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International Monetary Fund. External Relations Dept.
En mettant l’accent sur le travail du FMI et sur les grandes questions macroéconomiques et financières internationales, le Bulletin du FMI présente une analyse des développements nationaux, régionaux et mondiaux, des informations sur le travail, les politiques, les réformes et les activités d'assistance technique du FMI, les conclusions d'études de calibre mondial, des données essentielles qui ne sont souvent pas disponibles ailleurs, ainsi que des rapports sur les discussions économiques et financières au sein du FMI et ailleurs. Publié douze fois par an, ce bulletin de seize pages s'adresse à un large public : dirigeants, analystes, chercheurs, étudiants et journalistes. Disponible en anglais, français et espagnol.
International Monetary Fund. External Relations Dept.
El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mundo; información sobre las operaciones, políticas, reformas y asistencia técnica del FMI; síntesis de las principales investigaciones económicas mundiales; datos fundamentales que no suelen estar disponibles en otras fuentes, e informes sobre debates económicos y financieros que tienen lugar dentro y fuera del FMI. Este boletín de 16 páginas, publicado 12 veces al año, está orientado a una vasta audiencia, que incluye autoridades de política económica, analistas, profesionales del mundo académico y de los medios de difusión y estudiantes. Disponible en inglés, español y francés.
International Monetary Fund. External Relations Dept.
Afghanistan: IMF loan; de Rato, African Governors meet; Bank-Fund collaboration; New Zealand, Libya; Chinese monetary policy; Lebanon: reconstruction; Canada: commodity boom; Persian Gulf: statistical agency; ECB monetary policy; WAEMU; Mineral resources.
Mr. Ludvig Söderling and Mr. Domenico Fanizza
Many countries in the Middle East and North Africa (MENA) region have recently experienced surges in money growth that apparently have not generated significant inflationary pressures. Moreover, several MENA countries have followed monetary policy rules that according to standard monetary theory should have produced macroeconomic instability and possibly hyperinflation. We argue that the Fiscal Theory of the Price Level could usefully provide insights on these developments. Our main conclusion is that a sound fiscal position constitutes a necessary condition for macroeconomic stability whereas "sound" monetary policy is neither sufficient nor necessary. Hence, fiscal policy and public debt deserve particular attention for maintaining macroeconomic stability, by and large consistent with Fund policy advice to MENA countries.
Miss Randa Sab
Using narrative-based country-case studies, war episodes in the Middle East were examined to assess their economic impact on conflict and neighboring economies. The paper found that conflicts led to a contraction in growth, higher inflation, large fiscal and current account deficits, loss of reserves, and a weakened financial system. Post-conflict recovery depended on the economic and institutional development of the country, economic structure, duration of the war, international engagement, and prevailing security conditions. The net economic impact on neighboring countries varied according to their initial economic conditions, number and income level of refugees they hosted, economic integration, and external assistance.
International Monetary Fund

Lebanon’s credit growth in 2008–10 has been concentrated in trade and services, household loans, and the construction sector. These sectors accounted for almost 80 percent of all new loans extended since 2008. Real estate lending in particular has been increased substantially. On the demand side, a renewal in confidence following an improved political environment in 2008 led to a rebound in economic activity that, together with a real estate boom, fueled credit demand.

International Monetary Fund. External Relations Dept.

The Middle East and Central Asia (MCD) region has continued to see strong growth in 2008, outpacing global growth for the ninth year in a row, the IMF says in its latest regional economic outlook.

International Monetary Fund. Middle East and Central Asia Dept.

Abstract

The region covered by the Middle East and Central Asia Department (MCD) appears set for another year of strong growth. Real GDP should average over 6 percent in 2007, for the fifth year in a row. All country groupings within the region—oil exporters, emerging markets, and low-income countries—have been performing well, with growth especially strong in the Caucasus and Central Asia (CCA).1 Continued high oil and non-oil commodity prices, robust global growth, a favorable international financial environment, and sound policies in many MCD countries are underpinning this performance.

International Monetary Fund. Middle East and Central Asia Dept.

Abstract

Strong economic performance across the Middle East and Central Asia is examined against the background of high prices for energy and other commodities. Common economic trends are presented, while prospects and policies are reviewed for the coming year in light of the global economic environment. This latest REO includes boxes treating specific regional topics, such as financial sector reforms and integration in Maghreb countries; economic developments in oil-exporting countries in response to changes in petroleum prices; and the growth boom in the Caucasus and Central Asia.

Mr. Bjoern Rother, Ms. Gaelle Pierre, Davide Lombardo, Risto Herrala, Ms. Priscilla Toffano, Mr. Erik Roos, Mr. Allan G Auclair, and Ms. Karina Manasseh
In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges.