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World Economic Outlook, April 2017

Gaining Momentum?

The latest report shows that global economic activity is finally picking up, but structural impediments and a balance of risks tilted to the downside remain.

World Economic Outlook, April 2017

Gaining Momentum?

The latest report shows that global economic activity is finally picking up, but structural impediments and a balance of risks tilted to the downside remain.

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

New
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

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...

People's Republic of China
			: Selected Issues

New
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?

New
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?

New
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

New
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

New
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.

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

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

Volume/Issue: 2017/253

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2017

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

ISBN: 9781484315033

Keywords: Asia and Pacific, Sri Lanka

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

Iraq
			: Selected Issues

New
Iraq : Selected Issues »

Volume/Issue: 2017/252

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2017

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

ISBN: 9781484314999

Keywords: Middle East, Iraq

Selected Issues...

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

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

Volume/Issue: 2017/251

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2017

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

ISBN: 9781484314944

Keywords: Iraq, Middle East

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

Stabilizing the System of Mortgage Finance in the United States

New
Stabilizing the System of Mortgage Finance in the United States »

Volume/Issue: 2017/186

Series: IMF Working Papers

Author(s): Richard Koss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

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

ISBN: 9781484312544

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

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

Taxation and the Peer-to-Peer Economy

New
Taxation and the Peer-to-Peer Economy »

Volume/Issue: 2017/187

Series: IMF Working Papers

Author(s): Aqib Aslam , and Alpa Shah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

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

ISBN: 9781484313763

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

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

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

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

Volume/Issue: 2017/247

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

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

ISBN: 9781484314654

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

Botswana
			: Selected Issues

New
Botswana : Selected Issues »

Volume/Issue: 2017/250

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

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

ISBN: 9781484314906

Keywords: Botswana, Sub-Saharan Africa

Selected Issues...

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

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

Volume/Issue: 2017/249

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2017

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

ISBN: 9781484314814

Keywords: Sub-Saharan Africa, Botswana

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

Cyber Risk, Market Failures, and Financial Stability

New
Cyber Risk, Market Failures, and Financial Stability »

Volume/Issue: 2017/185

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2017

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

ISBN: 9781484313787

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

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

Structural Reforms and External Rebalancing

New
Structural Reforms and External Rebalancing »

Volume/Issue: 2017/182

Series: IMF Working Papers

Author(s): Alexander Culiuc , and Annette Kyobe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2017

DOI: http://dx.doi.org/10.5089/9781484313732.001

ISBN: 9781484313732

Keywords: Current account, Exports, structural reforms, REER, real exchange rate, Country and Industry Studies of Trade, Trade and Labor Market Interactions, Open Economy Macroeconomics, Public Policy

Empirical research on structural reforms has focused primarily on their impact on growth and productivity. Yet an often-invoked rationale for structural reforms is their impact on external adjustment. This paper fi...

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

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

Volume/Issue: 2017/246

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2017

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

ISBN: 9781484313893

Keywords: Sub-Saharan Africa, Chad

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

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

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

Series: Selected Decisions

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2017

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

ISBN: 9781475595994

Keywords: debt, payments, interest, trustee, currency

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

When Gambling for Resurrection is Too Risky

New
When Gambling for Resurrection is Too Risky »

Volume/Issue: 2017/180

Series: IMF Working Papers

Author(s): Divya Kirti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2017

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

ISBN: 9781484312667

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

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

The Financing of Ideas and the Great Deviation

New
The Financing of Ideas and the Great Deviation »

Volume/Issue: 2017/176

Series: IMF Working Papers

Author(s): Daniel Garcia-Macia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484311134

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

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

Mining Spillovers in Chile

New
Mining Spillovers in Chile »

Volume/Issue: 2017/177

Series: IMF Working Papers

Author(s): Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484312698

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

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

Leaning Against Windy Bank Lending

New
Leaning Against Windy Bank Lending »

Volume/Issue: 2017/179

Series: IMF Working Papers

Author(s): Giovanni Melina , and Stefania Villa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484312674

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

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

Calculating Trade in Value Added

New
Calculating Trade in Value Added »

Volume/Issue: 2017/178

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484311493

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

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

Japan
			: Selected Issues

New
Japan : Selected Issues »

Volume/Issue: 2017/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484313428

Keywords: Jordan, Middle East

Selected Issues...

Japan
			: Financial System Stability Assessment

New
Japan : Financial System Stability Assessment »

Volume/Issue: 2017/244

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484313435

Keywords: Japan, Asia and Pacific

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

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

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

Volume/Issue: 2017/242

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484313411

Keywords: Japan, Asia and Pacific

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

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

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

Volume/Issue: 2017/245

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

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

ISBN: 9781484313688

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

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

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

Volume/Issue: 2017/240

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 July 2017

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

ISBN: 9781484312773

Keywords: Singapore, Asia and Pacific

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

Singapore
			: Selected Issues

New
Singapore : Selected Issues »

Volume/Issue: 2017/241

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 July 2017

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

ISBN: 9781484312858

Keywords: Singapore, Asia and Pacific

Singapore: Selected Issues...

Bank Consolidation, Efficiency, and Profitability in Italy

New
Bank Consolidation, Efficiency, and Profitability in Italy »

Volume/Issue: 2017/175

Series: IMF Working Papers

Author(s): Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2017

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

ISBN: 9781484309261

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

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

Italy
			: Selected Issues

New
Italy : Selected Issues »

Volume/Issue: 2017/238

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2017

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

ISBN: 9781484312568

Keywords: Europe, Italy

Selected Issues...

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

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

Volume/Issue: 2017/237

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2017

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

ISBN: 9781484312551

Keywords: Italy, Europe

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

Uphill Capital Flows and the International Monetary System

New
Uphill Capital Flows and the International Monetary System »

Volume/Issue: 2017/174

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2017

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

ISBN: 9781484311424

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

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

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

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

Volume/Issue: 2017/239

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2017

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

ISBN: 9781484312681

Keywords: United States, Western Hemisphere

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

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

New
Central Bank Balance Sheet Policies and Spillovers to Emerging Markets »

Volume/Issue: 2017/172

Series: IMF Working Papers

Author(s): Manmohan Singh , and Haobin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

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

ISBN: 9781484311417

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

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

Euro Area Policies
			: Selected Issues

New
Euro Area Policies : Selected Issues »

Volume/Issue: 2017/236

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

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

ISBN: 9781484312353

Euro Area Policies: Selected Issues...

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

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

Volume/Issue: 2017/235

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

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

ISBN: 9781484312346

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

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

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

Volume/Issue: 2017/169

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484311042

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

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

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

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

Volume/Issue: 2017/167

Series: IMF Working Papers

Author(s): Yasser Abdih , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484311004

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

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

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

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

Volume/Issue: 2017/171

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484311035

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

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

Macroprudential Policy Spillovers
			: A Quantitative Analysis

New
Macroprudential Policy Spillovers : A Quantitative Analysis »

Volume/Issue: 2017/170

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484310991

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

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

Efficiency-Adjusted Public Capital, Capital Grants, and Growth

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

Volume/Issue: 2017/168

Series: IMF Working Papers

Author(s): Ernesto Crivelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484311127

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

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

Paraguay
			: Selected Issues

New
Paraguay : Selected Issues »

Volume/Issue: 2017/234

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484312216

Paraguay Selected Issues...

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

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

Volume/Issue: 2017/233

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484312193

Keywords: Paraguay, Western Hemisphere

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

Jordan
			: Selected Issues

New
Jordan : Selected Issues »

Volume/Issue: 2017/232

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484312063

Keywords: Jordan

Jordan: Selected Issues...

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

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

Volume/Issue: 2017/231

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484312056

Keywords: Jordan, Middle East

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

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

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

Volume/Issue: 2017/230

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

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

ISBN: 9781484311929

Keywords: Senegal, Sub-Saharan Africa

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

Suriname
			: Technical Assistance Report-National Accounts Statistics Mission

Suriname : Technical Assistance Report-National Accounts Statistics Mission »

Volume/Issue: 2017/187

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2017

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

ISBN: 9781484307472

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

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

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

Volume/Issue: 2017/229

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2017

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

ISBN: 9781484311219

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

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

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

Volume/Issue: 2017/228

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2017

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

ISBN: 9781484311158

Keywords: Sub-Saharan Africa, Guinea-Bissau

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

Women Are Key for Future Growth
			: Evidence from Canada

Women Are Key for Future Growth : Evidence from Canada »

Volume/Issue: 2017/166

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

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

ISBN: 9781484309247

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

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

Smooth Operator: Remittances and Fiscal Shocks

Smooth Operator: Remittances and Fiscal Shocks »

Volume/Issue: 2017/165

Series: IMF Working Papers

Author(s): Kimberly Beaton , Serhan Cevik , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

DOI: http://dx.doi.org/10.5089/9781484307878.001

ISBN: 9781484307878

Keywords: Remittances, Remittances, Consumption smoothing, fiscal shocks, social spendin, Kimberly Beaton, Serhan Cevik and Seyed Reza Yousefi, Financial Aspects of Economic Integration, International Business Cycles, Household

With 250 million migrants globally, remittances are one of the major sources of income in many developing countries. While there is abundant evidence that remittances facilitate consumption smoothing in receving co...

Financial Resource Curse in Resource-Rich Countries

Financial Resource Curse in Resource-Rich Countries »

Volume/Issue: 2017/163

Series: IMF Working Papers

Author(s): Montfort Mlachila , and Rasmané Ouedraogo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

DOI: http://dx.doi.org/10.5089/9781484310144.001

ISBN: 9781484310144

Keywords: Commodity price shocks, financial sector development, General, Financial Markets and the Macroeconomy, Government Policy and Regulation

Why do commodity-dependent developing countries have typically lower levels of financial development than their peers? The literature has proposed many possible explanations, but it typically does not dwell on the...

Designing a Simple Loss Function for Central Banks
			: Does a Dual Mandate Make Sense?

Designing a Simple Loss Function for Central Banks : Does a Dual Mandate Make Sense? »

Volume/Issue: 2017/164

Series: IMF Working Papers

Author(s): Davide Debortoli , Jinill Kim , Jesper Lindé , and Ricardo Nunes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

DOI: http://dx.doi.org/10.5089/9781484309278.001

ISBN: 9781484309278

Keywords: Central banks and their policies, Central banks' objectives, simple loss function, monetary policy design, sticky prices and sticky wages, DSGE models, Central banks&;amp;#x2019; objectives, Time-Series Models

Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple l...

Republic of Armenia
			: Selected Issues

Republic of Armenia : Selected Issues »

Volume/Issue: 2017/227

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

DOI: http://dx.doi.org/10.5089/9781484311011.002

ISBN: 9781484311011

Keywords: Armenia, Middle East

Republic of Armenia: Selected Issues...

Republic of Armenia
			: 2017 Article IV Consultation and Fifth and Final Review Under the Extended Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Armenia

Republic of Armenia : 2017 Article IV Consultation and Fifth and Final Review Under the Extended Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Armenia »

Volume/Issue: 2017/226

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2017

DOI: http://dx.doi.org/10.5089/9781475567557.002

ISBN: 9781475567557

Keywords: Middle East, Armenia

Since its independence, Armenia has made significant strides in enhancing macroeconomic stability. Growth has been satisfactory with inflation under control and the fiscal situation broadly well managed. Lately, ad...

The Re-Emerging Privilege of Euro Area Membership

The Re-Emerging Privilege of Euro Area Membership »

Volume/Issue: 2017/162

Series: IMF Working Papers

Author(s): Johannes Wiegand

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484309254.001

ISBN: 9781484309254

Keywords: Euro, Euro Area, euro crisis, exorbitant privilege, investor perceptions, exorbitant privlege, General

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': i.e., a...

On Swing Pricing and Systemic Risk Mitigation

On Swing Pricing and Systemic Risk Mitigation »

Volume/Issue: 2017/159

Series: IMF Working Papers

Author(s): Sheheryar Malik , and Peter Lindner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484310151.001

ISBN: 9781484310151

Keywords: Financial crises, Liquidity management; Mutual funds; Redemptions; Systemic risk; Swing pricing, Liquidity management, Mutual funds, Redemptions, Systemic risk, Swing pricing, Model Construction and Estimation, Quantitative Policy Modeling

Swing pricing allows a fund manager to transfer to redeeming or subscribing investors the costs associated with their trading activity, thus potentially discouraging large flows. This liquidity management tool, whi...

Basel Compliance and Financial Stability
			: Evidence from Islamic Banks

Basel Compliance and Financial Stability : Evidence from Islamic Banks »

Volume/Issue: 2017/161

Series: IMF Working Papers

Author(s): Mohammad Bitar , Sami Ben Naceur , Rym Ayadi , and Thomas Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484309216.001

ISBN: 9781484309216

Keywords: BCPs, CPIFRs, Stability, Islamic banks, Government Policy and Regulation, Comparative Analysis of Economic Systems

The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks. Using a...

A Crude Shock
			: Explaining the Impact of the 2014-16 Oil Price Decline Across Exporters

A Crude Shock : Explaining the Impact of the 2014-16 Oil Price Decline Across Exporters »

Volume/Issue: 2017/160

Series: IMF Working Papers

Author(s): Francesco Grigoli , Alexander Herman , and Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484310175.001

ISBN: 9781484310175

Keywords: Event study, fundamentals, oil exporters, oil price, transmission of shocks, Economic Growth of Open Economies, Energy and the Macroeconomy

The decline in oil prices in 2014-16 was one of the sharpest in history, and put to test the resilience of oil exporters. We examine the degree to which economic fundamentals entering the oil price decline explain...

Turkey
			: Fiscal Transparency Evaluation

Turkey : Fiscal Transparency Evaluation »

Volume/Issue: 2017/208

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484309377.002

ISBN: 9781484309377

Turkey has made considerable strides in enhancing its fiscal transparency practices over the past decade and a half. Since first volunteering for a Fiscal Transparency ROSC1 in 2000, Turkey has substantially improv...

Republic of Madagascar
			: Selected Issues

Republic of Madagascar : Selected Issues »

Volume/Issue: 2017/224

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484310663.002

ISBN: 9781484310663

Keywords: Sub-Saharan Africa, Madagascar

Selected Issues...

Republic of Madagascar
			: Economic Development Document

Republic of Madagascar : Economic Development Document »

Volume/Issue: 2017/225

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484310670.002

ISBN: 9781484310670

Keywords: Sub-Saharan Africa, Madagascar

The Economic Development Paper (DDE) describes the strategy adopted by the government to reverse the trend of modest economic performance, deteriorating social conditions, and persistent poverty observed in recent...

Republic of Madagascar
			: 2017 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criterion and Augmentation of Access-Press Release; Staff  Report; Informational Annex, Debt Sustainability Analysis, and Statement by the Executive Director for Republic of Madagascar

Republic of Madagascar : 2017 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criterion and Augmentation of Access-Press Release; Staff Report; Informational Annex, Debt Sustainability Analysis, and Statement by the Executive Director for Republic of Madagascar »

Volume/Issue: 2017/223

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484310656.002

ISBN: 9781484310656

Keywords: Sub-Saharan Africa, Madagascar

To assist in the economic recovery from a prolonged political crisis, Madagascar launched an ECF-supported program in July 2016. The program aims to break a cycle of low investment and low growth. Macroeconomic pol...

Burkina Faso
			: Seventh Review Under the Extended Credit Facility Arrangement-Press Release and Staff Report

Burkina Faso : Seventh Review Under the Extended Credit Facility Arrangement-Press Release and Staff Report »

Volume/Issue: 2017/222

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

DOI: http://dx.doi.org/10.5089/9781484310595.002

ISBN: 9781484310595

The Burkinabè authorities are moving ahead with the implementation of the ambitious national economic and social development plan for 2016-2020 (PNDES). The PNDES aims to accelerate economic growth and lower the po...

Republic of Poland
			: Selected Issues

Republic of Poland : Selected Issues »

Volume/Issue: 2017/221

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2017

DOI: http://dx.doi.org/10.5089/9781484310311.002

ISBN: 9781484310311

Keywords: Europe, Poland

Republic of Poland: Selected Issues...

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

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

Volume/Issue: 2017/220

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2017

DOI: http://dx.doi.org/10.5089/9781484310304.002

ISBN: 9781484310304

Keywords: Poland, Europe

The near-term growth momentum remains strong, supported by accommodative monetary and fiscal policies and sizable EU transfers. The economy is operating above potential, with the unemployment rate at a historical l...

United Arab Emirates
			: Selected Issues

United Arab Emirates : Selected Issues »

Volume/Issue: 2017/219

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2017

DOI: http://dx.doi.org/10.5089/9781484310199.002

ISBN: 9781484310199

United Arab Emirates: Selected Issues...

United Arab Emirates
			: 2017 Article IV Consultation- Press Release; Staff Report and Informational Annex for the United Arab Emirates

United Arab Emirates : 2017 Article IV Consultation- Press Release; Staff Report and Informational Annex for the United Arab Emirates »

Volume/Issue: 2017/218

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2017

DOI: http://dx.doi.org/10.5089/9781484310182.002

ISBN: 9781484310182

Keywords: Middle East, United Arab Emirates

The UAE is adjusting to the 'lower-for-longer' oil price environment from a position of strength, which is reflected in its large financial buffers, long-standing safe-haven status, diversified and business-friendl...

Rwanda
			: Staff Report for the 2017 Article IV Consultation, Seventh Review Under the Policy Support Instrument, and Second Review Under the Standby Credit Facility- Press Release; Staff Report; and Statement by the Executive Director for Rwanda

Rwanda : Staff Report for the 2017 Article IV Consultation, Seventh Review Under the Policy Support Instrument, and Second Review Under the Standby Credit Facility- Press Release; Staff Report; and Statement by the Executive Director for Rwanda »

Volume/Issue: 2017/217

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309926.002

ISBN: 9781484309926

Keywords: Rwanda, Sub-Saharan Africa

Rwanda has demonstrated strong macroeconomic policy management and implemented an ambitious development strategy that has resulted in high and inclusive growth, lower poverty, and better living standards. The gover...

Rwanda
			: Selected Issues

Rwanda : Selected Issues »

Volume/Issue: 2017/214

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309889.002

ISBN: 9781484309889

Keywords: Rwanda, Sub-Saharan Africa

Rwanda: Selected Issues...

Pakistan
			: Selected Issues

Pakistan : Selected Issues »

Volume/Issue: 2017/213

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309766.002

ISBN: 9781484309766

Keywords: Middle East, Pakistan

Selected Issues...

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

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

Volume/Issue: 2017/212

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309759.002

ISBN: 9781484309759

Keywords: Middle East, Pakistan

Macroeconomic resilience was strengthened during the three-year Extended Fund Facility (EFF)-supported program completed in September 2016: growth increased, the fiscal deficit was reduced, and foreign currency res...

Canada
			: Selected Issues and Analytical Notes

Canada : Selected Issues and Analytical Notes »

Volume/Issue: 2017/211

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309650.002

ISBN: 9781484309650

Keywords: Canada, Western Hemisphere

Canada: Selected Issues and Analytical Notes...

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

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

Volume/Issue: 2017/210

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309605.002

ISBN: 9781484309605

Keywords: Canada, Western Hemisphere

The economy has regained momentum, supported by the authorities' proactive growth strategy, but complex adjustments are still at play. While personal consumption is robust, business investment remains weak, non-ene...

Brazil
			: Selected Issues

Brazil : Selected Issues »

Volume/Issue: 2017/2016

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309919.002

ISBN: 9781484309919

Keywords: Canada, Western Hemisphere

Brazil: Selected Issues...

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

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

Volume/Issue: 2017/215

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309896.002

ISBN: 9781484309896

Keywords: Brazil, Western Hemisphere

Brazil's deep recession appears close to an end. But risks remain. The government that took office last year found an economy in recession and structural problems that threatened fiscal sustainability. The recessio...

World Economic Outlook, April 2017
			: Gaining Momentum?

World Economic Outlook, April 2017 : Gaining Momentum? »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2017

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781475597899.081

ISBN: 9781475597899

Keywords: World Economic Outlook, Income inequality, National income, Distribution of income, External activities, Gross domestric product growth, Growth acceleration, Growth deceleration, Output growth, Investment

Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. World growth is expected to rise from 3.1...

Uganda
			: Selected Issues

Uganda : Selected Issues »

Volume/Issue: 2017/207

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2017

DOI: http://dx.doi.org/10.5089/9781484309360.002

ISBN: 9781484309360

Keywords: Sub-Saharan Africa, Uganda

Uganda: Selected Issues...

Uganda
			: 2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Uganda

Uganda : 2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Uganda »

Volume/Issue: 2017/206

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2017

DOI: http://dx.doi.org/10.5089/9781484309322.002

ISBN: 9781484309322

Keywords: Uganda, Sub-Saharan Africa

Economic growth has slowed. Secular and cyclical factors are at work. Private investment has plateaued in recent years and is skewed toward real estate. Credit to the private sector has stalled, driven by rising no...

Mali
			: Seventh Review Under the Extended Credit Facility Arrangement, and Request for Extension and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali : Seventh Review Under the Extended Credit Facility Arrangement, and Request for Extension and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Mali »

Volume/Issue: 2017/209

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2017

DOI: http://dx.doi.org/10.5089/9781484309384.002

ISBN: 9781484309384

Keywords: Sub-Saharan Africa, Mali

Mali is a fragile state, struggling with insurgency and terrorism. Implementation of the June 2015 peace agreement is difficult and attacks by terrorist groups not part of the peace agreement are causing numerous c...

Central African Economic and Monetary Community (CEMAC)
			: Staff Report on the Common Policies in Support of Member Countries Reform Programs

Central African Economic and Monetary Community (CEMAC) : Staff Report on the Common Policies in Support of Member Countries Reform Programs »

Volume/Issue: 2017/176

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2017

DOI: http://dx.doi.org/10.5089/9781484305775.002

ISBN: 9781484305775

The sharp decline in oil prices has profoundly impaired the region's external and fiscal balances. Oil export proceeds and budget oil revenues have plummeted between 2014 and 2016. The oil revenue shock and accomm...

World Economic Outlook, April 2017
			: Gaining Momentum?

World Economic Outlook, April 2017 : Gaining Momentum? »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781475598032.081

ISBN: 9781475598032

Keywords: World Economic Outlook, Income inequality, National income, Distribution of income, External activities, Gross domestric product growth, Growth acceleration, Growth deceleration, Output growth, Investment

Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. World growth is expected to rise from 3.1...

The Evolution of Potential VAT Revenues and C-Efficiency in Advanced Economies

The Evolution of Potential VAT Revenues and C-Efficiency in Advanced Economies »

Volume/Issue: 2017/158

Series: IMF Working Papers

Author(s): Junji Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484305874.001

ISBN: 9781484305874

Keywords: Tax compliance, value-added tax, tax gap, C-efficiency ratio, elasticity of tax revenue, General, Business Taxes and Subsidies

To understand the cyclical movements of value-added tax (VAT) revenues in advanced economies, this paper analyzes changes in the C-efficiency ratio by decomposing it into changes in the compliance and policy gaps b...

A License to Issue (Anywhere)
			: Patterns and Drivers of Corporate Bonds in Latin America

A License to Issue (Anywhere) : Patterns and Drivers of Corporate Bonds in Latin America »

Volume/Issue: 2017/157

Series: IMF Working Papers

Author(s): Svetlana Vtyurina , Adrian Robles , and Bennett Sutton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484305911.001

ISBN: 9781484305911

Keywords: Latin America, capital structure, firm-level, LA-6, corporate bond markets, Institutions and the Macroeconomy, General

This paper overviews patterns in bond issuance in local and external markets by firms in six large Latin American countries. Data suggest that despite rising issuance, local markets remain small and shallow in seve...

Somalia
			: Second and Final Review Under the Staff-Monitored Program and Request for a New Staff-Monitored Program-Press Release and Staff Report

Somalia : Second and Final Review Under the Staff-Monitored Program and Request for a New Staff-Monitored Program-Press Release and Staff Report »

Volume/Issue: 2017/204

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484309100.002

ISBN: 9781484309100

Keywords: Somalia, Middle East

Recent developments are broadly in line with the 2016 Article IV Consultation Staff Report. The 2016 electoral cycle was completed on February 8, with the election of Mohamed Abdullahi Mohamed as President, which p...

Gabon
			: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Gabon

Gabon : Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Gabon »

Volume/Issue: 2017/205

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484309148.002

ISBN: 9781484309148

Keywords: Gabon, Sub-Saharan Africa

Gabon is the second largest economy in the Central African Economic and Monetary Union (CEMAC). Since mid-2014, the decline in oil prices has generated a sharp slowdown in economic activity, large drops in oil expo...

Bulgaria: Financial Sector Assessment Program
			: Technical Note-Stocktaking of Progress Achieved by the Bulgarian National Bank in Strengthening Banking Supervision

Bulgaria: Financial Sector Assessment Program : Technical Note-Stocktaking of Progress Achieved by the Bulgarian National Bank in Strengthening Banking Supervision »

Volume/Issue: 2017/199

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484308400.002

ISBN: 9781484308400

Keywords: Europe, Bulgaria

This technical note (TN) provides a stocktaking of the current state of the implementation of the key recommendations made by the IMF and the World Bank in their 2015 assessment report on the observance of Basel Co...

Bulgaria: Financial Sector Assessment Program
			: Technical Note-Risk Assessment and Stress Test of the Banking System

Bulgaria: Financial Sector Assessment Program : Technical Note-Risk Assessment and Stress Test of the Banking System »

Volume/Issue: 2017/200

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484308448.002

ISBN: 9781484308448

Keywords: Bulgaria, Europe

Stress Test (ST) results reveal that the Bulgarian banking system is vulnerable to the extreme realization of internal and external risks coupled with the need to clean the balance sheets from nonperforming loans (...

Bulgaria: Financial Sector Assessment Program
			: Technical Note-NonPerforming Loans Reduction Strategy

Bulgaria: Financial Sector Assessment Program : Technical Note-NonPerforming Loans Reduction Strategy »

Volume/Issue: 2017/201

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484308462.002

ISBN: 9781484308462

Keywords: Bulgaria, Europe

While the BNB has taken steps to promote reductions in nonperforming loans (NPLs) in the banking system, NPL levels remain high. Based on the BNB's own methodology, gross NPL levels at end-June 2016 were a high 19....

Bulgaria: Financial Sector Assessment Program
			: Technical Note-Financial Safety Net and Crisis Management

Bulgaria: Financial Sector Assessment Program : Technical Note-Financial Safety Net and Crisis Management »

Volume/Issue: 2017/202

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2017

DOI: http://dx.doi.org/10.5089/9781484308493.002

ISBN: 9781484308493

Keywords: Bulgaria, Europe

The Bulgarian financial safety net comprises four domestic authorities. The Bulgarian National Bank (BNB) is the monetary authority, and the prudential and resolution authority for banks. The Financial Supervision...

Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments

Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments »

Volume/Issue: 2017/154

Series: IMF Working Papers

Author(s): Tara Iyer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484305980.001

ISBN: 9781484305980

Keywords: Open Economy Macroeconomics, International Trade and Labor Market Interactions, Commodity Exporters, Incomplete Financial Markets, Trade and Labor Market Interactions, Agriculture in International Trade, General

This paper analyzes the appropriate choice of an exchange rate regime in agricultural commodity-exporting economies. In an open economy model that incorporates key structural characteristics of agricultural commodi...

The Informal Economy in Sub-Saharan Africa
			: Size and Determinants

The Informal Economy in Sub-Saharan Africa : Size and Determinants »

Volume/Issue: 2017/156

Series: IMF Working Papers

Author(s): Leandro Medina , Andrew Jonelis , and Mehmet Cangul

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484305942.001

ISBN: 9781484305942

Keywords: Uganda, South Africa, Rwanda, Senegal, Seychelles, Sierra Leone, Sudan, Swaziland, Tanzania, Togo

The multiple indicator-multiple cause (MIMIC) method is a well-established tool for measuring informal economic activity. However, it has been criticized because GDP is used both as a cause and indicator variable....

IMF Lending in an Interconnected World

IMF Lending in an Interconnected World »

Volume/Issue: 2017/155

Series: IMF Working Papers

Author(s): Jean-Guillaume Poulain , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484305867.001

ISBN: 9781484305867

Keywords: IMF Lending, Interconnectedness, Spillovers, global financial cycle, General, International Monetary Arrangements and Institutions, International Lending and Debt Problems, International Policy Coordination and Transmission

We analyze the determinants of IMF lending since the early nineties, a period during which the roles of financial cycles and interconnectedness as amplifiers and transmitters of economic crises have gained prominen...

Financial Stability Analysis: What are the Data Needs?

Financial Stability Analysis: What are the Data Needs? »

Volume/Issue: 2017/153

Series: IMF Working Papers

Author(s): Robert Heath , and Evrim Bese Goksu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484306215.001

ISBN: 9781484306215

Keywords: International financial markets, Financial crises, Spillovers, Financial sector, Financial stability, Credit, Debt, data gaps, financial interconnections, global financial crisis

The growing incidences of financial crises and their damage to the economy has led policy makers to sharpen the focus on financial stability analysis (FSA), crisis prevention and management over the past 10-15 year...

Central Bank Emergency Support to Securities Markets

Central Bank Emergency Support to Securities Markets »

Volume/Issue: 2017/152

Series: IMF Working Papers

Author(s): Darryl King , Luis Brandao-Marques , Kelly Eckhold , Peter Lindner , and Diarmuid Murphy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484305850.001

ISBN: 9781484305850

Keywords: Liquidity, Central banks and their policies, Lender-of-last resort, market maker of last resort, fire sales, and financial stability, financial stability, Government Policy and Regulation

This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is a...

Tunisia
			: First Review Under the Extended Fund Facility, Request for Waivers of NonObservance of Performance Criteria and Rephasing of Access-Press Release; Staff Report;and Statement by the Executive Director for Tunisia

Tunisia : First Review Under the Extended Fund Facility, Request for Waivers of NonObservance of Performance Criteria and Rephasing of Access-Press Release; Staff Report;and Statement by the Executive Director for Tunisia »

Volume/Issue: 2017/203

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484308653.002

ISBN: 9781484308653

Keywords: Tunisia, Middle East

A fragile economy in a complex socio-political environment. Tunisia's political transition advanced, but social discontent remains elevated. After almost stagnating over 2015-16, growth will pick up in 2017 to 2.3...

Russian Federation
			: Selected Issues

Russian Federation : Selected Issues »

Volume/Issue: 2017/198

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484308202.002

ISBN: 9781484308202

Keywords: Europe, Russian Federation

Russian Federation: Selected Issues...

Russian Federation
			: 2017 Article IV Consultation-Press Release; Staff Report

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

Volume/Issue: 2017/197

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

DOI: http://dx.doi.org/10.5089/9781484308196.002

ISBN: 9781484308196

Keywords: Europe, Russian Federation

After two years of recession, the economy is recovering due to higher oil prices and improved sentiment, amid tight fiscal and monetary policies. Medium-term prospects are nonetheless subdued given the expected sta...

The Macroeconomic Effects of Trade Tariffs
			: Revisiting the Lerner Symmetry Result

The Macroeconomic Effects of Trade Tariffs : Revisiting the Lerner Symmetry Result »

Volume/Issue: 2017/151

Series: IMF Working Papers

Author(s): Jesper Lindé , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2017

DOI: http://dx.doi.org/10.5089/9781484306116.001

ISBN: 9781484306116

Keywords: Central banks and their policies, Import Tariffs; Export Subsidies; Lerner Condition, Incomplete Markets; Complete Markets, Border Adjustment Tax, Trade War, New Keynesian open-economy model, Import Tariffs, Export Subsidies, Lerner Condition, Incomplete Markets

We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy...