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Mr. Jeromin Zettelmeyer, Mr. Martin Mühleisen, and Mr. Shaun K. Roache
In a global economy beset by concerns over a growth recession, financial volatility, and rising inflation, countries in the Western Hemisphere have been among the few bright spots in recent years. This has not come as a surprise to those following the significant progress achieved by many countries in recent years, both in macroeconomic management and on the structural and institutional front. Hence, there can be little doubt, as this book argues, that economic and financial linkages between Latin America, the United States, and other important regions of the world economy have undergone profound change.
Mr. Tokhir N Mirzoev, Ling Zhu, Yang Yang, Ms. Tian Zhang, Mr. Erik Roos, Mr. Andrea Pescatori, and Mr. Akito Matsumoto
The Future of Oil and Fiscal Sustainability in the GCC Region
Mr. Paolo Dudine, Sibabrata Das, Ms. Pritha Mitra, Yongzheng Yang, Eteri Kvintradze, and Miss Nkunde Mwase
Low-income countries were hit especially hard by sharp increases in world food and fuel prices in 2007-08 and the global financial crisis that followed. In response, the International Monetary Fund scaled up its financial assistance to low-income countries and revamped its concessional lending facilities to make them more flexible in meeting the diverse needs of these countries. Creating Policy Space in Low-Income Countries during the Recent Crises assesses empirically the outcome of the IMF response, and provides insight into how IMF-supported programs in low-income countries have been adapted to the changing economic circumstances in these countries. The authors report that these programs have provided expanded policy space in the face of the global price shocks and financial crisis.
Mr. Martin Sommer, Mr. Allan G Auclair, Mr. Armand Fouejieu, Ms. Inutu Lukonga, Mr. Saad N Quayyum, Amir Sadeghi, Mr. Gazi H Shbaikat, Mr. Andrew J Tiffin, and Mr. Bruno Versailles
This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.
Ms. Era Dabla-Norris, Mr. James Daniel, Mr. Masahiro Nozaki, Cristian Alonso, Vybhavi Balasundharam, Mr. Matthieu Bellon, Chuling Chen, David Corvino, and Mr. Joey Kilpatrick
Climate change is one of the greatest challenges facing policymakers worldwide, and the stakes are particularly high for Asia and the Pacific. This paper analyzes how fiscal policy can address challenges from climate change in Asia and the Pacific. It aims to answer how policymakers can best promote mitigation, adaptation, and the transition to a low-carbon economy, emphasizing the economic and social implications of reforms, potential policy trade-offs, and country circumstances. The recommendations are grounded in quantitative analysis using country-specific estimates, and granular household, industry, and firm-level data.
Mr. Mario de Zamaroczy, Mr. Vincent Fleuriet, and Mr. Jose G Gijon
This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.
Ms. Olga Ilinichna Stankova
The paper provides an overall view of communications across various areas of economic policy, aiming to help country authorities as they increasingly use communications as a policy tool in its own right. The paper identifies frontier communications challenges, drawing on a large body of research on the salient issues. Although communications can never be a substitute for good policies, economic reforms are more likely to fail or even be reversed if they are not understood or accepted by those whom they affect.
Mr. Mario de Zamaroczy, Mr. Vincent Fleuriet, and Mr. Jose G Gijon
This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.
International Monetary Fund
The East African Community (EAC) countries (Kenya, Tanzania, Uganda, and Rwanda) have been affected by the global financial crisis and global recession. The fall in global demand and inflows and tighter liquidity conditions abroad affected the countries in this region as elsewhere in sub-Saharan Africa. But how hard have countries in the EAC been hit? Have the spillovers from the global crisis affected countries in the region as much as other countries in the sub-Saharan region? Have the transmission channels or magnitudes of the spillovers been different across EAC countries? How can these countries return quickly to a path of sustained high growth? What is the role for policy? Would acceleration of regional integration and policy coordination help achieve this goal? Would it make the region less susceptible to shocks? This paper focus on the EAC countries and attempts to address these questions.