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Cover Selected Issues Papers
Housing Supply in the Netherlands: The Road to More Affordable Living: NETHERLANDS
André Geis
With the supply of residential dwellings in the Netherlands having failed to live up to demand over the last decade, apprehension among the population about the availability of affordable housing has risen. Particularly spatial, regulatory, planning, environmental and supply chain constraints have kept a lid on construction. Recognizing the socio-economic challenges posed by inadequate housing supply, the government has embarked on an ambitious agenda with promising steps to boost the availability of affordable properties. To strengthen the traction of housing policies to reach its intended goals, a larger role for economic incentives and private sector involvement should be evaluated.
Keywords:
residential real state; housing market distortions; housing supply; housing policies; social housing; rent control; housing taxation; housign subsidies; macroprudential policies; housing policy; Policy recommendation; housing affordability; housing cost burden; Housing; Housing prices; Mortgages; Income; Interest tax; Global
Cover Staff Discussion Notes
Digitalization During the COVID-19 Crisis: Implications for Productivity and Labor Markets in Advanced Economies
Ms. Florence Jaumotte
,
Longji Li
,
Andrea Medici
,
Myrto Oikonomou
,
Carlo Pizzinelli
,
Mr. Ippei Shibata
,
Jiaming Soh
, and
Marina M. Tavares
Digitalization induced by the pandemic was seen both as a possible silver-lining from the crisis that could increase longer-term productivity and a risk for further labor market inequality between digital and non-digital workers. The note shows that the pandemic accelerated digitalization and triggered a partial catch-up by less digitalized entities in advanced economies. Higher digitalization levels shielded substantially productivity and hours worked during the crisis. However, the extent to which the pandemic-induced digitalization led to structural change in the economy is less clear. Less digitalized sectors have rebounded more strongly, albeit after stronger declines, and while workers in digital occupations were more shielded from the crisis, there does not appear to be a structural change in the composition of labor demand. Meanwhile, shifts in labor supply are more likely to be permanent, driven by the increase in working from home.
Keywords:
Digitalization; COVID-19; labor market; productivity; productivity regression analysis; digitalization level; longer-term productivity; pandemic-induced digitalization; labor market tightness; Labor productivity; Labor markets; Total factor productivity; Europe
Cover IMF Staff Country Reports
Republic of Slovenia: Technical Assistance Report-Revenue Administration Gap Analysis Program—Corporate Income Tax Gap
International Monetary Fund. Fiscal Affairs Dept.
This report presents the estimates of tax gaps for corporate income tax (CIT) for non-financial corporations in Slovenia by applying the methodology of the IMF’s RA-GAP (Revenue Administration – Gap Analysis Program). This work is being undertaken under the context of the larger project designed to strengthen the administration of corporate income tax (CIT) by the Slovenian Financial Administration (SFA). Providing support towards building the capacity of the SFA to estimate and analyze the CIT gap will assist in achieving the overall goals of the project to: (i) strengthen core tax administration functions, and (ii) strengthen revenue administration, management, and governance arrangements.
Keywords:
CIT productivity; CIT liability; Ra-gap CIT gap methodology; gap estimate; IMF's Fiscal Affairs Department; CIT-efficiency ratio; CIT compliance gap; CIT gap analysis; Corporate income tax; Tax gap; Business enterprises; Global
Cover Policy Papers
Temporary Modifications to The Fund’s Annual and Cumulative Access Limits
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Legal Dept.
The paper discusses possible changes for the Poverty Reduction and Growth Trust (PRGT), for which the access limits were raised by 45 percent in 2021, bringing them into alignment with GRA access limits for the first time. While these changes helped address low-income countries’ (LICs) financing needs, these needs are projected to further increase in the medium term. An increase in the PRGT access limits in line with the proposed increase in the GRA access limits would help address these needs.
Keywords:
access limit; executive board review PRGT access; PRGT resource; PRGT access metrics; concessional financing arm; Credit; COVID-19; Emerging and frontier financial markets; Credit risk; Debt sustainability; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands–the Netherlands: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands–the Netherlands
International Monetary Fund. European Dept.
The Dutch economy was more resilient than its peers during and after the pandemic. Reflecting the prevalence of telecommuting and strong fiscal support, the economy experienced a less severe recession followed by a more robust recovery than in the rest of the euro area, with no scarring expected. The labor market is tight with a low unemployment rate and high vacancies, although wage growth has so far been moderate. After hitting a record high in September, consumer price inflation eased to 11 percent in December driven by lower energy prices, while core inflation increased to 8.4 percent y/y. The economy appears to be overheating. The war in Ukraine is posing new challenges albeit the terms of trade shock has been smaller than for the rest of the euro area.
Keywords:
government Finance statistics yearbook; energy inflation; potential GDP; price signal; housing supply policy; Energy prices; Inflation; Housing prices; Labor markets; Fiscal stance; Global; Europe
Cover IMF Staff Country Reports
Kingdom of the Netherlands–the Netherlands: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
government housing policy; housing cost burden; housing affordability; core inflation composition; I. Phillips Curve specification; flagging housing SUPPLY; Housing; Inflation; Natural disasters; Climate change; Energy prices; Global; Northern Europe
Cover IMF Staff Country Reports
Republic of South Sudan: Third Review Under the Staff-Monitored Program, Request for Disbursement Under the Rapid Credit Facility, and Program Monitoring with Board Involvement-Press Release; and Staff Report
International Monetary Fund. African Dept.
Dire and deteriorating humanitarian situation. About two-thirds of South Sudan’s population is experiencing severe food insecurity, the highest level since independence. This is a result of multiple compounding factors, including severe multi-year floods due to climate shocks, inter-communal violence in parts of the country, and the impact of Russia’s war in Ukraine that is contributing to high global food and fuel prices.
Keywords:
government operation; South Sudanese authorities; FSW disbursement; IMF team; authorities' effort; reform gain; customs administration reform; Oil; Government debt management; Debt sustainability analysis; Monetary base; Global; Southern Africa; East Africa
Cover IMF Staff Country Reports
Mexico: Financial Sector Assessment Program-Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This assessment of the implementation of the Basel Core Principles for effective banking supervision (BCPs) by the National Banking and Securities Commission (CNBV) is part of the Financial Sector Assessment Program (FSAP) undertaken by the International Monetary Fund (IMF) and the World Bank (WB). The assessment was performed during two missions between March 22 and April 4 and between June 21 and July 4, 2022, reflecting the regulatory and supervisory framework in place at the time of the completion of the assessment. It is not intended to represent an analysis of the state of the banking sector or crisis management framework, which are addressed in other parts of the FSAP.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Banco de México; Constitución Política de los Estados Unidos Mexicanos; banking Stability Committee; Comisión Nacional; y de Valores; Credit risk; Market risk; Credit; Internal audit; Operational risk; Global
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
WAEMU inflation; deficit target; inflation DYNAMICS; market borrowing costs; auction market debt; inflation contagion; Inflation; Government debt management; Fiscal rules; Global
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for West African Economic and Monetary Union
International Monetary Fund. African Dept.
The WAEMU’s post-Covid-19 recovery has so far withstood the new global and regional shocks, partly owing to supportive fiscal and monetary policies as well as relatively strong macroeconomic fundamentals over the previous decade. Growth prospects remain favorable, reserves—albeit declining—remain adequate, and the financial system appears to be resilient. However, the region faces important challenges associated with rising inflation, limited access to international capital markets, eroding external buffers, and regional security issues, in the presence of elevated global risks.
Keywords:
inflation expectation; authorities of the West African Economic and Monetary Union; WAEMU economy; policy decision making; monetary policy mix; WAEMU population; Inflation; Government debt management; Fiscal consolidation; Global