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International Monetary Fund

The Selected Issues paper analyzes the determinants of growth in Albania, the macroeconomic underpinnings for growth, the role of remittances in the economy, and the policy response to rapid credit growth. It also analyzes the official estimates with estimates from various macroeconomic surveys, and discusses the implications for the structure of the balance of payments. It also provides a framework for analyzing the budgetary impact of remittances in Albania, and examines the acceleration of credit growth and the policy options available to address the resulting macroeconomic and prudential concerns.

International Monetary Fund. External Relations Dept.

Amid encouraging indications of a gradual recovery from the economic crises that have affected many regions of the world, the Boards of Governors of the World Bank and the IMF will gather in Washington for the fifty-fourth Annual Meetings, which will formally open on Tuesday, September 28. The meetings will be chaired by Mahesh Acharya, Finance Minister of Nepal.

International Monetary Fund. External Relations Dept.

Emphasizing their determination “to make globalization work for all our citizens and especially the world’s poor,” the leaders of the Group of Eight stressed on July 22 that the surest way to address the fundamental aspirations of the poorest countries was to draw them more fully into the global economy. The summit meeting in Genoa, Italy, took place following three days of extensive and often violent street demonstrations by antiglobalization militants.

International Monetary Fund. External Relations Dept.

Following are excerpts from the statement of the Group of Seven finance ministers and central bank governors on April 15 in Washington.

Mr. Antonio Spilimbergo
Research summaries on (1) measuring inflation, and (2) strengthening Poverty Reduction and Growth Facility (PRGF) programs through poverty and social impact analysis (PSIA); country study on Spain; listing of contents of Vol. 53, Special Issue of IMF Staff Papers, summary of recently published IMF book entitled "IMF-Supported Programs: Recent Staff Research"; listings of recent external publications by IMF staff members, IMF Working Papers, and visiting scholars at the IMF during January-August 2006.
International Monetary Fund
Based on Haiti’s overall satisfactory track record and the strength of the program, IMF staff supports the authorities’ request for a new three-year arrangement under the Poverty Reduction and Growth Facility (PRGF). The authorities’ demonstrated political commitment and high degree of ownership will be critical to secure durable success of Haiti’s economic reform strategy. Haiti’s requirements are expected to remain substantial, but the already identified assistance appears adequate to close the gap over the first year of the program. The strategy should include an independent assessment of the financial condition.
International Monetary Fund
In the fiscal area, the primary budget balance of São Tomé and Príncipe has turned around from a deficit of 2.2 percent of GDP in 1997 to a surplus of 0.7 percent of GDP in 1998 (Dobra 1.9 billion). The primary surplus is estimated to have increased further to 1.3 percent of GDP in 1999. Monetary policy has remained tight in 1999, as the central bank has maintained the reserve requirement ratio at 22 percent and commercial banks have kept their savings and lending rates substantially above the central bank reference interest rate.
International Monetary Fund
This paper discusses key findings of the Third Review Under the Poverty Reduction and Growth Facility (PRGF) for Haiti. Despite external shocks, program performance was solid in the first half of FY2008, with all but one quantitative performance criteria (PC) met. Most structural conditionality was also met on time, although two PCs require waivers. The authorities’ revised program through end-September is based on a policy response that balances adjustment and financing, and safeguards macroeconomic stability. IMF staff supports the authorities’ response to the shocks.
Gail Cohen, João Tovar Jalles, Mr. Prakash Loungani, and Ricardo Marto
For the world's 20 largest emitters, we use a simple trend/cycle decomposition to provide evidence of decoupling between greenhouse gas emissions and output in richer nations, particularly in European countries, but not yet in emerging markets. If consumption-based emissions—measures that account for countries' net emissions embodied in cross-border trade—are used, the evidence for decoupling in the richer economies gets weaker. Countries with underlying policy frameworks more supportive of renewable energy and climate change mitigation efforts tend to show greater decoupling between trend emissions and trend GDP, and for both production- and consumption-based emissions. The relationship between trend emissions and trend GDP has also become much weaker in the last two decades than in preceding decades.