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Designing Monetary and Fiscal Policy in Low-Income Countries

Designing Monetary and Fiscal Policy in Low-Income Countries »

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

DOI: http://dx.doi.org/10.5089/9781589064966.084

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries....

Back Matter

Back Matter »

Source: Designing Monetary and Fiscal Policy in Low-Income Countries

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries....

Front Matter

Front Matter »

Source: Designing Monetary and Fiscal Policy in Low-Income Countries

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries....

I Introduction

I Introduction »

Source: The Macroeconomics of Scaling Up Aid : Lessons from Recent Experience

Series: Occasional Papers

Author(s): Andrew Berg , Mumtaz Hussain , Shaun Roache , Amber Mahone , Tokhir Mirzoev , and Shekhar Aiyar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2007

ISBN: 9781589065918

Keywords: Absorptive capacity, exchange rate, foreign exchange, inflation, real exchange rate, monetary policy

Aid facilitates a transfer of resources from donor to recipient countries that enables the recipients to increase consumption and investment. It thus presents an opportunity to reduce poverty, increase the s...

I Introduction

I Introduction »

Source: Designing Monetary and Fiscal Policy in Low-Income Countries

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

Macroeconomic outcomes in low-income countries have improved markedly in recent years. Reflecting improvements in policy implementation, increased official financial support, and a relatively benign internat...

II Conceptual Framework and Its Application to Five Countries

II Conceptual Framework and Its Application to Five Countries »

Source: The Macroeconomics of Scaling Up Aid : Lessons from Recent Experience

Series: Occasional Papers

Author(s): Andrew Berg , Mumtaz Hussain , Shaun Roache , Amber Mahone , Tokhir Mirzoev , and Shekhar Aiyar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2007

ISBN: 9781589065918

Keywords: Absorptive capacity, exchange rate, foreign exchange, inflation, real exchange rate, monetary policy

This chapter develops an analytical framework for examining policy responses to a surge in aid inflows, summarizes the evidence from a sample of five low-income countries, and seeks out general lessons that...

II Stylized Facts of PRGF-Supported Programs in Mature Stabilizers

II Stylized Facts of PRGF-Supported Programs in Mature Stabilizers »

Source: Designing Monetary and Fiscal Policy in Low-Income Countries

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

PRGF-supported programs in the 15 mature stabilizers during 2000–03 have generally sought to consolidate macroeconomic stability and foster growth. By and large, growth outcomes have been in line with progra...

III Ethiopia

III Ethiopia »

Source: The Macroeconomics of Scaling Up Aid : Lessons from Recent Experience

Series: Occasional Papers

Author(s): Andrew Berg , Mumtaz Hussain , Shaun Roache , Amber Mahone , Tokhir Mirzoev , and Shekhar Aiyar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2007

ISBN: 9781589065918

Keywords: Absorptive capacity, exchange rate, foreign exchange, inflation, real exchange rate, monetary policy

The Derg regime, a political dictatorship employing socialist central planning, held sway in Ethiopia from 1974 until its overthrow in 1991. After the totalitarian regime fell, the Ethiopian authorities impl...

III Monetary Policy Issues in PRGF-Supported Programs

III Monetary Policy Issues in PRGF-Supported Programs »

Source: Designing Monetary and Fiscal Policy in Low-Income Countries

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

As noted above, maintaining inflation in the low single digits is an important feature of PRGF-supported programs in the mature stabilizers. In general, programs sought to keep inflation in the 4–6 percent r...

IV Fiscal Policy Issues in PRGF-Supported Programs

IV Fiscal Policy Issues in PRGF-Supported Programs »

Source: Designing Monetary and Fiscal Policy in Low-Income Countries

Series: Occasional Papers

Author(s): Jan Martijn , Gabriel Di Bella , Shamsuddin Tareq , Benedict Clements , and Abebe Aemro Selassie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2006

ISBN: 9781589064966

Keywords: inflation, monetary fund, money growth, monetary policy

This section assesses whether program design in the fiscal area is consistent with the best practices suggested in the literature. It begins with a discussion of the links between fiscal policy and growth, i...