Ms. Emine Boz, Camila Casas, Georgios Georgiadis, Ms. Gita Gopinath, Helena Le Mezo, Arnaud Mehl, and Miss Tra Nguyen
This paper presents the most comprehensive and up-to-date panel data set of invoicing currencies in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for more than 100 countries since 1990. The evidence from these data confirms findings from earlier research regarding the globally dominant role of the US dollar in invoicing – despite the comparatively smaller role of the US in global trade – and the overall stability of invoicing currency patterns. The evidence also points to several novel facts. First, both the US dollar and the euro have been increasingly used for invoicing even as the share of global trade accounted for by the US and the euro area has declined. Second, the euro is used as a vehicle currency in parts of Africa, and some European countries have seen significant shifts toward euro invoicing. Third, as suggested by the dominant currency paradigm, countries invoicing more in US dollars (euros) tend to experience greater US dollar (euro) exchange rate pass-through to their import prices; also, their trade volumes are more sensitive to fluctuations in these exchange rates.
José Garrido, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Juliet Johnson, Amira Rasekh, Anjum Rosha, and Natalia Stetsenko
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of insolvency regulators and other sources, and advocates for the design of special data collection mechanisms and statistics to conduct detailed assessments of insolvency systems and to assist in the design of legal reforms.
This paper presents key findings of the First Review for Côte d'Ivoire under the Extended Credit Facility. Program performance at end-2011 was broadly satisfactory. All quantitative performance criteria for end-2011 were met, but the implementation of structural reforms has been mixed. Although good progress has been made to strengthen public financial management, improve the business climate, and reform the cocoa-coffee sector, action on other benchmarks for the financial and energy sectors fell short of program targets. Prospects for 2012 are favorable, notwithstanding the weak external environment.
'Restoring Hope: Reinvigorating the Millennium Development Goals' assesses how the world is doing in meeting the MDGs--international development targets that all UN member countries and many international organizations have set for 2015. Our lead article, 'Regaining Momentum,' says that while several of the MDGs are within reach, the global economic crisis has set back progress toward a number of the targets, especially those related to health. Developing countries will need the support of advanced economies in to get back on track. Economist Jagdish Bhagwati calls into question the premise of the MDGs and argues that they should be rethought. Philanthropist Melinda Gates gives us the good news that maternal health has been improving, though we are not yet on track to meet the MDG target on maternal mortality. Picture This takes a look at child mortality rates and finds a more sobering picture. In related stories, economists Arvind Panagariya and Rodney Ramcharan have different views on how important it is to fight inequality. This issue also examines the deterioration of fiscal positions in advanced economies--as a result of both the global financial crisis and the long-run health and pension costs of an aging population. 'How Grim a Fiscal Crisis?' argues that consolidation in advanced economies should focus on spending cuts, given the already high tax burdens in many countries. In 'A Hidden Fiscal Crisis,' economist Laurence J. Kotlikoff examines the serious budget issues in the United States. We also look at the expensive needs of a rapidly aging population in France, and steps China is taking to improve pensions and health care. People in Economics profiles Maria Ramos, the academic-turned-Treasury mandarin who had a central role in stabilizing the budget in South Africa. And the 'Back to Basics' feature discusses unemployment.
This Report on the Observance of Standards and Codes data module provides an assessment of Chile’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS), complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The assessment reveals that Chile’s macroeconomic statistics are timely, generally of high quality, and adequate to conduct effective surveillance. There is a high degree of quality awareness among Chile’s statistical managers and a reputation of integrity of the statistical institutions and processes among data users. However, there is scope for improvement in some areas.