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International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund
This Selected Issues paper for Vietnam reports that the framework for policy lending in Vietnam, in conjunction with the active consideration of proposals to enhance the operational autonomy of policy-lending institutions, poses significant risks. The current framework does not adequately address common governance issues related to state involvement in investment decisions, and is insufficient to ensure the quality of investment. Recommended policy actions include removing residual policy lending from commercial banks, and improving prudential regulations and supervision of the Development Assistance Fund and local development funds well before they are granted any significant autonomy.
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights New Zealand’s economic expansion, which since early 2011 gained further broad-based momentum in 2016. GDP growth accelerated to 4 percent, and the output gap has roughly closed. Reconstruction spending after the 2011 Canterbury earthquake was an important catalyst, but the expansion has also been supported by accommodative monetary policy, a net migration wave, improving services exports, and strong terms of trade. There was some weakening of momentum in the fourth quarter of 2016, owing to softer private consumption and a sharp drop in exports, but it is expected to be temporary. Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes.
International Monetary Fund
The external imbalances that accompanied Latvia’s integration into the global economy have generated mixed effects. Stabilizing net foreign liabilities will require an improvement in the goods and services balance. Outward migration from Latvia has raised concerns about social and economic stresses that could intensify in the near future if labor flow increases. Several steps have to be taken to mitigate any adverse consequences of outward migration. The purpose of this paper is to examine macroeconomic and prudential aspects of the rapid growth of lending in Latvia.
International Monetary Fund. European Dept.
This Selected Issues paper estimates the fiscal impact of demographic changes in Portugal and the euro area over the period 2015–2100. Under the baseline projections of the United Nations, Portugal is among the countries in the euro area that is expected to be most hurt by demographic developments. During 2015–2100, its population is expected to shrink by about 30 percent while the old-age dependency ratio is expected to more than double, driven mostly by low fertility, higher longevity, and migration outflows. Age-related public spending would increase by about 6 percentage points of GDP under the baseline over the period 2015–50, and the public debt path would become unsustainable in the absence of offsetting policies.
International Monetary Fund. European Dept.
The 2015 Article IV Consultation discusses the key issues related to the economy of Austria. Austria has recovered from the global financial crisis, but the crisis still remains in bank and public sector balance sheets. Major banks have been striving to strengthen their capital and profitability positions amid regulatory and supervisory reforms. Despite lackluster growth, economic slack is limited as potential growth has fallen as well. The governing coalition of Social Democrats and the right-of-center People's Party holds a constructive dialogue on economic policy issues. Growth is estimated at 0.7 percent in 2015, a slight improvement over the ½ percent average in 2012–14, on the back of strengthening external and domestic demand.
International Monetary Fund
The Selected Issues paper and Statistical Appendix on Cape Verde review determinants of emigrant deposits (ED). EDs have provided a substantial source of foreign exchange to the Cape Verdean economy, and have been vital in maintaining the fixed exchange rate. Prospects for growth in Cape Verde are improving and immigration legislation abroad is tightening. Both trends argue against further accumulation of ED. Among the developments in favor of ED, of considerable importance is their past stability, the limited convertibility of deposits, the favorable business outlook, and the stable political climate.
International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
IMF pandemic preparations; enlarged EU: labor, capital; Asia outlook bright; India: reforms and growth; Italy: gloomy outlook; IMF sanctions on Zimbabwe; Friedman: morals, growth; central bank communications; effective use of increased aid.
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.