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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.

Two-Sided Market, R&D and Payments System Evolution

Two-Sided Market, R&D and Payments System Evolution »

Volume/Issue: 2019/57

Series: IMF Working Papers

Author(s): Bin Grace Li , James McAndrews , and Zhu Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781484399620.001

ISBN: 9781484399620

Keywords: Income distribution, Consumer credit, Income inequality, Consumer goods, Payment systems, R&;D, Technology Adoption, Two-Sided Market, consumer welfare, payment card

It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by...

Unemployment Surges in the EU: The Role of Risk Premium Shocks

Unemployment Surges in the EU: The Role of Risk Premium Shocks »

Volume/Issue: 2019/56

Series: IMF Working Papers

Author(s): Bas Bakker , Marta Korczak , and Krzysztof Krogulski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781484399637.001

ISBN: 9781484399637

Keywords: Risk premium, Market interest rates, Interest rates, Real interest rates, Unemployment, Risk premia, Euro area crisis, global economic and fincanial crisis, premia, euro area

In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by large risk premium shocks. Previous papers have focused on the impact of these shocks on demand....

Designing Interest and Tax Penalty Regimes

Designing Interest and Tax Penalty Regimes »

Volume/Issue: 2019/1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302012.008

ISBN: 9781498302012

Keywords: Tax revenue, Market interest rates, Tax assessments, Interest rates on loans, Tax evasion, administrative penalty, underpayment, tax authority, late payment, taxpayer

Designing Interest and Tax Penalty Regimes...

Brazil
			: Boom, Bust, and Road to Recovery

Brazil : Boom, Bust, and Road to Recovery »

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

DOI: http://dx.doi.org/10.5089/9781484339749.071

ISBN: 9781484339749

Keywords: Brazil, Corruption, Economic conditions, Economic recession, Economic recovery, Trade, economic history

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contribut...

Montenegro
			: Technical Assistance Report-Financial Soundness Indicators Mission (November 29 - December 5, 2017)

Montenegro : Technical Assistance Report-Financial Soundness Indicators Mission (November 29 - December 5, 2017) »

Volume/Issue: 2019/77

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

DOI: http://dx.doi.org/10.5089/9781498303101.002

ISBN: 9781498303101

Keywords: External sector statistics, Systemic risk assessment, Insurance companies investments, Financial statistics, Pension funds, FSI, DTs, source data, CBM, FSD

As part of the technical assistance (TA) for Montenegro and with the support of the IMF's European Department (EUR), a financial soundness indicators (FSIs) TA mission from the IMF's Statistics Department (STA) vis...

Zambia
			: Technical Assistance Report-Government Finance Statistics Mission

Zambia : Technical Assistance Report-Government Finance Statistics Mission »

Volume/Issue: 2019/78

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

DOI: http://dx.doi.org/10.5089/9781498303170.002

ISBN: 9781498303170

Keywords: Financial and Monetary Sector, Financial statistics, Cost of living, Monetary statistics, External sector statistics, GFS, OAG, IDC, CSO, sewerage company

A Government Finance Statistics (GFS) technical assistance (TA) mission visited Lusaka, Zambia, during November 27-December 8, 2017, to support the Central Statistical Office (CSO) in improving GFS for decision mak...

Zimbabwe
			: Technical Assistance Report-Monetary and Financial Statistics Mission

Zimbabwe : Technical Assistance Report-Monetary and Financial Statistics Mission »

Volume/Issue: 2019/75

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

DOI: http://dx.doi.org/10.5089/9781498302999.002

ISBN: 9781498302999

Keywords: Central banks, Monetary statistics, Financial statements, Bank accounting, Financial statistics, OFCs, MFS, STA, IPEC, source data

In response to a request from the Reserve Bank of Zimbabwe (RBZ), and with the support of the International Monetary Fund's (IMF's) African Department (AFR), a monetary and financial statistics (MFS) technical assi...

Excerpt: The Future of China's Bond Market

Excerpt: The Future of China's Bond Market »

Series: Miscellaneous Publication (Other)

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2019

DOI: http://dx.doi.org/10.5089/UTDEAEX.073

ISBN: UTDEAEX

Keywords: Market interest rates, Open market operations, Bond markets, Credit default swap, Financial sector development, Exchange rate markets, bond market;people 's bank of China;people 's bank;SOEs;renminbi

China's bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country's bonds in global indexes will be a milestone for its financial market integration,...

The Future of China's Bond Market

The Future of China's Bond Market »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2019

DOI: http://dx.doi.org/10.5089/9781484372142.071

ISBN: 9781484372142

Keywords: Bond markets, Bond issues, Interest rates, Central banks, Bond yields, bond market, interbank, implicit guarantee, people 's bank of China, renminbi

China's bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country's bonds in global indexes will be a milestone for its financial market integration,...

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

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

Volume/Issue: 2019/73

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2019

DOI: http://dx.doi.org/10.5089/9781498302579.002

ISBN: 9781498302579

Keywords: Economic recovery, Fiscal policy, Credit, Unemployment, Labor market flexibility, NPE, European partner, percent of GDP, IMF, ANFA

The economic recovery in Greece is accelerating and broadening. Growth and job creation in Greece are expected to accelerate further in 2019. Public sector financing needs remain manageable under the baseline due t...

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

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

Volume/Issue: 2019/74

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2019

DOI: http://dx.doi.org/10.5089/9781498302661.002

ISBN: 9781498302661

Keywords: Credit, Financial crises, Central banks, Employment, Unemployment, NBB, percent of GDP, Haver, labor market reform, growth fund

Since the global crisis, Belgium has experienced nine consecutive years of economic growth. Per capita GDP has surpassed pre-crisis levels, and unemployment is at its lowest level in four decades. The financial sec...

Corporate Taxation in the Global Economy

Corporate Taxation in the Global Economy »

Volume: 19

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2019

DOI: http://dx.doi.org/10.5089/9781498302197.007

ISBN: 9781498302197

Keywords: Tax competition, Tax reforms, Tax coordination, Tax systems, Tax administration, tax arrangement, BEPS, residual profit, digitalization, multi-national enterprise

The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some resp...

ISORA 2016
			: Understanding Revenue Administration

ISORA 2016 : Understanding Revenue Administration »

Volume/Issue: 2019/5

Series: Departmental Papers / Policy Papers

Author(s): William Joseph Crandall , Elizabeth Gavin , and Andrew Masters

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781484383216.087

ISBN: 9781484383216

Keywords: Revenue administration, Tax administration code and regulations, Tax revenue, Tax administration, Consumption taxes, Tax evasion, Tax legislation, higher-income;lower-income;lower-income group;on-time;fragile state

This paper presents the results of the International Survey on Revenue Administration (ISORA) deployed during 2016 and covering fiscal years 2014 and 2015. It is made possible by the participation of 135 tax admini...

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

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

Volume/Issue: 2019/71

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302418.002

ISBN: 9781498302418

Keywords: Economic growth, Real sector, Expenditures, Financial soundness indicators, Financial statistics, percent of GDP, tax refund, percent, medium term, household debt

The Malaysian economy has shown resilience and continues to perform well. A peaceful political transition following the May 2018 elections demonstrated the strength of Malaysia's institutions. Although vulnerabilit...

Malaysia
			: Selected Issues

Malaysia : Selected Issues »

Volume/Issue: 2019/72

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302456.002

ISBN: 9781498302456

Keywords: Fiscal policy, Gross domestic product, Business cycles, Investment, Economic growth, medium-term, external finance, MTFF, non-financial corporation, net save

Selected Issues...

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB »

Volume/Issue: 2019/52

Series: IMF Working Papers

Author(s): Yinqiu Lu , and Yilin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302562.001

ISBN: 9781498302562

Keywords: Central banks, Capital account convertibility, Central bank aggregates, Investment policy, Monetary authorities, currency composition, FX reserves, portfolio theory, RMB, numeraire

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches-liquidity tranche and investment tranche-especially for thos...

Fiscal Redistribution and Social Welfare

Fiscal Redistribution and Social Welfare »

Volume/Issue: 2019/51

Series: IMF Working Papers

Author(s): David Coady , Devin D'Angelo , and Brooks Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781484398081.001

ISBN: 9781484398081

Keywords: Social security, Income distribution, Personal income taxes, Social welfare programs, Fiscal policy, Fiscal redistribution, progressivity, targeting, transfers, taxes

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself...

More Work to Do? Taking Stock of Latin American Labor Markets

More Work to Do? Taking Stock of Latin American Labor Markets »

Volume/Issue: 2019/55

Series: IMF Working Papers

Author(s): Antonio David , Frederic Lambert , and Frederik Toscani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302784.001

ISBN: 9781498302784

Keywords: Labor market institutions, Labor market reforms, Labor market regulations, Labor market policy, Labor market characteristics, Labor Markets, Latin America, Okun’;s Law, Informality, Okun

We analyze the performance of labor markets in Latin America since the late 1990s. Strong GDP growth during the commodity boom period led to important gains in employment and a fall in the unemployment rate as labo...

Policy Trade-Offs in Building Resilience to Natural Disasters: The Case of St. Lucia

Policy Trade-Offs in Building Resilience to Natural Disasters: The Case of St. Lucia »

Volume/Issue: 2019/54

Series: IMF Working Papers

Author(s): Alessandro Cantelmo , Leo Bonato , Giovanni Melina , and Gonzalo Salinas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302654.001

ISBN: 9781498302654

Keywords: Real interest rates, Cost of capital, Total factor productivity, Capital, Private investments, Climate Change, Natural Disasters and Their Management, Government Policy, public capital, Papageorgiou

Resilience to climate change and natural disasters hinges on two fundamental elements: financial protection -insurance and self-insurance- and structural protection -investment in adaptation. Using a dynamic genera...

The Russian State's Size and its Footprint: Have They Increased?

The Russian State's Size and its Footprint: Have They Increased? »

Volume/Issue: 2019/53

Series: IMF Working Papers

Author(s): Gabriel Di Bella , Oksana Dynnikova , and Slavi Slavov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302791.001

ISBN: 9781498302791

Keywords: Economic growth, Social security funds, Total factor productivity, Private investments, Foreign investment, Russian State, State-Owned Enterprises, Transition Economies, state 's share, SOEs

The short answer: The size of the Russian State has not increased much in the last few years, but its economic footprint remains significant. Concretely, the state's size increased from about 32 percent of GDP in 2...

China's Evolving Exchange Rate Regime

China's Evolving Exchange Rate Regime »

Volume/Issue: 2019/50

Series: IMF Working Papers

Author(s): Sonali Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2019

DOI: http://dx.doi.org/10.5089/9781498302029.001

ISBN: 9781498302029

Keywords: Exchange markets, Real effective exchange rates, Central banks, Exchange rate policy, Nominal effective exchange rate, reminbi, exchange rate, foreign exchange market, liquidity, RMB

China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquid...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume/Issue: 56/1

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2019

DOI: http://dx.doi.org/10.5089/9781484398784.022

ISBN: 9781484398784

Keywords: Finance and Development, Development, Economic growth, Poverty, Labor markets, Women, advanced economy, childcare, develop economy, gender gap

Finance and Development...

Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy

Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy »

Volume/Issue: 2019/49

Series: IMF Working Papers

Author(s): Francesca Caselli , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2019

DOI: http://dx.doi.org/10.5089/9781498300865.001

ISBN: 9781498300865

Keywords: Fiscal rules, Fiscal balance, Fiscal consolidation, Fiscal framework, Fiscal sustainability, Instrument variable (IV) estimation, Fiscal rules, Fiscal balances., endogeneity, instrumental variable

This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rule...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume/Issue: 56/1

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781484398791.022

ISBN: 9781484398791

Keywords: Finance and Development, advanced economy, childcare, develop economy, gender gap, gender equality

Finance and Development...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume/Issue: 56/1

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484398821.022

ISBN: 9781484398821

Keywords: Finance and Development, advanced economy, childcare, develop economy, gender gap, gender equality

Finance and Development...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume: 56

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484398807.022

ISBN: 9781484398807

Keywords: Finance and Development

Finance and Development...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume: 56

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

Language: Russian

DOI: http://dx.doi.org/10.5089/9781484398838.022

ISBN: 9781484398838

Keywords: Finance and Development

Finance and Development...

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Cash Use Across Countries and the Demand for Central Bank Digital Currency »

Volume/Issue: 2019/46

Series: IMF Working Papers

Author(s): Tanai Khiaonarong , and David Humphrey

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

DOI: http://dx.doi.org/10.5089/9781484399606.001

ISBN: 9781484399606

Keywords: Bank credit, Central banks, Central bank policy, Central bank accounting, Bank accounting, digital cash, e-money, physical cash, non-cash, giro

The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC...

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries »

Volume/Issue: 2019/45

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

DOI: http://dx.doi.org/10.5089/9781498300872.001

ISBN: 9781498300872

Keywords: Monetary policy instruments, Exchange rate policy, Central banks, Monetary policy, Monetary expansion, macroprudential regulation, financial stability, credit, house price, Kleibl

This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standa...

Nonlinearity Between the Shadow Economy and Level of Development

Nonlinearity Between the Shadow Economy and Level of Development »

Volume/Issue: 2019/48

Series: IMF Working Papers

Author(s): Dong Frank Wu , and Friedrich Schneider

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

DOI: http://dx.doi.org/10.5089/9781484399613.001

ISBN: 9781484399613

Keywords: Shadow economy, National income, Social safety nets, Labor market flexibility, Economic growth, institutional factor, non-institutional, regression, long-run, country group

This paper is the first attempt to directly explore the long-run nonlinear relationship between the shadow economy and level of development. Using a dataset of 158 countries over the period from 1996 to 2015, our r...

Struggling to Make the Grade: A Review of the Causes and Consequences of the Weak Outcomes of South Africa's Education System

Struggling to Make the Grade: A Review of the Causes and Consequences of the Weak Outcomes of South Africa's Education System »

Volume/Issue: 2019/47

Series: IMF Working Papers

Author(s): Montfort Mlachila , and Tlhalefang Moeletsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

DOI: http://dx.doi.org/10.5089/9781498301374.001

ISBN: 9781498301374

Keywords: Education spending, Education policy, Public expenditures and education, Primary education, Higher education, educational attainment, quality of education, education reforms, South Africa, der

While South Africa has made significant improvements in basic and tertiary education enrollment, the country still suffers from significant challenges in the quality of educational achievement by almost any interna...

Foreign Exchange Intervention in Inflation Targeters in Latin America

Foreign Exchange Intervention in Inflation Targeters in Latin America »

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

DOI: http://dx.doi.org/10.5089/9781484375686.071

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin A...

Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data

Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data »

Volume/Issue: 2019/44

Series: IMF Working Papers

Author(s): Margherita Bottero , Camelia Minoiu , José-Luis Peydro , Andrea Polo , Andrea Presbitero , and Enrico Sette

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

DOI: http://dx.doi.org/10.5089/9781498300858.001

ISBN: 9781498300858

Keywords: Bank credit, Reserve requirements, Interest rates on loans, Central banks, Bank liquidity, Negative interest rates, portfolio rebalancing, bank lending channel, liquidity management, Eurozone crisis

We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence...

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia »

Volume/Issue: 2019/2

Series: Departmental Papers / Policy Papers

Author(s): Nicolas Blancher , Maximiliano Appendino , Aidyn Bibolov , Armand Fouejieu , Jiawei Li , Anta Ndoye , Alexandra Panagiotakopoulou , Wei Shi , and Tetyana Sydorenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484396889.087

ISBN: 9781484396889

Keywords: Financial inclusion, Middle East and Central Asia, Business enterprises, Small and Medium Enterprises, Financial Inclusion, Middle East and Central Asia

The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversif...

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia »

Volume/Issue: 2019/2

Series: Departmental Papers / Policy Papers

Author(s): Nicolas Blancher , Maximiliano Appendino , Aidyn Bibolov , Armand Fouejieu , Jiawei Li , Anta Ndoye , Alexandra Panagiotakopoulou , Wei Shi , and Tetyana Sydorenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781484396896.087

ISBN: 9781484396896

Keywords: Financial inclusion, Middle East and Central Asia, Business enterprises, Small and Medium Enterprises, Financial Inclusion, Middle East and Central Asia

The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversif...

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

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

Volume/Issue: 2019/68

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

DOI: http://dx.doi.org/10.5089/9781498300605.002

ISBN: 9781498300605

Keywords: Real sector, Central banks, Expenditures, Gross domestic product, Credit, MFSA;percent of GDP;Haver;central bank of Malta;CFT

Malta has been one of the fastest growing countries in the EU after the crisis, thanks to a rapid structural rebalancing towards export-oriented services-mainly remote gaming and tourism. The authorities are now ex...

Malta
			: Selected Issues

Malta : Selected Issues »

Volume/Issue: 2019/69

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

DOI: http://dx.doi.org/10.5089/9781498300629.002

ISBN: 9781498300629

Keywords: Economic growth, Labor market reforms, Social security, Poverty, Business cycles, low-skilled;percent of population;childcare;social inclusion;risk of poverty

Selected Issues...

Malta
			: Financial System Stability Assessment

Malta : Financial System Stability Assessment »

Volume/Issue: 2019/70

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

DOI: http://dx.doi.org/10.5089/9781498300636.002

ISBN: 9781498300636

Keywords: Bank credit, Central banks, Bank reforms, Basel Core Principles, Gross capital formation, MFSA;CFT;AML;small bank;domestic bank

The financial sector in Malta is large compared to the economy and is strongly connected with the rest of the world. While Malta has benefited from considerable financial inflows, the associated risks, especially r...

Sovereigns and Financial Intermediaries Spillovers

Sovereigns and Financial Intermediaries Spillovers »

Volume/Issue: 2019/43

Series: IMF Working Papers

Author(s): Hamid Tabarraei , Abdelaziz Rouabah , and Olivier Pierrard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

DOI: http://dx.doi.org/10.5089/9781498300704.001

ISBN: 9781498300704

Keywords: Central banks, Interest rates on loans, Bank capital, Market interest rates, Bank liquidity, Sovereign risk, Contagion, Interbank market, interbank, deposit rate

We examine the spillover effects between sovereigns and banks in a model with a heterogeneous banking system. An increase in sovereign's default risk affects financial intermediaries through two channels in this mo...

Somalia
			: First Review Under the Staff-Monitored Program-Press Release; and Staff Report

Somalia : First Review Under the Staff-Monitored Program-Press Release; and Staff Report »

Volume/Issue: 2019/67

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2019

DOI: http://dx.doi.org/10.5089/9781498300476.002

ISBN: 9781498300476

Keywords: National income, Heavily indebted poor countries, External sector, Financial indicators, Economic conditions, arrears;percent of GDP;Proj;FGS;MTBs

Recent developments are broadly favorable, and policies are aligned with staff recommendations and program priorities. Supported by a favorable rainy season, economic growth is recovering and inflation easing. Howe...

Are Labor Market Indicators Telling the Truth? Role of Measurement Error in the U.S. Current Population Survey

Are Labor Market Indicators Telling the Truth? Role of Measurement Error in the U.S. Current Population Survey »

Volume/Issue: 2019/40

Series: IMF Working Papers

Author(s): Ippei Shibata

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2019

DOI: http://dx.doi.org/10.5089/9781498300452.001

ISBN: 9781498300452

Keywords: Persons not in labor force, Labor market policy, Labor force, Labor force participation, Labor markets, Gross Worker Flows, Current Population Survey, Classification Errors, Unemployment, Shimer

Labor market indicators are critical for policymakers, but measurement error in labor force survey data is known to be substantial. In this paper, I quantify the implications of classification errors in the U.S. Cu...

Improving the Efficiency and Equity of Public Education Spending: The Case of Moldova

Improving the Efficiency and Equity of Public Education Spending: The Case of Moldova »

Volume/Issue: 2019/42

Series: IMF Working Papers

Author(s): Hui Jin , La-Bhus Fah Jirasavetakul , and Baoping Shang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2019

DOI: http://dx.doi.org/10.5089/9781484390023.001

ISBN: 9781484390023

Keywords: Education spending, Public expenditures and education, Social safety nets, Unemployment, Expenditure efficiency, public education spending;spending efficiency;inequality;education reform;education spend;non-teaching staff;education outcome;non-teaching;education sector

This paper, using Moldova as an example, presents a systematic approach to assess the efficiency and equity of public education spending, identify sources of inefficiencies and inequality, and formulate potential r...

Macroeconomic Gains from Reforming the Agri-Food Sector: The Case of France

Macroeconomic Gains from Reforming the Agri-Food Sector: The Case of France »

Volume/Issue: 2019/41

Series: IMF Working Papers

Author(s): Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2019

DOI: http://dx.doi.org/10.5089/9781484397961.001

ISBN: 9781484397961

Keywords: Supply and demand, Economic growth, Agricultural production, Agricultural sector, Demand elasticity, agriculture;growth;food policy;climate change;externalities;fiscal policy;diets;agri-food;GHG;externality;GHG emission;farm labor force

France is the top agricultural producer in the European Union (EU), and agriculture plays a prominent role in the country's foreign trade and intermediate exchanges. Reflecting production volumes and methods, the s...

Burkina Faso
			: 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Burkina Faso : 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/15

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498300292.002

ISBN: 9781498300292

Keywords: Burkina Faso, Sub-Saharan Africa

Burkina Faso faces large social and physical infrastructure gaps, a deteriorating security situation, and unease among the rapidly-expanding population about economic prospects. Growth has been robust, averaging mo...

Gabon
			: Third Review under the Extended Arrangement Under the Extended Fund Facility, and Requests for Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Gabon

Gabon : Third Review under the Extended Arrangement Under the Extended Fund Facility, and Requests for Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Gabon »

Volume/Issue: 2019/17

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498300247.002

ISBN: 9781498300247

Keywords: Sub-Saharan Africa, Gabon

Political risks appear to have subsided with the completion of legislative and local elections in October. The economy is slowly recovering, fiscal consolidation has continued, inflation has remained low, and the t...

St. Vincent and the Grenadines
			: 2018 Article IV Consultation-Press Release; Staff Report and Statement by the Executive Director for St. Vincent and the Grenadines

St. Vincent and the Grenadines : 2018 Article IV Consultation-Press Release; Staff Report and Statement by the Executive Director for St. Vincent and the Grenadines »

Volume/Issue: 2019/66

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

DOI: http://dx.doi.org/10.5089/9781498300193.002

ISBN: 9781498300193

Keywords: Economic growth, Capital expenditure, Gross domestic product, Capital, Credit, percent of GDP;grenadine;ECCB;primary balance;GDP

Following the opening of a modern international airport, signs of an economic recovery have emerged, with increased direct flights from major cities in the U.S. and Canada and renewed interests from foreign investo...

Burkina Faso
			: Selected Issues

Burkina Faso : Selected Issues »

Volume/Issue: 2019/16

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498300377.002

ISBN: 9781498300377

Keywords: Sub-Saharan Africa, Burkina Faso

Selected Issues...

Eastern Caribbean Currency Union
			: 2018 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union

Eastern Caribbean Currency Union : 2018 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union »

Volume/Issue: 2019/62

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781498300056.002

ISBN: 9781498300056

Keywords: External sector, Central banks, Financial soundness indicators, Financial statistics, Financial sector, ECCU;ECCB;grenadine;Kitts;percent of GDP

The Eastern Caribbean Currency Union (ECCU) is gradually recovering following the catastrophic impact of Hurricanes Irma and Maria in 2017. Tourism is slowly picking up in hurricane-stricken countries and has remai...

Eastern Caribbean Currency Union
			: Selected Issues Paper

Eastern Caribbean Currency Union : Selected Issues Paper »

Volume/Issue: 2019/63

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781498300100.002

ISBN: 9781498300100

Keywords: Public investments, Private investments, Return on investment, Investment incentives, Employment, NDs;ECCU;ex-ante;resilience;private capital

Selected Issues Paper...

Uruguay
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Uruguay

Uruguay : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Uruguay »

Volume/Issue: 2019/64

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781484399880.002

ISBN: 9781484399880

Keywords: Central banks, Monetary policy, Development, Gross domestic product, Public sector, percent of GDP;medium-term;non-financial;primary balance;BCU

Uruguay has preserved macroeconomic stability in the wake of the turbulence in the region thanks to prudent policies and the accumulation of buffers over the years. The Uruguay peso depreciated since April, but the...

Uruguay
			: Selected Issues

Uruguay : Selected Issues »

Volume/Issue: 2019/65

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781484399958.002

ISBN: 9781484399958

Keywords: Exchange rates, Foreign exchange intervention, Real effective exchange rates, Exchange rate policy, Central banks, BCU;exchange rate;agricultural raw material;volatility;real exchange rate

Selected Issues...

Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic

Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic »

Volume/Issue: 2019/39

Series: IMF Working Papers

Author(s): Valentina Flamini , Pierluigi Bologna , Fabio Di Vittorio , and Rasool Zandvakil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781484397992.001

ISBN: 9781484397992

Keywords: Exchange rate policy, Credit booms, Central banks, Credit pricing, Credit risk, Credit cycle;Financial crises;Countercyclical capital buffer;Basel III;CPI inflation;GFC;countercyclical;synchronicity

Credit is key to support healthy and sustainable economic growth but excess aggregate credit growth can signal the build-up of imbalances and lead to systemic financial crisis. Hence, monitoring the credit cycle is...

Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward?

Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward? »

Volume/Issue: 2019/37

Series: IMF Working Papers

Author(s): Constance de Soyres , Anna Rogantini Picco , and Randa Sab

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781484396247.001

ISBN: 9781484396247

Keywords: Domestic debt, Real interest rates, Economic growth, Heavily indebted poor countries, Interest rate increases, Debt build-up;Frontier LIDCs;global and country-specific factors;debt-to-GDP ratio;debt-to-GDP;country-specific;federal fund rate;fund rate

This paper focuses on the debt build-up that frontier low-income developing countries (LIDCs) have faced since 2012. First, it documents a 20-percentage point increase in the external and government debt-to-GDP ra...

The Impact of Community Based Health Insurance Schemes on Out-of-Pocket Healthcare Spending: Evidence from Rwanda

The Impact of Community Based Health Insurance Schemes on Out-of-Pocket Healthcare Spending: Evidence from Rwanda »

Volume/Issue: 2019/38

Series: IMF Working Papers

Author(s): Andinet Woldemichael , Daniel Gurara , and Abebe Shimeles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781484398074.001

ISBN: 9781484398074

Keywords: Consumer price indexes, Demographic indicators, Health insurance, Poverty, Health care, Healthcare spending, low-income, Rwanda, out-of-pocket, treatment effect

Achieving universal health coverage, including financial risk protection and access to quality essential health-care services, is one of the main Sustainable Development Goals. In low-income countries, innovative a...

Australia
			: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision

Australia : Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision »

Volume/Issue: 2019/53

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398982.002

ISBN: 9781484398982

Keywords: Bank credit, Central banks, Access to international capital markets, Related party lending, Bank capital, APRA;bank act;Adi;bank 's board;FSSA

This Detailed Assessment of Observance of the Basel Core Principles For Effective Banking Supervision for Australia was prepared by a staff team of the International Monetary Fund. It is based on the information av...

Australia
			: Financial Sector Assessment Program-Technical Note-Bank Resolution and Crisis Management

Australia : Financial Sector Assessment Program-Technical Note-Bank Resolution and Crisis Management »

Volume/Issue: 2019/48

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398845.002

ISBN: 9781484398845

Keywords: Central banks, Systemically important financial institutions, Banking safety nets, Bank liquidity, Deposit insurance, APRA;RBA;Adi;FCS;foreign branch, limate change, Sustainability, Energy technology & engineering, Energy, power generation, distribution & storage

This Technical Note on Bank Resolution and Crisis Management for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member c...

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

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

Volume/Issue: 2019/49

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398890.002

ISBN: 9781484398890

Keywords: Economic growth, Financial crises, Consumer credit, Health insurance, Financial regulation and supervision, life insurer;APRA;ASIC;insurer;policyholder

This Technical Note on Insurance Sector: Regulation and Supervision for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the m...

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

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

Volume/Issue: 2019/51

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398920.002

ISBN: 9781484398920

Keywords: Bank credit, Central banks, Bank liquidity, Financial soundness indicators, Systemically important financial institutions, Australian bank;liquidity;fund cost;GFC;solvency

This Technical Note on Stress Testing the Banking Sector and Systemic Risk Analysis for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consult...

Australia
			: Financial Sector Assessment Program-Technical Note-Supervision, Oversight and Resolution Planning of Financial Market Infrastructures

Australia : Financial Sector Assessment Program-Technical Note-Supervision, Oversight and Resolution Planning of Financial Market Infrastructures »

Volume/Issue: 2019/52

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398968.002

ISBN: 9781484398968

Keywords: Economic stabilization, Clearing and settlement systems, Central banks, Payment systems, Financial crises, ASX;RBA;RITS;payment system;ACCC

This Technical Note on Supervision, Oversight, and Resolution Planning of Financial Market Infrastructures for Australia was prepared by a staff team of the International Monetary Fund as background documentation f...

Australia
			: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy

Australia : Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy »

Volume/Issue: 2019/50

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398906.002

ISBN: 9781484398906

Keywords: Real sector, Financial crises, Macroprudential policies and financial stability, Interest rates, Central banks, APRA;RBA;CFR;lend standard;LTV

This Technical Note on Systemic Risk Oversight and Macroprudential Policy for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with...

Australia
			: Financial System Stability Assessment

Australia : Financial System Stability Assessment »

Volume/Issue: 2019/54

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398999.002

ISBN: 9781484398999

Keywords: Bank credit, Financial soundness indicators, Deposit insurance, Central banks, Nominal effective exchange rate, Bank liquidity, APRA;RBA;superannuation;household debt;Australian bank

This Financial System Stability Assessment paper on Australia was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on September 14,...

Australia
			: Selected Issues

Australia : Selected Issues »

Volume/Issue: 2019/56

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484399033.002

ISBN: 9781484399033

Keywords: Fiscal policy, Fiscal sector, Real effective exchange rates, Fiscal space, Economic growth, net debt;PBO;economic cycle;GFC;output gap

This Selected Issues paper on Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the informat...

Australia
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia

Australia : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia »

Volume/Issue: 2019/55

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484399019.002

ISBN: 9781484399019

Keywords: Economic growth, Credit, Unemployment, Fiscal policy, Employment, household debt;RBA;wage growth;interest-only;Haver

Australia experienced only a minor downturn after the end of the mining investment and commodity price boom but, as elsewhere, the adjustment and rebalancing has been slow, with below-target inflation and low wage...

Growth at Risk: Concept and Application in IMF Country Surveillance

Growth at Risk: Concept and Application in IMF Country Surveillance »

Volume/Issue: 2019/36

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , Selim Elekdag , Phakawa Jeasakul , Romain Lafarguette , Adrian Alter , Alan Xiaochen Feng , and Changchun Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484397015.001

ISBN: 9781484397015

Keywords: Interest rates on loans, Economic growth, Economic recovery, External sector, Real interest rates, downside risk;macrofinancial linkages;financial stability;Gar;financial condition;forecast horizon;article IV consultation;quantiles

The growth-at-risk (GaR) framework links current macrofinancial conditions to the distribution of future growth. Its main strength is its ability to assess the entire distribution of future GDP growth (in contrast...

Republic of Slovenia
			: Selected Issues

Republic of Slovenia : Selected Issues »

Volume/Issue: 2019/59

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2019

DOI: http://dx.doi.org/10.5089/9781484399651.002

ISBN: 9781484399651

Keywords: Tax revenue, Revenue measures, Tax reforms, Tax system reviews, Revenue sources, revenue potential, rebalance, revenue-neutral, vat rate, consumption tax

Selected Issues...

Multivariate Filter Estimation of Potential Output for the United States: An Extension with Labor Market Hysteresis

Multivariate Filter Estimation of Potential Output for the United States: An Extension with Labor Market Hysteresis »

Volume/Issue: 2019/35

Series: IMF Working Papers

Author(s): Ali Alichi , Hayk Avetisyan , Douglas Laxton , Shalva Mkhatrishvili , Armen Nurbekyan , Lusine Torosyan , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2019

DOI: http://dx.doi.org/10.5089/9781484398067.001

ISBN: 9781484398067

Keywords: Business cycles, Unemployment, Potential output, Capacity utilization, Production growth, Macroeconomic Modeling;output gap;NAIRU;hysteresis;potential growth;Volcker

This paper extends the multivariate filter approach of estimating potential output developed by Alichi and others (2018) to incorporate labor market hysteresis. This extension captures the idea that long and deep r...

Republic of Slovenia
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Slovenia

Republic of Slovenia : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Slovenia »

Volume/Issue: 2019/58

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2019

DOI: http://dx.doi.org/10.5089/9781484399514.002

ISBN: 9781484399514

Keywords: Structural fiscal balance, Central banks, Gross domestic product, Balance of payments, Social security, account surplus, output gap, percent of GDP, SOEs, Haver

A broad-based recovery continued in 2018, lowering unemployment, swinging the headline fiscal balance into surplus, and reducing the public debt ratio. Growth is expected to slow moderately to 3.4 percent in 2019,...

Nepal
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nepal

Nepal : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nepal »

Volume/Issue: 2019/60

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 February 2019

DOI: http://dx.doi.org/10.5089/9781484399774.002

ISBN: 9781484399774

Keywords: External sector, Balance of payments, Economic growth, Fiscal policy, Credit, ISCR, CR, percent of GDP, NRB, reconstruction activity

This Selected Issues paper examines the degree to which inflation co-moves between India and a panel of countries in Asia. The paper shows that the considerable co-movement in headline inflation rates between India...

Nepal
			: Selected Issues

Nepal : Selected Issues »

Volume/Issue: 2019/61

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 February 2019

DOI: http://dx.doi.org/10.5089/9781484399781.002

ISBN: 9781484399781

Keywords: Financial sector development, Development, Intergovernmental fiscal relations, Fiscal policy, Financial sector, fiscal federalism, NRB, federalism, core inflation, subnational

Selected Issues...

Republic of Fiji
			: 2018 Article IV Consultation-Press Release and Staff Report

Republic of Fiji : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/57

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484399484.002

ISBN: 9781484399484

Keywords: Statistics, External sector, Financial statistics, Government finance statistics, Consumer price indexes, RBF, Proj, potential growth, percent of GDP, text figure

The economy is recovering well from several natural disasters, supported by accommodative fiscal and monetary policies. Growth performance picked up in recent years with improved political stability, though aver...

Demographics and the Natural Rate of Interest in Japan

Demographics and the Natural Rate of Interest in Japan »

Volume/Issue: 2019/31

Series: IMF Working Papers

Author(s): Fei Han

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484396230.001

ISBN: 9781484396230

Keywords: Real interest rates, Negative interest rates, Interest rate policy, Economic growth, Interest rate increases, Demographic change;natural rate of interest;monetary policy;Japan;natural rate;Turunen;potential growth;Pescatori;real interest rate

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-st...

Destabilizing the Global Monetary System: Germany's Adoption of the Gold Standard in the Early 1870s

Destabilizing the Global Monetary System: Germany's Adoption of the Gold Standard in the Early 1870s »

Volume/Issue: 2019/32

Series: IMF Working Papers

Author(s): Johannes Wiegand

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484394724.001

ISBN: 9781484394724

Keywords: Currency reform, Fixed exchange rates, Exchange rate regimes, Currency question, Gold, Bimetallism;Gold Standard;France;Germany;Flandreau;specie;silver specie;gold currency

In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries t...

Do Temporary Business Tax Cuts Matter? A General Equilibrium Analysis

Do Temporary Business Tax Cuts Matter? A General Equilibrium Analysis »

Volume/Issue: 2019/29

Series: IMF Working Papers

Author(s): William Gbohoui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484393895.001

ISBN: 9781484393895

Keywords: Tax revenue, Tax incentives, Tax increases, Return on investment, Tax changes, Ricardian Equivalence;Corporate Tax Policy;Financing Friction;General Equilibrium.;lump-sum;new equity;external finance;marginal cost;proportional tax

This paper develops a dynamic general equilibrium model to assess the effects of temporary business tax cuts. First, the analysis extends the Ricardian equivalence result to an environment with production and estab...

Inequality of Opportunity, Inequality of Income and Economic Growth

Inequality of Opportunity, Inequality of Income and Economic Growth »

Volume/Issue: 2019/34

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Christian Ebeke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484396988.001

ISBN: 9781484396988

Keywords: Income inequality, Economic growth, Income distribution, Income shocks, Human capital, Intergenerational Mobility;Growth;Gini;inequality;elasticity;unequal access;Brueckner

We posit that the relationship between income inequality and economic growth is mediated by the level of equality of opportunity, which we identify with intergenerational mobility. In economies characterized by int...

Mobilization Effects of Multilateral Development Banks

Mobilization Effects of Multilateral Development Banks »

Volume/Issue: 2019/28

Series: IMF Working Papers

Author(s): Chiara Broccolini , Giulia Lotti , Alessandro Maffioli , Andrea Presbitero , and Rodolfo Stucchi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484393864.001

ISBN: 9781484393864

Keywords: Official development assistance, International bond markets, Sovereign credit ratings, International financial markets, Poverty reduction and development, Multilateral Development Banks;Private Capital Flows;Mobilization Effects;Catalytic Finance;Syndicated loans;syndicated loan;MDB;outcome variable;mobilization;bond issuance

We use loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), controlling for a large se...

Mr. Taylor and the Central Bank: Two Inference Exercises

Mr. Taylor and the Central Bank: Two Inference Exercises »

Volume/Issue: 2019/33

Series: IMF Working Papers

Author(s): Francesco Luna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484397022.001

ISBN: 9781484397022

Keywords: Central banks, Central banking, Monetary policy instruments, Monetary policy, Monetary authorities, Taylor Rule;learning;computability;computable economics;rational expectations;learnability;policy rule;central bank;time function

Many observers argue that the world has changed after the latest financial crisis. If that is the case, monetary policy and the process informing it will have to be reconsidered and 'learned' anew by all stakeholde...

Structural Transformation and Tax Efficiency

Structural Transformation and Tax Efficiency »

Volume/Issue: 2019/30

Series: IMF Working Papers

Author(s): Serhan Cevik , Jan Gottschalk , Eric Hutton , Laura Jaramillo , Pooja Karnane , and Moussé Sow

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484399811.001

ISBN: 9781484399811

Keywords: Tax revenue, Financial statistics, Consumption taxes, Revenue measures, Economic growth, Structural transformation;tax efficiency;value-added tax;C-efficiency ratio;tax gap;non-tradable;vat rate;vat;government effectiveness

Structural transformation has resulted in an increasing share of services in aggregate value-added in advanced and developing countries across the world. We analyze the impact of this shift into services on countri...

FinTech in Sub-Saharan African Countries
			: A Game Changer?

FinTech in Sub-Saharan African Countries : A Game Changer? »

Volume/Issue: 2019/4

Series: Departmental Papers / Policy Papers

Author(s): Amadou Sy , Rodolfo Maino , Alexander Massara , Hector Perez Saiz , and Preya Sharma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2019

DOI: http://dx.doi.org/10.5089/9781484385661.087

ISBN: 9781484385661

Keywords: Financial services, Sub-Saharan Africa, Financial inclusion, Technological innovation, FinTech; Financial Technology; Financial Inclusion; Innovation; Sub-Saharan Africa

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitiv...

Economic Integration in the Maghreb
			: An Untapped Source of Growth

Economic Integration in the Maghreb : An Untapped Source of Growth »

Volume/Issue: 2019/1

Series: Departmental Papers / Policy Papers

Author(s): Alexei Kireyev , Boaz Nandwa , Lorraine Ocampos , Babacar Sarr , Ramzy Al Amine , Allan Auclair , Yufei Cai , and Jean-Francois Dauphin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484389843.087

ISBN: 9781484389843

Keywords: Maghreb, Economic Integration, Economic Development, North Africa, Libyan Arab Jamahiriya

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their tota...

Economic Integration in the Maghreb
			: An Untapped Source of Growth

Economic Integration in the Maghreb : An Untapped Source of Growth »

Volume/Issue: 2019/1

Series: Departmental Papers / Policy Papers

Author(s): Jean-Francois Dauphin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2019

DOI: http://dx.doi.org/10.5089/9781484378373.087

ISBN: 9781484378373

Keywords: Economic development, Tunisia, Economic integration, Morocco, North Africa, Algeria, Maghreb, Mauritania, Middle East, Maghreb; Economic Integration; Economic Development; North Africa

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their tota...

Economic Integration in the Maghreb
			: An Untapped Source of Growth

Economic Integration in the Maghreb : An Untapped Source of Growth »

Volume/Issue: 2019/1

Series: Departmental Papers / Policy Papers

Author(s): Alexei Kireyev , Boaz Nandwa , Lorraine Ocampos , Babacar Sarr , Ramzy Al Amine , Allan Auclair , Yufei Cai , and Jean-Francois Dauphin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781484389164.087

ISBN: 9781484389164

Keywords: Maghreb; Economic Integration; Economic Development; North Africa, Libyan Arab Jamahiriya

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their tota...

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia »

Volume/Issue: 2019/2

Series: Departmental Papers / Policy Papers

Author(s): Nicolas Blancher , Maximiliano Appendino , Aidyn Bibolov , Armand Fouejieu , Jiawei Li , Anta Ndoye , Alexandra Panagiotakopoulou , Wei Shi , and Tetyana Sydorenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484383124.087

ISBN: 9781484383124

Keywords: Financial inclusion, Middle East and Central Asia, Business enterprises, Financial regulation and supervision, Bank credit, Central banks, Financial statistics, Monetary authorities, Small and Medium Enterprises, SME

The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversif...

The Kingdom of the Netherlands-Netherlands
			: Selected Issues

The Kingdom of the Netherlands-Netherlands : Selected Issues »

Volume/Issue: 2019/45

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398579.002

ISBN: 9781484398579

Keywords: Netherlands, Europe

Selected Issues...

Republic of Croatia
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Croatia

Republic of Croatia : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Croatia »

Volume/Issue: 2019/46

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398630.002

ISBN: 9781484398630

Keywords: Europe, Croatia

The economic expansion continues, driven primarily by private consumption and exports of goods and services. Fiscal performance has been strong, but the materialization of contingent liabilities from government gua...

Republic of Croatia
			: Selected Issues

Republic of Croatia : Selected Issues »

Volume/Issue: 2019/47

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398692.002

ISBN: 9781484398692

Keywords: Europe, Croatia

Selected Issues...

The Kingdom of the Netherlands-Netherlands
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Kingdom of the Netherlands-Netherlands

The Kingdom of the Netherlands-Netherlands : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Kingdom of the Netherlands-Netherlands »

Volume/Issue: 2019/44

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398517.002

ISBN: 9781484398517

Keywords: Europe, Netherlands

The Dutch economy has grown faster than the euro area average over the past few years reflecting recovering consumption and investment, and strong net exports. The unemployment rate reached a decade low, but slow p...

IMF Committee on Balance of Payments Statistics
			: Annual Report 2018

IMF Committee on Balance of Payments Statistics : Annual Report 2018 »

Series: Balance of Payments Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2019

DOI: http://dx.doi.org/10.5089/9781484398289.044

ISBN: 9781484398289

The 2018 Annual Report of the IMF Committee on Balance of Payments Statistics provides an overview of trends in global balance of payments statistics....

IEO Evaluation Report
			: IMF Financial Surveillance

IEO Evaluation Report : IMF Financial Surveillance »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484393352.017

ISBN: 9781484393352

Keywords: Financial sector, Macroprudential policies and financial stability, Central banks, Financial risk, Stress testing, macrofinancial, financial stability, surveillance, FSAP, IMF

In response to the Global Financial Crisis, the IMF launched many initiatives to strengthen financial surveillance and better advise member countries of vulnerabilities and risks. While these initiatives have not y...

Italy
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

Italy : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy »

Volume/Issue: 2019/40

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397718.002

ISBN: 9781484397718

Keywords: Italy, Europe

A new government took office in June 2018 on a platform to improve growth and social outcomes. It has inherited a challenging situation-notwithstanding the recovery of the past few years, real incomes remain at the...

Italy
			: Selected Issues

Italy : Selected Issues »

Volume/Issue: 2019/41

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397787.002

ISBN: 9781484397787

Keywords: Europe, Italy

Selected Issues...

Republic of Poland
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland

Republic of Poland : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland »

Volume/Issue: 2019/37

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397503.002

ISBN: 9781484397503

Keywords: Poland, Europe

The strong growth upswing since 2017 was supported by three coincident cycles-a rebound in euro-area activity, a substantial increase in EU transfers, and new large social benefit programs. Unemployment was reduced...

Republic of Poland
			: Financial System Stability Assessment

Republic of Poland : Financial System Stability Assessment »

Volume/Issue: 2019/39

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397589.002

ISBN: 9781484397589

Keywords: Europe, Poland

Following several years of very strong growth, the economy is expected to slow to a more sustainable pace. Near-term growth is expected to slow to a still robust 3 to 31/2 percent in 2019-20, with low unemployment....

Republic of Poland
			: Selected Issues

Republic of Poland : Selected Issues »

Volume/Issue: 2019/38

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397541.002

ISBN: 9781484397541

Keywords: Europe, Poland

Selected Issues...

Debt Maturity and the Use of Short-Term Debt
			: Evidence form Sovereigns and Firms

Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms »

Volume/Issue: 2019/3

Series: Departmental Papers / Policy Papers

Author(s): Sophia Chen , Paola Ganum , Lucy Qian Liu , Leonardo Martinez , and Maria Martinez Peria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

DOI: http://dx.doi.org/10.5089/9781484380536.087

ISBN: 9781484380536

Keywords: Sovereign debt, Corporate debt, Debt Maturity; Short-term Debt

The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is as...

Republic of Armenia
			: Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

Republic of Armenia : Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2019/42

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

DOI: http://dx.doi.org/10.5089/9781484397848.002

ISBN: 9781484397848

Keywords: Armenia, Middle East

The Central Bank of Armenia (CBA) has made significant progress in its approach to banking supervision with adoption of the RBS framework and addressing gaps in the regulatory framework identified in the 2012 Basel...

Republic of Palau
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Palau

Republic of Palau : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Palau »

Volume/Issue: 2019/43

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

DOI: http://dx.doi.org/10.5089/9781484397916.002

ISBN: 9781484397916

Keywords: Palau, Asia and Pacific

Palau, a small state in the Pacific, is heavily dependent on tourism and grants. Economic activity slowed down significantly due to lower tourism over the past two years. Growth is expected to pick up with a reboun...

Bosnia and Herzegovina
			: Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission

Bosnia and Herzegovina : Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission »

Volume/Issue: 2019/36

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781484397336.002

ISBN: 9781484397336

Keywords: Bosnia and Herzegovina, Europe

A technical assistance (TA) mission was conducted by Mr. Deon Tanzer, the government finance statistics (GFS) advisor1 for South East Europe during the period of May 28-June 1, 2018, to support the Bosnia and Herze...

How to Organize Central Securities Depositories in Developing Markets
			: Key Considerations

How to Organize Central Securities Depositories in Developing Markets : Key Considerations »

Volume: 19

Series: IMF How To Notes

Author(s): Froukelien Wendt , Peter Katz , and Alice Zanza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781484397312.061

ISBN: 9781484397312

Keywords: Securities markets, Securities regulations, Depositories, Developing countries, Monetary policy

The key objective of this note is to support authorities in their decision making about the optimal organization of central securities depositories (CSDs) in their country. For the purpose of this note, a CSD is de...

Review of the Fund's Strategy on Anti-Money Laundering and Combating the Financing of Terrorism

Review of the Fund's Strategy on Anti-Money Laundering and Combating the Financing of Terrorism »

Volume: 19

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781513510286.007

ISBN: 9781513510286

Keywords: Money laundering, Anti-money laundering, Combating the financing of terrorism, Financial sector, Macroprudential policies and financial stability, CFT, AML, FATF, financial integrity, article IV consultation

The staff report provides an overview of the Fund's AML/CFT program, since the last review conducted in 2014 and seeks the endorsement of the Executive Board to continue on the basis of the directions given in 2014...

Export Competitiveness - Fuel Price Nexus in Developing Countries: Real or False Concern?

Export Competitiveness - Fuel Price Nexus in Developing Countries: Real or False Concern? »

Volume/Issue: 2019/25

Series: IMF Working Papers

Author(s): Kangni Kpodar , Stefania Fabrizio , and Kodjovi Eklou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781484387771.001

ISBN: 9781484387771

Keywords: Oil prices, Demand elasticity, Gasoline prices, Cost of living, Energy prices, Retail fuel prices;Fuel Subsidies;Export growth;Developing countries.;fuel price increase;non-fuel;fuel price;price shock;energy price

This paper investigates the impact of domestic fuel price increases on export growth in a sample of 77 developing countries over the period 2000-2014. Using a fixed-effect estimator and the local projection approac...