Mr. Rabah Arezki, Ms. Catherine A Pattillo, Mr. Marc G Quintyn, and Min Zhu
In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are now facing enormous difficulties because of rapidly rising food and fuel prices, with the threat of millions of people being pushed into poverty around the globe. The risk of continued food price volatility is a systemic challenge, and a failure in one country has been shown to have a profound impact on entire regions. This volume addresses the challenges of commodity price volatility for low-income countries and explores some macroeconomic policy options for responding to commodity price shocks. The book then looks at inclusive growth policies to address inequality in commodity-exporting countries, particularly natural resource rich countries. Perspectives from the Middle East and North Africa, sub-Saharan Africa, emerging Asia, and Mexico are presented and, finally, the role of the international donor community is examined. This volume is a must read for policymakers everywhere, from those in advanced, donor countries to those in countries with the poorest and most vulnerable populations.
Asia’s recent economic performance has been remarkable. However, the rapid growth that Asia has experienced cannot be taken for granted. This volume analyzes Asia’s need to rebalance its growth model toward domestic demand and what that rebalancing would entail. It discusses the nature of the challenge across economies in the region.
This joint publication of the United Nations, the European Commission, the International Monetary Fund, the Organization for Economic Cooperation and Development, and the World Bank reflects the changes and improvements that have been introduced to the System of National Accounts since its most recent revision in 1993. The System of National Accounts 2008 (2008 SNA) is a statistical framework that provides a comprehensive, consistent and flexible set of macroeconomic accounts for policymaking, analysis and research purposes. The 2008 SNA is expected to receive distinguished attention not only from professionals practicing in the field of national accounts but policy makers, analysts, academia and a broad range of users who rely on macroeconomic information obtainable from the updated system of accounts. It also provides an overarching framework for standards in other domains of economic statistics, facilitating the integration of these statistical systems to achieve consistency with national accounts. The publication that contains the 2008 SNA has been substantially updated from its previous version as a result of a multiyear collaborative project. Annex 3 of the publication provides a detailed description of the new features of the 2008 SNA. The 2008 SNA will support the implementation of international standards in national accounting and provide the methodological basis for improving the international comparability of national accounts data. When adopting the 2008 SNA as the updated new standard of national accounting, the United Nations Statistical Commission encouraged all countries to compile and report their national accounts on the basis of the 2008 SNA as soon as possible. The publication also provides practical new tools to complement the previously published version: a glossary of SNA terms and definitions and a comprehensive index.
Good-quality, comprehensive national accounts are vital for economicpolicymaking and research. Exhaustive coverage is difficult to achieve,however, because some economic activities may be illegal, informal,household production for own final use, or missed because of deficienciesin the data collection system. Such activities are said to constitute thenon-observed ("hidden," "underground," or "shadow") economy. ThisHandbook - the product of collaboration among the OECD, the IMF, ILO, ISC-CIS - identifies best practices for measuring the non-observed economy, consistent with international standards (in particular, with theSystem of National Accounts 1993).
Mr. Liam P. Ebrill, Mr. Michael Keen, and Ms. Victoria J Perry
Value-added tax, or VAT, first introduced less than 50 years ago, is now a pivotal component of tax systems around the world. The rapid and seemingly irresistible rise of the VAT is probably the most important tax development of the latter twentieth century, and certainly the most breathtaking. Written by a team of experts from the IMF, this book examines the remarkable spread and current reach of the innovative tax and draws lessons about the design and implementation of the VAT, as experienced by different countries around the world. How efficient is it as a tax, is it fair, and is it suitable for all countries? These are among the questions raised. This highly informative and well-researched book also looks at the likely future of the tax.
Mr. Robert J. Corker, Ms. Dawn Elizabeth Rehm, and Ms. Kristina Kostial
Since the end of the conflict in Kosovo-a province of Serbia in the Federal Republic of Yugoslavia-in June1999, IMF staff have been providing technical assistance to help the province rebuild its economy. The assistance has focused on setting up taxation and budgetary institutions, a payments and banking system, and a statistical framework. The IMF staff has also provided general macroeconomic policy advice, especially on budget formulation, which is the main focus of this publication. The IMF’s technical assistance has been carefully coordinated with that of the World Bank and donor agencies.
Microeconomic policies, dealing with individual industries and economic sectors, have traditionally addressed environmental concerns, but increasingly the environment is being viewed in terms of the macro economy. To improve its understanding of the interrelationship between macroeconomics and the environment, the IMF held a seminar in May 1995 at which recognized experts from academic and research institutions, nongovernmental organizations, and staff from the World Bank and the IMF shared their views on how macroeconomic policies affect the environment and how environmental policies affect the macro economy. The present volume, edited by Ved P. Gandhi, contains the papers and proceedings of this seminar.
The 1993 SNA represents a major advance in national accounting. While updating and clarifying the 1968 SNA, the 1993 SNA provides the basis for improving compilation of national accounts statistics, promoting integration of economic and related statistics, and enhancing analysis of economic developments. The 1993 SNA deals more clearly with relationships between economic flows (such as production, income, savings, accumulation, and financing) and links between these flows and stocks. At the same time the 1993 SNA reflects the many significant developments that have taken place in financial markets and completes the integration of balance sheets into the system. The 1993 SNA also suggests how satellite accounts (e.g. environmental accounts) and alternative classifications (e.g., through social accounting matrices) an be used to augment the central framework of the system.
This book, by a staff team headed by Yusuke Horiguchi, examines U.S. economic policy and performance in the 1980s, during which the United States enjoyed its longest peacetime expansion. Notwithstanding the buoyant growth and declines in inflation, the economy experienced low savings, current account deficits, swings in the dollar exchange rate, and structural problems--relating to the strength of financial institutions, the tax system, health care, and productivity.