republic of China : Detailed Assessment Report on the Observance of Standards and Codes »

Volume/Issue: 2017/359

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2017

DOI: http://dx.doi.org/10.5089/9781484331156.002

ISBN: 9781484331156

Keywords: Asia and Pacific

Detailed Assessment Report on the Observance of Standards and Codes...

Djibouti's Quest for Inclusive Growth

Djibouti's Quest for Inclusive Growth »

Volume/Issue: 2017/270

Series: IMF Working Papers

Author(s): Alexei Kireyev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2017

DOI: http://dx.doi.org/10.5089/9781484331118.001

ISBN: 9781484331118

Keywords: Middle East, Djibouti, Poverty reduction, growth, inclusiveness, inequality, General, Aggregate Factor Income Distribution, Measurement and Analysis of Poverty

The paper reviews Djibouti's macroeconomic reforms aimed at achieving middle-income status as envisaged in Vision Djibouti 2035, the authorities' development strategy. In this context, the paper reviews policy opti...

Djibouti: la recherche d'une croissance inclusive

Djibouti: la recherche d'une croissance inclusive »

Volume/Issue: 2017/270

Series: IMF Working Papers

Author(s): Alexei Kireyev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2017

DOI: http://dx.doi.org/10.5089/9781484331132.001

ISBN: 9781484331132

Keywords: Middle East, Djibouti, croissance, inclusion, inegalites, reduction de la pauvrete, General, Aggregate Factor Income Distribution, Measurement and Analysis of Poverty

Le présent document examine les réformes macroéconomiques que Djibouti doit opérer en vue de devenir un pays à revenu intermédiaire comme prévu dans la stratégie de développement des autorités, Vision Djibouti 2035...

International Financial Statistics, December 2017

International Financial Statistics, December 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 December 2017

DOI: http://dx.doi.org/10.5089/9781484326923.041

ISBN: 9781484326923

International Financial Statistics, December 2017...

Shifting Commodity Markets in a Globalized World

Shifting Commodity Markets in a Globalized World »

Series: Books

Author(s): Rabah Arezki , and Akito Matsumoto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484310328.071

ISBN: 9781484310328

Keywords: Energy and Commodity Markets; Boom and Bust; Volatility; Global Economy

A survey of the complex and intertwined set of forces behind the various commodity markets and the interplay between these markets and the global economy. Summarizes a rich set of facts combined with in-depth analy...

Unconventional Monetary Policy in a Small Open Economy

Unconventional Monetary Policy in a Small Open Economy »

Volume/Issue: 2017/268

Series: IMF Working Papers

Author(s): Margaux MacDonald , and Micha? Ksawery Popiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484330944.001

ISBN: 9781484330944

Keywords: Central banks and their policies, Small open economy; unconventional monetary policy; Bayesian structural VAR; zero lower bound; international monetary policy transmission, Small open economy, unconventional monetary policy, Bayesian structural VAR, zero lower bound, international monetary policy transmission, Monetary Policy (Targets, Instruments, and Effects)

This paper investigates the effects of unconventional monetary policy in a small open economy. Using recently proposed shadow interest rates to capture unconventional monetary policy at the zero lower bound (ZLB) w...

Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France

Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France »

Volume/Issue: 2017/269

Series: IMF Working Papers

Author(s): Piyabha Kongsamut , Christian Mumssen , Anne-Charlotte Paret , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484330968.001

ISBN: 9781484330968

Keywords: Europe, France, Forecasting, financial conditions index, macro-financial linkages, vector auto-regression, refers to exports volume of goods, General, Forecasting and Simulation

How can information on financial conditions be used to better understand macroeconomic developments and improve macroeconomic projections? We investigate this question for France by constructing country-specific fi...

External Adjustment in a Resource-Rich Economy: The Case of Papua New Guinea

External Adjustment in a Resource-Rich Economy: The Case of Papua New Guinea »

Volume/Issue: 2017/267

Series: IMF Working Papers

Author(s): Ryota Nakatani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484325063.001

ISBN: 9781484325063

Keywords: Foreign exchange, Asia and Pacific, Papua New Guinea, Balance of payments, Agricultural exports, Commodity Exporters, Elasticities, Foreign Reserve, Invervention, Cointegration

How should resource-rich economies handle the balance of payments adjustment required after commodity price declines? This paper addresses the question theoretically by developing a simple two-period multi-sector m...

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

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

Volume/Issue: 2017/357

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484330999.002

ISBN: 9781484330999

Keywords: Asia and Pacific, Maldives

Maldives' economic growth has been highly volatile, driven primarily by a high-end tourism industry. The economy improved marginally in 2016-17 on a recovery in tourism and construction but continues to face large...

Rwanda
			: Request for Extensions of the Standby Credit Facility Arrangement and the Policy Support Instrument-Press Release and Staff Report

Rwanda : Request for Extensions of the Standby Credit Facility Arrangement and the Policy Support Instrument-Press Release and Staff Report »

Volume/Issue: 2017/356

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2017

DOI: http://dx.doi.org/10.5089/9781484330890.002

ISBN: 9781484330890

Keywords: Sub-Saharan Africa, Rwanda

Program performance is on track. All continuous and end-June 2017 quantitative assessment/performance criteria were met, as were almost all indicative targets. Most structural benchmarks have already been met or ar...

Mexico
			: Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press Release and Staff Report

Mexico : Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press Release and Staff Report »

Volume/Issue: 2017/355

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2017

DOI: http://dx.doi.org/10.5089/9781484330821.002

ISBN: 9781484330821

Keywords: Western Hemisphere, Mexico

Mexico's economy has exhibited resilience in the face of a complex external environment. The authorities have responded appropriately to the recent external shocks and demonstrated their commitment to macroeconomic...

Finance & Development, December 2017

Finance & Development, December 2017 »

Volume/Issue: 54/4

Series: Finance & Development

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2017

DOI: http://dx.doi.org/10.5089/9781484316207.022

ISBN: 9781484316207

Keywords: Finance and Development

Finance & Development, December 2017...

Resolving China's Zombies: Tackling Debt and Raising Productivity

Resolving China's Zombies: Tackling Debt and Raising Productivity »

Volume/Issue: 2017/266

Series: IMF Working Papers

Author(s): W. Raphael Lam , Alfred Schipke , Yuyan Tan , and Zhibo Tan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 November 2017

DOI: http://dx.doi.org/10.5089/9781484330722.001

ISBN: 9781484330722

Keywords: Corporate debt, Debt restructuring, Asia and Pacific, China, state-owned enterprises, and zombie firms, zombie firms, General, Firm Behavior: Empirical Analysis

Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (...

Winning Connections? Special Interests and the Sale of Failed Banks

Winning Connections? Special Interests and the Sale of Failed Banks »

Volume/Issue: 2017/262

Series: IMF Working Papers

Author(s): Deniz Igan , Thomas Lambert , Wolf Wagner , and Quxian Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2017

DOI: http://dx.doi.org/10.5089/9781484330104.001

ISBN: 9781484330104

Keywords: Western Hemisphere, United States, Bank resolution, Financial crisis, Rent seeking, Failed banks, Lobbying, Economic Models of Political Processes: Rent-Seeking, Elections, Legislatures

We study how lobbying affects the resolution of failed banks, using a sample of FDIC auctions between 2007 and 2014. We show that bidding banks that lobby regulators have a higher probability of winning an auction....

Fiscal Federalism and Regional Performance

Fiscal Federalism and Regional Performance »

Volume/Issue: 2017/265

Series: IMF Working Papers

Author(s): Gabriel Di Bella , Oksana Dynnikova , and Francesco Grigoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2017

DOI: http://dx.doi.org/10.5089/9781484330166.001

ISBN: 9781484330166

Keywords: Europe, Russian Federation, Convergence, federalism, regional policies, Russia, transfers, General, State and Local Taxation, Subsidies

Sound regional policies are essential for balanced and sustained economic growth. The interaction of federal and regional policies with cross-regional structural differences affect human and physical capital format...

Dominant Currency Paradigm: A New Model for Small Open Economies

Dominant Currency Paradigm: A New Model for Small Open Economies »

Volume/Issue: 2017/264

Series: IMF Working Papers

Author(s): Camila Casas , Federico Diez , Gita Gopinath , and Pierre-Olivier Gourinchas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2017

DOI: http://dx.doi.org/10.5089/9781484330173.001

ISBN: 9781484330173

Keywords: Small open economies, Currency, General

Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer's currency or in local currency. We model instead a ‘dominant currency pa...

Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia

Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia »

Volume/Issue: 2017/263

Series: IMF Working Papers

Author(s): Adolfo Barajas , Sergio Restrepo , Roberto Steiner , Juan Camilo Medellin , and Cesar Pabon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2017

DOI: http://dx.doi.org/10.5089/9781484330128.001

ISBN: 9781484330128

Keywords: Foreign exchange, Western Hemisphere, Colombia, Colombia; depreciation; balance sheet effects; exchange rate derivatives;, depreciation, balance sheet effects, exchange rate derivatives

After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand...

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

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

Volume/Issue: 2017/354

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2017

DOI: http://dx.doi.org/10.5089/9781484330043.002

ISBN: 9781484330043

Keywords: Europe, Macedonia, former Yugoslav Republic of

The prolonged political uncertainty has taken a toll on economic growth, with investment suffering because of weak sentiment. With the formation of the new government, policies should now focus on rebuilding fiscal...

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

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

Volume/Issue: 2017/352

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2017

DOI: http://dx.doi.org/10.5089/9781484329948.002

ISBN: 9781484329948

Keywords: Western Hemisphere, Trinidad and Tobago

Continued low energy prices and three years of recession have significantly widened fiscal deficits. Absent consolidation, fiscal balances and public debt are projected to be on an unsustainable medium-term traject...