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Regional Economic Outlook, April 2017, Western Hemisphere Department

Table of Two Adjustments

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

Regional Economic Outlook, April 2017, Western Hemisphere Department

Tale of Two Adjustments

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

Denmark
			: Selected Issues

New
Denmark : Selected Issues »

Volume/Issue: 2017/159

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 June 2017

DOI: http://dx.doi.org/10.5089/9781484304617.002

ISBN: 9781484304617

Denmark: Selected Issues...

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

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

Volume/Issue: 2017/158

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 June 2017

DOI: http://dx.doi.org/10.5089/9781484304594.002

ISBN: 9781484304594

The economy is approaching its reduced post-crisis potential and capacity constraints are gradually starting to bind. The outlook is for continued moderate growth though domestic and external risks are substantial....

Kingdom of the Netherlands - Aruba
			: 2017 Article IV Consultation-Press Release and Staff Report

New
Kingdom of the Netherlands - Aruba : 2017 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/155

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2017

DOI: http://dx.doi.org/10.5089/9781484304389.002

ISBN: 9781484304389

Aruba's economy has been in recession since mid-2015, mainly due to a temporary slowdown in tourism activity and fiscal consolidation. Short-term recovery in economic activity depends on timely implementation of re...

Multi-Country Report
			: Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report

New
Multi-Country Report : Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report »

Volume/Issue: 2017/153

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2017

DOI: http://dx.doi.org/10.5089/9781484303719.002

ISBN: 9781484303719

Keywords: Asia and Pacific, Europe, Haiti, Kosovo, Liberia, Mali, Middle East, Myanmar, South Sudan, Sub-Saharan Africa

This paper provides background information for the IMF Board paper on 'Building Fiscal Capacity in Fragile States (FS).' It presents case studies on IMF technical assistance (TA) and capacity development in the fi...

Eastern Caribbean Currency Union
			: 2017 Discussion on Common Policies of Member Countries-Press Release and Staff Report

New
Eastern Caribbean Currency Union : 2017 Discussion on Common Policies of Member Countries-Press Release and Staff Report »

Volume/Issue: 2017/150

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2017

DOI: http://dx.doi.org/10.5089/9781484303375.002

ISBN: 9781484303375

Keywords: Eastern Caribbean Currency Union

Favorable external conditions continue to support economic recovery, but flat tourism receipts and falling revenues from citizenship programs have weakened growth. Fiscal vulnerability remains a concern, with most...

Eastern Caribbean Currency Union
			: Selected Issues

New
Eastern Caribbean Currency Union : Selected Issues »

Volume/Issue: 2017/151

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2017

DOI: http://dx.doi.org/10.5089/9781484303382.002

ISBN: 9781484303382

Keywords: Eastern Caribbean Currency Union

Eastern Caribbean Currency Union: Selected Issues...

The Right Kind of Help? Tax Incentives for Staying Small

New
The Right Kind of Help? Tax Incentives for Staying Small »

Volume/Issue: 2017/139

Series: IMF Working Papers

Author(s): Dora Benedek , Pragyan Deb , Borja Gracia , Sergejs Saksonovs , Anna Shabunina , and Nina Budina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2017

DOI: http://dx.doi.org/10.5089/9781484302552.001

ISBN: 9781484302552

Keywords: size-based taxation, productivity, growth, structural reforms

Some countries support smaller firms through tax incentives in an effort to stimulate job creation and startups, or alleviate specific distortions, such as financial constraints or high regulatory or tax compliance...

Public Investment Scaling-up and Debt Sustainability
			: The Case of Energy Sector Investments in the Caribbean

New
Public Investment Scaling-up and Debt Sustainability : The Case of Energy Sector Investments in the Caribbean »

Volume/Issue: 2017/138

Series: IMF Working Papers

Author(s): Ahmed El-Ashram

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2017

DOI: http://dx.doi.org/10.5089/9781484302453.001

ISBN: 9781484302453

Keywords: Public Investment, Debt Sustainability, Growth, Energy Reform, Caribbean, User Fees

The question of how scaling up public investment could affect fiscal and debt sustainability is key for countries needing to fill infrastructure gaps and build resilience. This paper proposes a bottom-up approach t...

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

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

Volume/Issue: 2017/152

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2017

DOI: http://dx.doi.org/10.5089/9781484303559.002

ISBN: 9781484303559

Keywords: Asia and Pacific, Indonesia

Since the 2010 FSAP, Indonesia's macroeconomic performance has been robust and the financial system has been stable. Recently, the financial system has weathered well a simultaneous economic and credit deceleration...

Direction of Trade Statistics, June 2017

New
Direction of Trade Statistics, June 2017 »

Series: Direction of Trade Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2017

DOI: http://dx.doi.org/10.5089/9781475571738.042

ISBN: 9781475571738

Direction of Trade Statistics, June 2017...

Heterogeneity of Bank Risk Weights in the EU
			: Evidence by Asset Class and Country of Counterparty Exposure

New
Heterogeneity of Bank Risk Weights in the EU : Evidence by Asset Class and Country of Counterparty Exposure »

Volume/Issue: 2017/137

Series: IMF Working Papers

Author(s): Rima Turk-Ariss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 June 2017

DOI: http://dx.doi.org/10.5089/9781484302958.001

ISBN: 9781484302958

Keywords: Bank Capital; Regulation; Risk Weights; Basel III

Concerns about excessive variability in bank risk weights have prompted their review by regulators. This paper provides prima facie evidence on the extent of risk weight heterogeneity across broad asset classes and...

Capital Controls and the Cost of Debt

New
Capital Controls and the Cost of Debt »

Volume/Issue: 2017/135

Series: IMF Working Papers

Author(s): Eugenia Andreasen , Martin Schindler , and Patricio Valenzuela

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 June 2017

DOI: http://dx.doi.org/10.5089/9781484303313.001

ISBN: 9781484303313

Keywords: Capital account restrictions; Credit spreads; Financial instability; Financial openness

Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically mean...

ABBA: An Agent-Based Model of the Banking System

New
ABBA: An Agent-Based Model of the Banking System »

Volume/Issue: 2017/136

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 June 2017

DOI: http://dx.doi.org/10.5089/9781484300688.001

ISBN: 9781484300688

Keywords: agent-based model, banks, regulation, financial stability, solvency, liquidity, interconnectedness, NetLogo

A thorough analysis of risks in the banking system requires incorporating banks' inherent heterogeneity and adaptive behavior in response to shocks and changes in business conditions and the regulatory environment....

Financial Frictions, Underinvestment, and Investment Composition
			: Evidence from Indian Corporates

New
Financial Frictions, Underinvestment, and Investment Composition : Evidence from Indian Corporates »

Volume/Issue: 2017/134

Series: IMF Working Papers

Author(s): Sonali Das , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781484302644.001

ISBN: 9781484302644

Keywords: Corporate Leverage, Investment, India.

This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-...

Financial Disruptions and the Cyclical Upgrading of Labor

New
Financial Disruptions and the Cyclical Upgrading of Labor »

Volume/Issue: 2017/131

Series: IMF Working Papers

Author(s): Brendan Epstein , Alan Finkelstein Shapiro , and Andrés González Gómez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781475595864.001

ISBN: 9781475595864

Keywords: Business cycles, financial frictions, labor search frictions, on-the-job search.

Amid total factor productivity (TFP) shocks job-to-job flows amplify the volatility of unemployment, but the aggregate implications of job-to-job flows amid financial shocks are less understood. To develop such und...

Deposit Insurance, Remittances, and Dollarization
			: Survey-Based Evidence from a Top Remittance-Receiving Country

New
Deposit Insurance, Remittances, and Dollarization : Survey-Based Evidence from a Top Remittance-Receiving Country »

Volume/Issue: 2017/132

Series: IMF Working Papers

Author(s): David Grigorian , and Maxym Kryshko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781484300718.001

ISBN: 9781484300718

Keywords: Deposit insurance, remittances, dollarization, Tajikistan

The paper uses a unique survey of remittance-receiving individuals from Tajikistan to study the impact of policy awareness on consumer behavior. The results show that knowledge of deposit insurance encourages the u...

Bottom-Up Default Analysis of Corporate Solvency Risk
			: An Application to Latin America

New
Bottom-Up Default Analysis of Corporate Solvency Risk : An Application to Latin America »

Volume/Issue: 2017/133

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , Cheng Lim , Jose Daniel Rodríguez-Delgado , Bennett Sutton , and Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781484302811.001

ISBN: 9781484302811

Keywords: Macro-financial, default risk, corporate sector, bank capital, forward intensity models, economic scenarios, simulation

This paper suggests a novel approach to assess corporate sector solvency risk. The approach uses a Bottom-Up Default Analysis that projects probabilities of default of individual firms conditional on macroeconomic...

A Tie That Binds
			: Revisiting the Trilemma in Emerging Market Economies

New
A Tie That Binds : Revisiting the Trilemma in Emerging Market Economies »

Volume/Issue: 2017/130

Series: IMF Working Papers

Author(s): Maurice Obstfeld , Jonathan Ostry , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781484302620.001

ISBN: 9781484302620

Keywords: trilemma, global financial cycle, capital flows, emerging market economies

This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financial and macroeconomic conditions by focusing on a sample of about...

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

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

Volume/Issue: 2017/148

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781484303252.002

ISBN: 9781484303252

Keywords: Cyprus, Europe

The economic recovery has strengthened since Cyprus exited the Fund-supported program 15 months ago. Broad-based growth and improved external competitiveness have reduced unemployment. The fiscal position is in sma...

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

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

Volume/Issue: 2017/147

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2017

DOI: http://dx.doi.org/10.5089/9781484303207.002

ISBN: 9781484303207

Keywords: Asia and Pacific, Bangladesh

Steady monetary policy management and fiscal discipline have strengthened macroeconomic stability, allowing the economy to benefit from favorable external demand, high remittances, and low commodity prices. The res...

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

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

Volume/Issue: 2017/146

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 June 2017

DOI: http://dx.doi.org/10.5089/9781484303146.002

ISBN: 9781484303146

Keywords: Middle East, Morocco

Macroeconomic vulnerabilities have declined since 2012, but growth remains sluggish and sensitive to volatile agricultural output. External imbalances are contained. The fiscal deficit declined between 2012-15, but...

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

New
Islamic Republic of Afghanistan : First Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report »

Volume/Issue: 2017/144

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2017

DOI: http://dx.doi.org/10.5089/9781484302972.002

ISBN: 9781484302972

Keywords: Middle East, Afghanistan, Islamic Republic of

The three-year arrangement under the Extended Credit Facility was approved on July 20, 2016 in an amount of SDR 32.38 million (US$44.9 million, or 10 percent of quota). The arrangement supports the government's re...

Kyrgyz Republic
			: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report

New
Kyrgyz Republic : Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report »

Volume/Issue: 2017/143

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 June 2017

DOI: http://dx.doi.org/10.5089/9781484302880.002

ISBN: 9781484302880

Keywords: Middle East, Kyrgyz Republic

After a difficult start of the year, pressures on the economy are moderating, helped by a stabilizing regional context. Growth, however, is expected to remain lower for longer, making adjustment policies even more...

Algeria
			: Selected Issues

New
Algeria : Selected Issues »

Volume/Issue: 2017/142

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2017

DOI: http://dx.doi.org/10.5089/9781484302675.002

ISBN: 9781484302675

Keywords: Algeria, Middle East

Algeria: Selected Issues...

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

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

Volume/Issue: 2017/141

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2017

DOI: http://dx.doi.org/10.5089/9781484302668.002

ISBN: 9781484302668

Algeria continues to deal with the implications of lower oil prices for an economy that is highly dependent on hydrocarbons. Lower hydrocarbon revenues have led to large current account and fiscal deficits, a steep...

Financial Frictions and the Great Productivity Slowdown

New
Financial Frictions and the Great Productivity Slowdown »

Volume/Issue: 2017/129

Series: IMF Working Papers

Author(s): Romain Duval , Gee Hee Hong , and Yannick Timmer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484300701.001

ISBN: 9781484300701

Keywords: Productivity, Financial Friction, Financial Vulnerability, Global Financial Crisis, Intangible Investment, Endogenous Growth, Financial Markets and the Macroeconomy, General, General

We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data...

Thailand
			: Selected Issues

New
Thailand : Selected Issues »

Volume/Issue: 2017/137

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484301845.002

ISBN: 9781484301845

Keywords: Asia and Pacific, Thailand

Thailand: Selected Issues...

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

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

Volume/Issue: 2017/136

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484301814.002

ISBN: 9781484301814

Keywords: Asia and Pacific, Thailand

The recovery is expected to advance at a moderate pace, but large uncertainty and downside risks cloud the outlook. GDP growth is projected to reach 3.2 percent in 2017 and 3.3 percent in 2018, with inflation at th...

Mongolia
			: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release: Staff Report; and Statement by the Executive Director for Mongolia

New
Mongolia : 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release: Staff Report; and Statement by the Executive Director for Mongolia »

Volume/Issue: 2017/140

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484302354.002

ISBN: 9781484302354

Mongolia's longer-term prospects are promising given its large natural resources. In recent years, however, the economy has faced substantial challenges, as external shocks and policy errors have compounded structu...

Colombia
			: Selected Issues

New
Colombia : Selected Issues »

Volume/Issue: 2017/139

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484302187.002

ISBN: 9781484302187

Keywords: Colombia, Western Hemisphere

Colombia: Selected Issues...

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

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

Volume/Issue: 2017/138

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484302163.002

ISBN: 9781484302163

Keywords: Colombia, Western Hemisphere

Colombia has a strong policy framework and fundamentals. Timely policy decisions have guided an orderly adjustment process to the large drop in the terms of trade experienced since 2014, aligning domestic demand wi...

Policy Uncertainty in Japan

New
Policy Uncertainty in Japan »

Volume/Issue: 2017/128

Series: IMF Working Papers

Author(s): Elif Arbatli , Steven Davis , Arata Ito , Naoko Miake , and Ikuo Saito

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2017

DOI: http://dx.doi.org/10.5089/9781484300671.001

ISBN: 9781484300671

Keywords: Asia and Pacific, Japan, Policy uncertainty, aggregate investment, General, Monetary Policy (Targets, Instruments, and Effects)

We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that c...

Inclusive Growth Framework

New
Inclusive Growth Framework »

Volume/Issue: 2017/127

Series: IMF Working Papers

Author(s): Alexei Kireyev , and Jingyang Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2017

DOI: http://dx.doi.org/10.5089/9781484302156.001

ISBN: 9781484302156

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

The paper suggests an operationally usable framework for the evaluation of growth inclusiveness-the inclusive growth framework (IGF). Based on the data on growth, poverty, and inequality, the framework allows for t...

Structural Reform Packages, Sequencing, and the Informal Economy

Structural Reform Packages, Sequencing, and the Informal Economy »

Volume/Issue: 2017/125

Series: IMF Working Papers

Author(s): Zsuzsa Munkacsi , and Magnus Saxegaard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2017

DOI: http://dx.doi.org/10.5089/9781484302101.001

ISBN: 9781484302101

Keywords: Shadow economy, structural reforms, labor market deregulation, product market deregulation, unemployment, hiring costs, endogenous firm entry, informal employment, small-open economy, reform packages

This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towa...

Income Inequality and Education Revisited
			: Persistence, Endogeneity, and Heterogeneity

Income Inequality and Education Revisited : Persistence, Endogeneity, and Heterogeneity »

Volume/Issue: 2017/126

Series: IMF Working Papers

Author(s): David Coady , and Allan Dizioli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2017

DOI: http://dx.doi.org/10.5089/9781475595741.001

ISBN: 9781475595741

Keywords: Income inequality, Government expenditures and education, Education inequality, education levels, General, Education and Inequality

This paper presents new results on the relationship between income inequality and education expansion-that is, increasing average years of schooling and reducing inequality of schooling. When dynamic panel estimati...

Uganda
			: Fiscal Transparency Evaluation

Uganda : Fiscal Transparency Evaluation »

Volume/Issue: 2017/130

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 May 2017

DOI: http://dx.doi.org/10.5089/9781484301418.002

ISBN: 9781484301418

Keywords: Uganda, Sub-Saharan Africa

Uganda meets at least the standard of good or advanced practice in 13 of the 36 dimensions of the first three pillars of the IMF's Fiscal Transparency Code, while 23 of the 36 dimensions are scored as basic or not...

Romania
			: Selected Issues

Romania : Selected Issues »

Volume/Issue: 2017/134

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 May 2017

DOI: http://dx.doi.org/10.5089/9781484301586.002

ISBN: 9781484301586

Keywords: Romania, Europe

Romania: Selected Issues...

Romania
			: Ex-Post Evaluation of Exceptional Access Under the 2013 Stand-By  Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Romania

Romania : Ex-Post Evaluation of Exceptional Access Under the 2013 Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Romania »

Volume/Issue: 2017/135

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 May 2017

DOI: http://dx.doi.org/10.5089/9781484301678.002

ISBN: 9781484301678

Keywords: Europe, Romania

A 24-month precautionary Stand-By Arrangement (SBA) was approved in September 2013. The SBA, in an amount of SDR 1,751 million (170 percent of quota), was supported by the European Union and the World Bank and ent...

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

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

Volume/Issue: 2017/133

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 May 2017

DOI: http://dx.doi.org/10.5089/9781484301579.002

ISBN: 9781484301579

Keywords: Europe, Romania

Romania strengthened its economy considerably after the global financial crisis. Growth has been solid and unemployment low. Public debt and fiscal and current account imbalances are moderate compared to many emerg...

The Algebraic Galaxy of Simple Macroeconomic Models
			: A Hitchhiker's Guide

The Algebraic Galaxy of Simple Macroeconomic Models : A Hitchhiker's Guide »

Volume/Issue: 2017/123

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2017

DOI: http://dx.doi.org/10.5089/9781484300619.001

ISBN: 9781484300619

Keywords: New Keynesian Model, IS Curve, Taylor Rule, Marshall-Lerner Condition, Undergraduate, Forecasting and Simulation

Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing ‘back of the envelope' estimates of macroeconomic outcomes. Herein, a bare-bones...

Labor Market Adjustments to Shocks in Australia

Labor Market Adjustments to Shocks in Australia »

Volume/Issue: 2017/124

Series: IMF Working Papers

Author(s): Adil Mohommad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2017

DOI: http://dx.doi.org/10.5089/9781484301760.001

ISBN: 9781484301760

Keywords: Australia, Asia and Pacific, labor market dynamics, economic flexibility, Labor Force and Employment, Size, and Structure

Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of...

Trading with China
			: Productivity Gains, Job Losses

Trading with China : Productivity Gains, Job Losses »

Volume/Issue: 2017/122

Series: IMF Working Papers

Author(s): JaeBin Ahn , and Romain Duval

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2017

DOI: http://dx.doi.org/10.5089/9781475595833.001

ISBN: 9781475595833

Keywords: China, People's Republic of, Imports, Productivity, Trade, Asia and Pacific, Exports, Growth, Jobs, China

We analyze the impact on productivity in advanced economies of fast-growing trade with China between the mid-1990s and late-2000s, separately identifying the export and import channels. We use country-sector-level...

Mexico
			: Review Under the Flexible Credit Line-Press Release; Staff Report

Mexico : Review Under the Flexible Credit Line-Press Release; Staff Report »

Volume/Issue: 2017/129

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2017

DOI: http://dx.doi.org/10.5089/9781484301364.002

ISBN: 9781484301364

Keywords: Mexico, Western Hemisphere

Mexico's very strong policies and policy frameworks have helped it navigate successfully a complex external environment characterized by the heightened risk of protectionism and financial market volatility. The inc...

Grenada
			: Sixth review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report

Grenada : Sixth review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report »

Volume/Issue: 2017/131

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2017

DOI: http://dx.doi.org/10.5089/9781484301463.002

ISBN: 9781484301463

Keywords: Grenada, Western Hemisphere

The arrangement was approved on June 26, 2014 and the fifth review completed on December 14, 2016. Disbursements equivalent to SDR 12.04 million (about US$17.5 million) have been made to Grenada so far under the ar...

Bulgaria
			: Financial System Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria

Bulgaria : Financial System Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria »

Volume/Issue: 2017/132

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2017

DOI: http://dx.doi.org/10.5089/9781484301524.002

ISBN: 9781484301524

Keywords: Bulgaria, Europe

Bulgaria's financial stability was shaken in 2014 by the collapse of the system's fourth largest bank due to fraud and insider abuse. The failure raised questions about the viability of other banks, which subsequen...

Sovereign Bond Prices, Haircuts and Maturity

Sovereign Bond Prices, Haircuts and Maturity »

Volume/Issue: 2017/119

Series: IMF Working Papers

Author(s): Tamon Asonuma , Dirk Niepelt , and Romain Ranciere

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

DOI: http://dx.doi.org/10.5089/9781484301098.001

ISBN: 9781484301098

Keywords: Sovereign Debt; Default; Debt Restructuring; Bond Prices; Haircuts; Maturity; Default Probability, Sovereign Debt, Default, Debt Restructuring, Bond Prices, Haircuts, Maturity, Default Probability, International Lending and Debt Problems, Open Economy Macroeconomics

Rejecting a common assumption in the sovereign debt literature, we document that creditor losses ('haircuts') during sovereign restructuring episodes are asymmetric across debt instruments. We code a comprehensive...

Riding the Energy Transition
			: Oil Beyond 2040

Riding the Energy Transition : Oil Beyond 2040 »

Volume/Issue: 2017/120

Series: IMF Working Papers

Author(s): Reda Cherif , Fuad Hasanov , and Aditya Pande

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

DOI: http://dx.doi.org/10.5089/9781484301128.001

ISBN: 9781484301128

Keywords: oil price, energy transition, electric vehicle, renewable energy, Global Commodity Crises, General, Technological Change: Choices and Consequences

Recent technological developments and past technology transitions suggest that the world could be on the verge of a profound shift in transportation technology. The return of the electric car and its adoption, like...

Portfolio Inflows and Real Effective Exchange Rates
			: Does the Sectorization Matter?

Portfolio Inflows and Real Effective Exchange Rates : Does the Sectorization Matter? »

Volume/Issue: 2017/121

Series: IMF Working Papers

Author(s): Rasmané Ouedraogo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

DOI: http://dx.doi.org/10.5089/9781484301135.001

ISBN: 9781484301135

Keywords: Foreign exchange, Portfolio inflows, real effective exchange rate, sector

It has been well-established in the literature that portfolio inflows appreciate the real effective exchange rate. However, the literature lacks a systematic empirical analysis of the impact of portfolio inflows by...

Disinflation, External Vulnerability, and Fiscal Intransigence
			: Some Unpleasant Mundellian Arithmetic

Disinflation, External Vulnerability, and Fiscal Intransigence : Some Unpleasant Mundellian Arithmetic »

Volume/Issue: 2017/118

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

DOI: http://dx.doi.org/10.5089/9781484300640.001

ISBN: 9781484300640

Keywords: Risk premium, External Vulnerability, Assignment Problem, General, Open Economy Macroeconomics, International Policy Coordination and Transmission

This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two go...

Debt Limits and the Structure of Public Debt

Debt Limits and the Structure of Public Debt »

Volume/Issue: 2017/117

Series: IMF Working Papers

Author(s): Alex Pienkowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

DOI: http://dx.doi.org/10.5089/9781484300657.001

ISBN: 9781484300657

Keywords: Sovereign debt, debt limits, sovereign default, state-contingent debt, GDP-linked bonds, International Lending and Debt Problems

This paper provides a tractable framework to assess how the structure of debt instruments-specifically by currency denomination and indexation to GDP-can raise the debt limit of a sovereign. By calibrating the mode...

Regional Economic Outlook, April 2017, Western Hemisphere Department
			: Table of Two Adjustments

Regional Economic Outlook, April 2017, Western Hemisphere Department : Table of Two Adjustments »

Series: Regional Economic Outlook

Author(s): Hamid Faruqee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2017

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781475575422.086

ISBN: 9781475575422

With the global economy gaining some momentum, economies of Latin America and the Caribbean are recovering from a recession at the regional level in 2016. This gradual improvement can be understood as tale of two a...

Regional Economic Outlook, April 2017, Western Hemisphere Department
			: Tale of Two Adjustments

Regional Economic Outlook, April 2017, Western Hemisphere Department : Tale of Two Adjustments »

Series: Regional Economic Outlook

Author(s): Hamid Faruqee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2017

DOI: http://dx.doi.org/10.5089/9781475575224.086

ISBN: 9781475575224

With the global economy gaining some momentum, economies of Latin America and the Caribbean are recovering from a recession at the regional level in 2016. This gradual improvement can be understood as tale of two a...

Togo
			: Selected Issues

Togo : Selected Issues »

Volume/Issue: 2017/128

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2017

DOI: http://dx.doi.org/10.5089/9781484300923.002

ISBN: 9781484300923

Keywords: Togo, Sub-Saharan Africa

Togo: Selected Issues...

Togo
			: 2016 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Togo

Togo : 2016 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Togo »

Volume/Issue: 2017/127

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2017

DOI: http://dx.doi.org/10.5089/9781484300916.002

ISBN: 9781484300916

Keywords: Sub-Saharan Africa, Togo

Togo has undertaken large public infrastructure projects in recent years. While these investments addressed the deficiencies in the transport infrastructure, the fast pace of investment has contributed to a pronoun...

Bank Solvency and Funding Cost
			: New Data and New Results

Bank Solvency and Funding Cost : New Data and New Results »

Volume/Issue: 2017/116

Series: IMF Working Papers

Author(s): Stefan Schmitz , Michael Sigmund , and Laura Valderrama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2017

DOI: http://dx.doi.org/10.5089/9781484300664.001

ISBN: 9781484300664

Keywords: Solvency, funding cost, stress testing, General

This paper presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed dataset drawing on supervisory data for 54 large banks from six advanced count...

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

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

Volume/Issue: 2017/112

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2017

DOI: http://dx.doi.org/10.5089/9781475599411.002

ISBN: 9781475599411

Keywords: Asia and Pacific, Samoa

The Samoan economy is performing well: growth is strong while inflation remains subdued. Nevertheless, there are sizeable downside risks to the outlook. Samoa is vulnerable to natural disasters, which has led to el...

Republic of Slovenia
			: Selected Issues

Republic of Slovenia : Selected Issues »

Volume/Issue: 2017/126

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2017

DOI: http://dx.doi.org/10.5089/9781484300749.002

ISBN: 9781484300749

Selected Issues...

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

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

Volume/Issue: 2017/125

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2017

DOI: http://dx.doi.org/10.5089/9781484300725.002

ISBN: 9781484300725

Keywords: Slovenia, Europe

Sustained efforts to restore financial stability and pursue prudent macroeconomic policies are paying off. Slovenia has enjoyed a robust three-year economic recovery, with output and employment rising steadily. Yet...

Luxembourg
			: Financial System Stability Assessment

Luxembourg : Financial System Stability Assessment »

Volume/Issue: 2017/122

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2017

DOI: http://dx.doi.org/10.5089/9781484300374.002

ISBN: 9781484300374

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

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

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

Volume/Issue: 2017/121

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2017

DOI: http://dx.doi.org/10.5089/9781475599954.002

ISBN: 9781475599954

Keywords: Asia and Pacific, New Zealand

The insurance sector is small, increasingly focused on non-life business, and characterized by high concentration and extensive foreign, particularly Australian, participation. The non-life sector has recovered str...

Hungary
			: Selected Issues

Hungary : Selected Issues »

Volume/Issue: 2017/124

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2017

DOI: http://dx.doi.org/10.5089/9781484300473.002

ISBN: 9781484300473

Keywords: Hungary, Europe

Selected Issues...

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

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

Volume/Issue: 2017/123

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2017

DOI: http://dx.doi.org/10.5089/9781484300459.002

ISBN: 9781484300459

Keywords: Europe, Hungary

Hungary has succeeded in achieving several years of high economic growth as well as reduction of debt and other vulnerabilities. However, external and public debt remain high. Growth decelerated in 2016 partly due...

Regional Economic Issues, May 2017, Central, Eastern, and Southeastern Europe
			: A Broadening Recovery

Regional Economic Issues, May 2017, Central, Eastern, and Southeastern Europe : A Broadening Recovery »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 May 2017

DOI: http://dx.doi.org/10.5089/9781475575149.086

ISBN: 9781475575149

Economic growth is broadening in Central, Eastern, and Southeastern Europe. Further ahead, however, growth prospects are tested by a dwindling workforce and weak productivity. Reaching Western European income level...

International Financial Integration in the Aftermath of the Global Financial Crisis

International Financial Integration in the Aftermath of the Global Financial Crisis »

Volume/Issue: 2017/115

Series: IMF Working Papers

Author(s): Philip Lane , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781484300336.001

ISBN: 9781484300336

Keywords: Foreign exchange, International financial integration, financial globalization

This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 19...

New Zealand: Financial Sector Assessment Program
			: Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis

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

Volume/Issue: 2017/119

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599923.002

ISBN: 9781475599923

Keywords: Asia and Pacific, New Zealand

Imbalances in the housing market, concentrated exposures to the dairy sector, and reliance on wholesale funding are the key macrofinancial risks in New Zealand. The banking sector, which dominates the financial sys...

New Zealand: Financial Sector Assessment Program
			: Technical Note-Regulation and Oversight of Financial Market Infrastructures

New Zealand: Financial Sector Assessment Program : Technical Note-Regulation and Oversight of Financial Market Infrastructures »

Volume/Issue: 2017/115

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599824.002

ISBN: 9781475599824

Keywords: Asia and Pacific, New Zealand

The regulatory and oversight framework for Financial Market Infrastructures (FMIs) in New Zealand is undergoing a major reform. The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) curre...

New Zealand: Financial Sector Assessment Program
			: Technical Note-Macroprudential Institutional Framework and Policies

New Zealand: Financial Sector Assessment Program : Technical Note-Macroprudential Institutional Framework and Policies »

Volume/Issue: 2017/118

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599909.002

ISBN: 9781475599909

Keywords: New Zealand, Asia and Pacific

New Zealand has a strong institutional framework for macroprudential policy. This framework is based on a clear mandate for financial stability operationally clarified by a Memorandum of Understanding (MoU). The Re...

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

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

Volume/Issue: 2017/117

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599855.002

ISBN: 9781475599855

Keywords: Asia and Pacific, New Zealand

The capital market regulatory framework in New Zealand has gone through a major overhaul since the last FSAP in 2004. Many capital market players were not licensed or supervised at the time, including asset manager...

New Zealand: Financial Sector Assessment Program
			: Technical Note-Contingency Planning and Crisis Management Framework

New Zealand: Financial Sector Assessment Program : Technical Note-Contingency Planning and Crisis Management Framework »

Volume/Issue: 2017/116

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599848.002

ISBN: 9781475599848

Keywords: Asia and Pacific, New Zealand

Several unique considerations apply to contingency planning and crisis management arrangements in New Zealand. These include dependence on self-discipline, market discipline and low intensity prudential supervision...

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

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

Volume/Issue: 2017/120

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599930.002

ISBN: 9781475599930

The supervisory approach of the Reserve Bank of New Zealand (RBNZ) reflects the characteristics of the local banking industry and the authorities' goal to limit moral hazard by relying on market discipline and not...

Luxembourg
			: Selected Issues

Luxembourg : Selected Issues »

Volume/Issue: 2017/114

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599480.002

ISBN: 9781475599480

Keywords: Luxembourg, Europe

Luxembourg: Selected Issues...

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

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

Volume/Issue: 2017/113

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2017

DOI: http://dx.doi.org/10.5089/9781475599473.002

ISBN: 9781475599473

Keywords: Europe, Luxembourg

Growth has been strong, benefiting from Luxembourg's major role in intermediating international capital flows, and prospects are good. However, the outlook remains clouded by risks arising from possible global retr...

Regional Economic Outlook, April 2017, Sub-Saharan Africa

Regional Economic Outlook, April 2017, Sub-Saharan Africa »

Series: Regional Economic Outlook

Author(s): Céline Allard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2017

Language: French

DOI: http://dx.doi.org/10.5089/9781475574999.086

ISBN: 9781475574999

La dynamique de croissance en Afrique subsaharienne demeure fragile, ce qui représente une rupture par rapport à la rapide expansion qui avait été enregistrée depuis le début du millénaire. L'année 2016 a été diffi...

Regional Economic Outlook, April 2017, Sub-Saharan Africa

Regional Economic Outlook, April 2017, Sub-Saharan Africa »

Series: Regional Economic Outlook

Author(s): Céline Allard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2017

DOI: http://dx.doi.org/10.5089/9781475574463.086

ISBN: 9781475574463

Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping...

Debt Sustainability in Low-Income Countries
			: Policies, Institutions, or Shocks?

Debt Sustainability in Low-Income Countries : Policies, Institutions, or Shocks? »

Volume/Issue: 2017/114

Series: IMF Working Papers

Author(s): Yasemin Bal Gunduz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2017

DOI: http://dx.doi.org/10.5089/9781475599732.001

ISBN: 9781475599732

Keywords: Low-income countries, external debt sustainability, General, International Lending and Debt Problems

This paper estimates the determinants of external debt distress in low-income countries (LICs), disentangling the roles of institutions, shocks, and policies. The most prominent factors in raising the risk of debt...

Republic of Kazakhstan
			: Selected Issues

Republic of Kazakhstan : Selected Issues »

Volume/Issue: 2017/109

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2017

DOI: http://dx.doi.org/10.5089/9781475598759.002

ISBN: 9781475598759

Keywords: Middle East, Kazakhstan

Selected Issues...

Republic of Kazakhstan
			: 2017 Article IV Consultation- Press Release; and Staff Report

Republic of Kazakhstan : 2017 Article IV Consultation- Press Release; and Staff Report »

Volume/Issue: 2017/108

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2017

DOI: http://dx.doi.org/10.5089/9781475598704.002

ISBN: 9781475598704

Keywords: Kazakhstan, Middle East

Kazakhstan continues to withstand challenges from lower oil prices and slower growth in Russia, China, and Europe. While buffers are strong, the shocks exposed vulnerabilities, including dependence on oil and other...

Regional Economic Outlook, April 2017, Asia and Pacific
			: Preparing for Choppy Seas

Regional Economic Outlook, April 2017, Asia and Pacific : Preparing for Choppy Seas »

Series: Regional Economic Outlook

Author(s): Ranil Salgado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2017

DOI: http://dx.doi.org/10.5089/9781475575064.086

ISBN: 9781475575064

The Asia-Pacific region continues to be the world leader in growth, and recent data point to a pickup in momentum. We expect the region to expand by 5.5 percent in 2017, up from 5.3 percent in 2016. Accommodative p...

Collateral Reuse and Balance Sheet Space

Collateral Reuse and Balance Sheet Space »

Volume/Issue: 2017/113

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2017

DOI: http://dx.doi.org/10.5089/9781475599343.001

ISBN: 9781475599343

Keywords: collateral velocity; securities lending; prime brokerage; OTC derivatives; repo, collateral velocity, securities lending, prime brokerage, OTC derivatives, repo, Government Policy and Regulation, International Monetary Arrangements and Institutions, Corporation and Securities Law

Transactions on wholesale capital markets are often secured by marketable collateral. However, collateral needs balance sheet space to move within the financial system. Certain new regulations that constrain privat...

New Zealand: Financial Sector Assessment Program
			: Financial System Stability Assessment

New Zealand: Financial Sector Assessment Program : Financial System Stability Assessment »

Volume/Issue: 2017/110

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2017

DOI: http://dx.doi.org/10.5089/9781475598834.002

ISBN: 9781475598834

Imbalances in the housing market, banks' concentrated exposures to the dairy sector, and their high reliance on wholesale offshore funding are the key macrofinancial vulnerabilities in New Zealand. The banking sect...

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

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

Volume/Issue: 2017/111

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2017

DOI: http://dx.doi.org/10.5089/9781475599091.002

ISBN: 9781475599091

Keywords: New Zealand, Asia and Pacific

Since 2011, New Zealand has enjoyed a solid expansion. Construction has been a major driver, while strong net migration and low interest rates have added momentum. Macro-financial vulnerabilities have increased wit...

Revenue Administration
			: Implementing a High-Wealth Individual Compliance Program

Revenue Administration : Implementing a High-Wealth Individual Compliance Program »

Volume: 17

Series: Technical Notes and Manuals

Author(s): Lucilla Mc Laughlin , and John Buchanan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475592948.005

ISBN: 9781475592948

Keywords: Tax evasion, Tax Administration; Tax Compliance; Tax Avoidance; Tax Audit; Personal Income Tax; Compliance Risk Management; High Wealth Individual; Ultra-High Wealth Individual; HWI Compliance Program, Tax Administration, Tax Compliance, Tax Avoidance, Tax Audit; Personal Income Tax, Compliance Risk Management, High Wealth Individual, Ultra-High Wealth Individual, HWI Compliance Program

This technical note is provided as guidance to tax administrations that are considering a program to enhance the tax compliance of high wealth individuals. The note explains the rationale for a specialized complian...

Bank Balance Sheets and the Value of Lending

Bank Balance Sheets and the Value of Lending »

Volume/Issue: 2017/111

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Giuseppe Vera

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475599053.001

ISBN: 9781475599053

Keywords: Europe, United Kingdom, Bank balance sheets, loan announcement effect, bank monitoring, Financial Markets and the Macroeconomy

We study 1,400 UK syndicated loans, together with the financial history of the lead bank and the borrowing firm. We interpret abnormal equity returns around loan announcements as the value of the lending relationsh...

Lasso Regressions and Forecasting Models in Applied Stress Testing

Lasso Regressions and Forecasting Models in Applied Stress Testing »

Volume/Issue: 2017/108

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475599022.001

ISBN: 9781475599022

Keywords: Forecasting, Stress test, machine learning, model selection, lasso, relaxed lasso, General, Forecasting and Other Model Applications

Model selection and forecasting in stress tests can be facilitated using machine learning techniques. These techniques have proved robust in other fields for dealing with the curse of dimensionality, a situation of...

Farms, Fertiliser, and Financial Frictions
			: Yields from a DSGE Model

Farms, Fertiliser, and Financial Frictions : Yields from a DSGE Model »

Volume/Issue: 2017/112

Series: IMF Working Papers

Author(s): Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475595772.001

ISBN: 9781475595772

Keywords: Africa, Monetary policy, financial frictions, foreign capital flows, DSGE models, supply shocks, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics

This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses dis...

Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method

Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method »

Volume/Issue: 2017/109

Series: IMF Working Papers

Author(s): Monique Newiak , and Tim Willems

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475599039.001

ISBN: 9781475599039

Keywords: Economic growth, Inflation, International Monetary Fund, Investment, Program-evaluation

We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Sup...

Can They Do It All? Fiscal Space in Low-Income Countries

Can They Do It All? Fiscal Space in Low-Income Countries »

Volume/Issue: 2017/110

Series: IMF Working Papers

Author(s): Anja Baum , Andrew Hodge , Aiko Mineshima , Marialuz Moreno Badia , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475599046.001

ISBN: 9781475599046

Keywords: Public debt, Fiscal space, sustainability, SDGs, low-income countries, Deficit

According to U.N. estimates, low-income countries will have to increase their annual public spending by up to 30 percent of GDP to achieve the Sustainable Development Goals (SDGs), raising the question of whether t...

Georgia
			: Technical Assistance Report-Liquidity Management Operations

Georgia : Technical Assistance Report-Liquidity Management Operations »

Volume/Issue: 2017/107

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

DOI: http://dx.doi.org/10.5089/9781475598087.002

ISBN: 9781475598087

Keywords: Georgia, Middle East

The National Bank of Georgia (NBG) has embarked on an ambitious project to strengthen monetary policy implementation so that its actions in normal times are seen by the market as being both credible and predictable...

Variance Decomposition Networks
			: Potential Pitfalls and a Simple Solution

Variance Decomposition Networks : Potential Pitfalls and a Simple Solution »

Volume/Issue: 2017/107

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475598407.001

ISBN: 9781475598407

Keywords: Systemic risk, Interconnectedness, networks, regularization techniques, global financial system, variance decomposition, VAR, Time-Series Models, Other

Diebold and Yilmaz (2015) recently introduced variance decomposition networks as tools for quantifying and ranking the systemic risk of individual firms. The nature of these networks and their implied rankings depe...

Taking Stock
			: Who Benefited from the Oil Price Shocks?

Taking Stock : Who Benefited from the Oil Price Shocks? »

Volume/Issue: 2017/104

Series: IMF Working Papers

Author(s): Diego Cerdeiro , and Dmitry Plotnikov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475595918.001

ISBN: 9781475595918

Keywords: Output, Oil price, world demand, oil supply, oil demand, Forecasting and Simulation, Demand and Supply, Energy and the Macroeconomy

The effect that the recent decline in the price of oil has had on growth is far from clear, with many observers at odds to explain why it does not seem to have provided a significant boost to the world economy. Thi...

Multivariate Filter Estimation of Potential Output for the United States

Multivariate Filter Estimation of Potential Output for the United States »

Volume/Issue: 2017/106

Series: IMF Working Papers

Author(s): Ali Alichi , Olivier Bizimana , Douglas Laxton , Kadir Tanyeri , Hou Wang , Jiaxiong Yao , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475598384.001

ISBN: 9781475598384

Keywords: United States, Western Hemisphere, Potential output, Macroeconomic Modeling, Model Construction and Estimation, Monetary Policy (Targets, Instruments, and Effects)

Estimates of potential output are an important component of a structured forecasting and policy analysis system. Using information on capacity utilization, this paper extends the multivariate filter developed by La...

Investing in Public Infrastructure
			: Roads or Schools?

Investing in Public Infrastructure : Roads or Schools? »

Volume/Issue: 2017/105

Series: IMF Working Papers

Author(s): Manoj Atolia , Bin Grace Li , Ricardo Marto , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475595932.001

ISBN: 9781475595932

Keywords: Public investment, Debt sustainability, Human capital, political myopia, debt aversion, lowincome, low-income developing countries, International Lending and Debt Problems, Institutions and Growth, Infrastructures

Why do governments in developing economies invest in roads and not enough in schools? In the presence of distortionary taxation and debt aversion, the different pace at which roads and schools contribute to economi...

Panama
			: Selected Issues

Panama : Selected Issues »

Volume/Issue: 2017/106

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475597721.002

ISBN: 9781475597721

The opening of the expanded Panama Canal marks a unique opportunity to reevaluate Panama's growth model. This paper reassesses Panama's business model founded on its ability to be an attractive destination for inte...

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

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

Volume/Issue: 2017/105

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475597714.002

ISBN: 9781475597714

Economic growth moderated to 4.9 percent in 2016 amid external headwinds, but remains among the strongest in the region. Inflation and unemployment remain subdued, although have edged up. Fiscal consolidation conti...

Reforming Energy Policy in India
			: Assessing the Options

Reforming Energy Policy in India : Assessing the Options »

Volume/Issue: 2017/103

Series: IMF Working Papers

Author(s): Ian Parry , Victor Mylonas , and Nate Vernon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2017

DOI: http://dx.doi.org/10.5089/9781475595734.001

ISBN: 9781475595734

Keywords: Revenues, Asia and Pacific, India, Air pollution deaths, Paris targets, welfare effects, incidence, coal tax, energy price reform, Government Policy

Spreadsheet models are used to assess the environmental, fiscal, economic, and incidence effects of a wide range of options for reducing fossil fuel use in India. Among the most effective options is ramping up the...

Brazil
			: Fiscal Transparency Evaluation

Brazil : Fiscal Transparency Evaluation »

Volume/Issue: 2017/104

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2017

DOI: http://dx.doi.org/10.5089/9781475597448.002

ISBN: 9781475597448

Despite the development of fiscal responsibility legislation, several weaknesses in fiscal transparency have had adverse effects on the quality of fiscal policy-many of which are being addressed. Brazil has made si...

Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems

Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems »

Volume/Issue: 2017/102

Series: IMF Working Papers

Author(s): Andreas A. Jobst , Li Lian Ong , and Christian Schmieder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2017

DOI: http://dx.doi.org/10.5089/9781475597240.001

ISBN: 9781475597240

Keywords: Liquidity risk, Basel III, cash flow-based approach, liquidity coverage ratio (LCR), net stable funding ratio (NSFR), solvency risk, stress testing, Tourism, Cuba, Caribbean

Bank liquidity stress testing, which has become de rigueur following the costly lessons of the global financial crisis, remains underdeveloped compared to solvency stress testing. The ability to adequately identify...

Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis

Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis »

Volume/Issue: 2017/101

Series: IMF Working Papers

Author(s): Ashraf Khan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2017

DOI: http://dx.doi.org/10.5089/9781475595802.001

ISBN: 9781475595802

Keywords: Financial crisis, Financial stability, Governance, Central banking, law, financial supervision, independence, autonomy, monetary policy, International Relations and International Political Economy: General

Drawing on the 2016 update of the IMF's Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countri...

Republic of Moldova
			: First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria-Press Release; and Staff Report

Republic of Moldova : First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements and Request for Modification of Performance Criteria-Press Release; and Staff Report »

Volume/Issue: 2017/102

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2017

DOI: http://dx.doi.org/10.5089/9781475597042.002

ISBN: 9781475597042

Following the political and economic turmoil of recent years, the Moldovan economy has started to recover. Economic growth in 2016 was stronger than originally projected benefiting from solid agricultural performan...

Republic of Moldova
			: Economic Development Document

Republic of Moldova : Economic Development Document »

Volume/Issue: 2017/103

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2017

DOI: http://dx.doi.org/10.5089/9781475597059.002

ISBN: 9781475597059

Economic Development Document...