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A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia »

Volume/Issue: 2018/6

Series: Departmental Papers / Policy Papers

Author(s): Edward Gemayel , Lorraine Ocampos , Matteo Ghilardi , and James Aylward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2018

DOI: http://dx.doi.org/10.5089/9781484337165.087

ISBN: 9781484337165

Keywords: Growth acceleration, Uzbekistan, Afghanistan, Islamic Republic of, Iran, Islamic Republic of, Libyan Arab Jamahiriya, Syrian Arab Republic, Yemen, Republic of, Saudi Arabia, Somalia, Sudan

Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency ad...

Public Wage Bills in the Middle East and Central Asia

Public Wage Bills in the Middle East and Central Asia »

Volume: 18

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

DOI: http://dx.doi.org/10.5089/9781484336731.087

ISBN: 9781484336731

Keywords: Public sector, Public sector wages, Public employment, Public expenditure management, Public expenditures reform, Public services, Public employment systems, Public sector; Public sector wages; Public employment; Public expenditure management; Public expenditures reform; Public services; Public employment systems

Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation,...

Assessing The Impact Of Fiscal Shocks On Output In MENAP Countries

Assessing The Impact Of Fiscal Shocks On Output In MENAP Countries »

Volume: 15

Series: Technical Notes and Manuals

Author(s): Martin Cerisola , Chadi Abdallah , Victor Davies , and Mark Fischer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2015

DOI: http://dx.doi.org/10.5089/9781498383905.005

ISBN: 9781498383905

Keywords: Fiscal policy, fiscal multipliers, fiscal, fiscal shocks, tax, multipliers, General, General

This note is a reference guide to the econometric work on fiscal multipliers for MENAP countries. Spending and tax multipliers are estimated from conventional VAR models and identified using a sign-restrictions app...

The Finance and Growth Nexus Re-Examined
			: Do All Countries Benefit Equally?

The Finance and Growth Nexus Re-Examined : Do All Countries Benefit Equally? »

Volume/Issue: 2013/130

Series: IMF Working Papers

Author(s): Adolfo Barajas , Ralph Chami , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2013

DOI: http://dx.doi.org/10.5089/9781484372104.001

ISBN: 9781484372104

Keywords: Growth, Financial Development, Financial Access, oil, banking, bank deposits, banking sector, bank supervision, General, Asia including Middle East,

A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth throughout the world. This paper contributes to the literature by investigating whether this impact d...

Measures of Fiscal Risk in  Hydrocarbon-Exporting Countries

Measures of Fiscal Risk in Hydrocarbon-Exporting Countries »

Volume/Issue: 2012/260

Series: IMF Working Papers

Author(s): Carlos Caceres , and Leandro Medina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2012

DOI: http://dx.doi.org/10.5089/9781475530162.001

ISBN: 9781475530162

Keywords: stochastic simulations, volatility, break-even prices, exporting countries, commodity prices, break-even prices., Forecasting and Other Model Applications, Financial Forecasting and Simulation, General, Government Policy,

The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, mediu...

Oil Exporters' Dilemma
			: How Much to Save and How Much to Invest

Oil Exporters' Dilemma : How Much to Save and How Much to Invest »

Volume/Issue: 2012/4

Series: IMF Working Papers

Author(s): Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781475502459.001

ISBN: 9781475502459

Keywords: volatility, precautionary, saving, buffer-stock, investment, oil exporters, fiscal policy, exporters, exporting countries, domestic investment

Policymakers in oil-exporting countries confront the question of how to allocate oil revenues among consumption, saving, and investment in the face of high income volatility. We study this allocation problem in a p...

Balance of Payments Statistics Yearbook, 2010

Balance of Payments Statistics Yearbook, 2010 »

Series: Balance of Payments Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2010

DOI: http://dx.doi.org/10.5089/9781616350024.044

ISBN: 9781616350024

Keywords: liabilities, debt, payments, portfolio investment, loans, direct investment, financial derivatives, bonds, debt securities, equity securities

The BOPS Yearbook, usually published in December, contains balance of payments statistics for most of the world, compiled in accordance with the IMF's Balance of Payments Manual. Part 1 includes aggregate as well a...

Balance of Payments Statistics Yearbook, 2009

Balance of Payments Statistics Yearbook, 2009 »

Series: Balance of Payments Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2009

DOI: http://dx.doi.org/10.5089/9781589068728.044

ISBN: 9781589068728

Keywords: liabilities, debt, portfolio investment, loans, financial derivatives, equity securities, money market, money market instruments, debt securities, bonds

The BOPS Yearbook, usually published in December, contains balance of payments statistics for most of the world, compiled in accordance with the IMF's Balance of Payments Manual. Part 1 includes aggregate as well a...

Regional Economic Outlook, October 2009, Middle East and Central Asia

Regional Economic Outlook, October 2009, Middle East and Central Asia »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2009

DOI: http://dx.doi.org/10.5089/9781589068582.086

ISBN: 9781589068582

Keywords: oil exporters, exporters, oil importers, remittances, energy exporters

The global economic crisis has taken a toll on the Middle East and Central Asia region, but appropriate policy responses have helped mitigate the impact. Looking ahead, the region's oil exporters are expected to be...

Oil Prices and Bank Profitability
			: Evidence From Major Oil-Exporting Countries in the Middle East and North Africa

Oil Prices and Bank Profitability : Evidence From Major Oil-Exporting Countries in the Middle East and North Africa »

Volume/Issue: 2009/220

Series: IMF Working Papers

Author(s): Heiko Hesse , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

DOI: http://dx.doi.org/10.5089/9781451873672.001

ISBN: 9781451873672

Keywords: bank profitability, oil price shocks, system GMM, banking, exporting countries, bank performance,

This paper analyzes the relationship between oil price shocks and bank profitability. Using data on 145 banks in 11 oil-exporting MENA countries for 1994-2008, we test hypotheses of direct and indirect effects of o...