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International Monetary Fund. External Relations Dept.

In the wake of the 1990s’ experience with economic and financial crises, there has been considerable debate about the reforms needed to make the global financial system more stable. A key area of contention is the role played by financial liberalization. In a February 23 seminar at the IMF Institute, Joshua Aizenman, professor of economics at the University of California at Santa Cruz, examined the complex trade-off between liberalization’s adverse intermediate effects and its more arguable long-run benefits. He cautioned that successful reforms will need to factor in market imperfections.

International Monetary Fund. External Relations Dept.

04/78: “Empirical Modeling of Contagion: A Review of Methodologies,” Mardi Dungey, Renee Fry, Brenda Gonzalez-Hermosillo, and Vance Martin

International Monetary Fund

This Selected Issues paper and Statistical Appendix describes Palau’s financial sector, its recent performance, and developments in regulatory reform. The paper considers illustrative scenarios of possible outcomes for public spending levels and growth under different assumptions with respect to future grants and the long-term value of government assets held in the Compact Trust Fund. Sensitivity of the results to the rate of return on assets is considered. The paper also covers recent fiscal performance, revenue and expenditure reforms, and some financing issues.

International Monetary Fund

The Republic of Palau (Palau) has always been heavily dependent on external assistance. The availability of steady grants has allowed Palau to maintain a sizable public sector. A number of issues are considered in designing a comprehensive management strategy for the Compact Trust Fund (CTF). The following statistical data are also included in this paper: social indicators, financial position of compact trust fund, imports by product category, by country, or territory of origin, balance of payments, and so on.

International Monetary Fund

The key findings of the Republic of Palau’s 2010 Article IV Consultation shows that the single most important issue in Palau remains fiscal policy, including its effect on medium-term growth, as fiscal consolidation proceeds. The global financial crisis followed on the heels of a massive terms-of-trade shock, leading to a sharp curtailment of foreign direct investment and private credit. Tourism tumbled following an airline bankruptcy, and construction activity fell as major infrastructure projects reached completion.

International Monetary Fund. Asia and Pacific Dept

This 2014 Article IV Consultation highlights that after two years of strong expansion, growth is estimated at about zero percent in the fiscal year 2013 (FY2013, ending in September) in the Republic of Palau owing to declines in construction and tourism. Inflation moderated to 2¾ percent (annual average) in FY2013 thanks to stable international food and fuel prices, and it is expected to stay at about 3 percent in FY2014. Growth is projected to increase to 1¾ percent in FY2014 and to 2¼–2½ percent over the medium term driven by the recovery in tourism and infrastructure developments.

International Monetary Fund. External Relations Dept.

The SDR interest rate and the rate of remuneration are equal to a weighted average of interest rates on specified short-term domestic obligations in the money markets of the five countries whose currencies constitute the SDR valuation basket. The rate of remuneration is the rate of return on members’ remunerated reserve tranche positions. The rate of charge, a proportion of the SDR interest rate, is the cost of using the IMF’s financial resources. All three rates are computed each Friday for the following week. The basic rates of remuneration and charge are further adjusted to reflect burden-sharing arrangements. For the latest rates, call (202) 623-7171 or check the IMF website (www.imf.org/cgi-shl/bur.pl?2004).