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Regional Economic Outlook, October 2018, Middle East and Central Asia

The MCD region is exposed to tightening in global financing conditions and ongoing global trade tensions.

Regional Economic Outlook, October 2018, Western Hemisphere Department

An Uneven Recovery

Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in LAC has both moderated and become more uneven

Regional Economic Outlook, October 2018, Europe
			: Domestic Expansion Running into External Turbulence

New
Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

DOI: http://dx.doi.org/10.5089/9781484375402.086

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment and wages, remains the main engin...

Indonesia
			: Technical Assistance Report-Report on Sectoral Financial Accounts and Balance Sheets Technical Assistance Mission

New
Indonesia : Technical Assistance Report-Report on Sectoral Financial Accounts and Balance Sheets Technical Assistance Mission »

Volume/Issue: 2018/302

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2018

DOI: http://dx.doi.org/10.5089/9781484382226.002

ISBN: 9781484382226

As part of the Switzerland State Secretariat for Economic Affairs (SECO) project, a technical assistance mission visited Jakarta, Indonesia, during January 8-12, 2018, to develop the capacity to compile integrated...

Somalia
			: Technical Assistance Report-Internal Audit and Accounting Training for the Central Bank of Somalia

New
Somalia : Technical Assistance Report-Internal Audit and Accounting Training for the Central Bank of Somalia »

Volume/Issue: 2018/293

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2018

DOI: http://dx.doi.org/10.5089/9781484381090.002

ISBN: 9781484381090

Keywords: Technical assistance missions, Internal audit, Accounting, Technical Assistance Reports

This was the first mission in a series designed to assist the Central Bank of Somalia (CBS) in its development of formal frameworks and professional practices for internal audit and accounting and bring them toward...

Bhutan
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bhutan

New
Bhutan : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bhutan »

Volume/Issue: 2018/300

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2018

DOI: http://dx.doi.org/10.5089/9781484382073.002

ISBN: 9781484382073

Bhutan has made significant strides in improving per capita incomes and reducing poverty, with growth strong and inflation in single digits. While still large, external imbalances are declining. Welcome progress ha...

Former Yugoslav Republic of Macedonia
			: Fiscal Transparency Evaluation

New
Former Yugoslav Republic of Macedonia : Fiscal Transparency Evaluation »

Volume/Issue: 2018/299

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 October 2018

DOI: http://dx.doi.org/10.5089/9781484381984.002

ISBN: 9781484381984

Macedonia is making a concerted effort to enhance its fiscal transparency practices. The government has placed improving the quality and transparency of public institutions at the core of its 2018-21 Public Financi...

Argentina
			: Stand-By Arrangement-Review under the Emergency Financing Mechanism

New
Argentina : Stand-By Arrangement-Review under the Emergency Financing Mechanism »

Volume/Issue: 2018/298

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2018

DOI: http://dx.doi.org/10.5089/9781484381939.002

ISBN: 9781484381939

Preliminary data suggests that all the performance criteria and structural benchmark for end-June are likely to be met, although end-of-June inflation was above the inner band of the consultation clause reflecting...

Argentina
			: First Review under the Stand-By Arrangement; Inflation Consultation; Financing Assurances Review; and Request for Rephasing, Augmentation, Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Staff Supplement

New
Argentina : First Review under the Stand-By Arrangement; Inflation Consultation; Financing Assurances Review; and Request for Rephasing, Augmentation, Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Staff Supplement »

Volume/Issue: 2018/297

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2018

DOI: http://dx.doi.org/10.5089/9781484381724.002

ISBN: 9781484381724

The first review under the SBA is taking place in the context of turbulent market conditions, a stronger-than expected decline in activity, and an inability of the central bank to anchor inflation expectations. Dat...

Regional Economic Outlook, October 2018, Middle East and Central Asia

New
Regional Economic Outlook, October 2018, Middle East and Central Asia »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 October 2018

DOI: http://dx.doi.org/10.5089/9781484375389.086

ISBN: 9781484375389

Keywords: Regional Economic Outlook, Middle East and Central Asia, economic outlook, economic growth, global trade tensions, oil-importing countries, oil-exporting countries

As in other regions in the world, countries in MENAP and CCA regions are exposed to tightening in global financing conditions and ongoing global trade tensions. The former has already begun to impact several emergi...

Dominican Republic
			: 2018 Article IV Consultation-Press Release and Staff Report

New
Dominican Republic : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/294

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 October 2018

DOI: http://dx.doi.org/10.5089/9781484381243.002

ISBN: 9781484381243

2018 will mark 15 years since the start of the 2003-04 financial crisis. Reforms put in place following the crisis have contributed to strong economic performance over the past decade and a restoration of external...

Kenya
			: Staff Report for the 2018 Article IV Consultation and Establishment of Performance Criteria for the Second Review Under the Stand-by Arrangement

New
Kenya : Staff Report for the 2018 Article IV Consultation and Establishment of Performance Criteria for the Second Review Under the Stand-by Arrangement »

Volume/Issue: 2018/295

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2018

DOI: http://dx.doi.org/10.5089/9781484381311.002

ISBN: 9781484381311

Kenya has enjoyed strong growth in recent years and external imbalances have narrowed, strengthening resilience to shocks. The business environment continues to improve, supporting private investment. However, a se...

Kenya
			: Selected Issues

New
Kenya : Selected Issues »

Volume/Issue: 2018/296

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2018

DOI: http://dx.doi.org/10.5089/9781484381342.002

ISBN: 9781484381342

Selected Issues...

Bosnia and Herzegovina
			: Technical Assistance Report-Government Finance Statistics Technical Assistance Mission

New
Bosnia and Herzegovina : Technical Assistance Report-Government Finance Statistics Technical Assistance Mission »

Volume/Issue: 2018/292

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2018

DOI: http://dx.doi.org/10.5089/9781484380864.002

ISBN: 9781484380864

Keywords: Bosnia and Herzegovina, Europe

In the framework of the second phase of the Swiss State Secretariat of Economic Affairs (SECO)-government finance statistics (GFS) capacity building project, a technical assistance (TA) mission on GFS visited Saraj...

How to Control the Fiscal Costs of Public-Private Partnerships

New
How to Control the Fiscal Costs of Public-Private Partnerships »

Volume: 18

Series: IMF How To Notes

Author(s): Timothy Irwin , Samah Mazraani , and Sandeep Saxena

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2018

DOI: http://dx.doi.org/10.5089/9781484380925.061

ISBN: 9781484380925

Keywords: Fiscal risk, Fiscal sustainability, Fiscal policy, Fiscal management, Risk management, Fiscal rules, Accounting for Public-Private Partnerships (PPPs), Public services, Public-private partnership, Fiscal rules and institutions

This note discusses what finance ministries can do to ensure that public-private partnerships (PPPs) are used wisely. By inviting private participation in infrastructure development and service provision, PPPs can...

Regional Economic Outlook, October 2018, Western Hemisphere Department
			: An Uneven Recovery

Regional Economic Outlook, October 2018, Western Hemisphere Department : An Uneven Recovery »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2018

DOI: http://dx.doi.org/10.5089/9781484375365.086

ISBN: 9781484375365

Keywords: Regional Economic Outlook, Western Hemisphere, economic outlook, economic growth, Latin America and the Caribbean, labor markets, trade, oil prices, structural reforms

Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean has both moderated and become more uneven....

Regional Economic Outlook, October 2018, Western Hemisphere Department
			: An Uneven Recovery

Regional Economic Outlook, October 2018, Western Hemisphere Department : An Uneven Recovery »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2018

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484376843.086

ISBN: 9781484376843

Keywords: Western Hemisphere, Regional Economic Outlook, economic outlook, economic growth, Latin America and the Caribbean, labor markets, trade, oil prices, structural reforms

Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean has both moderated and become more uneven....

Regional Economic Outlook, October 2018, Asia Pacific
			: Asia at the Forefront: Growth Challenges for the Next Decade and Beyond

Regional Economic Outlook, October 2018, Asia Pacific : Asia at the Forefront: Growth Challenges for the Next Decade and Beyond »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2018

DOI: http://dx.doi.org/10.5089/9781484375419.086

ISBN: 9781484375419

Keywords: Asia and Pacific, Regional Economic Outlook, economic outlook, economic growth, Asia and Pacific, trade tariffs, digital revolution

Growth in the first half of 2018 was softer than in 2017, especially in advanced economies. In contrast, growth remained robust in emerging market economies and broadly in line with expectations. After rising to 6....

Regional Economic Outlook, October 2018, Sub-Saharan Africa
			: Capital Flows and The Future of Work

Regional Economic Outlook, October 2018, Sub-Saharan Africa : Capital Flows and The Future of Work »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2018

DOI: http://dx.doi.org/10.5089/9781484375396.086

ISBN: 9781484375396

Keywords: Sub-Saharan Africa, Regional Economic Outlook, sub-Saharan Africa, economic outlook, economic growth, public debt, downside risks, capital flows, automation, job creation

The macroeconomic outlook for sub-Saharan Africa continues to strengthen. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive exte...

Regional Economic Outlook, October 2018, Sub-Saharan Africa
			: Capital Flows and The Future of Work

Regional Economic Outlook, October 2018, Sub-Saharan Africa : Capital Flows and The Future of Work »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2018

Language: French

DOI: http://dx.doi.org/10.5089/9781484376874.086

ISBN: 9781484376874

Keywords: Regional Economic Outlook, Sub-Saharan Africa, economic outlook, economic growth, public debt, downside risks, capital flows, automation, job creation

The macroeconomic outlook for sub-Saharan Africa continues to strengthen. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive exte...

Global Financial Stability Report, October 2018
			: A Decade after the Global Financial Crisis: Are We Safer?

Global Financial Stability Report, October 2018 : A Decade after the Global Financial Crisis: Are We Safer? »

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2018

DOI: http://dx.doi.org/10.5089/9781484375594.082

ISBN: 9781484375594

Keywords: Financial stability, Global Financial Stability Report, Global Financial Stability Reports, Global Financial Stability Risks, International financial stability, global financial crisis

In the 10 years since the global financial crisis, regulatory frameworks have been enhanced and the banking system has become stronger, but new vulnerabilities have emerged, and the resilience of the global financi...

Fiscal Monitor, October 2018
			: Managing Public Wealth

Fiscal Monitor, October 2018 : Managing Public Wealth »

Series: Fiscal Monitor

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2018

DOI: http://dx.doi.org/10.5089/9781484367612.089

ISBN: 9781484367612

Keywords: Public sector, Balance sheets, balance sheet; public wealth; liquid assets; net (financial) worth; public sector; gross debt

Public sector balance sheets provide the most comprehensive picture of public wealth. They bring together all the accumulated assets and liabilities that the government controls, including public corporations, natu...

World Economic Outlook, October 2018
			: Challenges to Steady Growth

World Economic Outlook, October 2018 : Challenges to Steady Growth »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 October 2018

DOI: http://dx.doi.org/10.5089/9781484376799.081

ISBN: 9781484376799

Keywords: Inflation rates, Inflation, Inflation targeting, Inflation research, Inflation risk, Global Financial Crisis 2008-2009, Gross domestric product growth, Output growth, Global Financial Stability Risks, International trade

Global growth for 2018-19 is projected to remain steady at its 2017 level, but its pace is less vigorous than projected in April and it has become less balanced. Downside risks to global growth have risen in the pa...

Economic Gains From Gender Inclusion
			: New Mechanisms, New Evidence

Economic Gains From Gender Inclusion : New Mechanisms, New Evidence »

Volume/Issue: 2018/6

Series: Staff Discussion Notes

Author(s): Jonathan Ostry , Jorge Alvarez , Raphael Espinoza , and Chris Papageorgiou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 October 2018

DOI: http://dx.doi.org/10.5089/9781484337127.006

ISBN: 9781484337127

Keywords: Labor force participation, Gender, Diversity, Gender Diversity; Female Labor Force Participation; Production Function; Structural Transformation

While progress has been made in increasing female labor force participation (FLFP) in the last 20 years, large gaps remain. The latest Fund research shows that improving gender diversity can result in larger econom...

Structural Reform Priorities for Brazil

Structural Reform Priorities for Brazil »

Volume/Issue: 2018/224

Series: IMF Working Papers

Author(s): Nina Biljanovska , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484376331.001

ISBN: 9781484376331

Keywords: Structural reforms, Brazil, political economy.

Over the last few decades, Brazil has experienced relatively weak economic growth due to stagnant productivity. To boost productivity, Brazil should embark on an ambitious structural reform process. In doing so, it...

Rightsizing Brazil's Public-Sector Wage Bill

Rightsizing Brazil's Public-Sector Wage Bill »

Volume/Issue: 2018/225

Series: IMF Working Papers

Author(s): Izabela Karpowicz , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484374924.001

ISBN: 9781484374924

Keywords: wage bill, employee compensation, public spending, fiscal rules

Brazil's public-sector wage bill is comparatively high. It grows inertially and competes with other spending. Rightsizing the wage bill could stimulate administrative efficiency and bring more equity into a system...

Gender, Technology, and the Future of Work

Gender, Technology, and the Future of Work »

Volume/Issue: 2018/7

Series: Staff Discussion Notes

Author(s): Mariya Brussevich , Era Dabla-Norris , Christine Kamunge , Pooja Karnane , Salma Khalid , and Kalpana Kochhar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484379769.006

ISBN: 9781484379769

Keywords: Office automation, Technological change, Gender, Labor, Gender equality, Labor force participation, Automation; Technological Change; Jobs; Female Labor Force; Occupational Choice; Gender Equality

New technologies?digitalization, artificial intelligence, and machine learning?are changing the way work gets done at an unprecedented rate. Helping people adapt to a fast-changing world of work and ameliorating it...

Tunisia
			: Fourth Review Under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Tunisia

Tunisia : Fourth Review Under the Extended Fund Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Tunisia »

Volume/Issue: 2018/291

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484380314.002

ISBN: 9781484380314

Keywords: Middle East, Tunisia

The recovery continues in a difficult environment. The recovery has proceeded broadly as expected in the Third Review, notwithstanding elevated socio-political tensions and a further increase in oil prices. Growth...

Challenges for Central Banking
			: Perspectives from Latin America

Challenges for Central Banking : Perspectives from Latin America »

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: China Financial Publishing House (CFPH)

Publication Date: 05 October 2018

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504994806.071

ISBN: 9787504994806

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central ban...

Barbados
			: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Barbados

Barbados : Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Barbados »

Volume/Issue: 2018/290

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2018

DOI: http://dx.doi.org/10.5089/9781484378786.002

ISBN: 9781484378786

Keywords: Barbados

The key objectives of the program are to restore macroeconomic and debt sustainability, address falling reserves, and increase growth. The new government, which took office in late May, has committed to fiscal cons...

The Future of Asian Finance

The Future of Asian Finance »

Series: Books

Author(s): Ratna Sahay , Cheng Lim , Chikahisa Sumi , James Walsh , and Jerald Schiff

Publisher: China Financial Publishing House (CFPH)

Publication Date: 04 October 2018

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504991973.071

ISBN: 9787504991973

Keywords: bond, markets, investment, market, financial crisis

Asia's financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region's economies, including demographics and...

Republic of Moldova
			: Technical Assistance Report-Public Sector Debt Statistics

Republic of Moldova : Technical Assistance Report-Public Sector Debt Statistics »

Volume/Issue: 2018/281

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2018

DOI: http://dx.doi.org/10.5089/9781484377321.002

ISBN: 9781484377321

Keywords: Republic of Moldova

In response to a request from the European Department, a Public-Sector Debt Statistics (PSDS) technical assistance (TA) mission was conducted in Chisinau during April 2-6, 2018. With the objective of improving Mold...

Mexico
			: Fiscal Transparency Evaluation

Mexico : Fiscal Transparency Evaluation »

Volume/Issue: 2018/289

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2018

DOI: http://dx.doi.org/10.5089/9781484379820.002

ISBN: 9781484379820

Keywords: Mexico, Western Hemisphere

This report assesses Mexico's fiscal transparency practices against the IMF's Fiscal Transparency Code (FTC), including the draft pillar on resource revenue management. Mexico scores relatively well when compared t...

Kingdom of Lesotho
			: Technical Assistance Report-Government Finance Statistics

Kingdom of Lesotho : Technical Assistance Report-Government Finance Statistics »

Volume/Issue: 2018/282

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2018

DOI: http://dx.doi.org/10.5089/9781484377406.002

ISBN: 9781484377406

Keywords: Kingdom of Lesotho

In response to a request from the authorities and as part of the United Kingdom's Department for International Development (DFID) Enhanced Data Dissemination Initiative (EDDI) 2 project, a Government Finance Statis...

Georgia
			: Technical Assistance Report-Report on the Producer Price Index and Residential Property Price Index Mission

Georgia : Technical Assistance Report-Report on the Producer Price Index and Residential Property Price Index Mission »

Volume/Issue: 2018/288

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2018

DOI: http://dx.doi.org/10.5089/9781484378694.002

ISBN: 9781484378694

Keywords: Georgia

The purpose of the mission was to assist the National Statistics Office (Geostat) in developing a residential property price index (RPPI) and expanding coverage of the producer price index (PPI). The mission visite...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484373460.011

ISBN: 9781484373460

Keywords: Financial safety nets, Environmentally sustainable development, Poverty and inequality, Income inequality, Productivity, Debt management, Sustainable development, Corruption, Sustainable Development Goals (SDG), Commodities

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781484373477.011

ISBN: 9781484373477

Keywords: trade, growth, inclusive growth, inequality, surveillance, Article IV consultation, bilateral surveillance, multilateral surveillance, policy advice, data

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: Japanese

DOI: http://dx.doi.org/10.5089/9781484373507.011

ISBN: 9781484373507

Keywords: trade, growth, inclusive growth, inequality, surveillance, Article IV consultation, bilateral surveillance, multilateral surveillance, policy advice, data

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: Russian

DOI: http://dx.doi.org/10.5089/9781484373521.011

ISBN: 9781484373521

Keywords: trade, growth, inclusive growth, inequality, surveillance, Article IV consultation, bilateral surveillance, multilateral surveillance, policy advice, data

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: French

DOI: http://dx.doi.org/10.5089/9781484373484.011

ISBN: 9781484373484

Keywords: trade, growth, inclusive growth, inequality, surveillance, Article IV consultation, bilateral surveillance, multilateral surveillance, policy advice, data

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: German

DOI: http://dx.doi.org/10.5089/9781484373491.011

ISBN: 9781484373491

Keywords: trade, growth, inclusive growth, inequality, surveillance, Article IV consultation, bilateral surveillance, multilateral surveillance, policy advice, data

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

International Monetary Fund Annual Report 2018
			: Building a Shared Future

International Monetary Fund Annual Report 2018 : Building a Shared Future »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484373514.011

ISBN: 9781484373514

Keywords: trade, growth, inclusive growth, inequality, surveillance, Article IV consultation, bilateral surveillance, multilateral surveillance, policy advice, data

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused...

Business Cycle with Bank Intermediation in Oil Economies

Business Cycle with Bank Intermediation in Oil Economies »

Volume/Issue: 2018/999

Series: IMF Working Papers

Author(s): Hamid Tabarraei , Hamed Ghiaie , and Asghar Shahmoradi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

DOI: http://dx.doi.org/10.5089/9781484377727.001

ISBN: 9781484377727

Keywords: Banking, Financial crises, Central banks and their policies, Oil-exporting countries, Oil-Reserve Fund, DSGE, Financial Markets and the Macroeconomy, General

The structural model in this paper proposes a micro-founded framework that incorporates an active banking sector with an oil-producing sector. The primary goal of adding a banking sector is to examine the role of a...

International Monetary Fund Annual Report 2018

International Monetary Fund Annual Report 2018 »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

DOI: http://dx.doi.org/10.5089/9781484373453.011

ISBN: 9781484373453

International Monetary Fund Annual Report 2018...

The ASEAN Way
			: Sustaining Growth and Stability

The ASEAN Way : Sustaining Growth and Stability »

Series: Books

Author(s): Ana Corbacho , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2018

DOI: http://dx.doi.org/10.5089/9781513558905.071

ISBN: 9781513558905

Keywords: Association of Southeast Asian Nations (ASEAN), ASEAN, ASEAN-5

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN­5, with particular focus on changes since the Asian financial crisis and the more recent period of unconve...

International Financial Statistics, October 2018

International Financial Statistics, October 2018 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2018

DOI: http://dx.doi.org/10.5089/9781484354179.041

ISBN: 9781484354179

International Financial Statistics, Database & Browser, October 2018...

Excerpt: The ASEAN Way
			: Sustaining Growth and Stability

Excerpt: The ASEAN Way : Sustaining Growth and Stability »

Series: Miscellaneous Publication (Other)

Author(s): Ana Corbacho , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2018

Language: ind

DOI: http://dx.doi.org/10.5089/MCASEAN5IAEX.073

ISBN: MCASEAN5IAEX

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN­5, with particular focus on changes since the AFC and the more recent period of unconventional monetary po...

Excerpt: Brazil-Boom, Bust and Road to Recovery

Excerpt: Brazil-Boom, Bust and Road to Recovery »

Series: Miscellaneous Publication (Other)

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2018

DOI: http://dx.doi.org/10.5089/BBBRREAEX.073

ISBN: BBBRREAEX

A collection of IMF and external research on Brazil's successful growth performance and rapid reductions in poverty and inequality in the decade preceding the global financial crisis, and the equally sharp reversal...

Sectoral Booms and Misallocation of Managerial Talent: Evidence from the Chinese Real Estate Boom

Sectoral Booms and Misallocation of Managerial Talent: Evidence from the Chinese Real Estate Boom »

Volume/Issue: 2018/221

Series: IMF Working Papers

Author(s): Yu Shi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378465.001

ISBN: 9781484378465

Keywords: Real estate boom, misallocation, aggregate productivity

This paper identifies a new mechanism leading to inefficiency in capital reallocation at the extensive margin when an economy experiences a sectoral boom. I argue that imperfections in the financial market and capi...

No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect

No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect »

Volume/Issue: 2018/213

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Nicolas Magud , and Juan Yepez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378236.001

ISBN: 9781484378236

Keywords: Exchange rate regime, expenditure switching, terms-of-trade, external adjustment.

Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms...

Who Creates New Firms When Local Opportunities Arise?

Who Creates New Firms When Local Opportunities Arise? »

Volume/Issue: 2018/215

Series: IMF Working Papers

Author(s): Shai Bernstein , Emanuele Colonnelli , Davide Malacrino , and Tim McQuade

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484377833.001

ISBN: 9781484377833

Keywords: Brazil, Commodities, Western Hemisphere, Entrepreneurship, Firms, Financial Development

New firm formation is a critical driver of job creation, and an important contributor to the responsiveness of the economy to aggregate shocks. In this paper we examine the characteristics of the individuals who be...

What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure

What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure »

Volume/Issue: 2018/211

Series: IMF Working Papers

Author(s): Tim Willems

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378229.001

ISBN: 9781484378229

Keywords: Output, Inflation, Monetary policy, Monetary Policy (Targets, Instruments, and Effects)

As the 'Volcker shock' is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach...

The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment

The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment »

Volume/Issue: 2018/218

Series: IMF Working Papers

Author(s): Nazim Belhocine , Daniel Garcia-Macia , and José Garrido

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378427.001

ISBN: 9781484378427

Keywords: Italy, Europe, special insolvency regime, extraordinary administration, bankruptcy of large enterprises, Corporation and Securities Law

The modernization of Italy's insolvency framework has been the subject of much interest in recent years, related not least to its role in potentially facilitating an efficient allocation of resources. A unique feat...

Technology and the Future of Work

Technology and the Future of Work »

Volume/Issue: 2018/207

Series: IMF Working Papers

Author(s): Adrian Peralta-Alva , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484374979.001

ISBN: 9781484374979

Keywords: Unemployment, Employment, Technological innovation, Labor markets, Income distribution, Technology, Aggregate Factor Income Distribution, Forecasting and Simulation, General

This paper uses a DSGE model to simulate the impact of technological change on labor markets and income distribution. It finds that technological advances offers prospects for stronger productivity and growth, but...

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature »

Volume/Issue: 2018/214

Series: IMF Working Papers

Author(s): Swarnali Ahmed Hannan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378281.001

ISBN: 9781484378281

Keywords: Emerging markets, Keywords: Capital flows, push and pull factors, literature survey, Capital flows, General

This paper documents the evolution of gross and net capital flows to emerging market economies and surveys the large literature on the potential drivers. While the capital flow landscape has been shaped by the evol...

Rethinking Development Policy: Deindustrialization, Servicification and Structural Transformation

Rethinking Development Policy: Deindustrialization, Servicification and Structural Transformation »

Volume/Issue: 2018/223

Series: IMF Working Papers

Author(s): Manoj Atolia , Prakash Loungani , Milton Marquis , and Chris Papageorgiou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484377499.001

ISBN: 9781484377499

Keywords: Africa, Development policies, structural transformation, premature deindustrialization, middle-income trap, push factors, growth diagnostics, Macroeconomic Analyses of Economic Development, General, Institutions and Growth

This paper takes a fresh look at the current theories of structural transformation and the role of private and public fundamentals in the process. It summarizes some representative past and current experiences of v...

Macroeconomic Effects of Tax Rate and Base Changes: Evidence from Fiscal Consolidations

Macroeconomic Effects of Tax Rate and Base Changes: Evidence from Fiscal Consolidations »

Volume/Issue: 2018/220

Series: IMF Working Papers

Author(s): Era Dabla-Norris , and Frederico Lima

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484377451.001

ISBN: 9781484377451

Keywords: tax base, tax rate, narrative dataset, tax multipliers, Personal Income and Other Nonbusiness Taxes and Subsidies, Business Taxes and Subsidies, General, International, or Comparative

This paper examines the macroeconomic effects of tax changes during fiscal consolidations. We build a new narrative dataset of tax changes during fiscal consolidation years, containing detailed information on the e...

House Price Synchronization and Financial Openness: A Dynamic Factor Model Approach

House Price Synchronization and Financial Openness: A Dynamic Factor Model Approach »

Volume/Issue: 2018/209

Series: IMF Working Papers

Author(s): Mitsuru Katagiri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378243.001

ISBN: 9781484378243

Keywords: International financial markets, Housing price, Dynamic factor model, Financial openness, Financial Aspects of Economic Integration

This paper investigates the developments in house price synchronization across countries by a dynamic factor model using a country- and city-level dataset, and examines what drives the synchronization. The empirica...

China's Local Government Bond Market

China's Local Government Bond Market »

Volume/Issue: 2018/219

Series: IMF Working Papers

Author(s): W. Raphael Lam , and Jingsen Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378410.001

ISBN: 9781484378410

Keywords: Asia and Pacific, China; Local Government; Subnational fiscal balance; bond market, China, Local Government, Subnational fiscal balance, bond market, Other, General, State and Local Borrowing, Government Policy and Regulation

Local governments play a significant role in China's public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. Ho...

China's Capacity Reduction Reform and Its Impact on Producer Prices

China's Capacity Reduction Reform and Its Impact on Producer Prices »

Volume/Issue: 2018/216

Series: IMF Working Papers

Author(s): Linxi Chen , Ding Ding , and Rui Mano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484375914.001

ISBN: 9781484375914

Keywords: China, Asia and Pacific, capacity reduction, supply-side structural reforms, producer price index, Time-Series Models, Studies of Particular Policy Episodes

In late 2015, the Chinese authorities launched a policy to reduce capacity in the coal and steel industries under the wider effort of Supply-Side Structural Reforms. Around the same time, producer price inflation i...

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank »

Volume/Issue: 2018/210

Series: IMF Working Papers

Author(s): Rania Al-Mashat , Ales Bulir , N. Nergiz Dinçer , Tibor Hlédik , Tomás Holub , Asya Kostanyan , Douglas Laxton , Armen Nurbekyan , Rafael Portillo , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484374832.001

ISBN: 9781484374832

Keywords: Central banks, Czech Republic, Europe, Inflation targeting, Monetary policy, Transparency, General

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-ta...

Financial Inclusion Under the Microscope

Financial Inclusion Under the Microscope »

Volume/Issue: 2018/208

Series: IMF Working Papers

Author(s): Sumit Agarwal , Thomas Kigabo , Camelia Minoiu , Andrea Presbitero , and Andre Silva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484376362.001

ISBN: 9781484376362

Keywords: Financial inclusion, microfinance, loan expansion program, credit reference bureau

We examine the impact of a large-scale microcredit expansion program on access to finance and the transition of first-time borrowers from microfinance institutions to the formal banking sector. Using administrative...

The Effects of Higher Bank Capital Requirements on Credit in Peru

The Effects of Higher Bank Capital Requirements on Credit in Peru »

Volume/Issue: 2018/222

Series: IMF Working Papers

Author(s): Xiang Fang , David Jutrsa , Maria Martinez Peria , Andrea Presbitero , Lev Ratnovski , and Felix Vardy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378366.001

ISBN: 9781484378366

Keywords: bank credit, bank regulation, capital requirements

This paper offers novel evidence on the impact of raising bank capital requirements in the context of an emerging market: Peru. Using quarterly bank-level data and exploiting the adoption of bank-specific capital b...

Direction of Trade Statistics, September 2018

Direction of Trade Statistics, September 2018 »

Series: Direction of Trade Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484354360.042

ISBN: 9781484354360

Direction of Trade Statistics, September 2018...

Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures

Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures »

Volume/Issue: 2018/217

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Haonan Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378328.001

ISBN: 9781484378328

Keywords: Cross-Border Banking Flows, Macroprudential Policies, Capital Controls

We analyze the joint impact of macroprudential and capital control measures on cross-border banking flows, while controlling for multidimensional aspects in lender-and-borrower-relationships (e.g., distance, cultur...

Closing Gender Gaps in India: Does Increasing Womens' Access to Finance Help?

Closing Gender Gaps in India: Does Increasing Womens' Access to Finance Help? »

Volume/Issue: 2018/212

Series: IMF Working Papers

Author(s): Purva Khera

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484377468.001

ISBN: 9781484377468

Keywords: gender inequality, informality, DSGE, Indian economy, Bayesian estimation

Gender gaps in womens' economic opportunities-labor market and entrepreneurship-have remained high in India. Lack of adequate collateral limits women entrepreneurs' ability to access formal finance, leaving them to...

Philippines
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines

Philippines : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines »

Volume/Issue: 2018/287

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2018

DOI: http://dx.doi.org/10.5089/9781484378588.002

ISBN: 9781484378588

Keywords: Asia and Pacific, Philippines

The Philippines economy continues to do well but is facing new challenges from rising inflation and a less benign external environment, in addition to persistent poverty and inequality. The new environment requires...

Malta
			: Technical Assistance Report-Fiscal Transparency Evaluation

Malta : Technical Assistance Report-Fiscal Transparency Evaluation »

Volume/Issue: 2018/284

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2018

DOI: http://dx.doi.org/10.5089/9781484378076.002

ISBN: 9781484378076

Keywords: Europe, Malta

Malta meets a large number of the principles of the Fiscal Transparency Code at good or advanced level. Based on the assessment made in this report, Malta meets the good or advanced practice on 21 out of 35 princip...

Trinidad and Tobago
			: Selected Issues

Trinidad and Tobago : Selected Issues »

Volume/Issue: 2018/286

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2018

DOI: http://dx.doi.org/10.5089/9781484378182.002

ISBN: 9781484378182

Keywords: Western Hemisphere, Selected issues, Trinidad and Tobago

Selected Issues...

Trinidad and Tobago
			: 2018 Article IV Consultation-Press Release and Staff Report

Trinidad and Tobago : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/285

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2018

DOI: http://dx.doi.org/10.5089/9781484378120.002

ISBN: 9781484378120

Keywords: Western Hemisphere, Trinidad and Tobago

The economy is slowly recovering from a prolonged recession driven by energy supply shocks and low energy prices. With signs of improvement in the energy sector growth from the second half of 2017, the economy is e...

Coordinated Portfolio Investment Survey Guide (Third Edition)

Coordinated Portfolio Investment Survey Guide (Third Edition) »

Series: Manuals & Guides

Author(s): Venkat Josyula

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2018

DOI: http://dx.doi.org/10.5089/9781484331897.069

ISBN: 9781484331897

Keywords: Manuals & Guides

This third edition of the Coordinated Portfolio Investment Survey Guide has been prepared to assist economies that participate or are preparing to participate in the Coordinated Portfolio Investment Survey (CPIS)....

Financial Inclusion in Asia-Pacific

Financial Inclusion in Asia-Pacific »

Volume/Issue: 2018/17

Series: Departmental Papers / Policy Papers

Author(s): Elena Loukoianova , Yongzheng Yang , Si Guo , Leni Hunter , Sarwat Jahan , Fazurin Jamaludin , and Johanna Schauer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2018

DOI: http://dx.doi.org/10.5089/9781484371015.087

ISBN: 9781484371015

Keywords: Financial inclusion, Financial institutions, Financial services industry, Poor, financial inclusion, macroeconomic policymaking, fintech, Asia, Asia Pacific, Pacific

Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban popul...

Norway
			: Selected Issues

Norway : Selected Issues »

Volume/Issue: 2018/280

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2018

DOI: http://dx.doi.org/10.5089/9781484377109.002

ISBN: 9781484377109

Keywords: Norway, Europe

Selected Issues...

Norway
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway

Norway : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway »

Volume/Issue: 2018/279

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2018

DOI: http://dx.doi.org/10.5089/9781484377055.002

ISBN: 9781484377055

Keywords: Europe, Norway

Norway is in the midst of a healthy recovery from the 2015-16 oil-driven downturn. After growing by 1.9 percent in 2017, mainland economic activity is expected to accelerate further and to grow by about 21/2 percen...

Women in Finance: A Case for Closing Gaps

Women in Finance: A Case for Closing Gaps »

Volume/Issue: 2018/5

Series: Staff Discussion Notes

Author(s): Ratna Sahay , and Martin Cihak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2018

DOI: http://dx.doi.org/10.5089/9781484375907.006

ISBN: 9781484375907

Keywords: Bank supervision, Banking, Economic growth, Financial stability, Gender equality, Gender, Financial inclusion, Boards of Directors

Women are underrepresented at all levels of the global financial system, from depositors and borrowers to bank board members and regulators. A new study at the IMF finds that greater inclusion of women as users, p...

Systemic Banking Crises Revisited

Systemic Banking Crises Revisited »

Volume/Issue: 2018/206

Series: IMF Working Papers

Author(s): Luc Laeven , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2018

DOI: http://dx.doi.org/10.5089/9781484376379.001

ISBN: 9781484376379

Keywords: banking crisis; financial crisis; bank restructuring; crisis resolution, banking crisis, financial crisis, bank restructuring, crisis resolution, General

This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes inf...

Republic of Kazakhstan
			: Selected Issues

Republic of Kazakhstan : Selected Issues »

Volume/Issue: 2018/278

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2018

DOI: http://dx.doi.org/10.5089/9781484376959.002

ISBN: 9781484376959

Keywords: Middle East, Kazakhstan

Selected Issues...

Republic of Kazakhstan
			: 2018 Article IV Consultation-Press Release; and Staff Report

Republic of Kazakhstan : 2018 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2018/277

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2018

DOI: http://dx.doi.org/10.5089/9781484376881.002

ISBN: 9781484376881

Keywords: Kazakhstan, Middle East

Recovery is gaining strength, while inflation has been declining and the tenge has continued to float. Export growth-driven by oil, metals, and mining-has reduced the current account deficit. State support to banks...

Estimating the Corporate Income Tax Gap
			: The RA-GAP Methodology

Estimating the Corporate Income Tax Gap : The RA-GAP Methodology »

Volume: 18

Series: Technical Notes and Manuals

Author(s): Junji Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2018

DOI: http://dx.doi.org/10.5089/9781484357224.001

ISBN: 9781484357224

Keywords: Tax evasion, Tax evasion, Tax compliance, Tax Gap, Corporate Income Tax, General, Business Taxes and Subsidies

The IMF Fiscal Affairs Department's Revenue Administration Gap Analysis Program (RA-GAP) aims to provide a quantitative analysis of the tax gap between potential revenues and actual collections, and this technical...

The Fiscal Cost of Conflict: Evidence from Afghanistan 2005-2016

The Fiscal Cost of Conflict: Evidence from Afghanistan 2005-2016 »

Volume/Issue: 2018/204

Series: IMF Working Papers

Author(s): Philip Barrett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484374931.001

ISBN: 9781484374931

Keywords: Fiscal policy, Middle East, Afghanistan, Islamic Republic of, conflict, peace dividend, AfghanistanI, Afghanistan, Structure and Scope of Government, Illegal Behavior and the Enforcement of Law

I use a monthly panel of provincially-collected central government revenues and conflict fatalities to estimate government revenues lost due to conflict in Afghanistan since 2005. I identify causal effects by instr...

Managing Reductions in Aid Inflows: Assessing Policy Choices in Haiti

Managing Reductions in Aid Inflows: Assessing Policy Choices in Haiti »

Volume/Issue: 2018/198

Series: IMF Working Papers

Author(s): Ioana Moldovan , Marina Rousset , and Chris Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484370322.001

ISBN: 9781484370322

Keywords: Capital inflows, Fiscal policy, Haiti, Low-income developing countries, Monetary policy, Public investment, Foreign aid, General equilibrium models, International reserves, Central banks and their policies

A low-income country such as Haiti that confronts an environment of diminishing aid inflows must assess tradeoffs among the available policy options: spending cuts, monetization, sales of debt, or use of foreign re...

Macroprudential Stress Tests and Policies: Searching for Robust and Implementable Frameworks

Macroprudential Stress Tests and Policies: Searching for Robust and Implementable Frameworks »

Volume/Issue: 2018/197

Series: IMF Working Papers

Author(s): Ron Anderson , Jon Danielsson , Chikako Baba , Udaibir Das , Heedon Kang , and Miguel Segoviano Basurto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484375839.001

ISBN: 9781484375839

Keywords: Financial crises, Systemic risk, Macroprudential Policy, Financial stability, Macroprudential Stress testing, Asset Pricing, Financial Markets and the Macroeconomy, Bayesian Analysis, Semiparametric and Nonparametric Methods, Cross-Sectional Models

Macroprudential stress testing (MaPST) is becoming firmly embedded in the post-crisis policy-frameworks of financial-sectors around the world. MaPSTs can offer quantitative, forward-looking assessments of the resil...

Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions

Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions »

Volume/Issue: 2018/201

Series: IMF Working Papers

Author(s): Inutu Lukonga

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484374900.001

ISBN: 9781484374900

Keywords: Fintech, Cyber Risks, Financial Stability, Inclusive Growth and Financial Inclusion, Inclusive Growth and Cyber Risks: A Focus on the MENAP and CCA Regions

Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limi...

External Audit Arrangements at Central Banks

External Audit Arrangements at Central Banks »

Volume/Issue: 2018/199

Series: IMF Working Papers

Author(s): Atilla Arda , Martin Gororo , Joanna Grochalska , and Mowele Mohlala

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484375501.001

ISBN: 9781484375501

Keywords: Central banks, Transparency, External audit, Central banks and their policies, accountability, audit committee, General

This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality...

Dollarization and Financial Development

Dollarization and Financial Development »

Volume/Issue: 2018/200

Series: IMF Working Papers

Author(s): Geoffrey Bannister , Jarkko Turunen , and Malin Gardberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484373361.001

ISBN: 9781484373361

Keywords: Dollarization, financial development, financial deepening, financial inclusion and developing economies, financial inclusion, developing economies, General

Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in...

Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy

Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy »

Volume/Issue: 2018/202

Series: IMF Working Papers

Author(s): Thorvardur Olafsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484373354.001

ISBN: 9781484373354

Keywords: Financial intermediation, financial frictions, cross-border banking flows, macrofinancial linkages, working capital, credit contracts, General, Financial Markets and the Macroeconomy, International Lending and Debt Problems, Open Economy Macroeconomics

This paper develops a small open economy model where global and domestic liquidity is intermediated to the corporate sector through two financial processes. Investment banks intermediate cross-border credit through...

Carbon Taxation for International Maritime Fuels: Assessing the Options

Carbon Taxation for International Maritime Fuels: Assessing the Options »

Volume/Issue: 2018/203

Series: IMF Working Papers

Author(s): Ian Parry , Dirk Heine , Kelley Kizzier , and Tristan Smith

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484374559.001

ISBN: 9781484374559

Keywords: Maritime emissions, climate mitigation, carbon tax, revenue-neutral feebate, design issues, spreadsheet model, International Marime Organization, Environmental Economics: Government Policy

The International Maritime Organization (IMO) announced in April 2018 a target of cutting greenhouse gas (GHG) emissions from the sector by 50 percent below 2008 levels by 2050 and subsequent meetings of the IMO wi...

An Imperfect Financial Union With Heterogeneous Regions

An Imperfect Financial Union With Heterogeneous Regions »

Volume/Issue: 2018/205

Series: IMF Working Papers

Author(s): Filippo Balestrieri , and Suman Basu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

DOI: http://dx.doi.org/10.5089/9781484375631.001

ISBN: 9781484375631

Keywords: Capital flows, sudden stop, financial union, heterogeneous regions, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration, International Policy Coordination and Transmission

We analyze a union of financially-integrated yet politically-sovereign countries, where households in the Northern core of the union lend to those in the Southern periphery in a unified debt market subject to a bor...

Republic of the Marshall Islands
			: Selected Issues

Republic of the Marshall Islands : Selected Issues »

Volume/Issue: 2018/271

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2018

DOI: http://dx.doi.org/10.5089/9781484375785.002

ISBN: 9781484375785

Keywords: Marshall Islands, Asia and Pacific

Selected Issues...

Republic of the Marshall Islands
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of the Marshall Islands

Republic of the Marshall Islands : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of the Marshall Islands »

Volume/Issue: 2018/270

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2018

DOI: http://dx.doi.org/10.5089/9781484375723.002

ISBN: 9781484375723

Keywords: Asia and Pacific, Marshall Islands

The economy rebounded in FY2016 after a two-year recession, and growth is expected to remain robust driven by continued infrastructure investment. Overall risks remain tilted to the downside. The issuance of a dece...

Managing the Sovereign-Bank Nexus

Managing the Sovereign-Bank Nexus »

Volume/Issue: 2018/16

Series: Departmental Papers / Policy Papers

Author(s): Giovanni Dell'Ariccia , Caio Ferreira , Nigel Jenkinson , Luc Laeven , Alberto Martin , Camelia Minoiu , and Alex Popov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 September 2018

DOI: http://dx.doi.org/10.5089/9781484359624.087

ISBN: 9781484359624

Keywords: Bank supervision, Public debt, Sovereign debt, Public Debt; Bank supervision;

This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source...

World Economic Outlook, April 2018
			: Cyclical Upswing, Structural Change

World Economic Outlook, April 2018 : Cyclical Upswing, Structural Change »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2018

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484349854.081

ISBN: 9781484349854

Keywords: Economic growth, Production growth, Population growth, Manufacturing, Manufacturing sector, Information technology, Technology transfer, Spillovers, Innovation spillovers, Labor force participation

The upswing in global investment and trade continued in the second half of 2017. At 3.8 percent, global growth in 2017 was the fastest since 2011. With financial conditions still supportive, global growth is expect...

IMF Publications Catalog, Fall/Winter 2018

IMF Publications Catalog, Fall/Winter 2018 »

Series: Miscellaneous Publication (Other)

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2018

DOI: http://dx.doi.org/10.5089/9781484375495.073

ISBN: 9781484375495

IMF Publications Catalog, Fall/Winter 2018...

Republic of Latvia
			: Selected Issues

Republic of Latvia : Selected Issues »

Volume/Issue: 2018/267

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2018

DOI: http://dx.doi.org/10.5089/9781484375310.002

ISBN: 9781484375310

Keywords: Latvia, Europe

Selected Issues...

Republic of Latvia
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Latvia

Republic of Latvia : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Latvia »

Volume/Issue: 2018/266

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2018

DOI: http://dx.doi.org/10.5089/9781484375242.002

ISBN: 9781484375242

Keywords: Europe, Latvia

The economy has gained momentum amidst sound fundamentals. Growth in 2017 surprised with a strong and broad-based upswing driven by a recovery in investment and a supportive external environment, and the outlook is...

Dominica
			: 2018 Article IV Consultation-Press Release and Staff Report

Dominica : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/265

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2018

DOI: http://dx.doi.org/10.5089/9781484374788.002

ISBN: 9781484374788

Keywords: Western Hemisphere, Dominica

Category 5 Hurricane Maria hit Dominica on September 18, 2017 while it was still recovering from tropical storm Erika, which had damaged the island on August 27, 2015. While Erika had caused severe damage, estimate...

Botswana
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Botswana

Botswana : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Botswana »

Volume/Issue: 2018/268

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2018

DOI: http://dx.doi.org/10.5089/9781484375426.002

ISBN: 9781484375426

Keywords: Sub-Saharan Africa, Botswana

In recent years, sizable buffers and prudent policies have kept the economy stable despite diamond market weakness and volatility. Nevertheless, the diamond cum public sector-led development model has shown its lim...

International Financial Statistics, September 2018

International Financial Statistics, September 2018 »

Series: International Financial Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2018

DOI: http://dx.doi.org/10.5089/9781484354162.041

ISBN: 9781484354162

International Financial Statistics, September 2018...

Mauritius
			: Technical Assistance Report-Report on the Price Statistics Mission

Mauritius : Technical Assistance Report-Report on the Price Statistics Mission »

Volume/Issue: 2018/262

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2018

DOI: http://dx.doi.org/10.5089/9781484374122.002

ISBN: 9781484374122

Keywords: Sub-Saharan Africa, Mauritius

In response to a request from Statistics Mauritius, a technical assistance mission1 took place during March 14-23, 2018 to assess the methodological soundness of all price indexes compiled. These include the produc...

The Measurement and Macro-Relevance of Corruption: A Big Data Approach

The Measurement and Macro-Relevance of Corruption: A Big Data Approach »

Volume/Issue: 2018/195

Series: IMF Working Papers

Author(s): Sandile Hlatshwayo , Anne Oeking , Manuk Ghazanchyan , David Corvino , Ananya Shukla , and Lamin Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 August 2018

DOI: http://dx.doi.org/10.5089/9781484373095.001

ISBN: 9781484373095

Keywords: Corruption, anti-corruption, capacity development, big data, text analysis

Corruption is macro-relevant for many countries, but is often hidden, making measurement of it-and its effects-inherently difficult. Existing indicators suffer from several weaknesses, including a lack of time vari...

Household Wealth and Resilience to Financial Shocks in Italy

Household Wealth and Resilience to Financial Shocks in Italy »

Volume/Issue: 2018/196

Series: IMF Working Papers

Author(s): Daniel Garcia-Macia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 August 2018

DOI: http://dx.doi.org/10.5089/9781484374894.001

ISBN: 9781484374894

Keywords: Europe, Italy, Flow of funds, financial linkages, balance sheet analysis, bail-in, bailout, Portfolio Choice

High household wealth is often cited as a key strength of the Italian economy. Both in absolute terms and relative to income, the Italian household sector is wealthier than most euro area peers. A sizable fraction...

Mitigation Policies for the Paris Agreement: An Assessment for G20 Countries

Mitigation Policies for the Paris Agreement: An Assessment for G20 Countries »

Volume/Issue: 2018/193

Series: IMF Working Papers

Author(s): Ian Parry , Victor Mylonas , and Nate Vernon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2018

DOI: http://dx.doi.org/10.5089/9781484373842.001

ISBN: 9781484373842

Keywords: Paris Agreement, carbon pricing, G20 countries, instrument choice, air pollution mortality, tax incidence, welfare effects, climate mitigation, Government Policy, Environmental Economics: Government Policy

Following submission of greenhouse gas (GHG) mitigation commitments or pledges (by 190 countries) for the 2015 Paris Agreement, policymakers are considering specific actions for their implementation. To help guide...