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Regional Economic Outlook, April 2019, Sub-Saharan Africa

Recovery Amid Elevated Uncertainty

The economic recovery in sub-Saharan Africa is expected to continue, but at a slower pace than envisaged in October 2018.

Global Financial Stability Report, April 2019

Vulnerabilities in a Maturing Credit Cycle

The April 2019 GFSR finds that despite significant variability over the past two quarters, financial conditions remain accommodative.

Republic of Moldova
			: Technical Assistance Report-Financial Soundness Indicators Mission

Republic of Moldova : Technical Assistance Report-Financial Soundness Indicators Mission »

Volume/Issue: 2019/284

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513512792.002

ISBN: 9781513512792

Keywords: Financial crises, Financial markets, Macroprudential policies and financial stability, Financial instruments, Financial services, ISCR, CR, NBM, DTs, OFCs

With the support of the International Monetary Fund's (IMF's) European Department (EUR), the IMF's Statistics Department (STA) conducted a financial soundness indicators (FSIs) technical assistance (TA) mission in...

Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature »

Volume/Issue: 2019/185

Series: IMF Working Papers

Author(s): Signe Krogstrup , and William Oman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513511955.001

ISBN: 9781513511955

Keywords: Financial regulation and supervision, Financial crises, Central banking and monetary issues, Economic conditions, Financial management, climate change, fiscal policy, monetary policy, financial policy, policy framework

Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role...

Maldives
			: 2001 Article IV Consultation-Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2001 Article IV Consultation-Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/279

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512433.002

ISBN: 9781513512433

Keywords: Exchange rate policy, Real effective exchange rates, Central banks, Economic growth, Real sector, ISCR, CR, fishery sector, staff team, percent change

Maldives' growth performance over the last decade has been strong, but the outlook has become more uncertain. The slowdown in growth in 2000 is likely to prove temporary and a rebound is expected in 2001 . Medium-t...

Maldives
			: 2005 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2005 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/281

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512457.002

ISBN: 9781513512457

Keywords: Balance of payments, Development, International reserves, Economic indicators, Monetary authorities, ISCR, CR, MMA, percent of GDP, overall balance

The Maldives suffered devastating damage from the December 2004 tsunami. Although human casualties were limited, damage to infrastructure was extensive, with the cost of reconstruction estimated at nearly a half of...

Maldives
			: 2002 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2002 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/280

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512440.002

ISBN: 9781513512440

Keywords: Central banks, Social indicators, Economic growth, International reserves, Development, ISCR, CR, net lend, percent of GDP, capital spend

The weak external environment continues to depress growth. Tourism and fisheries-the Maldives' economic lifelines-are slowly recovering, but have not yet regained the ground lost in 200 1. After over two decades of...

Maldives
			: 2012 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2012 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/283

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512471.002

ISBN: 9781513512471

Keywords: Real sector, External sector, Balance of payments, Fiscal sector, Financial and Monetary Sector, ISCR, CR, MMA, monetization, article IV consultation

Maldives' fiscal position is weak, and its external reserves are critically low. The country has a long history of fiscal and external imbalances. The debt ratio is above 80 percent of GDP, and deficits above 10 pe...

Maldives
			: 2007 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2007 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/282

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512464.002

ISBN: 9781513512464

Maldives has rebounded strongly from the tsunami of late 2004. GDP has grown rapidly, underpinned by a robust increase in tourist arrivals, and by construction activity pertaining to the development of new resorts....

Romania
			: 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Romania

Romania : 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Romania »

Volume/Issue: 2019/278

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513512341.002

ISBN: 9781513512341

Keywords: Economic indicators, Central banks, Financial and Monetary Sector, Balance of payments, Monetary policy, ISCR, CR, NBR, Proj, account deficit

Economic growth has remained strong, raising people's incomes towards those in advanced EU countries. However, macroeconomic imbalances have become increasingly evident: the current account and fiscal deficits have...

Optimal Macroprudential Policy and Asset Price Bubbles

Optimal Macroprudential Policy and Asset Price Bubbles »

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513511078.001

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

The Gambia
			: Technical Assistance Report-Public Investment Management Assessment

The Gambia : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2019/277

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2019

DOI: http://dx.doi.org/10.5089/9781513512211.001

ISBN: 9781513512211

Keywords: Financial management information systems, Health indicators, Treasury management, Financial indicators, Public investments, ISCR, CR, MDAs, SOEs, PPPs

The government has highlighted infrastructure development as a key element of The Gambia's National Development Plan, 2018-21. After a spurt in the early years of the millennium, public investment slowed down and s...

A Monitoring Framework for Global Financial Stability

A Monitoring Framework for Global Financial Stability »

Volume/Issue: 2019/6

Series: Staff Discussion Notes

Author(s): Tobias Adrian , Dong He , Nellie Liang , and Fabio Natalucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 August 2019

DOI: http://dx.doi.org/10.5089/9781498300339.006

ISBN: 9781498300339

Keywords: Financial stability, Macroprudential Policy, Financial crises, Real sector, Macroprudential policies and financial stability, Financial institutions, Financial markets, financial conditions, financial condition, Gar

This paper describes the conceptual framework that guides assessments of financial stability risks for multilateral surveillance, as currently presented in the Global Financial Stability Report (GFSR). The framewor...

Republic of Mozambique
			: Diagnostic Report on Transparency, Governance and Corruption

Republic of Mozambique : Diagnostic Report on Transparency, Governance and Corruption »

Volume/Issue: 2019/276

Series: IMF Staff Country Reports

Author(s): Authorities

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 August 2019

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781513512167.002

ISBN: 9781513512167

Keywords: Public sector debt service, Real interest rates, Social security funds, Revenue administration, Money laundering, SOEs, probity, control framework, anti-corruption, beneficial ownership

Mozambique's economy is at a turning point, and efforts to address governance and corruption vulnerabilities can have a lasting positive impact. The current levels of public debt have caused us to take a hard look...

Guinea
			: Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Guinea

Guinea : Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Guinea »

Volume/Issue: 2019/275

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511870.002

ISBN: 9781513511870

Keywords: Central banks, Social safety nets, Tax revenue, Public investments, Financial and Monetary Sector, arrears, ECF, percent of GDP, performance criterion, GDP

Guinea's strong growth momentum continues. Real growth is estimated at 5.8 percent in 2018 and expected at about 6 percent in 2019-20. The social context remains fragile. Social unrest, strikes and protests marred...

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2019/274

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511252.002

ISBN: 9781513511252

Keywords: Financial crises, Balance of trade, Fiscal sector, Bilateral trade, Credit, trade balance, SOEs, consumption growth, implicit guarantee, household debt

Selected Issues...

Republic of Mozambique
			: Diagnostic Report on Transparency, Governance and Corruption

Republic of Mozambique : Diagnostic Report on Transparency, Governance and Corruption »

Volume/Issue: 2019/276

Series: IMF Staff Country Reports

Author(s): Authorities

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511979.002

ISBN: 9781513511979

Keywords: Public sector debt service, Real interest rates, Social security funds, Revenue administration, Money laundering, SOEs, probity, control framework, anti-corruption, beneficial ownership

Diagnostic reports are prepared by member countries with assistance from staff of the IMF and in broad consultation with stakeholders. This document for the Republic of Mozambique is being made available on the IMF...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511740.001

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2019/274

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513511306.002

ISBN: 9781513511306

Selected Issues...

Strategy for Fintech Applications in the Pacific Island Countries

Strategy for Fintech Applications in the Pacific Island Countries »

Volume/Issue: 2019/14

Series: Departmental Papers / Policy Papers

Author(s): Sonja Davidovic , Elena Loukoianova , Cormac Sullivan , and Hervé Tourpe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

DOI: http://dx.doi.org/10.5089/9781498326735.087

ISBN: 9781498326735

Keywords: Pacific Island Countries, Financial inclusion, Financial institutions, Technological innovation, Banking, Banking regulations, Financial regulation and supervision, Financial markets, Financial management, Financial services

The Bali Fintech Agenda highlights 12 principles for policymakers to consider when formulating their approaches to new financial technology (fintech). The agenda aims to harness the potential of fintech while manag...

Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data

Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data »

Volume/Issue: 2019/182

Series: IMF Working Papers

Author(s): Erlend Nier , Radu Popa , Maral Shamloo , and Liviu Voinea

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

DOI: http://dx.doi.org/10.5089/9781513509099.001

ISBN: 9781513509099

Keywords: Interest rates on loans, Interest rates, Financial crises, Financial institutions, Macroprudential policies and financial stability, Macroprudential policy, Household credit, Romania, WP, consumer loan

We provide empirical evidence to support the calibration of a limit on household indebtedness levels, in the form of a cap on the debt-service-to-income (DSTI) ratio, in order to reduce the probability of borrower...

International Financial Connection and Stock Return Comovement

International Financial Connection and Stock Return Comovement »

Volume/Issue: 2019/181

Series: IMF Working Papers

Author(s): Sakai Ando

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

DOI: http://dx.doi.org/10.5089/9781513509822.001

ISBN: 9781513509822

Keywords: Financial statistics, Economic integration, Investment analysis, Balance of payments, Business cycles, stock return comovement, international investment position, risk-on, risk-off, WP

This paper studies whether bilateral international financial connection data help predict bilateral stock return comovement. It is shown that, when the United States is chosen as the benchmark, a larger U.S. portfo...

Crop Selection and International Differences in Aggregate Agricultural Productivity

Crop Selection and International Differences in Aggregate Agricultural Productivity »

Volume/Issue: 2019/179

Series: IMF Working Papers

Author(s): Jorge Alvarez , and Claudia Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781498326636.001

ISBN: 9781498326636

Keywords: Agricultural production, Production, Gross domestic product, Development, Employment, Productivity, Agriculture, Geography, potential yield, crop selection

A large share of cross-country differences in productivity is explained by differences in agricultural productivity. Using a combination of sub-national agricultural statistics and geospatial datasets on crop-speci...

Finding the Bad Apples in the Barrel: Using the Market Value of Equity to Signal Banking Sector Vulnerabilities

Finding the Bad Apples in the Barrel: Using the Market Value of Equity to Signal Banking Sector Vulnerabilities »

Volume/Issue: 2019/180

Series: IMF Working Papers

Author(s): Will Kerry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513511030.001

ISBN: 9781513511030

Keywords: Bank credit, Financial crises, Credit default swap contract, Central banks, Interest rates on loans, Banks, capital, leverage, market value of capital., capital ratio

This paper measures the performance of different metrics in assessing banking system vulnerabilities. It finds that metrics based on equity market valuations of bank capital are better than regulatory capital ratio...

Gender Equality and Electoral Violence in Africa: Unlocking the Peacemaking Potential of Women

Gender Equality and Electoral Violence in Africa: Unlocking the Peacemaking Potential of Women »

Volume/Issue: 2019/174

Series: IMF Working Papers

Author(s): Rasmané Ouedraogo , and Idrissa Ouedraogo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513510545.001

ISBN: 9781513510545

Keywords: Labor force participation, Demographic indicators, Nonmetropolitan areas, Labor force, Poverty, gender equality, electoral violence, Africa, female-to-male, structural violence

We examine the impact of gender equality on electoral violence in Africa using micro-level data from the sixth round of Afrobarometer surveys. The sample covers 30 countries. We find that gender equality is associa...

Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy

Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy »

Volume/Issue: 2019/176

Series: IMF Working Papers

Author(s): Eric Monnet , and Miklos Vari

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781498320474.001

ISBN: 9781498320474

Keywords: Central banks, Central banking and monetary issues, Bank credit, Bank rates, Financial management, Specialness, repo market, asset purchases, money market, reserve requirement

This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Covera...

State Institutions and Tax Capacity: An Empirical Investigation of Causality

State Institutions and Tax Capacity: An Empirical Investigation of Causality »

Volume/Issue: 2019/177

Series: IMF Working Papers

Author(s): Olusegun Ayodele Akanbi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513509860.001

ISBN: 9781513509860

Keywords: Tax revenue, Tax exemptions, Tax administration, Tax reforms, Tax rates, Tax capacity, institutions, causality, GDP, state institution

Would better state institutions increase tax collection, or would higher tax collection help improve state institutions? In the absence of conclusive guidance from theory, this paper searches for an empirical answe...

The Economic Impact of Healthcare Quality

The Economic Impact of Healthcare Quality »

Volume/Issue: 2019/173

Series: IMF Working Papers

Author(s): Anne-Line Koch Helsø , Nicola Pierri , and Adelina Yanyue Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781498324595.001

ISBN: 9781498324595

Keywords: Labor market characteristics, Labor markets, Labor force participation, Labor costs, Labor supply, Hospital quality, healthcare quality, health shocks, hospital productivity, AEL

We study the costs of hospitalizations on patients' earnings and labor supply, using the universe of hospital admissions in Denmark and full-population tax data. We evaluate the quality of treatment based on its ab...

The Impact of Remittances on Economic Activity: The Importance of Sectoral Linkages

The Impact of Remittances on Economic Activity: The Importance of Sectoral Linkages »

Volume/Issue: 2019/175

Series: IMF Working Papers

Author(s): Hector Perez-Saiz , Jemma Dridi , Tunc Gursoy , and Mounir Bari

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781498324489.001

ISBN: 9781498324489

Keywords: Economic conditions, National accounts aggregates, Real sector, Official development assistance, Foreign direct investment, Remittances, Sub-Saharan Africa, networks, centrality, remittance inflow

We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu et al. (2016) to quantify how changes in aggregate demand due to additional income from household's remittances propagat...

Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation

Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation »

Volume/Issue: 2019/178

Series: IMF Working Papers

Author(s): Sebastian Acevedo Mejia , Claudio Baccianti , Mico Mrkaic , Natalija Novta , Evgenia Pugacheva , and Petia Topalova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513509853.001

ISBN: 9781513509853

Keywords: Economic policy, Economic growth, Economic recovery, Financial crises, Total factor productivity, Climate change, Climate policy, Adaptation to climate change, Weather shock, structural policy

We explore the extent to which macroeconomic policies, structural policies, and institutions can mitigate the negative relationship between temperature shocks and output in countries with warm climates. Empirical e...

Rules and Regulations for the Investment Account

Rules and Regulations for the Investment Account »

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2019

DOI: http://dx.doi.org/10.5089/9781513511337.007

ISBN: 9781513511337

Keywords: Investment policy, SDR interest rates, Financial statements, Financial institutions, Strategic asset allocation, Investment Account, IMF Investment Account, manage director, asset manager, asset class

Rules and Regulations for the Investment Account, which were adopted on January 23, 2013 and amended thereafter, were further amended on May 13, 2019 by the Executive Board of the IMF....

Dominican Republic
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Dominican Republic

Dominican Republic : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Dominican Republic »

Volume/Issue: 2019/273

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2019

DOI: http://dx.doi.org/10.5089/9781513511108.002

ISBN: 9781513511108

Keywords: External sector, Economic indicators, Financial institutions, Central banks, Financial soundness indicators, medium-term, electricity sector, percent of GDP, BCRD, Proj

The Dominican economy has enjoyed strong growth since 2014 (6.6 percent, the highest in the Western Hemisphere), supported by stable macroeconomic and financial policies, and a favorable external environment. Growt...

Cook Islands
			: Technical Assistance Report-International Financial Services Industry

Cook Islands : Technical Assistance Report-International Financial Services Industry »

Volume/Issue: 2019/270

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 2019

DOI: http://dx.doi.org/10.5089/9781513510880.002

ISBN: 9781513510880

Keywords: Financial services industry, National accounts, Financial regulation and supervision, Tax revenue, International capital markets, trustee company, ship registry, international financial service, captive insurance, FSC

The Pacific Financial Technical Assistance Centre was approached to estimate how international companies, and the wider international financial services industry, contribute to the Cook Islands' economy and revenue...

Union of Comoros
			: Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros

Union of Comoros : Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros »

Volume/Issue: 2019/272

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 2019

DOI: http://dx.doi.org/10.5089/9781513510972.002

ISBN: 9781513510972

Keywords: External sector, Development, Public financial management, Credit, Economic policy, SOEs, RCF, Proj, cyclone, primary balance

Tropical Cyclone Kenneth struck Comoros on April 23-24. The cyclone caused several casualties; displaced thousands; and damaged substantial parts of the building stock, infrastructure, and plants used in subsistenc...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume: 56

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

DOI: http://dx.doi.org/10.5089/9781498316040.022

ISBN: 9781498316040

Keywords: Finance and Development

Finance & Development, September 2019...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume/Issue: 56/3

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781498316866.022

ISBN: 9781498316866

Keywords: Finance and Development, tax haven, haven, Mian, night lights, privacy

Finance & Development, September 2019...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume/Issue: 56/3

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498316088.022

ISBN: 9781498316088

Keywords: Finance and Development, tax haven, haven, Mian, night lights, privacy

Finance & Development, September 2019...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume/Issue: 56/3

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781498316828.022

ISBN: 9781498316828

Keywords: Finance and Development, Tax evasion, Money laundering, Tax revenue, Money, Financial crises, tax haven, haven, Mian, night lights

Finance & Development, September 2019...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume/Issue: 56/3

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

Language: Russian

DOI: http://dx.doi.org/10.5089/9781498316842.022

ISBN: 9781498316842

Keywords: Finance and Development, Tax evasion, Money laundering, Tax revenue, Money, Financial crises, tax haven, haven, Mian, night lights

Finance & Development, September 2019...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume/Issue: 56/3

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781498316118.022

ISBN: 9781498316118

Keywords: Finance and Development, Tax evasion, Money laundering, Tax revenue, Money, Financial crises, tax haven, haven, Mian, night lights

Finance & Development, September 2019...

Malaysia
			: Technical Assistance Report-Government Finance Statistics Mission

Malaysia : Technical Assistance Report-Government Finance Statistics Mission »

Volume/Issue: 2019/268

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

DOI: http://dx.doi.org/10.5089/9781513510767.002

ISBN: 9781513510767

Keywords: Financial statistics, Public sector investments, Fiscal sector, Capital formation, Gross capital formation, MOF, GFS, accrual, data source, subsectors

Technical assistance (TA) missions were conducted by Mr. Hendrik Tillmann-Zorn, an IMF short-term government finance statistics (GFS) expert, during the period March 12-16, 2018, followed by remote capacity develop...

Malaysia
			: Technical Assistance Report-Government Finance Statistics Mission and Preceding Remote Support

Malaysia : Technical Assistance Report-Government Finance Statistics Mission and Preceding Remote Support »

Volume/Issue: 2019/269

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

DOI: http://dx.doi.org/10.5089/9781513510781.002

ISBN: 9781513510781

Keywords: Public sector investments, Fiscal sector, Economic analysis, Financial statements, Data analysis, GFS, MOF, extrabudgetary, accrual, revised survey

A technical assistance (TA) mission was conducted by Mr. Hendrik Tillmann-Zorn, an IMF short-term Government Finance Statistics (GFS) expert, during the period of March 4-8, 2019, to support the Malaysian authoriti...

People's Republic of China
			: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for China

People's Republic of China : 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for China »

Volume/Issue: 2019/266

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2019

DOI: http://dx.doi.org/10.5089/9781513510460.002

ISBN: 9781513510460

Keywords: Economic indicators, Financial statistics, Financial institutions, Fiscal policy, Gross domestic product, trade tension, percent of GDP, PBC, SOEs, off-budget

After the slowdown in 2018, reflecting financial regulatory strengthening and softening external demand, growth stabilized in early 2019. Financial deleveraging and reduced interconnectedness between banks and non-...

Bank Lobbying: Regulatory Capture and Beyond

Bank Lobbying: Regulatory Capture and Beyond »

Volume/Issue: 2019/171

Series: IMF Working Papers

Author(s): Deniz Igan , and Thomas Lambert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2019

DOI: http://dx.doi.org/10.5089/9781484347546.001

ISBN: 9781484347546

Keywords: Financial regulation and supervision, Financial crises, Gross domestic product, Financial institutions, Financial services, banks, regulatory capture, lobbying, political economy, regulation

In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the...

Doing More for Less? New Evidence on Lobbying and Government Contracts

Doing More for Less? New Evidence on Lobbying and Government Contracts »

Volume/Issue: 2019/172

Series: IMF Working Papers

Author(s): Senay Agca , Deniz Igan , Fuhong Li , and Prachi Mishra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2019

DOI: http://dx.doi.org/10.5089/9781498315241.001

ISBN: 9781498315241

Keywords: National income accounts, National income accounting, Government expenditures, Industry, Trade policy, Political connections, lobbying, rent seeking, government spending, procurement

Why do firms lobby? This paper exploits the unanticipated sequestration of federal budget accounts in March 2013 that reduced the availability of government funds disbursed through procurement contracts to shed lig...

People's Republic of China
			: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for China

People's Republic of China : 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for China »

Volume/Issue: 2019/266

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513510637.002

ISBN: 9781513510637

Keywords: Economic indicators, Financial statistics, Financial institutions, Fiscal policy, Gross domestic product, trade tension, percent of GDP, PBC, SOEs, off-budget

After the slowdown in 2018, reflecting financial regulatory strengthening and softening external demand, growth stabilized in early 2019. Financial deleveraging and reduced interconnectedness between banks and non-...

Lao People's Democratic Republic
			: 2019 Article IV Consultation-Press Release; Staff Report; Statement by the Executive Director for Lao People's Democratic Republic

Lao People's Democratic Republic : 2019 Article IV Consultation-Press Release; Staff Report; Statement by the Executive Director for Lao People's Democratic Republic »

Volume/Issue: 2019/267

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2019

DOI: http://dx.doi.org/10.5089/9781513510491.002

ISBN: 9781513510491

Keywords: Financial and Monetary Sector, External sector, Economic growth, Financial soundness indicators, Economic indicators, PPPs, percent of GDP, Proj, FDI, percent change

After more than a decade of high growth with low inflation, Lao P.D.R. is solidifying its progress towards graduating from the Least Developed Country (LDC) status. However, more than one fifth of the population re...

Republic of Latvia
			: 2019 Article IV Consultation-Press Release; and Staff Report

Republic of Latvia : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2019/264

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2019

DOI: http://dx.doi.org/10.5089/9781513509983.002

ISBN: 9781513509983

Keywords: Balance of payments, Economic indicators, Financial crises, National accounts, Macroprudential policies and financial stability, ISCR, CR, wage growth, percent of GDP, Haver

The economy continued to expand rapidly in 2018, as growth surprised with a strong construction-driven upswing. Fiscal and current account deficits are at manageable levels, as is the public debt. The financial sys...

Republic of Latvia
			: Selected Issues

Republic of Latvia : Selected Issues »

Volume/Issue: 2019/265

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2019

DOI: http://dx.doi.org/10.5089/9781513510057.002

ISBN: 9781513510057

Keywords: Patterns of trade, Price indexes, Gross domestic product, Economic sectors, Production, ISCR, CR, productivity growth, TFP, BSFC

Selected Issues...

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)-Statistical Update

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)-Statistical Update »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2019

DOI: http://dx.doi.org/10.5089/9781513510095.007

ISBN: 9781513510095

Keywords: Heavily indebted poor countries, Domestic debt, External sector data, Debt relief, Public debt, HIPC, HIPC initiative, annex III, creditor, indebted poor country

This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). It also provides updates on debt service and poverty-r...

Public Sector Balance Sheet Strength and the Macro Economy

Public Sector Balance Sheet Strength and the Macro Economy »

Volume/Issue: 2019/170

Series: IMF Working Papers

Author(s): Seyed Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2019

DOI: http://dx.doi.org/10.5089/9781513508955.001

ISBN: 9781513508955

Keywords: Balance sheets, Sovereign wealth funds, Financial markets, Risk-weighted asset, Social security funds, Public sector balance sheet, Fiscal policy, Net financial worth, Net worth, balance sheet

This paper introduces concepts of public sector balance sheet (PSBS) strength, taking into account different aspects of what governments own in addition to what they owe. It develops measures of PSBS strength and i...

Optimal Monetary Policy Under Bounded Rationality

Optimal Monetary Policy Under Bounded Rationality »

Volume/Issue: 2019/166

Series: IMF Working Papers

Author(s): Jonathan Benchimol , and Lahcen Bounader

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781498324588.001

ISBN: 9781498324588

Keywords: Bank rates, Financial crises, Monetary policy, Central bank policy, Central banks, myopia, commitment, discretion, optimal simple rules., output gap

The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expe...

Russian Federation
			: 2019 Article IV Consultation-Press Release; Staff Report

Russian Federation : 2019 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2019/260

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513509693.002

ISBN: 9781513509693

Keywords: External sector, Balance of payments, Consumption, Financial soundness indicators, Economic indicators, CBR, NWF, national project, ruble, overall balance

In recent years, the authorities have put in place a sound macroeconomic policy framework that has reduced uncertainty and helped weather external shocks. The current macroeconomic policy mix combines moderately ti...

Russian Federation
			: Selected Issues

Russian Federation : Selected Issues »

Volume/Issue: 2019/261

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513509716.002

ISBN: 9781513509716

Keywords: Fiscal policy, Fiscal transparency, Fiscal management, Public investments, Interest rate increases, random effect, FTE, public investment, control of corruption, extrabudgetary

Selected Issues...

Zambia
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zambia

Zambia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zambia »

Volume/Issue: 2019/263

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513509884.002

ISBN: 9781513509884

Keywords: External sector, External debt, Economic growth, Economic indicators, Gross domestic product, arrears, percent of GDP, cash basis, public investment, overall balance

Zambia's development strategy has targeted a rapid scale-up of public investment to address infrastructure needs. This has resulted in large fiscal deficits, financed by nonconcessional debt and the accumulation of...

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence »

Volume/Issue: 2019/168

Series: IMF Working Papers

Author(s): Minsuk Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513508979.001

ISBN: 9781513508979

Keywords: Exchange rate policy, Exchange rate shocks, Exchange markets, Financial crises, Exchange rate regimes, Dollarization, Financial Development, Original Sin, Exchange Rate Volatility, dollar debt

This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portf...

Labor Market Slack and the Output Gap: The Case of Korea

Labor Market Slack and the Output Gap: The Case of Korea »

Volume/Issue: 2019/167

Series: IMF Working Papers

Author(s): Niels-Jakob Hansen , Joannes Mongardini , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513508344.001

ISBN: 9781513508344

Keywords: Total factor productivity, Labor markets, Labor force, Capacity utilization, Supply and demand, Potential output, labor markets., output gap, broad measure, slack

Output gap estimates are widely used to inform macroeconomic policy decisions, including in Korea. The main determinant of these estimates is the measure of labor market slack. The traditional measure of unemployme...

What Do Deviations from Covered Interest Parity and Higher FX Hedging Costs Mean for Asia

What Do Deviations from Covered Interest Parity and Higher FX Hedging Costs Mean for Asia »

Volume/Issue: 2019/169

Series: IMF Working Papers

Author(s): Gee Hee Hong , Anne Oeking , Kenneth Kang , and Changyong Rhee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513509006.001

ISBN: 9781513509006

Keywords: Financial crises, Central banks, Financial institutions, Macroprudential policies and financial stability, Exchange risk, Covered interest parity, limits to arbitrage, U.S.dollar funding, FX swaps., IIP

Asian countries have high demand for U.S. dollars and are sensitive to U.S. dollar funding costs. An important, but often overlooked, component of these costs is the basis spread in the cross-currency swap market t...

Russian Federation
			: 2019 Article IV Consultation-Press Release; Staff Report

Russian Federation : 2019 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2019/260

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

Language: Russian

DOI: http://dx.doi.org/10.5089/9781513516264.002

ISBN: 9781513516264

Keywords: External sector, Balance of payments, Consumption, Financial soundness indicators, Economic indicators, CBR, NWF, national project, ruble, overall balance

In recent years, the authorities have put in place a sound macroeconomic policy framework that has reduced uncertainty and helped weather external shocks. The current macroeconomic policy mix combines moderately ti...

Republic of Madagascar
			: Fifth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Republic of Madagascar : Fifth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar »

Volume/Issue: 2019/262

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2019

DOI: http://dx.doi.org/10.5089/9781513509778.002

ISBN: 9781513509778

Keywords: Public financial management, Fiscal policy, Economic reforms, Economic growth, Credit, percent of GDP, social spend, BFM, budget law, Proj

Despite some electoral cycle-related uncertainties-the preparation and holding of the Presidential election in December 2018 and Parliamentary elections in May 2019-economic developments remained favorable in 2018...

Somalia
			: 2019 Article IV Consultation-Second Review Under the Staff-Monitored Program, and Request for New Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Somalia

Somalia : 2019 Article IV Consultation-Second Review Under the Staff-Monitored Program, and Request for New Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Somalia »

Volume/Issue: 2019/256

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2019

DOI: http://dx.doi.org/10.5089/9781513509464.002

ISBN: 9781513509464

Keywords: External sector, Economic stabilization, Development, Fiscal policy, External debt, FGS, arrears, HIPC, PFM, Proj

The Somali authorities continue to make important strides in state-building and maintaining political and economic stability; nevertheless, Somalia remains fragile and vulnerable to security and climate shocks. Whi...

Burkina Faso
			: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Burkina Faso : Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/257

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509563.002

ISBN: 9781513509563

Keywords: Public financial management, Social safety nets, Public investments, Credit, Development, performance criterion, Proj, CFAF, Burkinabè, net lend

In light of widespread concern about the security crisis and protracted public sector pay disputes, the government resigned in January 2019. The new government, installed with a mission to combat the security crisi...

Cabo Verde
			: Staff Report for the 2019 Article IV Consultation and Request for an Eighteen-Month Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde

Cabo Verde : Staff Report for the 2019 Article IV Consultation and Request for an Eighteen-Month Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde »

Volume/Issue: 2019/255

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509402.002

ISBN: 9781513509402

Keywords: External sector, Economic growth, External debt, International reserves, Economic indicators, SOEs, percent of GDP, medium-term, structural reform, primary balance

Following a long period of high growth, improved living standards and poverty reduction that lasted through the 2008 global financial crisis, Cabo Verde has been facing the challenge of low growth until recently an...

Chad
			: Selected Issues

Chad : Selected Issues »

Volume/Issue: 2019/259

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509648.002

ISBN: 9781513509648

Keywords: Economic growth, Oil sector, Private sector, Economic recovery, Poverty, non-oil, low-income country, reduce corruption, social spend, arrears

Selected Issues...

Chad
			: Staff Report for the 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Chad

Chad : Staff Report for the 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Chad »

Volume/Issue: 2019/258

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509600.002

ISBN: 9781513509600

Keywords: Fiscal policy, External sector, Public financial management, Oil revenues, Economic recovery, BEAC, non-oil, arrears, percent of GDP, performance criterion

Chad is a low-income fragile country that depends heavily on oil revenues. In recent years, it has been heavily impacted by an oil price shock and security tensions which intensified recently with a rise in terrori...

Indonesia
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Indonesia

Indonesia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Indonesia »

Volume/Issue: 2019/250

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509129.002

ISBN: 9781513509129

Keywords: External sector, Financial systems, Balance of payments, External debt, Development, ISCR, CR, account deficit, percent of GDP, Proj

The Indonesian economy performed well in 2018, despite external headwinds, including capital flow reversals. Growth stabilized above 5 percent and inflation eased to around 3 percent. A surge in imports and weak ex...

Indonesia
			: Selected Issues

Indonesia : Selected Issues »

Volume/Issue: 2019/251

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509136.002

ISBN: 9781513509136

Keywords: Exchange rate policy, Public financial management, Economic conditions, Fiscal policy, Tax policy, ISCR, CR, exist tax, pass-through, policy report

Selected Issues...

Republic of Lithuania
			: 2019 Article IV Consultation-Press Release; Staff Report

Republic of Lithuania : 2019 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2019/252

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509235.002

ISBN: 9781513509235

Keywords: Balance of payments, Economic indicators, Financial services, Financial soundness indicators, National accounts, percent of GDP, labor market, HICP, wage growth, medium-term

Lithuania needs sustained productivity gains to ensure higher living standards and convergence with Western Europe. This is the only way to address, or even reverse, negative demographic dynamics. Macroeconomic and...

Republic of Lithuania
			: Selected Issues

Republic of Lithuania : Selected Issues »

Volume/Issue: 2019/253

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509242.002

ISBN: 9781513509242

Keywords: Total factor productivity, Labor market policy, Financial crises, Labor productivity, Human capital, ALMPs, euro area, output gap, policy stance, financial condition

Selected Issues...

Statistical Coverage of Trade Finance - Fintechs and Supply Chain Financing

Statistical Coverage of Trade Finance - Fintechs and Supply Chain Financing »

Volume/Issue: 2019/165

Series: IMF Working Papers

Author(s): Cornelia Lotte van Wersch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781498317030.001

ISBN: 9781498317030

Keywords: External sector, Real sector, Trade finance, Financial crises, Balance of payments, Global Value Chains, Fintechs, Trade Financing, Supply Chain Financing, Statistics

Trade finance is the backbone of international trade for entities ranging from a small businesses to multi-national corporations. An estimated 80 percent of world trade relies on this form of finance (WTO, 2017). D...

Montenegro
			: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission

Montenegro : Technical Assistance Report-Report on the Monetary and Financial Statistics Mission »

Volume/Issue: 2019/254

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2019

DOI: http://dx.doi.org/10.5089/9781513509334.002

ISBN: 9781513509334

Keywords: Monetary statistics, Financial institutions, Macroprudential policies and financial stability, Financial systems, Financial statistics, OFCs, COA, counterparty, source data, STA

At the request of the Central Bank of Montenegro (CBCG), and with the support of the IMF's European Department (EUR), a monetary and financial statistics (MFS) technical assistance (TA) mission visited Podgorica, M...

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector »

Volume/Issue: 2019/164

Series: IMF Working Papers

Author(s): Deniz Igan , Hala Moussawi , Alexander Tieman , Aleksandra Zdzienicka , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2019

DOI: http://dx.doi.org/10.5089/9781513508337.001

ISBN: 9781513508337

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Financial systems, Central banks, Financial crisis, Government interventions, Bank resolution, country-level, GFC

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007-17 in 37 countries based on publicly available information. We use aggregate official data to validate t...

Iraq
			: 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq »

Volume/Issue: 2019/248

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

DOI: http://dx.doi.org/10.5089/9781513508887.002

ISBN: 9781513508887

Keywords: Central banks, Public financial management, Economic reforms, Fiscal policy, Balance of payments, non-oil, percent of GDP, KRG, Iraqi authority, CBI

Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services...

Iraq
			: Selected Issues

Iraq : Selected Issues »

Volume/Issue: 2019/249

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

DOI: http://dx.doi.org/10.5089/9781513508917.002

ISBN: 9781513508917

Keywords: Financial regulation and supervision, Central banks, Fiscal indicators, Oil prices, Credit, non-oil, resource-rich country, financial development, overall balance, medium-term

Selected Issues...

Price Statistics Compilation in 196 Economies: The Relevance for Policy Analysis

Price Statistics Compilation in 196 Economies: The Relevance for Policy Analysis »

Volume/Issue: 2019/163

Series: IMF Working Papers

Author(s): Francien Berry , Brian Graf , Michael Stanger , and Mari Ylä-Jarkko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

DOI: http://dx.doi.org/10.5089/9781513508313.001

ISBN: 9781513508313

Keywords: Import price indexes, Purchasing power parity, Export price indexes, Price indexes, Real sector, Price Index, CPI, PPI, Scanner data, Big data

The consumer price index (CPI) is a key economic indicator used to gauge inflation, adjust wages, pensions, and social benefits. The producer prices index (PPI) is used for forecasting and deflating GDP estimates....

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings »

Volume/Issue: 2019/162

Series: IMF Working Papers

Author(s): Metodij Hadzi-Vaskov , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

DOI: http://dx.doi.org/10.5089/9781498325059.001

ISBN: 9781498325059

Keywords: Sovereign credit ratings, Credit ratings, Development, Financial markets, Financial management, Public debt, Credit rating agencies, Advanced economies, Emerging markets, Non-linearities

This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher pu...

Cameroon
			: Fourth Review under the Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

Cameroon : Fourth Review under the Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon »

Volume/Issue: 2019/247

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2019

DOI: http://dx.doi.org/10.5089/9781513508771.002

ISBN: 9781513508771

Keywords: Financial and Monetary Sector, Fiscal policy, Fiscal sector, Real sector, External sector, BEAC, arrears, non-oil, CEMAC, Proj

Growth is estimated to have rebounded to 4 percent in 2018, supported by stronger-than-anticipated oil and gas production and Africa Cup of Nations (CAN) projects. The overall fiscal deficit declined by half to 21/...

France
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

France : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France »

Volume/Issue: 2019/245

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508450.002

ISBN: 9781513508450

Keywords: Financial crises, Economic indicators, Financial and Monetary Sector, Financial systems, Balance of payments, percent, trade tension, GDP, euro area, percent of GDP

Growth slowed last year as the cyclical recovery ran its course and temporary domestic factors, coupled with slowing global growth, weighed on demand. Nonetheless, activity remained resilient relative to peers, and...

France
			: Financial System Stability Assessment

France : Financial System Stability Assessment »

Volume/Issue: 2019/241

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508276.002

ISBN: 9781513508276

Keywords: Financial crises, Financial soundness indicators, Financial markets, Financial institutions, Macroprudential policies and financial stability, corporates, solvency, insurer, FCs, ECB

Important institutional and policy changes have taken place since the 2012 FSAP. At the national level, the authorities have strengthened the macroprudential framework by establishing the High Council for Financial...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2019/246

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508467.002

ISBN: 9781513508467

Keywords: Fiscal policy, Fiscal consolidation, Government expenditures, Gross domestic product, Financial crises, subnational, policy stance, GFC, output gap, successful consolidation

Selected Issues...

Republic of Congo
			: Staff Report-Press Release; Staff Report; Debt Sustainability Analysis, and Statement by the Executive Director for the Republic of Congo

Republic of Congo : Staff Report-Press Release; Staff Report; Debt Sustainability Analysis, and Statement by the Executive Director for the Republic of Congo »

Volume/Issue: 2019/244

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508399.002

ISBN: 9781513508399

Keywords: External sector, Financial and Monetary Sector, Public debt, Oil revenues, Debt sustainability, Congolese authority, percent of GDP, non-oil, arrears, Proj

The Republic of Congo was hit hard by the oil price shock and delayed fiscal adjustment, amidst governance challenges and unsustainable debt. While program negotiations were long and complex, the authorities made d...

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle »

Volume/Issue: 2019/161

Series: IMF Working Papers

Author(s): Eric Monnet , and Damien Puy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781498326773.001

ISBN: 9781498326773

Keywords: Monetary statistics, International monetary system, Economic stabilization, Exchange rate policy, Central banks, Bretton Woods, gold, foreign reserves, gold standard, culture

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bank...

Regional Growth Spillovers in Sub-Saharan Africa

Regional Growth Spillovers in Sub-Saharan Africa »

Volume/Issue: 2019/160

Series: IMF Working Papers

Author(s): Francisco Arizala , Matthieu Bellon , and Margaux MacDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781498320498.001

ISBN: 9781498320498

Keywords: Globalization, Bilateral trade, Patterns of trade, International trade agreements, External shocks, Growth, Regional Integration, Spillovers, Africa., intra-regional

This paper documents the steady increase in intraregional trade in sub-Saharan Africa since 1980, links this rise to important growth spillovers in the region, and identifies the main source countries and those mos...

Brazil
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

DOI: http://dx.doi.org/10.5089/9781513508368.002

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

The economic recovery after the 2015-16 recession has disappointed, with real GDP growing by only 1.1 percent in 2017 and 2018. Inflation is close to target, hovering around 4 percent. Monetary policy is accommodat...

Brazil
			: Selected Issues

Brazil : Selected Issues »

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

DOI: http://dx.doi.org/10.5089/9781513508375.002

ISBN: 9781513508375

Keywords: Central banks, Exchange rate policy, Foreign exchange operations, Financial crises, Currency swaps, BCB, TSA, fiscal operation, cambial, repo

Selected Issues...

Niger
			: 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger

Niger : 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger »

Volume/Issue: 2019/239

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781513508191.002

ISBN: 9781513508191

Keywords: External sector, Public financial management, Economic growth, Fiscal policy, Development, arrears, payment arrears, percent of GDP, SOEs, BCEAO

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP growth picked up to 6.5 percent last year- and should average above...

Niger
			: Selected Issues

Niger : Selected Issues »

Volume/Issue: 2019/240

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781513508245.002

ISBN: 9781513508245

Keywords: Real sector, Tax evasion, Money laundering, Civil society, Revenue administration, SOEs, WAEMU, anti-corruption, AML, CFT

Selected Issues...

Republic of Serbia
			: Staff Report for the 2019 Article IV Consultation and Second Review under the Policy Coordination Instrument-Press Release; Staff Report; Information Annex; Staff Statement; and Statement by the Executive Director for Republic of Serbia

Republic of Serbia : Staff Report for the 2019 Article IV Consultation and Second Review under the Policy Coordination Instrument-Press Release; Staff Report; Information Annex; Staff Statement; and Statement by the Executive Director for Republic of Serbia »

Volume/Issue: 2019/238

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781513508122.002

ISBN: 9781513508122

Keywords: Real sector, Economic growth, Macroprudential policies and financial stability, Financial and Monetary Sector, Balance of payments, NBS, SOEs, Proj, percent of GDP, amortization

Macroeconomic stability has been maintained with robust economic growth, declining public debt, as well as low and stable inflation. While Serbia continues to address structural challenges, supported by the Policy...

A Buffer-Stock Model for the Government: Balancing Stability and Sustainability

A Buffer-Stock Model for the Government: Balancing Stability and Sustainability »

Volume/Issue: 2019/159

Series: IMF Working Papers

Author(s): Jean-Marc Fournier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781498325066.001

ISBN: 9781498325066

Keywords: Interest rate increases, Economic stabilization, Unemployment, Financial crises, Lender of last resort, Fiscal stance, cycle stabilization, government deficit, government debt., debt limit

A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit...

Internal Trade in Canada: Case for Liberalization

Internal Trade in Canada: Case for Liberalization »

Volume/Issue: 2019/158

Series: IMF Working Papers

Author(s): Jorge Alvarez , Ivo Krznar , and Trevor Tombe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781498326650.001

ISBN: 9781498326650

Keywords: International trade agreements, Total factor productivity, Bilateral trade, Comparative advantage, Patterns of trade, Internal trade, gains from trade, input-output linkages, Canada, trade cost

This paper assesses the costs of internal trade barriers and proposes policies to improve internal trade. Estimates suggest that complete liberalization of internal trade in goods can increase GDP per capita by abo...

Honduras
			: Selected Issues

Honduras : Selected Issues »

Volume/Issue: 2019/237

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781513507859.002

ISBN: 9781513507859

Keywords: Tax revenue, Tax evasion, Tax incentives, Tax rates, Tax increases, tax expenditure, distribution loss, external shock, successful reform, mobilization

Selected Issues...

Honduras
			: Staff Report for the 2019 Article IV Consultation and Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras

Honduras : Staff Report for the 2019 Article IV Consultation and Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras »

Volume/Issue: 2019/237

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781513507804.002

ISBN: 9781513507804

Keywords: External sector, Central banks, National income, Economic reforms, Monetary policy operational framework, BCH, electricity sector, social spend, percent, policy framework

Since 2014-supported by a Fund program that expired in December 2017-Honduras has reduced macroeconomic imbalances, institutionalized fiscal prudence, and laid the groundwork for a modern monetary policy framework....

Assessing IMF Lending: a Model of Sample Selection

Assessing IMF Lending: a Model of Sample Selection »

Volume/Issue: 2019/157

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781498324618.001

ISBN: 9781498324618

Keywords: Supply and demand, Financial crises, Exchange rate depreciation, Foreign exchange reserves, Economic integration, IMF lending, Sample selection, VIX, Poulain, potential need

Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are present...

European Wage Dynamics and Spillovers

European Wage Dynamics and Spillovers »

Volume/Issue: 2019/156

Series: IMF Working Papers

Author(s): Yuanyan Sophia Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781498319294.001

ISBN: 9781498319294

Keywords: Labor market reforms, Labor markets, Real wages, Labor costs, Labor productivity, wages, spillovers, Phillips curve, non-employment, European Union

Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage diverge...

Benin
			: 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin

Benin : 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin »

Volume/Issue: 2019/203

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513507675.002

ISBN: 9781513507675

Keywords: Eurobond, net lend, percent of GDP, WAEMU, ECF

The economy continues to grow at a fast pace, driven by port activity and cotton production. The execution of the 2019 budget is on track to bring the fiscal deficit within the WAEMU convergence criterion of 3 perc...

Benin
			: Selected Issues

Benin : Selected Issues »

Volume/Issue: 2019/204

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513507620.002

ISBN: 9781513507620

Keywords: Fiscal policy, Tax revenue, Public investments, Revenue mobilization, Tax administration, WAEMU, pending issue, WEO, country experience, BCEAO

Selected Issues...

Tunisia
			: Fifth Review Under the Extended Fund Facility, and Requests for Waivers of Nonobservance and Modification of Performance Criteria and for Rephasing of Access

Tunisia : Fifth Review Under the Extended Fund Facility, and Requests for Waivers of Nonobservance and Modification of Performance Criteria and for Rephasing of Access »

Volume/Issue: 2019/223

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2019

DOI: http://dx.doi.org/10.5089/9781498325301.002

ISBN: 9781498325301

Keywords: Central banks, Balance of payments, International reserves, Fiscal policy, Current account deficits, pct, Proj, low-income household, performance criterion, CBT

A subdued recovery unfolds amid economic imbalances and political uncertainty. Growth reached 2.6 percent in 2018, but the unemployment rate persisted above 15 percent. The current account deficit widened to 11.2...

Cote d'Ivoire
			: Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Information and Statement by the Executive Director for Côte d'Ivoire

Cote d'Ivoire : Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Information and Statement by the Executive Director for Côte d'Ivoire »

Volume/Issue: 2019/197

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513507507.002

ISBN: 9781513507507

Keywords: Tax revenue, Public debt, Expenditures, Credit, Gross domestic product, WAEMU, macroeconomic stability, ECF, overall balance, percent of GDP

The political context has become more complex and uncertain ahead of the 2020 presidential elections, with the three traditional parties openly competing since the end of the ruling coalition between President Ouat...

Djibouti
			: Technical Assistance Report-Financial Soundness Indicators Mission

Djibouti : Technical Assistance Report-Financial Soundness Indicators Mission »

Volume/Issue: 2019/234

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498326797.002

ISBN: 9781498326797

Keywords: source data, FSI, BSU, CBD, DTs

In response to a request of the Central Bank of Djibouti (CBD), a mission from the International Monetary Fund's (IMF's) Statistics Department (STA) visited Djibouti during March 4-11, 2018, to provide technical as...

Djibouti
			: Technical Assistance Report-Financial Soundness Indicators Mission

Djibouti : Technical Assistance Report-Financial Soundness Indicators Mission »

Volume/Issue: 2019/234

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

DOI: http://dx.doi.org/10.5089/9781498326780.002

ISBN: 9781498326780

Keywords: Social security funds, Financial statistics, Monetary statistics, Exchange rate markets, Commercial banks, source data, FSI, BSU, CBD, DTs

In response to a request of the Central Bank of Djibouti (CBD), a mission from the International Monetary Fund's (IMF's) Statistics Department (STA) visited Djibouti during March 4-11, 2018, to provide technical as...

Impacts of Labor Market Institutions and Demographic Factors on Labor Markets in Latin America

Impacts of Labor Market Institutions and Demographic Factors on Labor Markets in Latin America »

Volume/Issue: 2019/155

Series: IMF Working Papers

Author(s): Adriana Kugler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

DOI: http://dx.doi.org/10.5089/9781484393840.001

ISBN: 9781484393840

Keywords: Labor market institutions, Labor market regulations, Labor market reforms, Labor productivity, Labor taxes, labor demographics, inequality, Latin America., EPL, payroll tax

This paper documents recent labor market performance in the Latin American region. The paper shows that unemployment, informality, and inequality have been falling over the past two decades, though still remain hig...

New Insights into ECCU's Tourism Sector Competitiveness

New Insights into ECCU's Tourism Sector Competitiveness »

Volume/Issue: 2019/154

Series: IMF Working Papers

Author(s): Manuk Ghazanchyan , Li Zhao , Steve Brito , and Vivian Parlak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

DOI: http://dx.doi.org/10.5089/9781498320818.001

ISBN: 9781498320818

Keywords: Financial crises, Real effective exchange rates, Economic growth, Unit labor cost, Current account deficits, price elasticity, income elasticity, Eastern Caribbean Currency Union (ECCU), gravity model, tourism arrivals and expenditure

Tourism has become the main driver of economic growth and employment and the most important source of income in the ECCU. Preserving and, possibly, enhancing the competitiveness of the tourism product is key for th...