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Regional Economic Outlook, April 2019, Sub-Saharan Africa

Recovery Amid Elevated Uncertainty

The economic recovery in sub-Saharan Africa is expected to continue, but at a slower pace than envisaged in October 2018.

Global Financial Stability Report, April 2019

Vulnerabilities in a Maturing Credit Cycle

The April 2019 GFSR finds that despite significant variability over the past two quarters, financial conditions remain accommodative.

Enhancing Chile's Fiscal Framework
			: Lessons from Domestic and International Experience

New
Enhancing Chile's Fiscal Framework : Lessons from Domestic and International Experience »

Series: Miscellaneous Publication (Other)

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2019

DOI: http://dx.doi.org/10.5089/9781513514024.073

ISBN: 9781513514024

This booklet summarizes the presentations in the conference titled 'Enhancing Chile's Fiscal Framework: Lessons from Domestic and International Experience,' organized by Chile's Ministry of Finance and the Internat...

International Monetary Fund Annual Report 2019 Financial Statements

New
International Monetary Fund Annual Report 2019 Financial Statements »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

DOI: http://dx.doi.org/10.5089/9781513511726.011

ISBN: 9781513511726

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018...

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781498321747.011

ISBN: 9781498321747

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781498321594.011

ISBN: 9781498321594

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781498321600.011

ISBN: 9781498321600

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: German

DOI: http://dx.doi.org/10.5089/9781498321617.011

ISBN: 9781498321617

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: Japanese

DOI: http://dx.doi.org/10.5089/9781498321624.011

ISBN: 9781498321624

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

DOI: http://dx.doi.org/10.5089/9781498321563.011

ISBN: 9781498321563

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

International Monetary Fund Annual Report 2019

New
International Monetary Fund Annual Report 2019 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: Russian

DOI: http://dx.doi.org/10.5089/9781498321631.011

ISBN: 9781498321631

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

International Monetary Fund Annual Report 2019....

Rapport annuel 2019 du Fonds monétaire international

New
Rapport annuel 2019 du Fonds monétaire international »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498321570.011

ISBN: 9781498321570

Keywords: Foreign trade, Commodities, Corruption, Debt management, Financial safety nets, Productivity, Sustainable development, Gender, Income inequality, Poverty and inequality

Rapport annuel 2019 du Fonds monétaire international...

Albania
			: Technical Assistance Report-Monetary and Financial Statistics and Financial Accounts Mission

New
Albania : Technical Assistance Report-Monetary and Financial Statistics and Financial Accounts Mission »

Volume/Issue: 2019/307

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2019

DOI: http://dx.doi.org/10.5089/9781513516387.002

ISBN: 9781513516387

Keywords: Financial soundness indicators, Financial statistics, Monetary statistics, International investment position, Financial statements, ISCR, CR, flow-based, boa, MFS

In response to a request from the Bank of Albania (BOA) and with the support of the IMF's European Department, a monetary and financial statistics (MFS) and financial accounts technical assistance (TA) mission visi...

Georgia
			: Technical Assistance Report-External Sector Statistics Mission

New
Georgia : Technical Assistance Report-External Sector Statistics Mission »

Volume/Issue: 2019/306

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2019

DOI: http://dx.doi.org/10.5089/9781513516035.002

ISBN: 9781513516035

Keywords: Financial statistics, Balance of payments, International investment position, Balance of payments statistics, External sector statistics, ISCR, CR, IIP, crypto, direct investment

An external sector statistics (ESS) technical assistance (TA) mission visited the National Statistics Office of Georgia (Geostat) in Tbilisi, Georgia, during May 6-10, 2019. It was undertaken at the request of Geos...

Financial Repression is Knocking at the Door, Again

New
Financial Repression is Knocking at the Door, Again »

Volume/Issue: 2019/211

Series: IMF Working Papers

Author(s): Etibar Jafarov , Rodolfo Maino , and Marco Pani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2019

DOI: http://dx.doi.org/10.5089/9781513512488.001

ISBN: 9781513512488

Keywords: Financial crises, Economic stabilization, Interest rates on deposits, Interest rates on loans, Financial statistics, Financial Repression, Financial Liberalization, Financial Regulations, Growth., WP

Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of...

State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight

New
State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight »

Volume/Issue: 2019/201

Series: IMF Working Papers

Author(s): Bobana Cegar , and Francisco Parodi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2019

Language: Bosnian

DOI: http://dx.doi.org/10.5089/9781513515977.001

ISBN: 9781513515977

Keywords: State-Owned Enterprises, Bosnia and Herzegovina, Financial Performance, SOE Governance

Based on a new database of State-Owned Enterprise (SOE) financial statements, we find that SOEs in Bosnia and Herzegovina are mostly in poor financial shape. We estimate the overall size and composition of the SOE...

Digital Connectivity in sub-Saharan Africa: A Comparative Perspective

New
Digital Connectivity in sub-Saharan Africa: A Comparative Perspective »

Volume/Issue: 2019/210

Series: IMF Working Papers

Author(s): Emre Alper , and Michal Miktus

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513514604.001

ISBN: 9781513514604

Keywords: Real sector, Regional economics, National accounts, Balance of payments, Gross capital formation, Digitalization, unsupervised machine learning, fractional logit model, WP, SSA

Higher digital connectivity is expected to bring opportunities to leapfrog development in sub-Saharan Africa (SSA). Experience within the region demonstrates that if there is an adequate digital infrastructure and...

Private Sector Job Creation in MENA: Prioritizing the Reform Agenda

New
Private Sector Job Creation in MENA: Prioritizing the Reform Agenda »

Volume/Issue: 2019/206

Series: IMF Working Papers

Author(s): Benedicte Baduel , Carolin Geginat , and Gaelle Pierre

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513512228.001

ISBN: 9781513512228

Keywords: Labor market regulations, Labor productivity, Economic conditions, Job creation, Labor force, Bénédicte Baduel, Carolin Geginat and Gaëlle Pierre, WP, Mena, structural constraint

This paper examines the extent to which firms in selected MENA countries reported being constrained by the business environment around the time of the Arab Spring and the extent to which these constraints affected...

SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia

New
SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia »

Volume/Issue: 2019/209

Series: IMF Working Papers

Author(s): Mishel Ghassibe , Maximiliano Appendino , and Samir Elsadek Mahmoudi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513509112.001

ISBN: 9781513509112

Keywords: Financial crises, Real sector, Financial inclusion, Labor productivity, Economic growth, Small and Medium Sized Enterprises, Economic Grow, WP, central Asia region, SMEs

This paper offers empirical evidence that greater financial inclusion of small and medium enterprises (SMEs) can promote higher economic growth and employment, especially in the Middle East and Central Asia regions...

The Riskiness of Credit Allocation and Financial Stability

New
The Riskiness of Credit Allocation and Financial Stability »

Volume/Issue: 2019/207

Series: IMF Working Papers

Author(s): Luis Brandao-Marques , Qianying Chen , Claudio Raddatz , Jérôme Vandenbussche , and Peichu Xie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513513775.001

ISBN: 9781513513775

Keywords: Real effective exchange rates, Financial crises, Economic conditions, Credit booms, Credit expansion, Corporate debt, credit allocation, credit risk, financial leverage, financial vulnerability

We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we sh...

VAT Notches, Voluntary Registration, and Bunching: Theory and UK Evidence

New
VAT Notches, Voluntary Registration, and Bunching: Theory and UK Evidence »

Volume/Issue: 2019/205

Series: IMF Working Papers

Author(s): Li Liu , Ben Lockwood , Miguel Almunia , and Eddy Tam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513513812.001

ISBN: 9781513513812

Keywords: Tax revenue, Income tax revenue, Personal income taxes, Corporate income taxes, Tax systems, Value-Added Tax (VAT), Voluntary Registration, Bunching, WP, vat

Using administrative tax records for UK businesses, we document both bunching in annual turnover below the VAT registration threshold and persistent voluntary registration by almost half of the firms below the thre...

What Happens if Central Banks Misdiagnose a Slowdown in Potential Output

New
What Happens if Central Banks Misdiagnose a Slowdown in Potential Output »

Volume/Issue: 2019/208

Series: IMF Working Papers

Author(s): Bas Bakker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513512532.001

ISBN: 9781513512532

Keywords: Real sector, Real interest rates, Return on investment, Unemployment, Investment, Monetary policy, potential output, Solow-Swan, WP, investment rate

In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a declin...

Multiple Dimensions of Human Development Index and Public Social Spending for Sustainable Development

New
Multiple Dimensions of Human Development Index and Public Social Spending for Sustainable Development »

Volume/Issue: 2019/204

Series: IMF Working Papers

Author(s): Iana Paliova , Robert McNown , and Grant Nülle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2019

DOI: http://dx.doi.org/10.5089/9781513511924.001

ISBN: 9781513511924

Keywords: Equity and social spending, Economic conditions, National income, Economic growth, Social indicators, Human Development, Well-being, Public Expenditure, WP, GNI

Multidimensional assessment of human development is increasingly recognized as playing an important role in assessing well-being. The focus of analysis is on the indicators measuring the three dimensions of Human D...

Republic of Moldova
			: Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

New
Republic of Moldova : Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova »

Volume/Issue: 2019/305

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2019

DOI: http://dx.doi.org/10.5089/9781513515434.002

ISBN: 9781513515434

Keywords: External sector, Macroprudential policies and financial stability, Fiscal policy, Financial sector reform, Credit, ISCR, CR, NBM, percent of GDP, Proj

The economy continued to strengthen. Robust growth in 2018 was propelled by infrastructure and private investments, while private consumption continued to expand into 2019, supported by growing real incomes and ban...

The Power of Partnership: Selected Speeches by Christine Lagarde, 2011-2019

New
The Power of Partnership: Selected Speeches by Christine Lagarde, 2011-2019 »

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2019

DOI: http://dx.doi.org/10.5089/9781513509907.071

ISBN: 9781513509907

Keywords: Financial crises, Macroprudential policies and financial stability, Economic stabilization, Economic growth, Poverty, BOOK, IMF, advanced economy, global economy, inequality

A compilation of selected speeches by IMF Managing Director Christine Lagarde....

Frontiers of Economic Policy Communications

New
Frontiers of Economic Policy Communications »

Volume/Issue: 2019/8

Series: Departmental Papers / Policy Papers

Author(s): Olga Ilinichna Stankova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

Language: Russian

DOI: http://dx.doi.org/10.5089/9781513510613.087

ISBN: 9781513510613

Keywords: Economic policy, External communications, Communications services, Financial institutions, Central banks, Central bank accountability, Central bank policy, Central bank independence, Central banking, Economic Policy Communications

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...

Cybersecurity Risk Supervision

New
Cybersecurity Risk Supervision »

Volume/Issue: 2019/15

Series: Departmental Papers / Policy Papers

Author(s): Tamas Gaidosch , Frank Adelmann , Anastasiia Morozova , and Christopher Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513507545.087

ISBN: 9781513507545

Keywords: Financial services, Financial sector oversight, Banking supervision, Risk management, Systemically important financial institutions, Financial systems, Macroprudential policies and financial stability, Financial markets, Cybersecurity, Cyber risks

This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early st...

Chile
			: Informe de Asistencia Técnica-Adopción e institucionalización de las revisiones del gasto

New
Chile : Informe de Asistencia Técnica-Adopción e institucionalización de las revisiones del gasto »

Volume/Issue: 2019/271

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513512020.002

ISBN: 9781513512020

Keywords: ISCR, CR, SRs, budget process, SRU, ex-ante, medium-term

El Gobierno de Chile ha anunciado que está comprometido a alcanzar su meta fiscal y contener el crecimiento del gasto. El objetivo de la meta fiscal es reducir el déficit estructural en 0,2% del PIB en cada año del...

Chile
			: Technical Assistance Report-Introducing and Institutionalizing Spending Reviews

New
Chile : Technical Assistance Report-Introducing and Institutionalizing Spending Reviews »

Volume/Issue: 2019/271

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513510910.002

ISBN: 9781513510910

Keywords: Expenditure controls, Sovereign credit ratings, Budget estimates, Economic indicators, Budgetary process, ISCR, CR, SRs, budget process, SRU

The Chilean government has announced its commitment to achieving its fiscal target and containing expenditure growth. The fiscal target aims to reduce the structural balance by 0.2 percent of GDP for each year of t...

FY2019 - Output Cost Estimates and Budget Outturn

New
FY2019 - Output Cost Estimates and Budget Outturn »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Office of Budget and Planning

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513515205.007

ISBN: 9781513515205

Keywords: Economic analysis, Risk management, Debt sustainability analysis, Special Drawing Rights, Capital expenditure, Budget Outturn, transparency policy, PP, outturn, operational target

The paper presents highlights from the FY 19 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs....

Brazil
			: Technical Assistance Report-Strengthening the Framework for Subnational Borrowing

New
Brazil : Technical Assistance Report-Strengthening the Framework for Subnational Borrowing »

Volume/Issue: 2019/302

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513514710.002

ISBN: 9781513514710

Keywords: Economic conditions, Fiscal indicators, Economic growth, Financial indicators, Fiscal policy, ISCR, CR, subnational, FRL, FRR

Brazil's states have been facing severe fiscal pressures over the last years. As the economy went through a deep economic recession in 2014-16, Brazilian subnational governments had to adjust to much weaker revenue...

Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue

New
Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue »

Series: Selected Decisions

Author(s): International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781498318983.014

ISBN: 9781498318983

Keywords: Special Drawing Rights, Balance of payments, International monetary system, Exchange rates, Currencies, SELD, executive board, SDRs, staff report, manage director

Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue...

The Economics and Implications of Data
			: An Integrated Perspective

New
The Economics and Implications of Data : An Integrated Perspective »

Volume/Issue: 2019/16

Series: Departmental Papers / Policy Papers

Author(s): Yan Carriere-Swallow , and Vikram Haksar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2019

DOI: http://dx.doi.org/10.5089/9781513511436.087

ISBN: 9781513511436

Keywords: Data; growth; inequality; privacy; consumer protection; competition; financial stability; cyber-security

This SPR Departmental Paper will provide policymakers with a framework for studying changes to national data policy frameworks....

How to Design Tax Policy in Fragile States

New
How to Design Tax Policy in Fragile States »

Volume: 19

Series: IMF How To Notes

Author(s): Mario Mansour , and Jean-Luc Schneider

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513508153.061

ISBN: 9781513508153

Keywords: Tax policy, Revenue mobilization, Efficiency of public spending, Equity and social spending, Tax revenue, Tax evasion, Tax reforms, Tax systems, Equity and social spending, FADHTN

The purpose of this note is to provide a framework for improving tax policy design in fragile and conflict-affected states, which face political and institutional constraints. This note begins with an overview of e...

US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs?

New
US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs? »

Volume/Issue: 2019/199

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Carolina Osorio Buitron

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513511900.001

ISBN: 9781513511900

Keywords: Central banking and monetary issues, Financial crises, Real sector, Reserve requirements, Market interest rates, cross-border bank lending, emerging markets, global banks, WP, sign restriction

This paper analyzes the drivers of cross-border bank lending to 49 Emerging Markets (EMs) during the period 1990Q1-2014Q4, by assessing the impact of monetary, financial and real sector shocks in both the US and th...

New Zealand
			: 2019 Article IV Consultation-Press Release and Staff Report

New
New Zealand : 2019 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/303

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513514758.002

ISBN: 9781513514758

Keywords: Financial and Monetary Sector, Balance of payments, Real sector, External sector, Fiscal sector, ISCR, CR, house affordability, percent change, LVR

New Zealand's expansion lost momentum in 2017-18, as some key drivers started to weaken. Despite the long expansion, inflation remains weak, reflecting imported disinflation as well as strong net inward migration,...

New Zealand
			: Selected Issues

New
New Zealand : Selected Issues »

Volume/Issue: 2019/304

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513514765.002

ISBN: 9781513514765

Keywords: External sector, Supply and demand, Monetary policy, Consumption, Inflation, ISCR, CR, financial stability, net migration, secondary consideration

Selected Issues...

How Informative Are Real Time Output Gap Estimates in Europe?

New
How Informative Are Real Time Output Gap Estimates in Europe? »

Volume/Issue: 2019/200

Series: IMF Working Papers

Author(s): Alvar Kangur , Koralai Kirabaeva , Jean-Marc Natal , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513512549.001

ISBN: 9781513512549

Keywords: Real interest rates, Economic theory, Potential output, Structural fiscal balance, Capacity utilization, Business Cycles, Fiscal Policy, Monetary Policy, WP, output gap

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw ec...

How Should We Measure City Size? Theory and Evidence Within and Across Rich and Poor Countries

New
How Should We Measure City Size? Theory and Evidence Within and Across Rich and Poor Countries »

Volume/Issue: 2019/203

Series: IMF Working Papers

Author(s): Remi Jedwab , Prakash Loungani , and Anthony Yezer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513513782.001

ISBN: 9781513513782

Keywords: Cost of living, Migrations, Economic growth, National income, Low income countries, Urbanization, Cities, Urban Giants, Population, Standard Urban Model

It is obvious that holding city population constant, differences in cities across the world are enormous. Urban giants in poor countries are not large using measures such as land area, interior space or value of ou...

Is Military Spending Converging Across Countries? An Examination of Trends and Key Determinants

New
Is Military Spending Converging Across Countries? An Examination of Trends and Key Determinants »

Volume/Issue: 2019/196

Series: IMF Working Papers

Author(s): Benedict Clements , Sanjeev Gupta , and Saida Khamidova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513509877.001

ISBN: 9781513509877

Keywords: Military expenditures, Age-related spending, Capital expenditure, Education spending, Government expenditures, Military spending, social spending, convergence., WP, military spend

This paper studies the evolution of worldwide military spending during 1970-2018. It finds that military spending in relation to GDP is converging, but into three separate groups of countries. In the largest group,...

More Gray, More Volatile? Aging and (Optimal) Monetary Policy

New
More Gray, More Volatile? Aging and (Optimal) Monetary Policy »

Volume/Issue: 2019/198

Series: IMF Working Papers

Author(s): Daniel Baksa , and Zsuzsa Munkacsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513509082.001

ISBN: 9781513509082

Keywords: Price indexes, Economic growth, Real interest rates, Central banking and monetary issues, Negative interest rates, aging, monetary policy transmission, optimal monetary policy, inflation targeting, WP

The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward p...

One Ring to Rule Them All? New Evidence on World Cycles

New
One Ring to Rule Them All? New Evidence on World Cycles »

Volume/Issue: 2019/202

Series: IMF Working Papers

Author(s): Eric Monnet , and Damien Puy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513512969.001

ISBN: 9781513512969

Keywords: Economic integration, Economic policy, Financial crises, Economic systems, Financial statistics, World Cycles, Business Cycles, Financial Cycles, Financial integration, Trade integration

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives and covering a large set of advanced and emerging economies since 1950. World cycles, both real...

State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight

New
State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight »

Volume/Issue: 2019/201

Series: IMF Working Papers

Author(s): Bobana Cegar , and Francisco Parodi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513512181.001

ISBN: 9781513512181

Keywords: Economic reforms, Social safety nets, Financial indicators, Financial statements, Fiscal policy, State-Owned Enterprises, Bosnia and Herzegovina, Financial Performance, SOE Governance, WP

Based on a new database of State-Owned Enterprise (SOE) financial statements, we find that SOEs in Bosnia and Herzegovina are mostly in poor financial shape. We estimate the overall size and composition of the SOE...

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean

New
Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean »

Volume/Issue: 2019/197

Series: IMF Working Papers

Author(s): Serhan Cevik , and Tianle Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513511702.001

ISBN: 9781513511702

Keywords: Real effective exchange rates, Central bank independence, Central bank autonomy, Exchange rate regimes, Monetary policy, Macroeconomic trilemma, monetary independence, exchange rate flexibility, inflation, WP

Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study ex...

Bangladesh
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh

New
Bangladesh : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh »

Volume/Issue: 2019/299

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2019

DOI: http://dx.doi.org/10.5089/9781513514239.002

ISBN: 9781513514239

Keywords: Central banks, Economic indicators, Public financial management, Balance of payments, Economic growth, ISCR, CR, percent of GDP, Bangladesh bank, percent change

Economic growth in Bangladesh continues to be strong with stable inflation. Sustained growth in the ready-made garment sector with abundant low-cost labor has helped the economy to diversify away from the agricultu...

Bangladesh
			: Selected Issues

New
Bangladesh : Selected Issues »

Volume/Issue: 2019/300

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2019

DOI: http://dx.doi.org/10.5089/9781513514314.002

ISBN: 9781513514314

Keywords: External sector, Economic sectors, Development, Private sector, Employment, ISCR, CR, RMG, mitigation, GHG

Selected Issues...

Republic of Azerbaijan
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Azerbaijan

New
Republic of Azerbaijan : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Azerbaijan »

Volume/Issue: 2019/301

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2019

DOI: http://dx.doi.org/10.5089/9781513514376.002

ISBN: 9781513514376

Keywords: External sector, Fiscal sector, Central banks, Financial statistics, Financial systems, ISCR, CR, non-oil, percent of GDP, CBA

Azerbaijan is recovering from a banking crisis and recession caused by a prolonged decline in oil prices since mid-2014. Monetary conditions remain tight under a de facto peg. Despite rising government spending, th...

Republic of Madagascar
			: Fifth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

New
Republic of Madagascar : Fifth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar »

Volume/Issue: 2019/262

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513514420.002

ISBN: 9781513514420

Keywords: Public financial management, Fiscal policy, Economic reforms, Economic growth, Credit, percent of GDP, social spend, BFM, budget law, Proj

Despite some electoral cycle-related uncertainties-the preparation and holding of the Presidential election in December 2018 and Parliamentary elections in May 2019-economic developments remained favorable in 2018...

Mongolia
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mongolia

New
Mongolia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mongolia »

Volume/Issue: 2019/297

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2019

DOI: http://dx.doi.org/10.5089/9781513514161.002

ISBN: 9781513514161

Keywords: Balance of payments, Fiscal policy, Credit, Central banks, Economic indicators, ISCR, CR, BOM, percent change, percent

Since the start of the IMF-supported program in early 2017, the economy has recovered significantly and is now more resilient due to a stronger policy framework, significant official financing, and a rebound in ext...

Guyana
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana

New
Guyana : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana »

Volume/Issue: 2019/296

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2019

DOI: http://dx.doi.org/10.5089/9781513514093.002

ISBN: 9781513514093

Keywords: Economic growth, Financial and Monetary Sector, External sector, Economic sectors, Expenditures, ISCR, CR, non-oil, percent of GDP, medium-term

Economic activity strengthened in 2018 with broad-based expansion across all major sectors. Inflation remains relatively low, and monetary stance accommodative. Oil production is expected to commence in early 2020,...

Mongolia
			: Selected Issues

New
Mongolia : Selected Issues »

Volume/Issue: 2019/298

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2019

DOI: http://dx.doi.org/10.5089/9781513514208.002

ISBN: 9781513514208

Keywords: Public financial management, Expenditure policy, Revenue administration, Tax policy, Financial management information systems, ISCR, CR, Anti-Corruption, key recommendation, AML

Selected Issues...

Burkina Faso
			: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

New
Burkina Faso : Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/257

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513514062.002

ISBN: 9781513514062

Keywords: Public financial management, Social safety nets, Public investments, Credit, Development, performance criterion, Proj, CFAF, Burkinabè, net lend

In light of widespread concern about the security crisis and protracted public sector pay disputes, the government resigned in January 2019. The new government, installed with a mission to combat the security crisi...

A Guide to Sovereign Debt Data

A Guide to Sovereign Debt Data »

Volume/Issue: 2019/195

Series: IMF Working Papers

Author(s): S. M. Ali Abbas , and Kenneth Rogoff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513511948.001

ISBN: 9781513511948

Keywords: Financial crises, Financial statistics, Domestic debt, Monetary statistics, External debt statistics, sovereign debt, public debt, government debt, debt statistics, historical database

The last decade or so has seen a mushrooming of new sovereign debt databases covering long time spans for several countries. This represents an important breakthrough for economists who have long sought to, but bee...

Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence

Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence »

Volume/Issue: 2019/194

Series: IMF Working Papers

Author(s): Diego Cerdeiro , and Andras Komaromi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513509839.001

ISBN: 9781513509839

Keywords: Balance of payments, Capital flows, Capital inflows, Economic theory, Financial account, financial openness, capital flow management, capital controls., WP, capital flow

We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how o...

How to Improve Inflation Forecasting in Canada

How to Improve Inflation Forecasting in Canada »

Volume/Issue: 2019/190

Series: IMF Working Papers

Author(s): Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513509396.001

ISBN: 9781513509396

Keywords: Real interest rates, Financial crises, Inflation rates, Inflation expectations, Monetary policy, Inflation, inflation targeting, real-time data, forecast errors, WP

Against the backdrop of an ongoing review of the inflation-targeting framework, this paper examines the real-time inflation forecasts of the Bank of Canada with the aim of identifying potential areas for improvemen...

Manufacturing Jobs and Inequality: Why is the U.S. Experience Different?

Manufacturing Jobs and Inequality: Why is the U.S. Experience Different? »

Volume/Issue: 2019/191

Series: IMF Working Papers

Author(s): Natalija Novta , and Evgenia Pugacheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781498320450.001

ISBN: 9781498320450

Keywords: Agriculture, Capital income, Cross country analysis, Data analysis, Demographic indicators, Disposable income, Economic indicators, Economic sectors, Economies, Education

We examine the extent to which declining manufacturing employment may have contributed to increasing inequality in advanced economies. This contribution is typically small, except in the United States. We explore t...

The Inflexible Structure of Global Supply Chains

The Inflexible Structure of Global Supply Chains »

Volume/Issue: 2019/193

Series: IMF Working Papers

Author(s): Tamim Bayoumi , Jelle Barkema , and Diego Cerdeiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513510569.001

ISBN: 9781513510569

Keywords: Real effective exchange rates, Producer prices, Real exchange rates, Exchange rate policy, Commodity trade, Global supply chains, value-added trade, production and final-demand elasticities., WP, final demand

The rise of global supply chains has had profound effects on individual economies and the global trading system, thereby complicating standard macroeconomic analyses. For many of the new and challenging questions b...

The Level REER model in the External Balance Assessment (EBA) Methodology

The Level REER model in the External Balance Assessment (EBA) Methodology »

Volume/Issue: 2019/192

Series: IMF Working Papers

Author(s): Rui Mano , Carolina Osorio Buitron , Luca Ricci , and Mauricio Vargas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513511023.007

ISBN: 9781513511023

Keywords: Real exchange rate assessments; external imbalances

This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF's methodology for the assessment of external positions, including exchange rat...

Namibia
			: 2019 Article IV Consultation-Press Release and Staff Report

Namibia : 2019 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/295

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513513904.002

ISBN: 9781513513904

Keywords: External sector, Economic conditions, Economic indicators, National accounts, Financial institutions, ISCR, CR, Proj, SACU, primary balance

Namibia's economy is rebalancing, but significant challenges remain. The fiscal and current account deficits have narrowed, and credit and house prices growth has decelerated. However, public debt remains on a risi...

Uganda
			: Technical Assistance Report-Strengthening the Performance of Public Investment Management-Next Phase

Uganda : Technical Assistance Report-Strengthening the Performance of Public Investment Management-Next Phase »

Volume/Issue: 2019/294

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2019

DOI: http://dx.doi.org/10.5089/9781513513843.002

ISBN: 9781513513843

Keywords: Public sector investments, Public investments, Financial management law, Investment policy, Economic analysis, ISCR, CR, IBP, MDAs, budget fund

Significant progress has been achieved since 2015 in strengthening public investment management, with the reforms showing first results. The Ministry of Finance, Planning and Economic Development's (MoFPED) recent...

A Capital Market Union For Europe

A Capital Market Union For Europe »

Volume/Issue: 2019/7

Series: Staff Discussion Notes

Author(s): Srobona Mitra , Anke Weber , Ashok Bhatia , Shekhar Aiyar , Luiza Antoun de Almeida , Cristina Cuervo , Andre Santos , and Tryggvi Gudmundsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2019

DOI: http://dx.doi.org/10.5089/9781498313278.006

ISBN: 9781498313278

Keywords: Capital markets, Monetary unions, Financial integration, Bilateral payments arrangements, Capital flows, Europe, Capital market union; financial integration; bilateral portfolio flows; monetary union; Europe

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively sm...

Montenegro
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

Montenegro : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro »

Volume/Issue: 2019/293

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2019

DOI: http://dx.doi.org/10.5089/9781513513720.002

ISBN: 9781513513720

Keywords: Economic indicators, Fiscal sector, Balance of payments, Economic growth, Macroprudential policies and financial stability, ISCR, CR, CBM, government debt, medium-term

The economy has grown strongly since 2015, bolstered by large investments and tourism. While the construction of the first phase of a major highway project has boosted growth, it has also raised government debt. To...

Saudi Arabia
			: 2019 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2019/290

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

DOI: http://dx.doi.org/10.5089/9781513513447.002

ISBN: 9781513513447

Keywords: Real sector, Economic indicators, Balance of payments, Price indexes, Financial soundness indicators, ISCR, CR, SAMA, non-oil, Proj

Reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals rema...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2019/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

DOI: http://dx.doi.org/10.5089/9781513513485.002

ISBN: 9781513513485

Keywords: Real sector, Economic reforms, Tax revenue, Economic growth, Economic analysis, ISCR, CR, non-oil, Saudi economy, priority sector

Selected Issues...

Saudi Arabia
			: 2019 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2019/290

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513513591.002

ISBN: 9781513513591

Keywords: Real sector, Economic indicators, Balance of payments, Price indexes, Financial soundness indicators, ISCR, CR, SAMA, non-oil, Proj

Reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals rema...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2019/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513513638.002

ISBN: 9781513513638

Keywords: Real sector, Economic reforms, Tax revenue, Economic growth, Economic analysis, ISCR, CR, non-oil, Saudi economy, priority sector

Selected Issues...

A Possible Approach to Fiscal Rules in Small Islands - Incorporating Natural Disasters and Climate Change

A Possible Approach to Fiscal Rules in Small Islands - Incorporating Natural Disasters and Climate Change »

Volume/Issue: 2019/186

Series: IMF Working Papers

Author(s): Ryota Nakatani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513511047.001

ISBN: 9781513511047

Keywords: Economic stabilization, Public financial management, Fiscal policy, Economic growth, Business cycles, Fiscal Rule, Expenditure Rule, Recurrent Expenditure, Natural Disaster, Climate Change

A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertai...

Advancing Inclusive Growth in Cambodia

Advancing Inclusive Growth in Cambodia »

Volume/Issue: 2019/187

Series: IMF Working Papers

Author(s): Niels-Jakob Hansen , and Albe Gjonbalaj

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513510552.001

ISBN: 9781513510552

Keywords: National accounts, Tax revenue, Disposable income, Consumption, Employment, Inequality, Public Investment, Cambodia., WP, property taxation

We evaluate the impact of fiscal reforms on growth and inequality in Cambodia using a calibrated general equilibrium model with heterogeneous agents (Peralta-Alva et al., 2018). Over the last two decades, Cambodia'...

Credit Misallocation and Economic Growth in Vietnam

Credit Misallocation and Economic Growth in Vietnam »

Volume/Issue: 2019/189

Series: IMF Working Papers

Author(s): Mitsuru Katagiri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513511764.001

ISBN: 9781513511764

Keywords: Macroprudential policies and financial stability, Bank credit, Credit, Bank capital, Economic growth, credit misallocation, state owned enterprises, political economy, WP, SOEs

The legacy of non-performing loans and high opportunity cost of government financing of bank recapitalization impeded the efficiency of financial intermediation and are an important policy issue in Vietnam. This pa...

Reallocating Public Spending to Reduce Income Inequality: Can It Work?

Reallocating Public Spending to Reduce Income Inequality: Can It Work? »

Volume/Issue: 2019/188

Series: IMF Working Papers

Author(s): Djeneba Doumbia , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513511863.001

ISBN: 9781513511863

Keywords: Economic policy, Financial crises, Expenditure efficiency, Unemployment, Education spending, Income inequality, public spending reallocation, institutions, WP, health spend

Can a government reduce income inequality by changing the composition of public spending while keeping the total level of expenditure fixed? Using newly assembled data on spending composition for 83 countries acros...

Federated States of Micronesia
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

Federated States of Micronesia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia »

Volume/Issue: 2019/288

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513513263.002

ISBN: 9781513513263

Keywords: Real sector, Tax policy, Tax revenue, External sector, Gross domestic product, ISCR, CR, FSM, percent of GDP, CTF

The economy of the Federated States of Micronesia (FSM) has performed well in recent years, with relatively high growth and low inflation. Fiscal and current account balances have recorded large surpluses since 201...

Federated States of Micronesia
			: Climate Change Policy Assessment

Federated States of Micronesia : Climate Change Policy Assessment »

Volume/Issue: 2019/292

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513513669.002

ISBN: 9781513513669

Keywords: Economic growth, Economic analysis, Balance of payments, Sustainable development, Fiscal policy, ISCR, CR, FSM, disaster risk, GCF

This Climate Change Policy Assessment (CCPA) takes stock of the Federated States of Micronesia (FSM)'s climate response plans, from the perspective of their macroeconomic and fiscal implications. The CCPA is a join...

Niger
			: Selected Issues

Niger : Selected Issues »

Volume/Issue: 2019/240

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513513577.002

ISBN: 9781513513577

Keywords: Real sector, Tax evasion, Money laundering, Civil society, Revenue administration, SOEs, WAEMU, anti-corruption, AML, CFT

Selected Issues...

Niger
			: 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger

Niger : 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger »

Volume/Issue: 2019/239

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513513430.002

ISBN: 9781513513430

Keywords: External sector, Public financial management, Economic growth, Fiscal policy, Development, arrears, payment arrears, percent of GDP, SOEs, BCEAO

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP growth picked up to 6.5 percent last year- and should average above...

Age Limit for the Managing Director
			: Proposed Amendment of Section 14(c) of the By-Laws

Age Limit for the Managing Director : Proposed Amendment of Section 14(c) of the By-Laws »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

DOI: http://dx.doi.org/10.5089/9781513513416.007

ISBN: 9781513513416

Keywords: Retirement, Travel, Employment, Transportation, Services, PP, By-Laws, age limit, manage director, executive board

At the request of Executive Directors, and in light of the publicly announced nomination of a candidate who is over the age of sixty-five for the post of Managing Director, I am circulating the attached draft Repor...

Mali
			: Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali : Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali »

Volume/Issue: 2019/289

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513513362.002

ISBN: 9781513513362

Keywords: ISCR, CR, percent of GDP, ECF, overall balance, GDP, net lend

Mali is a low-income fragile country facing significant development challenges that have intensified due to insurgency, terrorism, and social tensions. Implementation of the 2015 peace agreement is challenging, and...

Mali
			: Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali : Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali »

Volume/Issue: 2019/289

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

DOI: http://dx.doi.org/10.5089/9781513513300.002

ISBN: 9781513513300

Keywords: Balance of payments, External sector, Fiscal policy, Economic growth, Domestic debt, ISCR, CR, percent of GDP, ECF, overall balance

Mali is a low-income fragile country facing significant development challenges that have intensified due to insurgency, terrorism, and social tensions. Implementation of the 2015 peace agreement is challenging, and...

Republic of Poland
			: Technical Assistance Report-Next Steps in Developing a Standard Chart of Accounts and Multi-year Budget

Republic of Poland : Technical Assistance Report-Next Steps in Developing a Standard Chart of Accounts and Multi-year Budget »

Volume/Issue: 2019/287

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

DOI: http://dx.doi.org/10.5089/9781513513003.002

ISBN: 9781513513003

Keywords: Fiscal policy, Budgetary policy, Social security funds, Financial statements, Public finance, ISCR, CR, MTBF, medium-term, BSR

This capacity development mission follows on two earlier missions conducted by the Fiscal Affairs Department (FAD) of the International Monetary Fund. These missions covered the development of a Standard Chart of A...

Democratic Republic of the Congo
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo

Democratic Republic of the Congo : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo »

Volume/Issue: 2019/285

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513512822.002

ISBN: 9781513512822

Keywords: External sector, Economic indicators, Central banks, Balance of payments, Financial and Monetary Sector, ISCR, CR, DRC, Congolese authority, bcc

This is the first Article IV mission to DRC since June 2015. The inauguration of President Tshisekedi in January 2019 marks the first peaceful transfer of power since independence. He has pledged to improve governa...

Democratic Republic of the Congo
			: Selected Issues

Democratic Republic of the Congo : Selected Issues »

Volume/Issue: 2019/286

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513512853.002

ISBN: 9781513512853

Keywords: Poverty, Civil society, Expenditures, Tax revenue, Fiscal sector, ISCR, CR, DRC, bcc, exploitation right

Selected Issues...

Republic of Moldova
			: Technical Assistance Report-Financial Soundness Indicators Mission

Republic of Moldova : Technical Assistance Report-Financial Soundness Indicators Mission »

Volume/Issue: 2019/284

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513512792.002

ISBN: 9781513512792

Keywords: Financial crises, Financial markets, Macroprudential policies and financial stability, Financial instruments, Financial services, ISCR, CR, NBM, DTs, OFCs

With the support of the International Monetary Fund's (IMF's) European Department (EUR), the IMF's Statistics Department (STA) conducted a financial soundness indicators (FSIs) technical assistance (TA) mission in...

Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature »

Volume/Issue: 2019/185

Series: IMF Working Papers

Author(s): Signe Krogstrup , and William Oman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513511955.001

ISBN: 9781513511955

Keywords: Financial regulation and supervision, Financial crises, Central banking and monetary issues, Economic conditions, Financial management, climate change, fiscal policy, monetary policy, financial policy, policy framework

Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role...

Maldives
			: 2001 Article IV Consultation-Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2001 Article IV Consultation-Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/279

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512433.002

ISBN: 9781513512433

Keywords: Exchange rate policy, Real effective exchange rates, Central banks, Economic growth, Real sector, ISCR, CR, fishery sector, staff team, percent change

Maldives' growth performance over the last decade has been strong, but the outlook has become more uncertain. The slowdown in growth in 2000 is likely to prove temporary and a rebound is expected in 2001 . Medium-t...

Maldives
			: 2005 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2005 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/281

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512457.002

ISBN: 9781513512457

Keywords: Balance of payments, Development, International reserves, Economic indicators, Monetary authorities, ISCR, CR, MMA, percent of GDP, overall balance

The Maldives suffered devastating damage from the December 2004 tsunami. Although human casualties were limited, damage to infrastructure was extensive, with the cost of reconstruction estimated at nearly a half of...

Maldives
			: 2002 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2002 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/280

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512440.002

ISBN: 9781513512440

Keywords: Central banks, Social indicators, Economic growth, International reserves, Development, ISCR, CR, net lend, percent of GDP, capital spend

The weak external environment continues to depress growth. Tourism and fisheries-the Maldives' economic lifelines-are slowly recovering, but have not yet regained the ground lost in 200 1. After over two decades of...

Maldives
			: 2012 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2012 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/283

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512471.002

ISBN: 9781513512471

Keywords: Real sector, External sector, Balance of payments, Fiscal sector, Financial and Monetary Sector, ISCR, CR, MMA, monetization, article IV consultation

Maldives' fiscal position is weak, and its external reserves are critically low. The country has a long history of fiscal and external imbalances. The debt ratio is above 80 percent of GDP, and deficits above 10 pe...

Maldives
			: 2007 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2007 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/282

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512464.002

ISBN: 9781513512464

Maldives has rebounded strongly from the tsunami of late 2004. GDP has grown rapidly, underpinned by a robust increase in tourist arrivals, and by construction activity pertaining to the development of new resorts....

Romania
			: 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Romania

Romania : 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Romania »

Volume/Issue: 2019/278

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513512341.002

ISBN: 9781513512341

Keywords: Economic indicators, Central banks, Financial and Monetary Sector, Balance of payments, Monetary policy, ISCR, CR, NBR, Proj, account deficit

Economic growth has remained strong, raising people's incomes towards those in advanced EU countries. However, macroeconomic imbalances have become increasingly evident: the current account and fiscal deficits have...

Optimal Macroprudential Policy and Asset Price Bubbles

Optimal Macroprudential Policy and Asset Price Bubbles »

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513511078.001

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

The Gambia
			: Technical Assistance Report-Public Investment Management Assessment

The Gambia : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2019/277

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2019

DOI: http://dx.doi.org/10.5089/9781513512211.001

ISBN: 9781513512211

Keywords: Financial management information systems, Health indicators, Treasury management, Financial indicators, Public investments, ISCR, CR, MDAs, SOEs, PPPs

The government has highlighted infrastructure development as a key element of The Gambia's National Development Plan, 2018-21. After a spurt in the early years of the millennium, public investment slowed down and s...

A Monitoring Framework for Global Financial Stability

A Monitoring Framework for Global Financial Stability »

Volume/Issue: 2019/6

Series: Staff Discussion Notes

Author(s): Tobias Adrian , Dong He , Nellie Liang , and Fabio Natalucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 August 2019

DOI: http://dx.doi.org/10.5089/9781498300339.006

ISBN: 9781498300339

Keywords: Financial stability, Macroprudential Policy, Financial crises, Real sector, Macroprudential policies and financial stability, Financial institutions, Financial markets, financial conditions, financial condition, Gar

This paper describes the conceptual framework that guides assessments of financial stability risks for multilateral surveillance, as currently presented in the Global Financial Stability Report (GFSR). The framewor...

Republic of Mozambique
			: Diagnostic Report on Transparency, Governance and Corruption

Republic of Mozambique : Diagnostic Report on Transparency, Governance and Corruption »

Volume/Issue: 2019/276

Series: IMF Staff Country Reports

Author(s): Authorities

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 August 2019

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781513512167.002

ISBN: 9781513512167

Keywords: Public sector debt service, Real interest rates, Social security funds, Revenue administration, Money laundering, SOEs, probity, control framework, anti-corruption, beneficial ownership

Mozambique's economy is at a turning point, and efforts to address governance and corruption vulnerabilities can have a lasting positive impact. The current levels of public debt have caused us to take a hard look...

Guinea
			: Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Guinea

Guinea : Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Guinea »

Volume/Issue: 2019/275

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511870.002

ISBN: 9781513511870

Keywords: Central banks, Social safety nets, Tax revenue, Public investments, Financial and Monetary Sector, arrears, ECF, percent of GDP, performance criterion, GDP

Guinea's strong growth momentum continues. Real growth is estimated at 5.8 percent in 2018 and expected at about 6 percent in 2019-20. The social context remains fragile. Social unrest, strikes and protests marred...

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2019/274

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511252.002

ISBN: 9781513511252

Keywords: Financial crises, Balance of trade, Fiscal sector, Bilateral trade, Credit, trade balance, SOEs, consumption growth, implicit guarantee, household debt

Selected Issues...

Republic of Mozambique
			: Diagnostic Report on Transparency, Governance and Corruption

Republic of Mozambique : Diagnostic Report on Transparency, Governance and Corruption »

Volume/Issue: 2019/276

Series: IMF Staff Country Reports

Author(s): Authorities

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511979.002

ISBN: 9781513511979

Keywords: Public sector debt service, Real interest rates, Social security funds, Revenue administration, Money laundering, SOEs, probity, control framework, anti-corruption, beneficial ownership

Diagnostic reports are prepared by member countries with assistance from staff of the IMF and in broad consultation with stakeholders. This document for the Republic of Mozambique is being made available on the IMF...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511740.001

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2019/274

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513511306.002

ISBN: 9781513511306

Selected Issues...

Strategy for Fintech Applications in the Pacific Island Countries

Strategy for Fintech Applications in the Pacific Island Countries »

Volume/Issue: 2019/14

Series: Departmental Papers / Policy Papers

Author(s): Sonja Davidovic , Elena Loukoianova , Cormac Sullivan , and Hervé Tourpe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

DOI: http://dx.doi.org/10.5089/9781498326735.087

ISBN: 9781498326735

Keywords: Pacific Island Countries, Financial inclusion, Financial institutions, Technological innovation, Banking, Banking regulations, Financial regulation and supervision, Financial markets, Financial management, Financial services

The Bali Fintech Agenda highlights 12 principles for policymakers to consider when formulating their approaches to new financial technology (fintech). The agenda aims to harness the potential of fintech while manag...

Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data

Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data »

Volume/Issue: 2019/182

Series: IMF Working Papers

Author(s): Erlend Nier , Radu Popa , Maral Shamloo , and Liviu Voinea

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

DOI: http://dx.doi.org/10.5089/9781513509099.001

ISBN: 9781513509099

Keywords: Interest rates on loans, Interest rates, Financial crises, Financial institutions, Macroprudential policies and financial stability, Macroprudential policy, Household credit, Romania, WP, consumer loan

We provide empirical evidence to support the calibration of a limit on household indebtedness levels, in the form of a cap on the debt-service-to-income (DSTI) ratio, in order to reduce the probability of borrower...

International Financial Connection and Stock Return Comovement

International Financial Connection and Stock Return Comovement »

Volume/Issue: 2019/181

Series: IMF Working Papers

Author(s): Sakai Ando

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

DOI: http://dx.doi.org/10.5089/9781513509822.001

ISBN: 9781513509822

Keywords: Financial statistics, Economic integration, Investment analysis, Balance of payments, Business cycles, stock return comovement, international investment position, risk-on, risk-off, WP

This paper studies whether bilateral international financial connection data help predict bilateral stock return comovement. It is shown that, when the United States is chosen as the benchmark, a larger U.S. portfo...

Crop Selection and International Differences in Aggregate Agricultural Productivity

Crop Selection and International Differences in Aggregate Agricultural Productivity »

Volume/Issue: 2019/179

Series: IMF Working Papers

Author(s): Jorge Alvarez , and Claudia Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781498326636.001

ISBN: 9781498326636

Keywords: Agricultural production, Production, Gross domestic product, Development, Employment, Productivity, Agriculture, Geography, potential yield, crop selection

A large share of cross-country differences in productivity is explained by differences in agricultural productivity. Using a combination of sub-national agricultural statistics and geospatial datasets on crop-speci...

Finding the Bad Apples in the Barrel: Using the Market Value of Equity to Signal Banking Sector Vulnerabilities

Finding the Bad Apples in the Barrel: Using the Market Value of Equity to Signal Banking Sector Vulnerabilities »

Volume/Issue: 2019/180

Series: IMF Working Papers

Author(s): Will Kerry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513511030.001

ISBN: 9781513511030

Keywords: Bank credit, Financial crises, Credit default swap contract, Central banks, Interest rates on loans, Banks, capital, leverage, market value of capital., capital ratio

This paper measures the performance of different metrics in assessing banking system vulnerabilities. It finds that metrics based on equity market valuations of bank capital are better than regulatory capital ratio...