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Cover IMF Staff Country Reports
Sweden: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
CRE stress test result; contagion risk; credit line maturity; C. stress test; contagion in the CRE sector; Stress testing; Lines of credit; Securities markets; Bank credit; Bonds; Global
Cover IMF Staff Country Reports
Samoa: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
After a three-year recession triggered by the COVID-19 pandemic, the economy is recovering, boosted by the reopening of tourism. However, higher global commodity prices briefly raised inflation to double-digit rates. Disciplined fiscal policies, buoyant revenue and remittances, and donor support have contributed to fiscal and external stability. The banking system has remained resilient to the economic downturn, although there has been some deterioration in asset quality. Pressures on correspondent banking relationships continue. With the pandemic-driven decline in investment, as well as rising numbers of seasonal workers abroad, output is projected to remain well below pre-pandemic trends.
Keywords:
APG follow-up assessment; policy area; U.S. dollar; inflation development; development opportunity; Natural disasters; Stress testing; Credit; Global; Asia and Pacific; Australia and New Zealand; Pacific Islands
Cover Policy Papers
The Central Bank Transparency Code—Findings Of The Pilot Reviews
International Monetary Fund. Monetary and Capital Markets Department
This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
Keywords:
CBT review; transparency practice; central bank Transparency Code; CBT Pilots; guidance note; Central bank transparency; Financial sector stability; Central bank autonomy; Financial Sector Assessment Program; Central bank accountability; Western Hemisphere; Global; Middle East and Central Asia
Cover Selected Issues Papers
Assessing Recent Climate Policy Initiatives in the Netherlands: NETHERLANDS
Chen Chen
,
Koralai Kirabaeva
,
Danielle N Minnett
,
Ian W.H. Parry
,
Emanuele Massetti
,
Tjeerd Tim
,
Sylke von Thadden-Kostopoulos
, and
Geoffroy Dolphin
The Netherlands has committed to the EU’s ambitious targets for cutting greenhouse gas emissions by 2030 and emissions neutrality in 2050 but at the same time is also vulnerable to sea-level rise and flood risks. This paper reviews recent mitigation policy initiatives in the Netherlands, including carbon levies for the industry and power sectors, energy and car tax reforms, and air passenger taxes, and recommends some modifications to these initiatives. The paper also provides assessments of hazards and macroeconomic risks from weather shocks and climate change and assesses the adaption plan against key principles on mainstream climate change into macro-fiscal planning.
Keywords:
Carbon levy; carbon pricing; climate change adaptation; climate change mitigation; emissions trading system; energy taxes; floods; green PFM; Netherlands climate strategy; price floor; sea-level rise; policy initiative; adaption initiatives in the Netherlands; Policy recommendation; C. assessing climate risk; Climate change; Natural disasters; Climate policy; Greenhouse gas emissions; Natural gas sector; Northern Europe; Global
Cover Selected Issues Papers
Dutch Inflation: Developments, Drivers, and the Risk of Wage-Price Spiral: NETHERLANDS
Saioa Armendariz
and
Ms. Alla Myrvoda
Global inflation surged in 2022, driven by high gas price growth. With Russia being a key supplier of energy products, the start of the war in Ukraine has led to strong inflationary pressures in the euro area (EA), given the region’s significant exposure to the Russian gas. The price shock has been particularly strong in the Netherlands, largely due to the larger share of gas on the energy mix compared to other peers, making the country vulnerable to changing market conditions.
Keywords:
Inflation; energy; Phillips curve; wages; profits; energy mix; collective bargaining; inflation methodology; energy pass-through; inflation differential; core inflation composition; Wage-Price spiral; inflation development; I. Phillips Curve specification; Energy prices; Consumer prices; Fuel prices; Global
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 IMF Working Papers
Do Capital Controls Limit Inflow Surges?
Apoorv Bhargava
,
Romain Bouis
,
Annamaria Kokenyne
,
Manuel Perez-Archila
,
Umang Rawat
, and
Ms. Ratna Sahay
With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.
Keywords:
Capital controls; capital inflows; surges
Cover IMF Working Papers
Optimal Monetary and Macroprudential Policies under Fire-Sale Externalities
Flora Lutz
I provide an integrated analysis of monetary and macroprudential policies in a model economy featuring a financial friction and a nominal wage rigidity. In this set-up, the monetary authority faces a trade-off between macroeconomic and financial stability: While expansionary counter-cyclical monetary policy prevents involuntary unemployment, it also amplifies an inefficient reallocation of capital across sectors. The main contribution of the analysis is threefold: First it highlights a novel channel through which monetary policy can impact financial stability. Second, it shows that, by itself, monetary policy can significantly mitigate the wedge between the constrained efficient and the competitive allocation. Third, regardless of the availability of macroprudential tools, stabilizing demand is usually not optimal for monetary policy.
Keywords:
Monetary Policy; Macroprudential Policy; Fire-sales; Pecuniary Externalities; Unemployment