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Mindaugas Leika, Hector Perez-Saiz, Ms. Olga Ilinichna Stankova, and Torsten Wezel
The paper finds that supervisory stress tests are conducted in more than half of sub-Saharan African countries, particularly in western and southern Africa, and that the number of individual stress tests has grown exponentially since the early 2010s. By contrast, few central banks publish assessments of macro-financial linkages; the focus leans more toward discussing trends and weaknesses within the financial sector than on outside risks that may negatively affect its performance.
Hannan Ezekiel and Chandrakant Patel

THE JAPANESE BALANCE OF PAYMENTS in the postwar period began to show a tendency to fluctuate in 1953, when it moved abruptly into deficit. Between 1952 and 1958, there were two cycles in Japan’s balance of payments. These cycles were examined in considerable detail by Narvekar,1 who brought out, on the basis of annual data, the interrelations between the domestic and international factors that were reflected in these movements in Japan’s external balance. The present paper traces the fluctuations in Japan’s balance of payments since 1959 and examines some of their characteristics. For this purpose, it draws on quarterly data on Japan’s balance of payments now available for the period beginning 1961 and estimated by the authors for 1959 and 1960. However, it does not attempt to relate these fluctuations in detail to developments in domestic or international demand and supply conditions.

International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
International Monetary Fund
This Selected Issues paper on the Republic of Madagascar reports on the several key themes associated with longer-term development issues in Madagascar. As one of the poorest countries in sub-Saharan Africa, Madagascar suffers from low levels of social indicators across all fronts including education, health, water and sanitation, and infrastructure. To make progress toward the Millennium Development Goals, the country will need to scale up substantially both public and private investment while taking actions to increase absorptive and institutional capacity and implementing supportive policies in each of the priority sectors.
International Monetary Fund
A detailed assessment report on Anti-Money Laundering and Combating the Financing of Terrorism for Mauritius is discussed. Mauritius is well placed to capitalize on its national strategy to diversify its economy into global financial services by taking advantage of its linkages with both African and long-standing arrangements with the larger Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management. The investigative and prosecutorial authorities have the necessary powers to execute their respective functions.
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.
Mr. Jean-Jacques Hallaert
In 2008, Madagascar reformed its domestic tax system. Because the excise duties and VAT regimes were reformed, the taxation of imports has changed. This paper quantifies how the reform changes the protection against imports and the fiscal revenues from taxation of imports. It shows that, even if the reform has only a limited impact on the average rate of protection, it substantially alters the structure of protection across goods. Moreover, because the reform further increases the already high rate of taxation of imports, it will also boost revenue from taxes on imports and reduce the fiscal losses from the SADC FTA.
Mr. David E. Sahn and Mr. Stephen D. Younger
This paper examines the progressivity of social sector expenditures and taxes in eight sub-Saharan African countries. It uses dominance tests to determine whether health and education expenditures redistribute resources to the poor. The paper finds that social services are poorly targeted. Among the services examined, primary education tends to be most progressive, and university education is least progressive. The paper finds that many taxes are progressive as well as efficient, including some broad-based taxes such as the VAT and wage taxation. Taxes on kerosene and exports appear to be the only examples of regressive taxes.
Mr. Arvind Subramanian, Aaditya Mattoo, and Mr. Devesh Roy
This paper describes the United States recently enacted Africa Growth and Opportunity Act (AGOA) and assesses its quantitative impact on African exports. The AGOA expands the scope of preferential access of Africa's exports to the United States in key areas such as clothing. However, its medium term benefits estimated at about US$100-$140 million, an 8 11 percent addition to current non-oil exports would have been nearly five times greater (US$540 million) if no restrictive conditions had been imposed on the terms of market access. The most important of these conditions are the rules of origin with which African exporters of clothing must comply to benefit from duty-free access.
Mr. Jean-Jacques Hallaert
Madagascar plans to start phasing out its customs tariffs on imports from the Southern African Development Community in 2007. This paper uses a CGE model to evaluate the impact of the SADC FTA on Madagascar economy. The results suggest that the SADC FTA would only have a limited impact on Madagascar's real GDP because the liberalization affects only a small share of its total imports. However, Madagascar's trade and production pattern would change and benefit the textile and clothing sector. Removing rigidities in the labor and capital market would increase the gains but they would remain limited. Gains from the SADC FTA become substantial only when the regional liberalization is accompanied by a multilateral liberalization.