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Regional Economic Outlook, May 2018, Europe

Managing the Upswing in Uncertain Times

The Spring EUR REO projects the economic outlook for the region for the next six months.

Regional Economic Outlook, April 2018, Western Hemisphere Department

Seizing the Momentum

The Spring 2018 WHD REO projects the economic outlook for the region over the next six months.

Regional Economic Outlook, May 2018, Europe
			: Managing the Upswing in Uncertain Times

New
Regional Economic Outlook, May 2018, Europe : Managing the Upswing in Uncertain Times »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2018

DOI: http://dx.doi.org/10.5089/9781484339909.086

ISBN: 9781484339909

Europe continues to enjoy a strong growth spurt. Growth has firmed up in many European economies and the forecast is for more of the same. Real GDP increased by 2.8 percent in 2017, up from 1.8 percent in 2016. The...

Regional Economic Outlook, April 2018, Western Hemisphere Department
			: Seizing the Momentum

New
Regional Economic Outlook, April 2018, Western Hemisphere Department : Seizing the Momentum »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 May 2018

DOI: http://dx.doi.org/10.5089/9781484339879.086

ISBN: 9781484339879

The world economy and global trade are experiencing a broad-based cyclical upswing. Since October 2017, global growth outcomes and the outlook for 2018-19 have improved across all regions, reinforced by the expecte...

Regional Economic Outlook, April 2018, Asia Pacific
			: Good Times, Uncertain Times: A Time to Prepare

New
Regional Economic Outlook, April 2018, Asia Pacific : Good Times, Uncertain Times: A Time to Prepare »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2018

DOI: http://dx.doi.org/10.5089/9781484339886.086

ISBN: 9781484339886

Asia is expected to grow by about 51/2 percent this year, accounting for nearly two-thirds of global growth, and the region remains the world's most dynamic by a considerable margin. But despite the strong outlook,...

Regional Economic Outlook, April 2018, Sub-Saharan Africa
			: Domestic Revenue Mobilization and Private Investment

New
Regional Economic Outlook, April 2018, Sub-Saharan Africa : Domestic Revenue Mobilization and Private Investment »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2018

DOI: http://dx.doi.org/10.5089/9781484339862.086

ISBN: 9781484339862

Keywords: Economic situation, Economic growth, Africa, Oil exporting countries, Investment policy, Investment, economic outlook, economic projection, sub-Saharan Africa

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3.4 percent in 2018, from 2.8 percent in 2017, on the back of improve...

International Financial Statistics, May 2018

New
International Financial Statistics, May 2018 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2018

DOI: http://dx.doi.org/10.5089/9781484331446.041

ISBN: 9781484331446

International Financial Statistics, May 2018...

Israel
			: Selected Issues

New
Israel : Selected Issues »

Volume/Issue: 2018/112

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2018

DOI: http://dx.doi.org/10.5089/9781484353387.002

ISBN: 9781484353387

Keywords: Israel, Europe

Selected Issues...

Israel
			: 2018 Article IV Consultation-Press Release and Staff Report

New
Israel : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/111

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2018

DOI: http://dx.doi.org/10.5089/9781484353301.002

ISBN: 9781484353301

Keywords: Europe, Israel

Israel's economy is growing well with inflation remaining low and the housing market cooling. Growth of about 31/2 percent in 2017 helped bring unemployment below four percent in early 2018, supporting robust wage...

Turkey
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey

New
Turkey : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey »

Volume/Issue: 2018/110

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2018

DOI: http://dx.doi.org/10.5089/9781484353196.002

ISBN: 9781484353196

Keywords: Turkey, Europe

Growth rebounded sharply in 2017, helped by strong policy stimulus in the wake of the 2016 post-coup attempt slump and by favorable external conditions. Although expansionary policies were initially warranted, they...

Annual Report on Exchange Arrangements and Exchange Restrictions 2017

New
Annual Report on Exchange Arrangements and Exchange Restrictions 2017 »

Series: Annual Report on Exchange Arrangements and Exchange Restrictions

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2018

DOI: http://dx.doi.org/10.5089/9781484300992.012

ISBN: 9781484300992

Keywords: Classification of exchange rate arrangements, Trade restrictions

The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the c...

West African Economic and Monetary Union (WAEMU)
			: Selected Issues

West African Economic and Monetary Union (WAEMU) : Selected Issues »

Volume/Issue: 2018/107

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 April 2018

DOI: http://dx.doi.org/10.5089/9781484352816.002

ISBN: 9781484352816

Selected Issues...

West African Economic and Monetary Union (WAEMU)
			: Selected Issues

West African Economic and Monetary Union (WAEMU) : Selected Issues »

Volume/Issue: 2018/107

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 April 2018

DOI: http://dx.doi.org/10.5089/9781484352816.002

ISBN: 9781484352816

Selected Issues...

Cote d'Ivoire
			: Technical Assistance Report-Modernizing the Analysis, Monitoring, and Disclosure of Fiscal Risks

Cote d'Ivoire : Technical Assistance Report-Modernizing the Analysis, Monitoring, and Disclosure of Fiscal Risks »

Volume/Issue: 2018/95

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484349625.002

ISBN: 9781484349625

Keywords: Sub-Saharan Africa

Since 2012, Côte d'Ivoire has succeeded in maintaining a virtuous dynamic of strong economic growth, driven by the revival of infrastructure investment, a sustainable fiscal policy and renewed confidence of interna...

Cabo Verde
			: Selected Issues Paper

Cabo Verde : Selected Issues Paper »

Volume/Issue: 2018/105

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484352328.002

ISBN: 9781484352328

Keywords: Cabo Verde

Selected Issues Paper...

Cabo Verde
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde

Cabo Verde : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde »

Volume/Issue: 2018/104

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484352267.002

ISBN: 9781484352267

Keywords: Cabo Verde

Cabo Verde has made significant progress over the last few decades in economic and social development. During 2012-15, low economic growth as a consequence of the crisis in Europe, a significant scaling-up of publi...

IMF Financial Operations 2018

IMF Financial Operations 2018 »

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484330876.071

ISBN: 9781484330876

Keywords: interest, lending, debt, reserve, income

IMF Financial Operations 2018 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and provides background...

Global Financial Stability Report, April 2018
			: A Bumpy Road Ahead

Global Financial Stability Report, April 2018 : A Bumpy Road Ahead »

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484338292.082

ISBN: 9781484338292

Keywords: Global Financial Stability Report, Global Financial Stability Report, global financial stability, crypto assets, financial risks, risks to growth, financial vulnerabilities

The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR. Medium-term risks are still elevated as financial vulnera...

Fiscal Monitor, April 2018
			: Capitalizing on Good Times

Fiscal Monitor, April 2018 : Capitalizing on Good Times »

Series: Fiscal Monitor

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484333952.089

ISBN: 9781484333952

Keywords: Public finance, Tax policy, Debt and growth, Fiscal Monitor, debt, digitalization, tax

The April 2018 edition of Fiscal Monitor is focused on two broad themes: the burden of high global debt and the opportunities and challenges of digital government. Chapter 1 explores how strong and broad-based g...

A Compass to Prosperity
			: The Next Steps of Euro Area Economic Integration

A Compass to Prosperity : The Next Steps of Euro Area Economic Integration »

Series: IMF Speeches

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2018

DOI: http://dx.doi.org/10.5089/9781484349601.076

ISBN: 9781484349601

Keywords: Economic integration, Regional integration, Regional economic integration, Global Financial Crisis 2008-2009, Global financial crisis, 2008-2009, Capital markets, Effective banking supervision, Banking law, International banking, Banking

A speech delivered by the IMF's Managing Director Christine Lagarde at the German Institute for Economic Research (DIW) as part of the Institute's Europe Lecture Series in Berlin, Germany, on March 26, 2018....

World Economic Outlook, April 2018
			: Cyclical Upswing, Structural Change

World Economic Outlook, April 2018 : Cyclical Upswing, Structural Change »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 April 2018

DOI: http://dx.doi.org/10.5089/9781484338278.081

ISBN: 9781484338278

Keywords: Economic growth, Production growth, Population growth, Manufacturing, Manufacturing sector, Information technology, Technology transfer, Spillovers, Innovation spillovers, Labor force participation

The upswing in global investment and trade continued in the second half of 2017. At 3.8 percent, global growth in 2017 was the fastest since 2011. With financial conditions still supportive, global growth is expect...

Jamaica
			: 2018 Article IV Consultation, Third Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release and Staff Report

Jamaica : 2018 Article IV Consultation, Third Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release and Staff Report »

Volume/Issue: 2018/103

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2018

DOI: http://dx.doi.org/10.5089/9781484351048.002

ISBN: 9781484351048

Keywords: Western Hemisphere, Jamaica

Jamaica is entering its sixth year of economic reform. Through ongoing fiscal consolidation and active debt management, the public debt-to-GDP ratio is on a firm downward path. Macroeconomic stability is entrenched...

IMF Publications Catalog, Spring 2018

IMF Publications Catalog, Spring 2018 »

Series: Miscellaneous Publication (Other)

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2018

DOI: http://dx.doi.org/10.5089/9781484349816.073

ISBN: 9781484349816

The Spring 2018 IMF Publications Catalog highlights new and forthcoming publications from the IMF....

Fiscal Transparency Handbook (2018)

Fiscal Transparency Handbook (2018) »

Series: Manuals & Guides

Author(s): Sailendra Pattanayak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2018

DOI: http://dx.doi.org/10.5089/9781484331859.069

ISBN: 9781484331859

Keywords: Fiscal transparency, Transparency of fiscal data, fiscal transparency, IMF Fiscal Transparency code

The IMF's Fiscal Transparency Code is the international standard for disclosure of information about public finances and is the centerpiece of the global architecture on fiscal transparency. The Fiscal Transparency...

Nepal: Defending Against Money Laundering
			: Into and Out of the Grey

Nepal: Defending Against Money Laundering : Into and Out of the Grey »

Series: Miscellaneous Publication (Other)

Author(s): Joe Procopio , and Amit Khetarpaul

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484351444.073

ISBN: 9781484351444

Keywords: Technical Assistance, Technical assistance experts, Technical assistance experts assignments, Technical assistance missions, Technical assistance programs, Technical assistance to other organizations, Anti money laundering, Combating the financing of terrorism

A story about Nepal's journey to address money laundering--how it navigated the various obstacles it faced over the years to meet international standards on anti-money laundering and combating the financing of terr...

Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules

Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules »

Volume/Issue: 2018/87

Series: IMF Working Papers

Author(s): Federico Diaz Kalan , Adina Popescu , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484351024.001

ISBN: 9781484351024

Keywords: Fiscal rules, noncompliance, sovereign spreads, General, Models with Panel Data

There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the li...

Intergovernmental Fiscal Reform in China

Intergovernmental Fiscal Reform in China »

Volume/Issue: 2018/88

Series: IMF Working Papers

Author(s): Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484351109.001

ISBN: 9781484351109

Keywords: Asia and Pacific, Social safety nets, Intergovernmental relations, subnational government finances, China, Social Security and Public Pensions, State and Local Taxation, Subsidies, and Revenue, State and Local Borrowing

China is the most decentralized country in the world in terms of expenditures shares, with subnational governments responsible for 85 percent of government spending. Limited revenue autonomy and insufficient interg...

Second-Generation Fiscal Rules
			: Balancing Simplicity, Flexibility, and Enforceability

Second-Generation Fiscal Rules : Balancing Simplicity, Flexibility, and Enforceability »

Volume/Issue: 2018/4

Series: Staff Discussion Notes

Author(s): Luc Eyraud , Xavier Debrun , Andrew Hodge , Victor Lledo , and Catherine Pattillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484350683.006

ISBN: 9781484350683

Keywords: Debt, Fiscal policy, Fiscal rules, deficit bias, fiscal governance, Structure and Scope of Government, Deficit

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fisca...

Advancing the Frontiers of Monetary Policy

Advancing the Frontiers of Monetary Policy »

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484325940.071

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...

Economic Benefits of Export Diversification in Small States

Economic Benefits of Export Diversification in Small States »

Volume/Issue: 2018/86

Series: IMF Working Papers

Author(s): Arnold McIntyre , Mike Xin Li , Ke Wang , and Hanlei Yun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781484351017.001

ISBN: 9781484351017

Keywords: small states, export diversification, economic growth, growth volatility, tourism

The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the pe...

Decoupling of Emissions and GDP: Evidence from Aggregate and Provincial Chinese Data

Decoupling of Emissions and GDP: Evidence from Aggregate and Provincial Chinese Data »

Volume/Issue: 2018/85

Series: IMF Working Papers

Author(s): Gail Cohen , João Tovar Jalles , Prakash Loungani , Ricardo Marto , and Gewei Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781484351000.001

ISBN: 9781484351000

Keywords: Greenhouse gas emissions, Gross domestic product, China, Emissions, Environmental Okun's Law, Kuznets Curve, China, Provinces

We provide a comprehensive analysis of the relationship between greenhouse gas (GHG) emissions and GDP in China using both aggregate and provincial data. The Kuznets elasticity is about 0.6 for China, higher than t...

Republic of San Marino
			: Selected Issues

Republic of San Marino : Selected Issues »

Volume/Issue: 2018/102

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781484350799.002

ISBN: 9781484350799

Keywords: San Marino, Europe

Selected Issues...

Republic of San Marino
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

Republic of San Marino : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino »

Volume/Issue: 2018/101

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781484350768.002

ISBN: 9781484350768

Keywords: Europe, San Marino

The economy rebounded in 2016, but there were some signs of slowing momentum amid deepened financial sector uncertainties triggered by a sizable loss at the largest bank and a closure of a small bank in 2017. There...

Fiscal Policies and Gender Equality

Fiscal Policies and Gender Equality »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781513590363.071

ISBN: 9781513590363

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

Historically, women around the world have had fewer opportunities than men in education, employment, health care, and politics. The moral argument for gender equality is clear, and the economic evidence is mounting...

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia »

Volume/Issue: 2018/6

Series: Departmental Papers / Policy Papers

Author(s): Edward Gemayel , Lorraine Ocampos , Matteo Ghilardi , and James Aylward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2018

DOI: http://dx.doi.org/10.5089/9781484337165.087

ISBN: 9781484337165

Keywords: Growth acceleration, Uzbekistan, Afghanistan, Islamic Republic of, Iran, Islamic Republic of, Libyan Arab Jamahiriya, Syrian Arab Republic, Yemen, Republic of, Saudi Arabia, Somalia, Sudan

Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency ad...

The Global Macrofinancial Model

The Global Macrofinancial Model »

Volume/Issue: 2018/81

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 April 2018

DOI: http://dx.doi.org/10.5089/9781484350706.001

ISBN: 9781484350706

Keywords: Monetary policy; Fiscal policy; Macroprudential policy; Spillovers; Forecasting; Dynamic stochastic general equilibrium model; World economy

This paper documents the theoretical structure and empirical properties of the latest version of the Global Macrofinancial Model (GFM). This dynamic stochastic general equilibrium model of the world economy, disagg...

When Do We Repair the Roof? Insights from Responses to Fiscal Crisis Early Warning Signals

When Do We Repair the Roof? Insights from Responses to Fiscal Crisis Early Warning Signals »

Volume/Issue: 2018/77

Series: IMF Working Papers

Author(s): Jiro Honda , Rene Tapsoba , and Ismael Issifou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350652.001

ISBN: 9781484350652

Keywords: Financial crises, Crisis prevention, Fiscal consolidation, Fiscal policy, Early warning systems, Econometric models, Early warning signal, Fiscal consolidation, Fiscal crisis

Should policymakers wait for fiscal crisis early warning signals before repairing the roof? We give an answer to this question by investigating the interlinkages between early warning signals for fiscal crisis, pol...

The Stabilizing Role of Net Foreign Asset Returns

The Stabilizing Role of Net Foreign Asset Returns »

Volume/Issue: 2018/79

Series: IMF Working Papers

Author(s): Gustavo Adler , and Daniel Garcia-Macia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484349922.001

ISBN: 9781484349922

Keywords: net foreign assets, international investment position, valuation changes, return differential.

With the rapid growth of countries' foreign asset and liability positions over the last two decades, financial returns on those positions ('NFA returns') have become material drivers of current accounts and net sto...

The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data

The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data »

Volume/Issue: 2018/83

Series: IMF Working Papers

Author(s): Davide Furceri , Prakash Loungani , and Jonathan Ostry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350898.001

ISBN: 9781484350898

Keywords: Globalization, Inequality, Capital Account Openness, Crises, Institutions

We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows-financial globalization. Both country- and industry-level results suggest that such policies ha...

Relationship Between Short-Term Interest Rates and Excess Reserves
			: A Logistic Approach

Relationship Between Short-Term Interest Rates and Excess Reserves : A Logistic Approach »

Volume/Issue: 2018/80

Series: IMF Working Papers

Author(s): Romain Veyrune , Guido della Valle , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350690.001

ISBN: 9781484350690

Keywords: Central banking, operational frameworks, autonomous factors

This paper models the relationship between short-term rates and excess reserves in an interest rate corridor as a logistic function estimated for the Eurosystem. The estimate helps to identify conditions in which s...

Policy Conflicts and Inflation Targeting: The Role of Credit Markets

Policy Conflicts and Inflation Targeting: The Role of Credit Markets »

Volume/Issue: 2018/72

Series: IMF Working Papers

Author(s): Woon Choi , and David Cook

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350515.001

ISBN: 9781484350515

Keywords: Inflation targeting, Central banks and their policies, Policy Conflicts, Taylor rule, and Macroprudential Policy, Credit Growth, Macroprudential Policy, Monetary Policy (Targets, Instruments, and Effects)

This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when...

Interest-Growth Differentials and Debt Limits in Advanced Economies

Interest-Growth Differentials and Debt Limits in Advanced Economies »

Volume/Issue: 2018/82

Series: IMF Working Papers

Author(s): Philip Barrett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350980.001

ISBN: 9781484350980

Keywords: Fiscal policy, Government Debt, Uncertainty

Do persistently low nominal interest rates mean that governments can safely borrow more? To addresses this question, I extend the model of Ghosh et al. [2013] to allow for persistent stochastic changes in nominal i...

How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence

How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence »

Volume/Issue: 2018/84

Series: IMF Working Papers

Author(s): Deniz Igan , Ali Mirzaei , and Tomoe Moore

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350997.001

ISBN: 9781484350997

Keywords: Entry regulations, Credit access, Price-cost margins, Industry competition

We examine the extent to which regulations of entry and credit access are related to competition using data on 28 manufacturing sectors across 64 countries. A robust finding is that bureaucratic and costly entry re...

Globalization and the New Normal

Globalization and the New Normal »

Volume/Issue: 2018/75

Series: IMF Working Papers

Author(s): Alina Carare , Bertrand Candelon , Jean-Baptiste Hasse , and Jing Lu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350645.001

ISBN: 9781484350645

Keywords: New Normal, Globalization, Financial crises, Banking crises, Output growth

This study expands the empirical specification of Cerra and Saxena (2008), and allows short-term output growth regimes to be determined by globalization. Relying on a non-linear dynamic panel representation, it rec...

On the Impact of Structural Reforms on Output and Employment
			: Evidence from a Cross-country Firm-level Analysis

On the Impact of Structural Reforms on Output and Employment : Evidence from a Cross-country Firm-level Analysis »

Volume/Issue: 2018/73

Series: IMF Working Papers

Author(s): Luiza Antoun de Almeida , and Vybhavi Balasundharam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350393.001

ISBN: 9781484350393

Keywords: structural reforms; firm-level data; Orbis dataset; potential growth

This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging mar...

Finland's Public Sector Balance Sheet
			: A Novel Approach to Analysis of Public Finance

Finland's Public Sector Balance Sheet : A Novel Approach to Analysis of Public Finance »

Volume/Issue: 2018/78

Series: IMF Working Papers

Author(s): Maren Brede , and Christian Henn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484349885.001

ISBN: 9781484349885

Keywords: Finland, Debt sustainability, Europe, Public Sector Balance Sheet, Intertemporal Fiscal Balances, General, Social Security and Public Pensions, Forecasts of Budgets, Deficits, and Debt

We construct a comprehensive public sector balance sheet for Finland from 2000 to 2016 by complementing general government statistics with data on public corporations and public pensions. We show that exposure to v...

A Primer on Managing Sovereign Debt-Portfolio Risks

A Primer on Managing Sovereign Debt-Portfolio Risks »

Volume/Issue: 2018/74

Series: IMF Working Papers

Author(s): Thordur Jonasson , and Michael Papaioannou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

DOI: http://dx.doi.org/10.5089/9781484350546.001

ISBN: 9781484350546

Keywords: Public debt management, Financial risk, Foreign Exchange Hedging, Government Securities Markets, General, Portfolio Choice

This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management s...

Growing Pains
			: Is Latin American Prepared for Population Aging?

Growing Pains : Is Latin American Prepared for Population Aging? »

Volume/Issue: 2018/5

Series: Departmental Papers / Policy Papers

Author(s): Valentina Flamini , Misael Galdamez , Frederic Lambert , Mike Li , Bogdan Lissovolik , Rosalind Mowatt , Jaume Puig , Alexander Klemm , Mauricio Soto , Saji Thomas , Christoph Freudenberg , Anna Orthofer , and Lorenzo Figliuoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2018

DOI: http://dx.doi.org/10.5089/9781484326107.087

ISBN: 9781484326107

Keywords: Aging, Health care, Pensions, Age-related spending, Old age pensions, Government expenditures and health, Latin America, Retirement pensions, demographics, long-term fiscal gaps

This paper estimates the fiscal costs of population aging in Latin America and provides policy recommendations on reforms needed to make these costs manageable. Although Latin American societies are still younger t...

Race to the Next Income Frontier
			: How Senegal and Other Low-Income Countries Can Reach the Finish Line

Race to the Next Income Frontier : How Senegal and Other Low-Income Countries Can Reach the Finish Line »

Series: Books

Author(s): Ali Mansoor , Salifou Issoufou , and Daouda Sembene

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2018

DOI: http://dx.doi.org/10.5089/9781484303139.071

ISBN: 9781484303139

Keywords: Debt sustainability, Economic growth, Economic reforms, Poverty reduction, Senegal, Gross domestric product growth, Inclusive growth, Output growth, Plan Senegal Emergent, growth rate

Economic transformation and diversification require solutions that take account of the political economy of reform. This book explores the process of economic transformation, using Senegal as an example. Sound macr...

The Gambia
			: Selected Issues

The Gambia : Selected Issues »

Volume/Issue: 2018/100

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2018

DOI: http://dx.doi.org/10.5089/9781484350218.002

ISBN: 9781484350218

Keywords: Gambia, The, Sub-Saharan Africa

Selected Issues...

The Gambia
			: 2017 Article IV Consultation and First Review Under and Extension of the Staff-Monitored Program with The Gambia-Press Release; Staff Report; and Statement by the Executive Director for The Gambia

The Gambia : 2017 Article IV Consultation and First Review Under and Extension of the Staff-Monitored Program with The Gambia-Press Release; Staff Report; and Statement by the Executive Director for The Gambia »

Volume/Issue: 2018/99

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2018

DOI: http://dx.doi.org/10.5089/9781484350201.002

ISBN: 9781484350201

Keywords: Sub-Saharan Africa, Gambia, The

Following the historical transition to a democratically elected government in January 2017, the new administration has had to contend with a dire economic situation with unsustainable debt, failing SOEs, and crowdi...

Mongolia
			: Staff Report for the Third Review Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Mongolia

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

Volume/Issue: 2018/98

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2018

DOI: http://dx.doi.org/10.5089/9781484350126.002

ISBN: 9781484350126

Keywords: Mongolia, Asia and Pacific

The economy is recovering better than anticipated due to buoyant external demand and a return of confidence. The situation facing Mongolia has changed considerably. One year ago, public debt was on track to reach 1...

Luxembourg
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg

Luxembourg : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg »

Volume/Issue: 2018/96

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2018

DOI: http://dx.doi.org/10.5089/9781484349960.002

ISBN: 9781484349960

Keywords: Luxembourg, Europe

Luxembourg's growth outlook remains favorable, as the ongoing global recovery boosts near-term activity. Economic, fiscal and financial sector policies are generally sound and unemployment is on a declining path. R...

Luxembourg
			: Selected Issues

Luxembourg : Selected Issues »

Volume/Issue: 2018/97

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2018

DOI: http://dx.doi.org/10.5089/9781484350041.002

ISBN: 9781484350041

Keywords: Europe, Luxembourg

Selected Issues...

Excerpt: Advancing the Frontiers of Monetary Policy

Excerpt: Advancing the Frontiers of Monetary Policy »

Series: Miscellaneous Publication (Other)

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2018

DOI: http://dx.doi.org/10.5089/EFMPEAEX.073

ISBN: EFMPEAEX

Keywords: Inflation targeting, Inflation targeting implementation, Monetary policy, inflation targeting; monetary policy; central banks

How should a country implement Inflation-forecast targeting for monetary policy? This excerpt presents the Overview from "Advancing the Frontiers of Monetary Policy." The book explores basic principles and practice...

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

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

Volume/Issue: 2018/86

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2018

DOI: http://dx.doi.org/10.5089/9781484348703.002

ISBN: 9781484348703

Keywords: Asia and Pacific, India

This technical note provides an assessment of the recent development of regulation and supervision of the Indian insurance sector. It is part of the 2017 Financial Sector Assessment Program (FSAP) for India. The no...

Costa Rica
			: Technical Assistance Report - Financial Sector Stability Review

Costa Rica : Technical Assistance Report - Financial Sector Stability Review »

Volume/Issue: 2018/80

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2018

DOI: http://dx.doi.org/10.5089/9781484347317.002

ISBN: 9781484347317

Keywords: Costa Rica, Western Hemisphere

At the request of the Costa Rican authorities, a Financial Sector Stability Review (FSSR) mission from the Monetary and Capital Markets Department (MCM) visited San José, Costa Rica, during September 11-28, 2017. T...

Islamic Republic of Iran
			: Selected Issues

Islamic Republic of Iran : Selected Issues »

Volume/Issue: 2018/94

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 March 2018

DOI: http://dx.doi.org/10.5089/9781484349267.002

ISBN: 9781484349267

Keywords: Middle East, Iran, Islamic Republic of

Selected Issues...

Islamic Republic of Iran
			: 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Iran

Islamic Republic of Iran : 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Islamic Republic of Iran »

Volume/Issue: 2018/93

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 March 2018

DOI: http://dx.doi.org/10.5089/9781484349243.002

ISBN: 9781484349243

Keywords: Middle East, Iran, Islamic Republic of

The recovery has broadened to the non-oil sector and the authorities sustained macroeconomic stability in challenging circumstances. Nevertheless, the legacy of sanctions and policies of that period have left incom...

International Financial Statistics, April 2018

International Financial Statistics, April 2018 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484331422.041

ISBN: 9781484331422

International Financial Statistics, April 2018...

Rwanda
			: Technical Assistance Report-Government Finance Statistics

Rwanda : Technical Assistance Report-Government Finance Statistics »

Volume/Issue: 2018/87

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484348963.002

ISBN: 9781484348963

Keywords: Rwanda, Sub-Saharan Africa

The mission is part of the AFE/East African Community (EAC) collaboration program that aims to assist EAC Partner States achieve the fiscal data requirements associated with the East African Monetary Union Protocol...

Rwanda
			: Technical Assistance Report-Government Finance Statistics

Rwanda : Technical Assistance Report-Government Finance Statistics »

Volume/Issue: 2018/89

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484349052.002

ISBN: 9781484349052

Keywords: Rwanda, Sub-Saharan Africa

An IMF AFRITAC East (AFE) government finance statistics (GFS) technical assistance (TA) mission carried out by Ismael Ahamdanech Zarco (IMF GFS expert), visited Kigali, Rwanda during February 6-17, 2017. Mike Seif...

Rwanda
			: Technical Assistance Report-Government Finance Statistics

Rwanda : Technical Assistance Report-Government Finance Statistics »

Volume/Issue: 2018/88

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484349021.002

ISBN: 9781484349021

Keywords: Sub-Saharan Africa, Rwanda

The mission's main objectives were to: (i) Assess progress on fulfilling the nation's fiscal and debt statistics development (Government Finance Statistics Manual 2014 (GFSM 2014) implementation) plan; (ii) assist...

People's Republic of China
			: Tax Policy and Employment Creation

People's Republic of China : Tax Policy and Employment Creation »

Volume/Issue: 2018/92

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484349229.002

ISBN: 9781484349229

Keywords: Asia and Pacific

Tax Policy and Employment Creation...

Myanmar
			: Selected Issues

Myanmar : Selected Issues »

Volume/Issue: 2018/91

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484349182.002

ISBN: 9781484349182

Keywords: Asia and Pacific, Myanmar

Selected Issues...

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

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

Volume/Issue: 2018/90

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781484349175.002

ISBN: 9781484349175

Keywords: Myanmar, Asia and Pacific

The economy is rebounding and macroeconomic imbalances have stabilized. The global recovery has supported a rebound in exports and continued strong FDI inflows. However, the recovery has been moderately weaker than...

Government Finance Statistics Yearbook 2017

Government Finance Statistics Yearbook 2017 »

Series: Government Finance Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2018

DOI: http://dx.doi.org/10.5089/9781475596052.043

ISBN: 9781475596052

Keywords: Public finance, Government finance statistics, Government Finance Statistics Yearbook, government finance, public finance, statistics yearbook, fiscal policy

This annual publication provides detailed data on transactions in revenue, expense, net acquisition of assets and liabilities, other economic flows, and balances of assets and liabilities of general government and...

A Central Fiscal Stabilization Capacity for the Euro Area

A Central Fiscal Stabilization Capacity for the Euro Area »

Volume/Issue: 2018/3

Series: Staff Discussion Notes

Author(s): Nathaniel Arnold , Bergljot Barkbu , H. Elif Ture , Hou Wang , and Jiaxiong Yao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2018

DOI: http://dx.doi.org/10.5089/9781484348178.006

ISBN: 9781484348178

Keywords: Euro Area, Fiscal policy, Euro Area; Fiscal Integration; Macroeconomic Stabilization; Central fiscal capacity; Fiscal policy; Macroeconomic policy mix; Fiscal union;, Fiscal Integration, Macroeconomic Stabilization

This note outlines a concrete proposal for a euro area central fiscal capacity (CFC) that could help smooth both country-specific and common shocks. Specifically, it proposes a macroeconomic stabilization fund fina...

Aging, Secular Stagnation and the Business Cycle

Aging, Secular Stagnation and the Business Cycle »

Volume/Issue: 2018/67

Series: IMF Working Papers

Author(s): Callum Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2018

DOI: http://dx.doi.org/10.5089/9781484345405.001

ISBN: 9781484345405

Keywords: Great Recession, Demographics, Zero Lower Bound, Forward Guidance, General, Demographic Trends and Forecasts

As of 2015, U.S. log output per capita was 12 percent below what its pre-2008 linear trend would predict. To understand why, I develop and estimate a model of the US with demographics, real and monetary shocks, and...

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

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

Volume/Issue: 2018/84

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2018

DOI: http://dx.doi.org/10.5089/9781484348536.002

ISBN: 9781484348536

Keywords: Asia and Pacific

Growth remains robust, supported by electricity exports, construction and services. Inflation is contained as food prices have fallen. High public debt and fiscal deficits pose a key risk, while negative macrofinan...

Bhutan
			: Technical Assistance Report-SARTTAC Report on National Accounts Statistics Mission

Bhutan : Technical Assistance Report-SARTTAC Report on National Accounts Statistics Mission »

Volume/Issue: 2018/79

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2018

DOI: http://dx.doi.org/10.5089/9781484347256.002

ISBN: 9781484347256

Keywords: Bhutan, Asia and Pacific

In response to a request from the National Statistics Bureau (NSB), a South Asia Regional Training and Technical Assistance Center (SARTTAC) national accounts statistics technical assistance (TA) mission visited Th...

Organizing Central Securities Depositories in Developing Markets-7 Considerations

Organizing Central Securities Depositories in Developing Markets-7 Considerations »

Volume/Issue: 2018/66

Series: IMF Working Papers

Author(s): Froukelien Wendt , Peter Katz , and Alice Zanza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2018

DOI: http://dx.doi.org/10.5089/9781484345276.001

ISBN: 9781484345276

Keywords: Financial crises, Securities, Central securities depositories, financial market development, clearing, Government Policy and Regulation, Government Policy and Regulation

Central securities depositories (CSDs) are systemically important entities that are critical for effective implementation of monetary policy, the credibility of a government's debt management program, collateral ma...

Central Counterparties Resolution-An Unresolved Problem

Central Counterparties Resolution-An Unresolved Problem »

Volume/Issue: 2018/65

Series: IMF Working Papers

Author(s): Manmohan Singh , and Dermot Turing

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2018

DOI: http://dx.doi.org/10.5089/9781484347300.001

ISBN: 9781484347300

Keywords: International financial markets, CCP resolution and recovery; VMGH; collateral; NCWO; FSB; ISDA, CCP resolution and recovery, VMGH, collateral, NCWO, FSB, ISDA, Government Policy and Regulation, International Monetary Arrangements and Institutions

Recovery and resolution regimes are being developed for central counterparties (CCPs). We analyse current resolution tools in the context of policy, which is to restore the critical functions of a failed CCP. We co...

Structural Reforms and Labor Reallocation: A Cross-Country Analysis

Structural Reforms and Labor Reallocation: A Cross-Country Analysis »

Volume/Issue: 2018/64

Series: IMF Working Papers

Author(s): Khalid ElFayoumi , Anta Ndoye , Sanaa Nadeem , and Gregory Auclair

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2018

DOI: http://dx.doi.org/10.5089/9781484346983.001

ISBN: 9781484346983

Keywords: Labor productivity, Growth, structural change

Institutional and market frictions impose costs on the reallocation of labor from low to high productivity sectors, leading to suboptimal allocations and a loss in aggregate labor productivity. Using cross-country...

Structural Reforms and Firms' Productivity: Evidence from Developing Countries

Structural Reforms and Firms' Productivity: Evidence from Developing Countries »

Volume/Issue: 2018/63

Series: IMF Working Papers

Author(s): Wilfried Kouamé , and Sampawende Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2018

DOI: http://dx.doi.org/10.5089/9781484347003.001

ISBN: 9781484347003

Keywords: Productivity, Structural Reforms, Developing countries, Firm Behavior: Empirical Analysis, Project Analysis

This paper assesses the effects of structural reforms on firm-level productivity for 37 developing countries from 2006 to 2014 period. It takes advantage of the IMF Monitoring of Fund Arrangements dataset for refor...

Leverage-A Broader View

Leverage-A Broader View »

Volume/Issue: 2018/62

Series: IMF Working Papers

Author(s): Manmohan Singh , and Zohair Alam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2018

DOI: http://dx.doi.org/10.5089/9781484347034.001

ISBN: 9781484347034

Keywords: regulations; financial stability; leverage ratio; off-balance sheet; pledged collateral, regulations, financial stability, leverage ratio, off-balance sheet, pledged collateral, Government Policy and Regulation, International Monetary Arrangements and Institutions, Corporation and Securities Law

Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral...

Italy: Toward a Growth-Friendly Fiscal Reform

Italy: Toward a Growth-Friendly Fiscal Reform »

Volume/Issue: 2018/59

Series: IMF Working Papers

Author(s): Michal Andrle , Shafik Hebous , Alvar Kangur , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347584.001

ISBN: 9781484347584

Keywords: Europe, Italy, Growth-friendly fiscal policy, public pensions, dynamic stochastic general equilibrium models, Forecasting and Simulation, Social Security and Public Pensions, Italy

Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balance by 2020, although concrete, high-quality measures to meet the target are yet to be specified. This paper seeks to contr...

Italy: Quantifying the Benefits of a Comprehensive Reform Package

Italy: Quantifying the Benefits of a Comprehensive Reform Package »

Volume/Issue: 2018/60

Series: IMF Working Papers

Author(s): Michal Andrle , Alvar Kangur , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347614.001

ISBN: 9781484347614

Keywords: Labor market reforms, Wage bargaining, Europe, Italy, Banking sector, Fiscal policy, growth, competitiveness, product market reforms, DSGE models

This paper seeks to quantify the net benefits of a comprehensive reform package aimed at addressing Italy's inter-related challenges. Specifically, it simulates the growth and competitiveness effects of a package o...

Competitiveness and Wage Bargaining Reform in Italy

Competitiveness and Wage Bargaining Reform in Italy »

Volume/Issue: 2018/61

Series: IMF Working Papers

Author(s): Alvar Kangur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347621.001

ISBN: 9781484347621

Keywords: Europe, Exports, Italy, Labor costs, competitiveness, exchange rate, labor market reforms, wage bargaining, search and matching, DSGE models

The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitivenes...

Republic of Poland
			: Technical Assistance Report - Building Forward Estimates and Standardizing the Chart of Accounts

Republic of Poland : Technical Assistance Report - Building Forward Estimates and Standardizing the Chart of Accounts »

Volume/Issue: 2018/82

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347386.002

ISBN: 9781484347386

Keywords: Poland, Europe

The Polish government is beginning to implement its ambitious budget system reform program, first approved by the Council of Ministers in 2016. Building on considerable conceptual thinking within the government, it...

Kenya
			: Request for Extension of the Stand-By Arrangement -- Press Release and Staff Report

Kenya : Request for Extension of the Stand-By Arrangement -- Press Release and Staff Report »

Volume/Issue: 2018/83

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347645.002

ISBN: 9781484347645

Keywords: Kenya, Sub-Saharan Africa

In the attached letter dated March 6, 2018, the Kenyan authorities are requesting an extension of the Stand-By Arrangement (SBA) for Kenya (EBS/16/11) to September 14, 2018. On March 14, 2016, the Executive Board...

Carry Trade vs. Deposit-Driven Euroization

Carry Trade vs. Deposit-Driven Euroization »

Volume/Issue: 2018/58

Series: IMF Working Papers

Author(s): Nan Geng , Tiberiu Scutaru , and Johannes Wiegand

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2018

DOI: http://dx.doi.org/10.5089/9781484345269.001

ISBN: 9781484345269

Keywords: Financial Dollarization, Euroization, Emerging Europe, Portfolio Choice

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of eur...

Namibia
			: Financial System Stability Assessment

Namibia : Financial System Stability Assessment »

Volume/Issue: 2018/77

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2018

DOI: http://dx.doi.org/10.5089/9781484347089.002

ISBN: 9781484347089

Keywords: Namibia, Sub-Saharan Africa

Namibia's financial sector is dominated by four large and heterogenous financial conglomerates, all with close ownership and funding links to South Africa. The Nonbank Financial Institutions (NBFI) sector is compar...

Burkina Faso
			: Request for a Three-Year Arrangement Under the Extended Credit Facility - Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

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

Volume/Issue: 2018/81

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2018

DOI: http://dx.doi.org/10.5089/9781484347362.002

ISBN: 9781484347362

Keywords: Burkina Faso, Sub-Saharan Africa

Economic activity continues to recover after the 2014-2015 political transition. However, despite some improvements in recent years, Burkina Faso's human development index remains among the lowest globally and pove...

The Distributional Effects of Government Spending Shocks in Developing Economies

The Distributional Effects of Government Spending Shocks in Developing Economies »

Volume/Issue: 2018/57

Series: IMF Working Papers

Author(s): Davide Furceri , Jun Ge , Prakash Loungani , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2018

DOI: http://dx.doi.org/10.5089/9781484345412.001

ISBN: 9781484345412

Keywords: Fiscal policy, Fiscal shocks, Inequality, Income distribution

We construct unanticipated government spending shocks for 103 developing countries from 1990 to 2015 and study their effects on income distribution. We find that unanticipated fiscal consolidations lead to a long-l...

Pakistan
			: First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

Pakistan : First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Pakistan »

Volume/Issue: 2018/78

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2018

DOI: http://dx.doi.org/10.5089/9781484347188.002

ISBN: 9781484347188

Keywords: Pakistan, Middle East

Economic growth has continued to strengthen. Improved energy supply, investment related to the China-Pakistan Economic Corridor, strong credit growth, and continued investor and consumer confidence, have been under...

Boosting Fiscal Space
			: The Roles of GDP-Linked Debt and Longer Maturities

Boosting Fiscal Space : The Roles of GDP-Linked Debt and Longer Maturities »

Volume/Issue: 2018/4

Series: Departmental Papers / Policy Papers

Author(s): Jonathan Ostry , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2018

DOI: http://dx.doi.org/10.5089/9781484330937.087

ISBN: 9781484330937

Keywords: Fiscal policy, Fiscal policy, Debt management policies, Default, Fiscal space

Can debt management policy provide a way to increase fiscal space for a given path of primary fiscal balances? This note explores the role of two such policies: issuance of state-contingent debt; and issuance of lo...

The Long-Run Decoupling of Emissions and Output: Evidence from the Largest Emitters

The Long-Run Decoupling of Emissions and Output: Evidence from the Largest Emitters »

Volume/Issue: 2018/56

Series: IMF Working Papers

Author(s): Gail Cohen , João Tovar Jalles , Prakash Loungani , and Ricardo Marto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

DOI: http://dx.doi.org/10.5089/9781484345283.001

ISBN: 9781484345283

Keywords: Emissions, Environmental Okun's Law, Environmental Kuznets Curve, Environmental Okun&;amp;#x2019;s Law, Environment and Growth, Energy and the Macroeconomy

For the world's 20 largest emitters, we use a simple trend/cycle decomposition to provide evidence of decoupling between greenhouse gas emissions and output in richer nations, particularly in European countries, bu...

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania »

Volume/Issue: 2018/55

Series: IMF Working Papers

Author(s): Guido della Valle , Erald Themeli , Romain Veyrune , Ezequiel Cabezon , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

DOI: http://dx.doi.org/10.5089/9781484345313.001

ISBN: 9781484345313

Keywords: Monetary policy, Europe, Albania, interest rate lower bound, euroization, Monetary Policy (Targets, Instruments, and Effects), Albania

Based on the experience of the Bank of Albania, the paper proposes a framework to estimate the interest rate lower bound in small, open, and euroized economies. The paper introduces a stylized monitoring tool to as...

The Distribution of Gains from Globalization

The Distribution of Gains from Globalization »

Volume/Issue: 2018/54

Series: IMF Working Papers

Author(s): Valentin Lang , and Marina Mendes Tavares

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

DOI: http://dx.doi.org/10.5089/9781484347065.001

ISBN: 9781484347065

Keywords: Globalization, Growth, Inequality, Globalization: Macroeconomic Impacts, Globalization: Economic Development

We study economic globalization as a multidimensional process and investigate its effect on incomes. In a panel of 147 countries during 1970-2014, we apply a new instrumental variable, exploiting globalization's ge...

Financial Development and Inclusion in the Caribbean

Financial Development and Inclusion in the Caribbean »

Volume/Issue: 2018/53

Series: IMF Working Papers

Author(s): Chuan Li , and Joyce Wong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

DOI: http://dx.doi.org/10.5089/9781484345306.001

ISBN: 9781484345306

Keywords: Caribbean, Financial systems, Jamaica, Latin America, Western Hemisphere, Financial inclusion, Financial Development, General, Government Policy and Regulation, General

Many Caribbean financial systems are relatively well developed for their size but benefits are concentrated in a small part of the population. In several large countries, the financial development levels are below...

International Technology Sourcing and Knowledge Spillovers: Evidence from OECD Countries

International Technology Sourcing and Knowledge Spillovers: Evidence from OECD Countries »

Volume/Issue: 2018/52

Series: IMF Working Papers

Author(s): Sophia Chen , and Estelle Dauchy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484345429.001

ISBN: 9781484345429

Keywords: Knowledge spillovers, Patent, R&;D, Network, Firm productivity, R&;amp;#x026;D, General, Business Taxes and Subsidies

How much do firms benefit from foreign R&D and through what channel? We construct a global network of corporate innovation using more than 1.5 million patents granted to firms in OECD countries. We test the 'intern...

Growth Accelerations and Reversals in Emerging Market and Developing Economies: The Role of External Conditions

Growth Accelerations and Reversals in Emerging Market and Developing Economies: The Role of External Conditions »

Volume/Issue: 2018/52

Series: IMF Working Papers

Author(s): Bertrand Gruss , Malhar Nabar , and Marcos Poplawski-Ribeiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484345450.001

ISBN: 9781484345450

Keywords: Economic growth, Emerging markets, Developing Economies, External Conditions, Economic Growth of Open Economies, Globalization: Economic Development

This paper investigates how country-specific external demand, external financial conditions, and terms of trade affect medium-term growth in Emerging Market and Developing Economies and the occurrence of growth acc...

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

Morocco : Third 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: 2018/58

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484344903.002

ISBN: 9781484344903

Keywords: Middle East, Morocco

Macroeconomic vulnerabilities have declined since 2012, but growth remains subdued and sensitive to volatile agricultural output. External imbalances are contained and fiscal consolidation resumed in 2017 after a p...

Morocco
			: Selected Issues

Morocco : Selected Issues »

Volume/Issue: 2018/76

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484346419.002

ISBN: 9781484346419

Keywords: Morocco, Middle East

Selected Issues...

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

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

Volume/Issue: 2018/75

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484346396.002

ISBN: 9781484346396

Keywords: Middle East, Morocco

Growth has recovered and should reach 4.4 percent in 2017, although non-agricultural activity remains subdued. Inflation is low and well-anchored. The fiscal deficit is expected to decline to 3.5 percent in 2017 an...

Indonesia
			: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles

Indonesia : Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles »

Volume/Issue: 2018/74

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484346297.002

ISBN: 9781484346297

Keywords: Asia and Pacific, Indonesia

The insurance sector is rapidly growing through conglomeration, bancassurance and increased sales of investment products. While the insurance sector is still smaller than the banking sector, it has grown rapidly at...

Finance & Development, March 2018

Finance & Development, March 2018 »

Volume/Issue: 55/1

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2018

DOI: http://dx.doi.org/10.5089/9781484343418.022

ISBN: 9781484343418

Keywords: Finance and Development

Finance & Development, March 2018...

Solomon Islands
			: Selected Issues

Solomon Islands : Selected Issues »

Volume/Issue: 2018/73

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484346174.002

ISBN: 9781484346174

Keywords: Asia and Pacific, Solomon Islands

Selected Issues...

Belgium
			: Selected Issues

Belgium : Selected Issues »

Volume/Issue: 2018/72

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484346068.002

ISBN: 9781484346068

Keywords: Europe, Belgium

Selected Issues...

Belgium
			: Financial System Stability Assessment-Technical Note- Stress Testing the Banking and Insurance Sectors and Systemic Risk Analysis

Belgium : Financial System Stability Assessment-Technical Note- Stress Testing the Banking and Insurance Sectors and Systemic Risk Analysis »

Volume/Issue: 2018/69

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484345870.002

ISBN: 9781484345870

Keywords: Europe, Belgium

Belgium's financial landscape has changed since the global financial crisis (GFC) and the European sovereign crisis. The banking system has contracted driven by restructuring operations in entities that received go...

Belgium
			: Financial System Stability Assessment-Technical Note- Financial Safety Net and Crisis Management

Belgium : Financial System Stability Assessment-Technical Note- Financial Safety Net and Crisis Management »

Volume/Issue: 2018/68

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484345801.002

ISBN: 9781484345801

Keywords: Belgium, Europe

While actions in Belgium and at the European Union (EU) level have improved the Belgian financial safety net and crisis management arrangements, Belgium still faces challenges and further actions are needed to impr...