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You are looking at 1 - 10 of 10 items for :

  • Type: Journal Issue x
  • Money and Monetary Policy x
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Cover IMF Staff Country Reports
Republic of Poland: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Poland
International Monetary Fund
This 2009 Article IV Consultation highlights that Poland’s rapid growth had begun to lose steam even before the global crisis hit. Following robust and relatively well-balanced expansion, driven by an EU accession-related investment boom and rapid credit and wage growth, economic activity began to slow down in the face of capacity constraints. Executive Directors have noted that a significant deceleration in economic activity is under way, reflecting adverse spillovers through real and financial channels. They have also commended the authorities for the timely, well-focused, and measured policy response.
Keywords:
ISCR; CR; bank; financing; government; deficit; Poland; IMF definition; world commodity price; financing of credit portfolio; IMF staff estimate; asset consolidation exercise; result of banks' preference; price pressure; data ROSC mission; Government finance statistics; Credit; Global; Central and Eastern Europe
Cover IMF Staff Country Reports
Pakistan: 2009 Article IV Consultation and First Review Under the Stand-By Arrangement: Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Pakistan
International Monetary Fund
Pakistan has been facing significant economic difficulties. With sharp increases in oil and food prices, and adverse security developments, Pakistan has experienced a significant widening of the fiscal deficit, owing in large part to increasing energy subsidies and major pressures on its balance of payments. As a result, inflation rose considerably and international reserves declined sharply. Executive Directors have commended the authorities for the progress achieved under the stabilization program. Directors have also welcomed the focus on social protection in the authorities’ program.
Keywords:
ISCR; CR; T-bill auction; SBP discount rate; Supreme Court ruling; Pakistan; expenditure measure; CFT regime; Current account deficits; Credit; Global
Cover IMF Staff Country Reports
Iceland: Selected Issues
International Monetary Fund
This Selected Issues paper estimates the gap between the real effective exchange rate (REER) and its equilibrium (medium-term) value. The paper explores certain features of fiscal policy in Iceland, and examines various aspects of fiscal frameworks in other European countries that are possibly worthy of emulation. It provides a detailed summary of the key issues affecting fiscal policy in Iceland. It argues that political economy factors lead to procyclical fiscal trends, and this is exacerbated by macroeconomic volatility. The paper also provides an overview of the structure of the banking sector of Iceland.
Keywords:
ISCR; CR; ES approach; Iceland; monetary policy transmission mechanism; norm decrease; adjustment change; carry trade; expenditure ceiling; interest rate channel; Currencies; Real effective exchange rates; Trade balance; Global; Europe; Baltics; Asia and Pacific
Cover IMF Staff Country Reports
People’s Republic of China: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
The staff report for the 2005 Article IV Consultation on the People’s Republic of China highlights economic developments, policy discussions, and structural reforms. A larger external current account surplus, together with strong capital inflows, led to a further sizable increase in gross official reserves. A disorderly unwinding of global current account imbalances would also threaten China’s growth, as economic activity in all countries would likely suffer lingering adverse effects. Executive Directors commended the authorities for the success in sustaining high economic growth rates and for their efforts to guide the economy.
Keywords:
ISCR; CR; People's Bank of China; renminbi-U.S. dollar rate; policy development; renminbi; U.S. dollar; staff appraisal; RMB exchange rate; PBC's responsibility; Exchange rate flexibility; Commercial banks; Exchange rate adjustments; Global; Europe
Cover IMF Staff Country Reports
Islamic Republic of Afghanistan: Fifth Review Under the Staff-Monitored Program and Request for an Extension
International Monetary Fund
This paper discusses the Fifth Review Under the Staff-Monitored Program (SMP) for Afghanistan. The authorities met all the end-June 2005 indicative quantitative targets and structural benchmarks under the SMP. Economic developments were broadly in line with the program projections made at the time of the fourth review. The growth estimate for 2004/05 was adjusted slightly upward, to 8 percent, to account for a more buoyant manufacturing sector. Economic activity during the first quarter of 2005/06 appears to be consistent with the 14 percent growth projection for the year.
Keywords:
ISCR; CR; U.S. dollar; government financing strategy; current account; renewed commitment; foreign exchange; government program classification; government ministry; operating budget; Budget planning and preparation; State-owned banks; Currencies; Current account deficits
Cover IMF Staff Country Reports
Republic Of Estonia: Republic Of Estonia Second Review Under the Stand-by Arrangement
International Monetary Fund
The fast economic recovery despite a strong fiscal correction is a result of the government’s determined macroeconomic and structural policies. Executive Directors commend the government for adhering to its ambitious fiscal targets. The careful crafting of legislation to establish a second pillar of the pension system is appropriate. The high confidence in the currency board and the strengthening of the banking system will stabilize the financial system. Nonbanking supervision has to be strengthened further and the draft securities market law should be implemented.
Keywords:
ISCR; CR; Estonia review; deficit; privatization program; authority; Estonian authorities; transit company; deficit target; legislation indexing; current account; banking system; Commercial banks; Foreign assets; Monetary base; Personal income tax; Asia and Pacific; Baltics; Global
Cover IMF Staff Country Reports
Philippines: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the factors behind the relatively strong performance of the Philippines in recent years (1990s) as well as the remaining reform agenda. The paper highlights that the Philippines has received considerable attention in recent years as it “emerged” in the early 1990s from a long period of slow growth and economic imbalances, and then managed to escape the “Asian crisis” relatively unscathed. The paper examines the public finances for the Philippines. It also analyzes the monetary sector, external sector, and the banking sector reforms.
Keywords:
ISCR; CR; monetary policy; Philippines; exchange rate; poverty incidence; trade liberalization; Aquino government; thrift bank; agricultural land; per capita income; Commercial banks; Public sector; Foreign banks; East Asia; Global; Asia and Pacific
Cover Macroeconomic Accounting and Analysis in Transition Economies
Macroeconomic Accounting and Analysis in Transition Economies
Mr. Abdessatar Ouanes and Mr. Subhash Madhav Thakur

Abstract

This book, by Abdessatar Ouanes and Subhash Thakur presents the principal elements of macroeconomic accounting and analysis for the real, fiscal, monetary, and external sectors of a transition economy, using Poland as a case study. Background information, exercises, and issues for discussion are also provided.

Keywords:
BOOK; transition economy; money stock; nonfinancial transaction; foreign currency; market economy; Monetary base; Currencies; Central and Eastern Europe; Europe; Global; East Asia; Western Europe; Baltics
Cover IMF Staff Country Reports
Nicaragua: Statistical Annex
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Nicaragua; net credit; balance; central bank of Nicaragua; common market; tertiary sector; legal reserve; Public sector; Credit; Current account balance; Current spending; Central America; Western Hemisphere; Europe; Asia and Pacific
Cover Allocation of special drawing rights for the first basic period
Allocation of special drawing rights for the first basic period
Proposal by the Managing Director
International Monetary Fund

Abstract

The adequacy of international liquidity became a problem of increasing concern to the international community during the 1960's. In response, the IMF proposed a new facility, based on Special Drawing Rights, which took effect on October 3, 1969. This new facility, referred to in this publication, was established within the Fund as its Special Drawing Account, through which the new supplement to reserve assets, in the form of special drawing rights, could be allocated.

Keywords:
MISC RPT; MISC; allocation; allocation of special drawing rights; rate; percentage rate; proposals of the managing director; resolution of the board of governors; proposal of the managing director; quota total; Adjustment process; Credit; Capital flows; Reserve assets; Public expenditure review; Global; cancellation of special drawing rights; Reserve positions