Khalid ElFayoumi, Ms. Izabela Karpowicz, Ms. Jenny Lee, Ms. Marina Marinkov, Ms. Aiko Mineshima, Jorge Salas, Andreas Tudyka, and Ms. Andrea Schaechter
Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.
Financial crises are traditionally analyzed as purely economic phenomena. The political
economy of financial booms and busts remains both under-emphasized and limited to
isolated episodes. This paper examines the political economy of financial policy during
ten of the most infamous financial booms and busts since the 18th century, and presents
consistent evidence of pro-cyclical regulatory policies by governments. Financial booms,
and risk-taking during these episodes, were often amplified by political regulatory stimuli,
credit subsidies, and an increasing light-touch approach to financial supervision. The
regulatory backlash that ensues from financial crises can only be understood in the context
of the deep political ramifications of these crises. Post-crisis regulations do not always
survive the following boom. The interplay between politics and financial policy over these
cycles deserves further attention. History suggests that politics can be the undoing of
International Monetary Fund. Finance Dept. and International Monetary Fund. Statistics Dept.
This paper presents the annual update of the quota database and extends the database by one year through 2018. The paper provides an overview of the data and of the methodology and covers the quota formula variables and calculated quota shares based on the current quota formula.