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  • Type: Journal Issue x
  • Macroeconomics x
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Cover IMF Working Papers
China’s Capacity Reduction Reform and Its Impact on Producer Prices
Linxi Chen, Ding Ding, and Rui Mano
In late 2015, the Chinese authorities launched a policy to reduce capacity in the coal and steel industries under the wider effort of Supply-Side Structural Reforms. Around the same time, producer price inflation in China started to pick up strongly after being trapped in negative territory for more than fifty consecutive months. So what is behind this strong reflation—capacity cuts in coal and steel, or a strengthening of aggregate demand? Our empirical analyses indicate that a pickup in aggregate demand, possibly due to the government’s stimulus package in 2015-16, was the more important driver. Capacity cuts played a role in propping up coal and steel prices, explaining at most 40 percent of their price increase.
Keywords:
China; capacity reduction; supply-side structural reforms; producer price index; PPI reflation; demand factor; steel industry PPI; PPI inflation; PPI index; Non-renewable resources; Producer price indexes; Mining sector; Producer prices; Metal prices; Global
Cover IMF Staff Country Reports
Solomon Islands: Selected Issues
International Monetary Fund
This paper analyzes Solomon Islands’ ongoing reforms concerning of the mineral taxation regime and the fiscal impact of mineral resources. The analysis shows that mineral revenue could be substantial, provided that mineral prices remain strong in the medium term. Enforcing the tax agreement with, a Gold Ridge company, and implementing the new resource taxation regime are critical to ensure that the forthcoming mineral wealth spills over to the rest of the economy. Solomon Islands should adopt new fiscal rules and fiscal responsibility provisions to manage large but volatile resource revenue.
Keywords:
ISCR; CR; revenue; tax; transmission mechanism; headline inflation; consumer goods price; basket regime; Gold Ridge tax agreement; monetary policy transmission mechanisms; mining revenue; inflation pressure; mineral revenue; Mining sector; Inflation; Non-renewable resources; Exchange rates; Consumer price indexes; Global; Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Lao People’s Democratic Republic: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix for the Lao People’s Democratic Republic (PDR) review the macroeconomic impact of the resource sector. Lao PDR’s economic performance is becoming increasingly dependent on the activities of the large mining and hydropower projects. The economic value of the resource projects is significant, even if only proven mineral reserves and hydropower plants are considered. The overall macroeconomic impact of the resource sector over the medium term will depend on the quality and timeliness of the policies adopted to sustain the growth of the non-resource sector.
Keywords:
ISCR; CR; revenue; resource; resource revenue; equity; bullet; export; market opportunity; resource surplus; resource curse; Lao P.D.R. authorities; import growth; hydro resource potential; sector deficit; resource bonanza; IMF commodity price system; resource project; revenue spending; hydro resource endowment; hydropower resource; Mining sector; Non-renewable resources; Stocks; Commodity prices; Global