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Global Financial Stability Report, October 2017

Is Growth at Risk?

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

Fiscal Monitor, October 2017

Tackling Inequality

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

Digital Revolutions in Public Finance

New
Digital Revolutions in Public Finance »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2017

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

ISBN: 9781484315224

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

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

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

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

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2017

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

ISBN: 9781484308394

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

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

Fiscal Monitor, October 2017
			: Tackling Inequality

New
Fiscal Monitor, October 2017 : Tackling Inequality »

Series: Fiscal Monitor

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2017

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

ISBN: 9781484312483

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

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

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

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

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2017

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

ISBN: 9781484312490

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

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

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

Language: French

DOI: http://dx.doi.org/10.5089/9781484306932.011

ISBN: 9781484306932

Keywords: IMF, annual report, IMF activities, IMF priorities, trade, growth, inclusive growth, inequality, surveillance, Article IV consultation

How to get global growth going again, through trade, productivity, reducing inequality, and promoting women's economic empowerment....

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781475563252

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

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

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484306826.011

ISBN: 9781484306826

Keywords: IMF, annual report, IMF activities, IMF priorities, trade, growth, inclusive growth, inequality, surveillance, Article IV consultation

How to get global growth going again, through trade, productivity, reducing inequality, and promoting women's economic empowerment....

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781484306871.011

ISBN: 9781484306871

Keywords: IMF, annual report, IMF activities, IMF priorities, trade, growth, inclusive growth, inequality, surveillance, Article IV consultation

How to get global growth going again, through trade, productivity, reducing inequality, and promoting women's economic empowerment....

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

Language: Japanese

DOI: http://dx.doi.org/10.5089/9781484306970.011

ISBN: 9781484306970

Keywords: IMF, annual report, IMF activities, IMF priorities, trade, growth, inclusive growth, inequality, surveillance, Article IV consultation

How to get global growth going again, through trade, productivity, reducing inequality, and promoting women's economic empowerment....

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

Language: Russian

DOI: http://dx.doi.org/10.5089/9781484307199.011

ISBN: 9781484307199

Keywords: IMF, annual report, IMF activities, IMF priorities, trade, growth, inclusive growth, inequality, surveillance, Article IV consultation

How to get global growth going again, through trade, productivity, reducing inequality, and promoting women's economic empowerment....

International Monetary Fund Annual Report 2017
			: Promoting Inclusive Growth

New
International Monetary Fund Annual Report 2017 : Promoting Inclusive Growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484307229.011

ISBN: 9781484307229

Keywords: IMF, annual report, IMF activities, IMF priorities, trade, growth, inclusive growth, inequality, surveillance, Article IV consultation

How to get global growth going again, through trade, productivity, reducing inequality, and promoting women's economic empowerment....

Uganda
			: Technical Assistance Report-Report on Government Finance Statistics

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

Volume/Issue: 2017/313

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484323021

Keywords: Sub-Saharan Africa, Uganda

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

Uganda
			: Technical Assistance Report-Report on Government Finance Statistics

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

Volume/Issue: 2017/312

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322970

Keywords: Sub-Saharan Africa, Uganda

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

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

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

Volume/Issue: 2017/311

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322499

Keywords: Europe, Sweden

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

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

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

Volume/Issue: 2017/310

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322482

Keywords: Europe, Sweden

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

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

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

Volume/Issue: 2017/309

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322475

Keywords: Europe, Sweden

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

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

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

Volume/Issue: 2017/308

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322451

Keywords: Europe, Sweden

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

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

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

Volume/Issue: 2017/307

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322420

Keywords: Europe, Sweden

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

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

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

Volume/Issue: 2017/306

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322413

Keywords: Europe, Sweden

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

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

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

Volume/Issue: 2017/305

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484322369

Keywords: Europe, Sweden

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

Saudi Arabia
			: Selected Issues

New
Saudi Arabia : Selected Issues »

Volume/Issue: 2017/317

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484323243

Keywords: Saudi Arabia, Middle East

Selected Issues...

Saudi Arabia
			: Financial System Stability Assessment

New
Saudi Arabia : Financial System Stability Assessment »

Volume/Issue: 2017/318

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484323458

Keywords: Middle East, Saudi Arabia

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

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

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

Volume/Issue: 2017/316

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

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

ISBN: 9781484323175

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

Understanding Correspondent Banking Trends: A Monitoring Framework

New
Understanding Correspondent Banking Trends: A Monitoring Framework »

Volume/Issue: 2017/216

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2017

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

ISBN: 9781484323625

Keywords: Remittances, Correspondent Banking, Correspondent Banking Relationships

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

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

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

Volume/Issue: 2017/292

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2017

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

ISBN: 9781484321218

Keywords: Western Hemisphere, Brazil

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

Market Reforms at the Zero Lower Bound

New
Market Reforms at the Zero Lower Bound »

Volume/Issue: 2017/215

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2017

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

ISBN: 9781484320679

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

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

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

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

Volume/Issue: 2017/214

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2017

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

ISBN: 9781484322000

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

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

Excerpt: Fiscal Policies and Gender Equality

New
Excerpt: Fiscal Policies and Gender Equality »

Series: Miscellaneous Publication (Other)

Author(s): Lisa Kolovich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2017

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

ISBN: 9781484322048

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

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

International Financial Statistics, October 2017

New
International Financial Statistics, October 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781475572223

International Financial Statistics, October 2017...

Uncertainty, Financial Frictions and Nominal Rigidities: A Quantitative Investigation

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

Volume/Issue: 2017/211

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320723

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

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

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

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

Volume/Issue: 2017/208

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320648

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

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

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

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

Volume/Issue: 2017/213

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320754

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

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

Quantitative Easing and Long-Term Yields in Small Open Economies

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

Volume/Issue: 2017/212

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320730

Keywords: Unconventional monetary policy, event study, signaling, portfolio balance, asset purchases.

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

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

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

Volume/Issue: 2017/209

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320686

Keywords: Central banks and their policies, Caribbean, Dominica, Dominican Republic, Grenada, Haiti, Antigua and Barbuda, Asia and Pacific, Bahamas, The, Barbados

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

Interconnectedness of Global Systemically-Important Banks and Insurers

New
Interconnectedness of Global Systemically-Important Banks and Insurers »

Volume/Issue: 2017/210

Series: IMF Working Papers

Author(s): Sheheryar Malik , and TengTeng Xu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320716

Keywords: JEL Classification Numbers: G21, G22 and C32. Keywords: Global systemically important banks and insurers, connectedness, equity prices, volatility, vector autoregression.

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

FX Intervention in the New Keynesian Model

New
FX Intervention in the New Keynesian Model »

Volume/Issue: 2017/207

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484320617

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

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

Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean

New
Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean »

Series: Miscellaneous Publication (Other)

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

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

ISBN: 9781484322154

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

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

Georgia
			: Fiscal Transparency Evaluation

New
Georgia : Fiscal Transparency Evaluation »

Volume/Issue: 2017/291

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2017

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

ISBN: 9781484321157

Keywords: Georgia, Middle East

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

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

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

Volume/Issue: 2017/290

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2017

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

ISBN: 9781484321058

Keywords: Middle East, Egypt

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

Excerpt: Shifting Commodity Markets in a Globalized World

New
Excerpt: Shifting Commodity Markets in a Globalized World »

Series: Miscellaneous Publication (Other)

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 September 2017

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

ISBN: 9781484320815

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

France
			: Selected Issues

New
France : Selected Issues »

Volume/Issue: 2017/289

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

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

ISBN: 9781484320334

Keywords: Europe, France

France: Selected Issues...

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

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

Volume/Issue: 2017/288

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

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

ISBN: 9781484320310

Keywords: France, Europe

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

Finance and Development, September 2017

New
Finance and Development, September 2017 »

Volume/Issue: 54/3

Series: Finance & Development

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484316054.022

ISBN: 9781484316054

Keywords: Finance and Development

Finance and Development, September 2017...

Direction of Trade Statistics, September 2017

New
Direction of Trade Statistics, September 2017 »

Series: Direction of Trade Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

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

ISBN: 9781475572186

Direction of Trade Statistics, September 2017...

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

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

Volume/Issue: 2017/206

Series: IMF Working Papers

Author(s): Francesca Caselli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2017

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

ISBN: 9781484319291

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

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

Policy Mix and the US Trade Balance

Policy Mix and the US Trade Balance »

Volume/Issue: 2017/204

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

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

ISBN: 9781484319314

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

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

Indexing Structural Distortion: Sectoral Productivity, Structural Change and Growth

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

Volume/Issue: 2017/205

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

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

ISBN: 9781484319277

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

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

Belize
			: Selected Issues

Belize : Selected Issues »

Volume/Issue: 2017/287

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

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

ISBN: 9781484320198

Keywords: Belize, Western Hemisphere

Selected Issues...

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

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

Volume/Issue: 2017/286

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2017

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

ISBN: 9781484320044

Keywords: Western Hemisphere, Belize

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

Per Jacobsson Lecture
			: Latin America: Outlook and Challenges Ahead

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

Series: Other Periodicals

Author(s): Carmen Reinhart , and Rodrigo Valdes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

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

ISBN: 9781484313862

Latin America: Outlook and Challenges Ahead...

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

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

Volume/Issue: 2017/285

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

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

ISBN: 9781484319819

Keywords: Asia and Pacific, Japan

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

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

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

Volume/Issue: 2017/284

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

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

ISBN: 9781484319789

Keywords: Asia and Pacific, Japan

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

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

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

Volume/Issue: 2017/283

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

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

ISBN: 9781484319741

Keywords: Asia and Pacific, Japan

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

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

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

Volume/Issue: 2017/281

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

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

ISBN: 9781484319697

Keywords: Asia and Pacific, Japan

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

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

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

Volume/Issue: 2017/282

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2017

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

ISBN: 9781484319710

Keywords: Japan, Asia and Pacific

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

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

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

Volume/Issue: 2017/272

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

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

ISBN: 9781484317822

Keywords: Uganda, Sub-Saharan Africa

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

Uganda
			: Technical Assistance Report-Strengthening Cash Management

Uganda : Technical Assistance Report-Strengthening Cash Management »

Volume/Issue: 2017/273

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317686.002

ISBN: 9781484317686

Keywords: Uganda, Sub-Saharan Africa

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

Uganda
			: Technical Assistance Report-Managing and Preventing Expenditure Arrears

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

Volume/Issue: 2017/271

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317815.002

ISBN: 9781484317815

Keywords: Sub-Saharan Africa, Uganda

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

Uganda
			: Technical Assistance Report-Improving GDP Forecasting

Uganda : Technical Assistance Report-Improving GDP Forecasting »

Volume/Issue: 2017/270

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317792.002

ISBN: 9781484317792

Keywords: Uganda, Sub-Saharan Africa

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

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

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

Volume/Issue: 2017/266

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317723.002

ISBN: 9781484317723

Keywords: Sub-Saharan Africa, Uganda

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

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

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

Volume/Issue: 2017/269

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317778.002

ISBN: 9781484317778

Keywords: Sub-Saharan Africa, Uganda

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

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

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

Volume/Issue: 2017/267

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317730.002

ISBN: 9781484317730

Keywords: Sub-Saharan Africa, Uganda

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

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

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

Volume/Issue: 2017/268

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

DOI: http://dx.doi.org/10.5089/9781484317747.002

ISBN: 9781484317747

Keywords: Sub-Saharan Africa, Uganda

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

Portugal
			: Selected Issues

Portugal : Selected Issues »

Volume/Issue: 2017/279

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

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

ISBN: 9781484319369

Keywords: Europe, Portugal

Portugal: Selected Issues...

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

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

Volume/Issue: 2017/278

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

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

ISBN: 9781484319338

Keywords: Europe, Portugal

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

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

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

Volume/Issue: 2017/280

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2017

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

ISBN: 9781484319642

Keywords: Asia and Pacific, Micronesia, Federated States of

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

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

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

Volume/Issue: 2017/276

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2017

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

ISBN: 9781484319017

Keywords: Europe, Montenegro

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

Big Data
			: Potential, Challenges and Statistical Implications

Big Data : Potential, Challenges and Statistical Implications »

Volume/Issue: 2017/6

Series: Staff Discussion Notes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2017

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

ISBN: 9781484310908

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

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

Fiscal Rules
			: Coping with Revenue Volatility in Lesotho and Swaziland

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

Series: Departmental Papers / Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

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

ISBN: 9781484309575

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

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

Medium-Term Budget Frameworks in Sub-Saharan African Countries

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

Volume/Issue: 2017/203

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2017

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

ISBN: 9781484314203

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

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

Kingdom of Swaziland
			: Selected Issues

Kingdom of Swaziland : Selected Issues »

Volume/Issue: 2017/275

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2017

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

ISBN: 9781484318607

Keywords: Sub-Saharan Africa, Swaziland

Kingdom of Swaziland: Selected Issues...

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

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

Volume/Issue: 2017/274

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2017

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

ISBN: 9781484310960

Keywords: Swaziland, Sub-Saharan Africa

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

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

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

Volume/Issue: 2017/201

Series: IMF Working Papers

Author(s): Dmitry Plotnikov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

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

ISBN: 9781484318584

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

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

The Effect of Leverage on Asset Sales Between Financial Institutions

The Effect of Leverage on Asset Sales Between Financial Institutions »

Volume/Issue: 2017/200

Series: IMF Working Papers

Author(s): Sonali Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

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

ISBN: 9781484318171

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

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

Growth Breaks and Growth Spells in Sub-Saharan Africa

Growth Breaks and Growth Spells in Sub-Saharan Africa »

Volume/Issue: 2017/202

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

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

ISBN: 9781484314166

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

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

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

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

Volume/Issue: 2017/264

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

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

ISBN: 9781484317365

Keywords: Middle East, Morocco

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

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

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

Volume/Issue: 2017/265

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2017

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

ISBN: 9781484317518

Keywords: Middle East, Morocco

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

Banking on Women Leaders: A Case for More?

Banking on Women Leaders: A Case for More? »

Volume/Issue: 2017/199

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 September 2017

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

ISBN: 9781484318164

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

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

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

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

Volume/Issue: 2017/263

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2017

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

ISBN: 9781484317327

Keywords: Europe, Serbia

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

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

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

Volume/Issue: 2017/262

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2017

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

ISBN: 9781484317259

Keywords: Ghana, Sub-Saharan Africa

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

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

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

Volume/Issue: 2017/196

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2017

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

ISBN: 9781484316658

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

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

Finance and Development, September 2017

Finance and Development, September 2017 »

Volume/Issue: 54/3

Series: Finance & Development

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2017

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

ISBN: 9781484315972

Keywords: Finance and Development

Finance and Development, September 2017...

International Financial Statistics, September 2017

International Financial Statistics, September 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 August 2017

DOI: http://dx.doi.org/10.5089/9781475571950.041

ISBN: 9781475571950

International Financial Statistics, September 2017...

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

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

Volume/Issue: 2017/258

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316801

Keywords: Luxembourg, Europe

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

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

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

Volume/Issue: 2017/261

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316832

Keywords: Luxembourg, Europe

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

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

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

Volume/Issue: 2017/259

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316818

Keywords: Europe, Luxembourg

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

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

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

Volume/Issue: 2017/256

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316764

Keywords: Europe, Luxembourg

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

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

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

Volume/Issue: 2017/257

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316771

Keywords: Europe, Luxembourg

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

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

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

Volume/Issue: 2017/255

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316740

Keywords: Luxembourg, Europe

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

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

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

Volume/Issue: 2017/260

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2017

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

ISBN: 9781484316825

Keywords: Europe, Luxembourg

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

International Financial Statistics Yearbook, 2017

International Financial Statistics Yearbook, 2017 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2017

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

ISBN: 9781475595369

International Financial Statistics Yearbook, 2017...

Housing Finance and Real Estate Markets in Colombia

Housing Finance and Real Estate Markets in Colombia »

Volume/Issue: 2017/190

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2017

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

ISBN: 9781484315118

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

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

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

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

Volume/Issue: 2017/254

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2017

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

ISBN: 9781484315651

Keywords: Dominican Republic, Western Hemisphere

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

Finance and Employment in Developing Countries: The Working Capital Channel

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

Volume/Issue: 2017/189

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2017

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

ISBN: 9781484314197

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

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

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2017/248

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2017

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

ISBN: 9781484314722

Keywords: Asia and Pacific

Selected Issues...

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? »

Volume/Issue: 2017/65

Series: IMF Working Papers

Author(s): Stephen Cecchetti , Tommaso Mancini Griffoli , and Machiko Narita

Publisher: CEMLA/Centro de Estudios Monetarios Latinamericano

Publication Date: 11 August 2017

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484308363.001

ISBN: 9781484308363

Keywords: Spillovers, Banks, Financial institutions, Financial stability, Monetary policy, Nonbank financial sector, United States, nonbank financial institutions, prolonged monetary policy easing, financial vulnerability

Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find...

Private and Public Debt
			: Are Emerging Markets at Risk?

Private and Public Debt : Are Emerging Markets at Risk? »

Volume/Issue: 2017/61

Series: IMF Working Papers

Author(s): Marco Bernardini , and Lorenzo Forni

Publisher: CEMLA/Centro de Estudios Monetarios Latinamericano

Publication Date: 11 August 2017

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484308356.001

ISBN: 9781484308356

Keywords: Debt, Developed countries, Economic recession, Emerging markets, Banking crisis, Private sector, Public debt, private-public debt, Models with Panel Data, Financial Markets and the Macroeconomy

Using a dataset covering a large sample of emerging economies (EMEs), we study the relationship between debt and economic performance in bad times. While previous research has shown that private debt buildups exace...

IMF Research Bulletin, Summer 2017

IMF Research Bulletin, Summer 2017 »

Volume/Issue: 18/2

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 August 2017

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

ISBN: 9781484315293

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

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

Bankruptcy Technology, Finance, and Entrepreneurship

Bankruptcy Technology, Finance, and Entrepreneurship »

Volume/Issue: 2017/187

Series: IMF Working Papers

Author(s): Nelson Sobrinho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2017

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

ISBN: 9781484314210

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

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

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

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

Volume/Issue: 2017/253

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2017

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

ISBN: 9781484315033

Keywords: Asia and Pacific, Sri Lanka

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