Volume/Issue: 2021/001
Series: Policy Papers
Author(s):
International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
January
2021
DOI: http://dx.doi.org/10.5089/9781513566542.007
ISBN: 9781513566542
As the COVID-19 crisis continues to unfold, uncertainty remains exceptionally high. The Fund has provided extraordinary financial support as well as timely analysis and policy advice during the first phase of the c...
Volume/Issue: 2021/007
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
07
January
2021
DOI: http://dx.doi.org/10.5089/9781513566214.002
ISBN: 9781513566214
The growth impact of the COVID-19 crisis has so far been less severe than
expected, as strong consumption helped offset weak tourism and investment.
Measures taken to address the health and social needs and support...
Volume/Issue: 2021/005
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
07
January
2021
DOI: http://dx.doi.org/10.5089/9781513566139.002
ISBN: 9781513566139
The gradual return to peace in the Central African Republic (CAR) promises stronger and more equitable growth. Nonetheless, the country faces serious constraints with a security situation that remains vulnerable an...
Volume/Issue: 2021/004
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
05
January
2021
DOI: http://dx.doi.org/10.5089/9781513566009.002
ISBN: 9781513566009
An external sector statistics (ESS) mission visited Djibouti from January 26-30, 2020. This was the fourth mission under the JSA/AFR project to improve ESS in 17 Francophone African countries. The mission found tha...
Volume/Issue: 2021/003
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
05
January
2021
DOI: http://dx.doi.org/10.5089/9781513565996.002
ISBN: 9781513565996
The COVID-19 pandemic and the August 2020 coup d'état have disrupted more than half a decade of strong economic performance, during which growth averaged 5 percent.1 Growth is projected to decline from 5 percent to...
Volume/Issue: 2021/002
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
05
January
2021
DOI: http://dx.doi.org/10.5089/9781513565958.002
ISBN: 9781513565958
As in many other countries in the world, the pandemic has exerted a
heavy toll on Morocco's population. Its economy has also been hit by a severe drought
that affected agriculture output. The authorities' prompt re...
Volume/Issue: 2021/001
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
January
2021
DOI: http://dx.doi.org/10.5089/9781513565927.002
ISBN: 9781513565927
The COVID-19 pandemic is having an adverse impact
on Rwanda's economy, despite a sizeable policy response. Output in 2020 is projected to
contract by 0.2 percent, compared to an 8 percent increase expected pre-pand...
Volume/Issue: 2020/325
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
December
2020
DOI: http://dx.doi.org/10.5089/9781513565743.002
ISBN: 9781513565743
On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.5 billion) to help Ec...
Volume/Issue: 2020/002
Series: Technical Notes and Manuals
Author(s):
Marc Dobler
,
Ender Emre
,
Alessandro Gullo
, and
Deeksha Kale
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
December
2020
DOI: http://dx.doi.org/10.5089/9781513557397.005
ISBN: 9781513557397
This technical note and manual (TNM) addresses the following issues: advantages and disadvantages of different types of depositor preference, international best practice and experience in adopting depositor prefer...
Volume/Issue: 2020/324
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
December
2020
DOI: http://dx.doi.org/10.5089/9781513565668.002
ISBN: 9781513565668
The COVID-19 pandemic has led to severe socio-economic dislocations and hardship.
Supported by an unprecedented policy response and by the easing of lockdown
measures as the infection rate moderated, the euro area...
Volume/Issue: 2020/004
Series: IMF How To Notes
Author(s):
Yasemin Hurcan
,
Emre Balibek
, and
Fato? Koç
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
21
December
2020
DOI: http://dx.doi.org/10.5089/9781513563848.061
ISBN: 9781513563848
Maintaining a cash buffer has emerged as a risk management tool for government cash and debt management. During budget execution, there is considerable cash flow volatility and timing mismatches concerning revenue...
Volume/Issue: 2020/003
Series: IMF How To Notes
Author(s):
Israel Fainboim Yaker
,
Sandeep Saxena
, and
Mike Williams
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
21
December
2020
DOI: http://dx.doi.org/10.5089/9781513563824.061
ISBN: 9781513563824
Well-developed cash management aims to improve government operational efficiency and facilitates better service delivery by ensuring liquidity to meet payment obligations as they fall due. Liquidity, however, comes...
Volume/Issue: 2020/321
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
21
December
2020
DOI: http://dx.doi.org/10.5089/9781513564814.002
ISBN: 9781513564814
Prior to the COVID crisis, Côte d'Ivoire had
established a strong track record of economic policies, although domestic revenue
mobilization has disappointed. The authorities reacted swiftly to the pandemic,
support...
Volume/Issue: 2020/295
Series: IMF Working Papers
Author(s):
Jan Vlcek
,
Mikhail Pranovich
,
Patrick Hitayezu
,
Bruno Mwenese
, and
Christian Nyalihama
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
21
December
2020
DOI: http://dx.doi.org/10.5089/9781513564630.001
ISBN: 9781513564630
National Bank of Rwanda (BNR) modernized monetary policy and transited to the price-based policy framework in January 2019. The Forecasting and Policy Analysis System (FPAS) is the cornerstone for the new forward-l...
Volume/Issue: 2020/322
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
December
2020
DOI: http://dx.doi.org/10.5089/9781513564845.002
ISBN: 9781513564845
Georgia's performance under the Extended Arrangement has been positive, but the country is now facing a pronounced economic slowdown. Domestic and external demand remain weak, and service sector activity remains sl...
Volume/Issue: 2020/323
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564876.002
ISBN: 9781513564876
The International Monetary Fund's (IMF's) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the National Bank of Ethiopia (NBE) during June 15-July 10, 2020....
Volume/Issue: 2020/320
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564777.002
ISBN: 9781513564777
The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...
Volume/Issue: 2020/292
Series: IMF Working Papers
Author(s):
Can Sever
,
Rohit Goel
,
Dimitris Drakopoulos
, and
Evan Papageorgiou
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564661.001
ISBN: 9781513564661
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcement...
Volume/Issue: 2020/286
Series: IMF Working Papers
Author(s):
Serhan Cevik
, and
João Tovar Jalles
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564548.001
ISBN: 9781513564548
Climate change is an existential threat to the world economy like no other, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic...
Volume/Issue: 2020/285
Series: IMF Working Papers
Author(s):
Jorge Chan-Lau
, and
Yunhui Zhao
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564753.001
ISBN: 9781513564753
The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdra...
Volume/Issue: 2020/291
Series: IMF Working Papers
Author(s):
Bhupal Singh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513552514.001
ISBN: 9781513552514
This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data...
Volume/Issue: 2020/287
Series: IMF Working Papers
Author(s):
Serhan Cevik
, and
Fedor Miryugin
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564654.001
ISBN: 9781513564654
The global economy is in the midst of an unprecedented slump caused by the coronavirus pandemic. This systemic risk like no other at a time of record-breaking debt levels, especially among nonfinancial firms across...
Volume/Issue: 2020/288
Series: IMF Working Papers
Author(s):
Helene Poirson Ward
,
Nathan Porter
,
Itai Agur
,
Jiaqian Chen
,
Johannes Eugster
,
Stefan Laseen
,
Jeta Menkulasi
,
Kenji Moriyama
,
Celine Rochon
,
Katsiaryna Svirydzenka
,
Camilo Tovar Mora
,
Zhongxia Zhang
, and
Aleksandra Zdzienicka
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564562.001
ISBN: 9781513564562
Since the global financial crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs hav...
Volume/Issue: 2020/289
Series: IMF Working Papers
Author(s):
Hans Weisfeld
,
Irineu de Carvalho Filho
,
Fabio Comelli
,
Rahul Giri
,
Klaus-Peter Hellwig
,
Chengyu Huang
,
Fei Liu
,
Sandra Lizarazo Ruiz
,
Alexis Mayer Cirkel
, and
Andrea Presbitero
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564609.001
ISBN: 9781513564609
In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss r...
Volume/Issue: 2020/294
Series: IMF Working Papers
Author(s):
Sophia Chen
, and
Do Lee
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564647.001
ISBN: 9781513564647
We provide broad-based evidence of a firm size premium of total factor productivity (TFP) growth in Europe after the Global Financial Crisis. The TFP growth of smaller firms was more adversely affected and diverged...
Volume/Issue: 2020/290
Series: IMF Working Papers
Author(s):
Juan Carlos Hatchondo
,
Leonardo Martinez
, and
Cesar Sosa Padilla
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564531.001
ISBN: 9781513564531
As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment suspensions without haircuts on the face value of debt obligations. We quantify the effects of sta...
Volume/Issue: 2020/284
Series: IMF Working Papers
Author(s):
Diego Cerdeiro
, and
Andras Komaromi
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
December
2020
DOI: http://dx.doi.org/10.5089/9781513564746.001
ISBN: 9781513564746
World trade contracted dramatically during the global economic crisis induced by the COVID-19 pandemic. Disruptions in international supply chains were widely reported as governments imposed containment measures (l...
Volume/Issue: 2020/319
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
December
2020
DOI: http://dx.doi.org/10.5089/9781513564166.002
ISBN: 9781513564166
The near-term outlook has worsened, while a recovery is expected for next year. Amid a weak health system and a surge in infections over the summer, the gradual reopening of the economy has faced setbacks and the p...
Volume/Issue: 2020/317
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
December
2020
DOI: http://dx.doi.org/10.5089/9781513564036.002
ISBN: 9781513564036
In response to a request from the authorities and as part of the United Kingdom's Department for International Development (DFID) Enhanced Data Dissemination Initiative (EDDI) 2 project, a government finance statis...
Volume/Issue: 2020/318
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
December
2020
DOI: http://dx.doi.org/10.5089/9781513549835.002
ISBN: 9781513549835
Armenia's economy has been hit hard by twin shocks: the COVID-19 pandemic
(now in its second wave), and the recent military hostilities involving the Nagorno-
Karabakh conflict zone. Reflecting these shocks, growth...
Volume: 20
Series: Analytical Notes
Author(s):
Frank Hespeler
, and
Felix Suntheim
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
December
2020
DOI: http://dx.doi.org/10.5089/9781513563695.064
ISBN: 9781513563695
This note analyzes the stress experienced (and caused) by open-end mutual funds during the March COVID-19 stress episode, with a focus on global fixed-income funds. In light of increased valuation uncertainty, fund...
Volume: 20
Series: Policy Papers
Author(s):
World Bank;International Monetary Fund. Strategy, Policy, & Review Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
December
2020
DOI: http://dx.doi.org/10.5089/9781513563619.007
ISBN: 9781513563619
Amid rising debt risks in low-income developing countries and emerging markets, the IMF and the WB have been implementing a multipronged approach (MPA) to address debt vulnerabilities. Amplification of debt risks o...
Volume/Issue: 2020/316
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
December
2020
DOI: http://dx.doi.org/10.5089/9781513564005.002
ISBN: 9781513564005
Real growth is expected to reach 5.2 percent in 2020 as the severe impact of
the pandemic in the country was partially mitigated by a resilient mining sector.
Presidential elections were held on October 18, giving...
Volume/Issue: 2020/314
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563671.002
ISBN: 9781513563671
Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth-but faces major challenges owing...
Volume/Issue: 2020/315
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563732.002
ISBN: 9781513563732
The authorities have requested a three-month extension of the Extended Credit Facility (ECF) arrangement set to expire on December 5, 2020. The three-year arrangement was approved by the Executive Board on December...
Volume/Issue: 2020/272
Series: IMF Working Papers
Author(s):
Geoffrey Bannister
,
Harald Finger
,
Yosuke Kido
,
Siddharth Kothari
, and
Elena Loukoianova
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563282.001
ISBN: 9781513563282
While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarrin...
Volume/Issue: 2020/277
Series: IMF Working Papers
Author(s):
Ariadne Checo
,
Francesco Grigoli
, and
José Mota
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513560915.001
ISBN: 9781513560915
The large economic costs of full-blown lockdowns in response to COVID-19 outbreaks, coupled with heterogeneous mortality rates across age groups, led to question non-discriminatory containment measures. In this pap...
Volume/Issue: 2020/283
Series: IMF Working Papers
Author(s):
Ilhyock Shim
,
Sebnem Kalemli-Ozcan
, and
Xiaoxi Liu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513560946.001
ISBN: 9781513560946
We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers...
Volume/Issue: 2020/275
Series: IMF Working Papers
Author(s):
Brandon Tan
,
Maria Martinez Peria
,
Nicola Pierri
, and
Andrea Presbitero
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563886.001
ISBN: 9781513563886
The COVID-19 pandemic could result in large government interventions in the banking industry. To shed light on the possible consequences on market power, we rely on the experience of the global financial crisis and...
Volume/Issue: 2020/278
Series: IMF Working Papers
Author(s):
Klaus-Peter Hellwig
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563909.001
ISBN: 9781513563909
Can countries improve their business climate through reforms in specific policy areas? Kraay and Tawara (2013) find that the answer depends on how we measure the business climate. When regressing seven different bu...
Volume/Issue: 2020/274
Series: IMF Working Papers
Author(s):
Francesca Caselli
,
Daniel Stoehlker
, and
Philippe Wingender
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563855.001
ISBN: 9781513563855
This paper investigates the heterogenous effects of budget balance rules on fiscal policy in a large sample of countries. To derive country-specific treatment effects of fiscal rules and conduct inference, we use a...
Volume/Issue: 2020/282
Series: IMF Working Papers
Author(s):
Francesca Caselli
,
Francesco Grigoli
,
Damiano Sandri
, and
Antonio Spilimbergo
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563961.001
ISBN: 9781513563961
Lockdowns and voluntary social distancing led to significant reduction in people's mobility. Yet, there is scant evidence on the heterogeneous effects across segments of the population. Using unique mobility indica...
Volume/Issue: 2020/279
Series: IMF Working Papers
Author(s):
Benjamin Hunt
,
Susanna Mursula
,
Rafael Portillo
, and
Marika Santoro
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513561615.001
ISBN: 9781513561615
In this paper, we investigate the mechanisms through which import tariffs impact the macroeconomy in two large scale workhorse models used for quantitative policy analysis: a computational general equilibrium (CGE)...
Volume/Issue: 2020/276
Series: IMF Working Papers
Author(s):
Serhan Cevik
, and
Fedor Miryugin
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563893.001
ISBN: 9781513563893
The global economy is in the midst of an unprecedented slump caused by the COVID-19 pandemic. To assess the likely evolution of nonfinancial corporate performance going forward, this paper investigates empirically...
Volume/Issue: 2020/273
Series: IMF Working Papers
Author(s):
Era Dabla-Norris
,
Giovanni Ganelli
,
Anh Thi Ngoc Nguyen
,
Mai Thi Thanh Nguyen
, and
Thuy Thi Thu Vu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563862.001
ISBN: 9781513563862
Using data from the Vietnam Labor Force Survey, this paper takes a granular look at the most
salient drivers of labor informality in Vietnam by examining: (i) the nature of labor informality
and transitions from fo...
Volume/Issue: 2020/280
Series: IMF Working Papers
Author(s):
Federico Di Pace
,
Luciana Juvenal
, and
Ivan Petrella
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563916.001
ISBN: 9781513563916
When analyzing terms-of-trade shocks, it is implicitly assumed that the economy responds symmetrically to changes in export and import prices. Using a sample of developing countries our paper shows that this is not...
Volume/Issue: 2020/281
Series: IMF Working Papers
Author(s):
Jose L. Torres
, and
Sidonia McKenzie
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
December
2020
DOI: http://dx.doi.org/10.5089/9781513563947.001
ISBN: 9781513563947
Uruguay enjoys favorable social outcomes, and its labor indicators are comparable to other Latin American countries, but its youth unemployment is one of the highest in the world. To help understand this duality, w...
Volume/Issue: 2020/065
Series: Policy Papers
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
10
December
2020
DOI: http://dx.doi.org/10.5089/9781513563572.007
ISBN: 9781513563572
The COVID-19 pandemic is having far-reaching consequences for the global economy. Measures to contain the spread of the virus have led to sharp declines in economic activity across the globe, particularly in 2020Q2...
Volume/Issue: 2020/312
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
December
2020
DOI: http://dx.doi.org/10.5089/9781513563343.002
ISBN: 9781513563343
A technical assistance (TA) mission on external sector statistics (ESS) visited Guinea-Bissau during February 3 to 7, 2020. The mission was conducted in Bissau at the request of the National Directorate for Guinea-...
Volume/Issue: 2020/313
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
December
2020
DOI: http://dx.doi.org/10.5089/9781513563411.002
ISBN: 9781513563411
The fourth and last technical assistance (TA) mission for the benefit of Guinea,
under the project on improving external sector statistics (ESS) in 17 Francophone countries
of West and Central Africa, funded by the...
Volume/Issue: 2020/064
Series: Policy Papers
Author(s):
International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513563312.007
ISBN: 9781513563312
This paper reports on the Fund's income position for FY 2020 following the closing of the Fund's accounts for the financial year and completion of the external audit. Net operational income was about SDR 1.4 billio...
Volume/Issue: 2020/269
Series: IMF Working Papers
Author(s):
Benjamin Carton
, and
Armand Fouejieu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513557496.001
ISBN: 9781513557496
Although the Netherlands entered the so-called Great Lockdown with a strong fiscal position, the Dutch fiscal balance is projected to deteriorate by an unprecedented magnitude, largely as a result of necessary fisc...
Volume/Issue: 2020/266
Series: IMF Working Papers
Author(s):
Alejandro Guerson
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513563329.001
ISBN: 9781513563329
This paper estimates insurance requirements against natural disasters (NDs) in the Eastern Caribbean Currency Union (ECCU) using an insurance layering framework. The layers include a government saving fund, as well...
Volume/Issue: 2020/270
Series: IMF Working Papers
Author(s):
Carlos Janada
, and
Iulia Ruxandra Teodoru
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513563275.001
ISBN: 9781513563275
This paper argues that structural weaknesses may make private investment particularly sensitive to business confidence relative to other traditional investment drivers and global shocks. It gauges the importance of...
Volume/Issue: 2020/267
Series: IMF Working Papers
Author(s):
Gareth Anderson
, and
Ambrogio Cesa-Bianchi
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513563336.001
ISBN: 9781513563336
Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-finan...
Volume/Issue: 2020/265
Series: IMF Working Papers
Author(s):
Tamim Bayoumi
, and
Yunhui Zhao
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513561639.001
ISBN: 9781513561639
Housing is by far the most important asset in Chinese households' balance sheets. However, despite forceful and frequent government interventions, the rise in Chinese housing prices has not been contained as much a...
Volume/Issue: 2020/268
Series: IMF Working Papers
Author(s):
Nicolas Arregui
, and
Ian Parry
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513561264.001
ISBN: 9781513561264
The UK has pledged to cut greenhouse gases 57 percent below 1990 levels by 2030, to be emisisons neutral by 2050, and to phase out internal combustion engine vehicles by 2030. Much progress has been made, but fully...
Volume/Issue: 2020/271
Series: IMF Working Papers
Author(s):
Khaled Abdel-Kader
, and
Ruud A. Mooij
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
December
2020
DOI: http://dx.doi.org/10.5089/9781513561561.001
ISBN: 9781513561561
This paper discusses the theory and practice of tax design to achieve an efficient and equitable outcome, i.e. in support of inclusive growth. It starts with a discussion of the key principles from tax theory to gu...
Volume/Issue: 2020/311
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
02
December
2020
DOI: http://dx.doi.org/10.5089/9781513562674.002
ISBN: 9781513562674
The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...
Volume: 57
Series: Finance & Development
Author(s):
International Monetary Fund. Communications Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
December
2020
DOI: http://dx.doi.org/10.5089/9781513544625.022
ISBN: 9781513544625
Finance & Development, December 2020...
Volume/Issue: 2020/309
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
November
2020
DOI: http://dx.doi.org/10.5089/9781513562582.002
ISBN: 9781513562582
Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic. The authorities responded promptly to the shocks, and macroeconomic and financial stability have...
Volume/Issue: 2020/308
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
November
2020
DOI: http://dx.doi.org/10.5089/9781513562551.002
ISBN: 9781513562551
The pandemic interrupted a modest recovery. Following Greece's early and strict
containment measures, GDP contracted by 7.9 percent in 2020H1, slightly worse than the
Euro Area (EA) unweighted average excluding Lux...
Volume/Issue: 2020/310
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
November
2020
DOI: http://dx.doi.org/10.5089/9781513562612.002
ISBN: 9781513562612
Soon after reaching the HIPC Decision Point and embarking on a new IMFsupported
program aimed at supporting the implementation of the authorities' National
Development Plan and lifting growth, Somalia was hit by a...
Volume/Issue: 2020/263
Series: IMF Working Papers
Author(s):
Serhan Cevik
, and
Belma Öztürkkal
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
November
2020
DOI: http://dx.doi.org/10.5089/9781513561578.001
ISBN: 9781513561578
This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 advanced and developing countries. Using annual data over the 2004-2020 pe...
Volume/Issue: 2020/264
Series: IMF Working Papers
Author(s):
Ruud A. Mooij
,
Dinar Prihardini
,
Antje Pflugbeil
, and
Emil Stavrev
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
November
2020
DOI: http://dx.doi.org/10.5089/9781513560922.001
ISBN: 9781513560922
Luxembourg receives ample investment from multinational corporations, in part due to some attractive features in its international tax rules. Around 95 percent of these foreign investments pass through Luxembourg v...
Volume/Issue: 2020/262
Series: IMF Working Papers
Author(s):
Jorge Chan-Lau
, and
Ran Wang
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
November
2020
DOI: http://dx.doi.org/10.5089/9781513561660.001
ISBN: 9781513561660
We introduce unFEAR, Unsupervised Feature Extraction Clustering, to identify economic crisis regimes. Given labeled crisis and non-crisis episodes and the corresponding features values, unFEAR uses unsupervised rep...
Volume/Issue: 2020/302
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
November
2020
DOI: http://dx.doi.org/10.5089/9781513561400.002
ISBN: 9781513561400
Tax policy in Ukraine is engaged in two fronts at once. On one front, very significant work has
been done over the years on the gradual improvement and updating of the tax system; on the
other, it questions essenti...
Volume/Issue: 2020/306
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561714.002
ISBN: 9781513561714
The Covid-19 shock this year has imposed an enormous strain on Mexico. Beside the staggering human cost, the economy faces a historic drop in output and employment and a sharp spike in poverty. It is expected to ta...
Volume/Issue: 2020/307
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561745.002
ISBN: 9781513561745
Nicaragua faces an acute crisis as the COVID-19 shock comes on top of a two- year recession. So far, the speed of transmission of the pandemic in Nicaragua, in terms of officially confirmed cases, has been slower t...
Volume/Issue: 2020/260
Series: IMF Working Papers
Author(s):
Thilo Kroeger
,
Anh Thi Ngoc Nguyen
,
Yuanyan Sophia Zhang
,
Pham Dinh Thuy
,
Nguyen Huy Minh
, and
Duong Danh Tuan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561820.001
ISBN: 9781513561820
The paper uses firm-level data to assess the financial health of the Vietnamese non-financial corporate sector on the eve of pandemic. Our analysis finds that smaller domestic firms were particularly vulnerable eve...
Volume/Issue: 2020/255
Series: IMF Working Papers
Author(s):
Serhan Cevik
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513560892.001
ISBN: 9781513560892
The coronavirus pandemic is a global crisis like no other in modern times, and there is a growing apprehension about handling potentially contaminated cash. This paper is the first empirical attempt in the literatu...
Volume/Issue: 2020/253
Series: IMF Working Papers
Author(s):
Christian Bogmans
,
Lama Kiyasseh
,
Akito Matsumoto
, and
Andrea Pescatori
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561240.001
ISBN: 9781513561240
Not anytime soon. Using a novel dataset covering 127 countries and spanning two centuries, we find evidence for an energy Kuznets curve, with an initial decline of energy demand at low levels of per capita income f...
Volume/Issue: 2020/261
Series: IMF Working Papers
Author(s):
Santiago Acosta Ormaechea
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561585.001
ISBN: 9781513561585
The public sector, in carrying out its operations, often incurs foreign currency denominated liabilities and, as such, is exposed to exchange rate fluctuations that could affect the value of public debt to GDP rati...
Volume/Issue: 2020/256
Series: IMF Working Papers
Author(s):
Frederic Lambert
,
Andrea Pescatori
, and
Frederik Toscani
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561288.001
ISBN: 9781513561288
Labor market informality is a pervasive feature of most developing economies. Motivated by the empirical regularity that the labor informality rate falls with GDP per capita, both at business cycle frequency and in...
Volume/Issue: 2020/254
Series: IMF Working Papers
Author(s):
Wouter Bossu
,
Masaru Itatani
,
Catalina Margulis
,
Arthur D. P. Rossi
,
Hans Weenink
, and
Akihiro Yoshinaga
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561622.001
ISBN: 9781513561622
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational r...
Volume/Issue: 2020/258
Series: IMF Working Papers
Author(s):
Wouter Bossu
,
Cory Hillier
, and
Wolfgang Bergthaler
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561608.001
ISBN: 9781513561608
Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing...
Volume/Issue: 2020/257
Series: IMF Working Papers
Author(s):
Daniel Garcia Macia
, and
Rishi Goyal
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561677.001
ISBN: 9781513561677
The COVID-19 pandemic has accelerated the shift toward digital services. Meanwhile, the race for technological and economic leadership has heated up, with risks of decoupling that could set back trade and growth an...
Volume/Issue: 2020/259
Series: IMF Working Papers
Author(s):
Jelle Barkema
,
Tryggvi Gudmundsson
, and
Mico Mrkaic
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
November
2020
DOI: http://dx.doi.org/10.5089/9781513561257.001
ISBN: 9781513561257
Estimates of output gaps continue to play a key role in assessments of the stance of business cycles. This paper uses three approaches to examine the historical record of output gap measurements and their use in su...
Series: Manuals & Guides
Author(s):
Brian Graf
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
19
November
2020
DOI: http://dx.doi.org/10.5089/9781484354841.069
ISBN: 9781484354841
The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices nati...
Volume/Issue: 2020/305
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
19
November
2020
DOI: http://dx.doi.org/10.5089/9781513561684.002
ISBN: 9781513561684
In response to a request from Mr. Ignacio Briones Rojas, Minister of Finance of Chile, a remote mission was conducted by a joint team of staff from the International Monetary Fund (IMF) and the secretariat of the O...
Volume/Issue: 2020/303
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
November
2020
DOI: http://dx.doi.org/10.5089/9781513561493.002
ISBN: 9781513561493
A technical assistance (TA) mission was conducted by IMF's Regional Technical Assistance Center for Southern Africa (AFS)1 during June 8-12, 2020 to assist Statistics Botswana (SB) in improving the quality of the n...
Volume/Issue: 2020/304
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
November
2020
DOI: http://dx.doi.org/10.5089/9781513561530.002
ISBN: 9781513561530
The security crisis is worsening and is leading to disruption of basic public
services and an unprecedented humanitarian crisis. The Covid19 outbreak and the
authority's response to contain its spread further compo...
Volume/Issue: 2020/002
Series: Departmental Papers
Author(s):
Alina Iancu
,
Gareth Anderson
,
Sakai Ando
,
Ethan Boswell
,
Andrea Gamba
,
Shushanik Hakobyan
,
Lusine Lusinyan
,
Neil Meads
, and
Yiqun Wu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
17
November
2020
DOI: http://dx.doi.org/10.5089/9781513560298.087
ISBN: 9781513560298
Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. Using a newly compiled database of individual econo...
Series: Annual Report of the Executive Board
Author(s):
International Monetary Fund. Secretary's Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
November
2020
DOI: http://dx.doi.org/10.5089/9781513547770.011
ISBN: 9781513547770
The audited consolidated financial statements of the International Monetary Fund as of April 30, 2020 and 2019...
Volume/Issue: 2020/301
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
November
2020
DOI: http://dx.doi.org/10.5089/9781513561356.002
ISBN: 9781513561356
After five years of civil conflict, the warring parties came to a peace agreement
in September 2018. Until the COVID-19 crisis broke out, improved political stability and
an uptick in international oil prices led t...
Series: Annual Report of the Executive Board
Author(s):
International Monetary Fund. Secretary's Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
November
2020
DOI: http://dx.doi.org/10.5089/9781513538211.011
ISBN: 9781513538211
This year, as the world faced a crisis like no other, the International Monetary Fund and its member countries swung into action to save lives and put a floor under the world economy. But the outlook remains uncert...
Volume/Issue: 2020/300
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561127.002
ISBN: 9781513561127
The COVID-19 pandemic has inflicted a heavy economic and social toll,
amplifying the challenges of the armed conflict and fragility. Activity contracted sharply,
and new external and fiscal financing needs emerged...
Volume/Issue: 192020/298
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561004.002
ISBN: 9781513561004
COVID-19 impact. The pandemic has hit Spain's society and economy severely following five years of strong job-rich growth. A large service sector dominated by SMEs, importance of tourism, and widespread use of temp...
Volume/Issue: 192020/299
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513560984.002
ISBN: 9781513560984
The COVID-19 pandemic will exacerbate Spain's already large inclusion gap. Responding in the
recovery with policies that support social objectives should be a key priority and calls for several
structural changes....
Volume/Issue: 2020/249
Series: IMF Working Papers
Author(s):
Eugenio Cerutti
,
Catherine Koch
, and
Swapan-Kumar Pradhan
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561226.001
ISBN: 9781513561226
We explore the global footprint of Chinese banks and compare it with that of other bank nationalities. Chinese banks have become the largest cross-border creditors for almost half of all emerging market and develop...
Volume/Issue: 2020/239
Series: IMF Working Papers
Author(s):
Nitya Aasaavari
,
Fabio Di Vittorio
,
Ana Lariau
,
Yuebo Li
,
Rui Mano
, and
Pedro Rodriguez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561141.001
ISBN: 9781513561141
Asia and Latin America and the Caribbean (LAC), two regions with large growth potential, have become increasingly connected over the last 20 years. China has emerged not only as a top trading partner, but also as a...
Volume/Issue: 2020/250
Series: IMF Working Papers
Author(s):
Patrick Blagrave
, and
Fabien Gonguet
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513559599.001
ISBN: 9781513559599
Current fiscal transparency and reporting practices in India place it behind most peer G20 economies, implying that policy makers are lacking critical data to ground their fiscal and other economic planning decisio...
Volume/Issue: 2020/241
Series: IMF Working Papers
Author(s):
Chikako Baba
,
Cristina Batog
,
Enrique Flores
,
Borja Gracia
,
Izabela Karpowicz
,
Piotr Kopyrski
,
James Roaf
,
Anna Shabunina
,
Rachel Elkan
, and
Xin Cindy Xu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561165.001
ISBN: 9781513561165
Europe's high pre-existing level of financial development can partly account for the relatively smaller reach of fintech payment and lending activities compared to some other regions. But fintech activity is growin...
Volume/Issue: 2020/248
Series: IMF Working Papers
Author(s):
Carine Meyimdjui
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561219.001
ISBN: 9781513561219
Using a panel of 101 low- and middle-income countries with data covering the period 1980-2012, this paper applies various econometric approaches that deal with endogeneity issues to assess the impact of food price...
Volume/Issue: 2020/247
Series: IMF Working Papers
Author(s):
Benjamin Carton
,
Nan Hu
,
Joannes Mongardini
,
Kei Moriya
, and
Aneta Radzikowski
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561196.001
ISBN: 9781513561196
An essential element of the work of the Fund is to monitor and forecast international trade. This paper uses SWIFT messages on letters of credit, together with crude oil prices and new export orders of manufacturin...
Volume/Issue: 2020/251
Series: IMF Working Papers
Author(s):
Patrick Blagrave
, and
Weicheng Lian
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561233.001
ISBN: 9781513561233
We study the inflation process in India, focusing on the periods before and after the adoption of flexible inflation-forecast targeting (FIT) in India. Our analysis uses several approaches including standard Philli...
Volume/Issue: 2020/240
Series: IMF Working Papers
Author(s):
Peter Williams
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561158.001
ISBN: 9781513561158
Inflation has been below the Federal Reserve's target for much of the past 20 years, creating worries that inflation may be deanchoring from the FOMC's target. This paper uses a factor model that incorporates infor...
Volume/Issue: 2020/236
Series: IMF Working Papers
Author(s):
Tobias Adrian
,
Fernando Duarte
,
Nellie Liang
, and
Pawel Zabczyk
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513561066.001
ISBN: 9781513561066
We extend the New Keynesian (NK) model to include endogenous risk. Lower interest rates not only shift consumption intertemporally but also conditional output risk via their impact on risk-taking, giving rise to a...
Volume/Issue: 2020/252
Series: IMF Working Papers
Author(s):
Bertrand Gruss
,
Sandra Lizarazo
, and
Francesco Grigoli
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513559650.001
ISBN: 9781513559650
Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation and minimize price dispersion. Relying on daily interest rates and inflation forecasts from majo...
Volume/Issue: 2020/246
Series: IMF Working Papers
Author(s):
Alexandra Fotiou
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
November
2020
DOI: http://dx.doi.org/10.5089/9781513560939.001
ISBN: 9781513560939
Empirical evidence shows that fiscal multipliers depend on the state of the cycle, the nature of fiscal policy and the level of debt. In other words, evidence points to non-linearities in the effects of fiscal poli...
