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Regional Economic Outlook, October 2019, Europe

Regional Economic Outlook, October 2019, Europe »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2019

DOI: http://dx.doi.org/10.5089/9781513514017.086

ISBN: 9781513514017

Keywords: Budgets, Automobile industry, Employment, Euro Area, Gross domestic product, Inflation, Labor, Monetary policy, Trade, Wages

Economic activity in Europe has slowed on the back of weakness in trade and manufacturing. For most of the region, the slowdown remains externally driven. However, some signs of softer domestic demand have started...

Front Matter

Front Matter »

Source: Regional Economic Outlook, October 2019, Europe

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2019

ISBN: 9781513514017

Keywords: Budgets, Automobile industry, Employment, Euro Area, Gross domestic product, Inflation, Labor, Monetary policy, Trade, Wages

Economic activity in Europe has slowed on the back of weakness in trade and manufacturing. For most of the region, the slowdown remains externally driven. However, some signs of softer domestic demand have started...

Executive Summary

Executive Summary »

Source: Regional Economic Outlook, October 2019, Europe

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2019

ISBN: 9781513514017

Keywords: Budgets, Automobile industry, Employment, Euro Area, Gross domestic product, Inflation, Labor, Monetary policy, Trade, Wages

Economic activity in Europe has slowed on the back of weakness in trade and manufacturing. For most of the region, the slowdown remains externally driven. However, some signs of softer domestic demand have s...

1. Facing Spillovers from Trade and Manufacturing

1. Facing Spillovers from Trade and Manufacturing »

Source: Regional Economic Outlook, October 2019, Europe

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2019

ISBN: 9781513514017

Keywords: Budgets, Automobile industry, Employment, Euro Area, Gross domestic product, Inflation, Labor, Monetary policy, Trade, Wages

Figure 1.1. Global Trade and Manufacturing Sources: IMF, Global Data Source; and IMF...

2. Wage Growth and Inflation in Europe: A Puzzle?

2. Wage Growth and Inflation in Europe: A Puzzle? »

Source: Regional Economic Outlook, October 2019, Europe

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2019

ISBN: 9781513514017

Keywords: Budgets, Automobile industry, Employment, Euro Area, Gross domestic product, Inflation, Labor, Monetary policy, Trade, Wages

Wages have been rising faster than productivity in many European countries, yet signs of underlying consumer price pressures remain limited. To shed light on this pu...

3. Arriérés intérieurs en Afrique subsaharienne : causes, symptômes et solutions

3. Arriérés intérieurs en Afrique subsaharienne : causes, symptômes et solutions »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

Language: French

ISBN: 9781513515281

Les arriérés intérieurs, une forme de financement forcé très répandue dans de nombreux pays d’Afrique subsaharienne, ont augmenté ces dernières années 1 . À ce titre, ils constitue...

2. Competition, Competitiveness, and Growth in Sub-Saharan Africa

2. Competition, Competitiveness, and Growth in Sub-Saharan Africa »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

2. Competition, Competitiveness, and Growth in Sub-Saharan Africa Competition among firms is generally deemed an essential driving force of market economies. It ensures an eff...

2. Concurrence, compétitivité et croissance en Afrique subsaharienne

2. Concurrence, compétitivité et croissance en Afrique subsaharienne »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

Language: French

ISBN: 9781513515281

La concurrence entre entreprises est généralement considérée comme un moteur essentiel d’une économie de marché. Elle assure une affectation efficiente des ressources, car les facteurs sont utilisés au mieux...

3. Domestic Arrears in Sub-Saharan Africa: Causes, Symptoms, and Cures

3. Domestic Arrears in Sub-Saharan Africa: Causes, Symptoms, and Cures »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

Domestic arrears, a form of forced financing prevalent in many sub-Saharan African countries, have increased in recent years. 1 As such, they have become a key economic policy cha...

Executive Summary

Executive Summary »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

1. Navigating Uncertainty Growth in sub-Saharan Africa is projected to remain at 3.2 percent in 2019 and rise to 3.6 percent in 2020. Growth is forecast to be slower than previously...

1. Faire face à l’incertitude

1. Faire face à l’incertitude »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

Language: French

ISBN: 9781513515281

En Afrique subsaharienne, la croissance ne devrait pas varier en 2019 (à 3,2 %) et devrait s’élever à 3,6 % en 2020. Cette croissance est moins rapide que prévu en avril dans environ deux tiers des pays de l...

1. Navigating Uncertainty

1. Navigating Uncertainty »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

Growth in sub-Saharan Africa is projected to remain at 3.2 percent in 2019 and rise to 3.6 percent in 2020. Growth is forecast to be slower than previously envisaged for about two-thirds of the countries in...

Regional Economic Outlook, October 2019, Sub-Saharan Africa

Regional Economic Outlook, October 2019, Sub-Saharan Africa »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513515281.086

ISBN: 9781513515281

Regional Economic Outlook, October 2019, Sub-Saharan Africa...

Back Matter

Back Matter »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

Language: French

ISBN: 9781513515281

Regional Economic Outlook, October 2019, Sub-Saharan Africa...

Front Matter

Front Matter »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

Language: French

ISBN: 9781513515281

Regional Economic Outlook, October 2019, Sub-Saharan Africa...

Regional Economic Outlook, October 2019, Sub-Saharan Africa

Regional Economic Outlook, October 2019, Sub-Saharan Africa »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

DOI: http://dx.doi.org/10.5089/9781513514055.086

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

Growth in sub-Saharan Africa is expected to pick up, though at a slower pace than previously expected. This revision reflects a more challenging external environment, continued output disruptions in oil-exporting c...

Back Matter

Back Matter »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

Growth in sub-Saharan Africa is expected to pick up, though at a slower pace than previously expected. This revision reflects a more challenging external environment, continued output disruptions in oil-exporting c...

Front Matter

Front Matter »

Source: Regional Economic Outlook, October 2019, Sub-Saharan Africa

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2019

ISBN: 9781513514055

Keywords: Debt, Debt strategy, Economic growth, Sub-Saharan Africa, Trade, Regional Economic Outlook, Monetary policy, sub-Saharan Africa, low-income country, sub-Saharan African country

Growth in sub-Saharan Africa is expected to pick up, though at a slower pace than previously expected. This revision reflects a more challenging external environment, continued output disruptions in oil-exporting c...

The EU Services Directive

The EU Services Directive »

Source: The EU Services Directive : Gains from Further Liberalization

Volume/Issue: 2014/113

Series: IMF Working Papers

Author(s): Emilio Fernández Corugedo , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2014

ISBN: 9781498391726

Keywords: Services sectors, Services Directive, Input-output economics, Growth theory, Competition authorities, competition, intermediate goods, multiplier effects, regulatory barriers, General,

The EU Services Directive was adopted in 2006 to foster competition in services across Europe. However, progress in liberalizing services has fallen short of expectations due to the article 15 of the Directive, whi...

The EU Services Directive
			: Gains from Further Liberalization

The EU Services Directive : Gains from Further Liberalization »

Volume/Issue: 2014/113

Series: IMF Working Papers

Author(s): Emilio Fernández Corugedo , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2014

DOI: http://dx.doi.org/10.5089/9781498391726.001

ISBN: 9781498391726

Keywords: Services sectors, Services Directive, Input-output economics, Growth theory, Competition authorities, competition, intermediate goods, multiplier effects, regulatory barriers, General,

The EU Services Directive was adopted in 2006 to foster competition in services across Europe. However, progress in liberalizing services has fallen short of expectations due to the article 15 of the Directive, whi...

Competition Policy for Modern Banks1

Competition Policy for Modern Banks1 »

Source: Competition Policy for Modern Banks

Volume/Issue: 2013/126

Series: IMF Working Papers

Author(s): Lev Ratnovski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2013

ISBN: 9781484354728

Keywords: Competition Policy, bank competition, mergers, General, Government Policy and Regulation,

Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this view in light of...

Competition Policy for Modern Banks

Competition Policy for Modern Banks »

Volume/Issue: 2013/126

Series: IMF Working Papers

Author(s): Lev Ratnovski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2013

DOI: http://dx.doi.org/10.5089/9781484354728.001

ISBN: 9781484354728

Keywords: Competition Policy, bank competition, mergers, General, Government Policy and Regulation,

Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this view in light of...

Financial Intermediation Costs in Low-Income Countries

Financial Intermediation Costs in Low-Income Countries »

Source: Financial Intermediation Costs in Low-Income Countries : The Role of Regulatory, Institutional, and Macroeconomic Factors

Volume/Issue: 2012/140

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503937

Keywords: Net Interest Margins, Low Income Countries, Emerging Economies, market concentration, banking, net interest margin, competition, bank entry

We analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for finan...

Financial Intermediation Costs in Low-Income Countries
			: The Role of Regulatory, Institutional, and Macroeconomic Factors

Financial Intermediation Costs in Low-Income Countries : The Role of Regulatory, Institutional, and Macroeconomic Factors »

Volume/Issue: 2012/140

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503937.001

ISBN: 9781475503937

Keywords: Net Interest Margins, Low Income Countries, Emerging Economies, market concentration, banking, net interest margin, competition, bank entry

We analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for finan...

De-Monopolization toward Long-Term Prosperity in China

De-Monopolization toward Long-Term Prosperity in China »

Source: De-Monopolization toward Long-Term Prosperity in China

Volume/Issue: 2012/75

Series: IMF Working Papers

Author(s): Ashvin Ahuja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502275

Keywords: Aggregate Productivity, monopoly, tfp, gdp per capita, competitive equilibrium, Macroeconomic Analyses of Economic Development, Economic Growth And Aggregate Productivity,

During the past decade, the average Chinese earns roughly 9 times less and is 10 times less productive than the average American at purchasing power parity. Current consensus attributes large differences in output...

De-Monopolization toward Long-Term Prosperity in China

De-Monopolization toward Long-Term Prosperity in China »

Volume/Issue: 2012/75

Series: IMF Working Papers

Author(s): Ashvin Ahuja

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502275.001

ISBN: 9781475502275

Keywords: Aggregate Productivity, monopoly, tfp, gdp per capita, competitive equilibrium, Macroeconomic Analyses of Economic Development, Economic Growth And Aggregate Productivity,

During the past decade, the average Chinese earns roughly 9 times less and is 10 times less productive than the average American at purchasing power parity. Current consensus attributes large differences in output...

Assessing Bank Competition within the East African Community

Assessing Bank Competition within the East African Community »

Source: Assessing Bank Competition within the East African Community

Volume/Issue: 2012/32

Series: IMF Working Papers

Author(s): Sarah Sanya , and Matthew Gaertner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463933173

Keywords: East African Community, H-statistic, Lerner Index, banking system, banking sector, Economic History: Financial Markets and Institutions: General, International, or Comparative, Market Structure And Pricing,

This paper is an empirical analysis of competitiveness in the banking system of four out of the five East African Community (EAC) countries2. The results show that the degree of competition is low due to a combinat...

Assessing Bank Competition within the East African Community

Assessing Bank Competition within the East African Community »

Volume/Issue: 2012/32

Series: IMF Working Papers

Author(s): Sarah Sanya , and Matthew Gaertner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933173.001

ISBN: 9781463933173

Keywords: East African Community, H-statistic, Lerner Index, banking system, banking sector, Economic History: Financial Markets and Institutions: General, International, or Comparative, Market Structure And Pricing,

This paper is an empirical analysis of competitiveness in the banking system of four out of the five East African Community (EAC) countries2. The results show that the degree of competition is low due to a combinat...

Bank Competition and Financial Stability

Bank Competition and Financial Stability »

Source: Bank Competition and Financial Stability : A General Equilibrium Exposition

Volume/Issue: 2011/295

Series: IMF Working Papers

Author(s): Marcella Lucchetta , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

ISBN: 9781463927295

Keywords: General Equilibrium, Bank Competition, competition, bank risk, market competition, banking

We study versions of a general equilibrium banking model with moral hazard under either constant or increasing returns to scale of the intermediation technology used by banks to screen and/or monitor borrowers. If...

Bank Competition and Financial Stability
			: A General Equilibrium Exposition

Bank Competition and Financial Stability : A General Equilibrium Exposition »

Volume/Issue: 2011/295

Series: IMF Working Papers

Author(s): Marcella Lucchetta , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463927295.001

ISBN: 9781463927295

Keywords: General Equilibrium, Bank Competition, competition, bank risk, market competition, banking

We study versions of a general equilibrium banking model with moral hazard under either constant or increasing returns to scale of the intermediation technology used by banks to screen and/or monitor borrowers. If...

Competition and Firm Productivity

Competition and Firm Productivity »

Source: Competition and Firm Productivity : Evidence from Firm-Level Data

Volume/Issue: 2010/67

Series: IMF Working Papers

Author(s): Marc Schiffbauer , and Sandra Ospina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982114

Keywords: regulation, entry costs, survey, correlation, instrumental variables, heteroscedasticity, Macroeconomic Analyses of Economic Development, Economic Growth and Aggregate Productivity: General,

This paper presents empirical evidence on the impact of competition on firm productivity. Using firm-level observations from the World Bank Enterprise Survey database, we find a positive and robust causal relations...

Competition and Firm Productivity
			: Evidence from Firm-Level Data

Competition and Firm Productivity : Evidence from Firm-Level Data »

Volume/Issue: 2010/67

Series: IMF Working Papers

Author(s): Marc Schiffbauer , and Sandra Ospina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

DOI: http://dx.doi.org/10.5089/9781451982114.001

ISBN: 9781451982114

Keywords: regulation, entry costs, survey, correlation, instrumental variables, heteroscedasticity, Macroeconomic Analyses of Economic Development, Economic Growth and Aggregate Productivity: General,

This paper presents empirical evidence on the impact of competition on firm productivity. Using firm-level observations from the World Bank Enterprise Survey database, we find a positive and robust causal relations...

Competition in the Financial Sector

Competition in the Financial Sector »

Source: Competition in the Financial Sector : Overview of Competition Policies

Volume/Issue: 2009/45

Series: IMF Working Papers

Author(s): Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451871937

Keywords: competition policy, contestability, stability, degree of competition, General Financial Markets: General (includes Measurement and Data), General Financial Markets: Government Policy and Regulation, Financial Institutions and Services: Government Policy and Regulation, Market Structure, Firm Strategy, And Market Performance

As in other sectors, competition in finance matters for allocative, productive and dynamic efficiency. Theory suggests, however, that unfettered competition is not first best given the special features of finance....

Competition in the Financial Sector
			: Overview of Competition Policies

Competition in the Financial Sector : Overview of Competition Policies »

Volume/Issue: 2009/45

Series: IMF Working Papers

Author(s): Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

DOI: http://dx.doi.org/10.5089/9781451871937.001

ISBN: 9781451871937

Keywords: competition policy, contestability, stability, degree of competition, General Financial Markets: General (includes Measurement and Data), General Financial Markets: Government Policy and Regulation, Financial Institutions and Services: Government Policy and Regulation, Market Structure, Firm Strategy, And Market Performance

As in other sectors, competition in finance matters for allocative, productive and dynamic efficiency. Theory suggests, however, that unfettered competition is not first best given the special features of finance....

I. Overview

I. Overview »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

This paper assesses the implications of high financial dollarization for macroeconomic policies and vulnerabilities in Uruguay. Dollarization creates balance sheet exposure to exchange rate changes and poses...

II. Inflation Process in Uruguay

II. Inflation Process in Uruguay »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

Following chronic high inflation, Uruguay reduced inflation gradually through a disinflation program in the 1990s, reaching single digits by 1998. Inflation has since remained moderate, except for an outburs...

III. Pass-Through, Dollarization, and Credibility in Uruguay

III. Pass-Through, Dollarization, and Credibility in Uruguay »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

A high degree of exchange rate pass-through to domestic prices and financial dollarization can constrain the effectiveness of a flexible exchange rate as a shock absorber and indirect channel of transmission...

IV. Role of Bank Lending in the Transmission of Macroeconomic Shocks

IV. Role of Bank Lending in the Transmission of Macroeconomic Shocks »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

More than five years have passed since the banking crisis in Uruguay, and the first signs of a recovery in bank credit are visible (Figure 4.1). In particular, after a continued strong economic expansion sin...

Macroeconomic Implications of Financial Dollarization
			: The Case of Uruguay

Macroeconomic Implications of Financial Dollarization : The Case of Uruguay »

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

DOI: http://dx.doi.org/10.5089/9781589067271.084

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in...

Front Matter

Front Matter »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in...

Part 2: External Linkages Under Dollarization

Part 2: External Linkages Under Dollarization »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

...

Part 3: Financial Vulnerabilities and Insurance Mechanisms

Part 3: Financial Vulnerabilities and Insurance Mechanisms »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

...

Part 1: Monetary Policy in a Dollarized Economy

Part 1: Monetary Policy in a Dollarized Economy »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

...

V. What Is the Degree of Competition Intensity in the Uruguayan Banking System?

V. What Is the Degree of Competition Intensity in the Uruguayan Banking System? »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

From a medium-term growth perspective, it is important to understand the role of structural factors in shaping the behavior of the financial system in Uruguay. Although previous work suggests that—at least u...

VI. What Drives Uruguayan Sovereign Spreads? The Role of Global Factors and Regional Spillovers

VI. What Drives Uruguayan Sovereign Spreads? The Role of Global Factors and Regional Spillovers »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

This chapter examines the determinants of Uruguayan sovereign spreads. In particular, it analyzes to what extent sovereign spreads have been driven by economic fundamentals or by external factors. It also as...

VII. Has the Uruguayan Financial System Become More Resilient to Shocks? An Analysis Adapting the Merton Framework to a Country Without Equity Market Data

VII. Has the Uruguayan Financial System Become More Resilient to Shocks? An Analysis Adapting the Merton Framework to a Country Without Equity Market Data »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

Following substantial restructuring and enhanced supervision in the aftermath of the 2002 crisis, financial sector soundness indicators in Uruguay have strengthened considerably. The Uruguayan banking system...

VIII. Optimal Level of Reserves in Financially Dollarized Economies: The Case of Uruguay

VIII. Optimal Level of Reserves in Financially Dollarized Economies: The Case of Uruguay »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

The recent increase in holdings of foreign reserves in many countries has renewed the interest in assessing the motives and adequacy of reserve accumulation. Because reserves provide protection against exter...

I Factoring in Canadian Cycles

I Factoring in Canadian Cycles »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Canada’s recent economic history illustrates the important role of external as well as domestic macroeconomic disturbances. Canada’s economy slowed in 2001, in the wake of the globa...

II Energy, the Exchange Rate, and the Economy

II Energy, the Exchange Rate, and the Economy »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

The boom in global energy markets has again focused attention on Canada’s role as a major energy producer. The rapid rise in oil and gas prices in the past few years has lifted ener...

III Canada and the United States

III Canada and the United States »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Canada is an open economy whose trade is dominated by the United States. Indeed, the signing of the Canada-U.S. Free Trade Agreement in 1988, and its successor, the North American F...

Introduction

Introduction »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Over the last decade, Canada has enjoyed robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses. These outcomes ar...

IV Budget Forecasting

IV Budget Forecasting »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Canada’s strong fiscal record in recent years rests on a proven budgetary framework, including a well-established forecasting process. Canadian public finances are highly transparen...

IX Competition in the Banking System

IX Competition in the Banking System »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

There is ongoing discussion on the merits of allowing mergers between Canada’s large financial institutions. Some analysts argue that a lack of mergers may constrain banks’ ability to compete internationally...

Northern Star
			: Canada's Path to Economic Prosperity

Northern Star : Canada's Path to Economic Prosperity »

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

DOI: http://dx.doi.org/10.5089/9781589066144.084

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic poli...

Back Matter

Back Matter »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic poli...

Front Matter

Front Matter »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic poli...

Part I Macroeconomic Environment

Part I Macroeconomic Environment »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

...

Part IIFiscal Policies

Part IIFiscal Policies »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

...

Part III Monetary and Financial Policies

Part III Monetary and Financial Policies »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

...

V The Pension System

V The Pension System »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Canada has a comprehensive three-pillared pension system (Box 5.1). The public pillars consist of the Old-Age Security (OAS) benefit, financed through the federal budget, and the Ca...

VI Fiscal Prudence and Tax Reduction Opportunities

VI Fiscal Prudence and Tax Reduction Opportunities »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

The fiscal framework adopted by Canada in the mid-1990s led to a rapid reduction in government debt, and several consecutive years of federal surpluses and falling government debt created a strong social con...

VII Disintermediation and Monetary Transmission

VII Disintermediation and Monetary Transmission »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

The financial system links monetary policy and the real economy. Thus, events or trends that affect the financial system also can change the monetary transmission mechanism. Over the last two decades, Canada...

VIII Inflation Targeting and Macroeconomic Volatility

VIII Inflation Targeting and Macroeconomic Volatility »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

Canada was one of the pioneers of inflation targeting (IT). The IT regime that was introduced in February 1991 was the second in the world, with New Zealand having adopted a similar framework in 1989. Despit...

X Large Banking Groups and Financial System Soundness

X Large Banking Groups and Financial System Soundness »

Source: Northern Star : Canada's Path to Economic Prosperity

Series: Occasional Papers

Author(s): Vladimir Klyuev , Martin Mühleisen , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2007

ISBN: 9781589066144

Keywords: Economic growth, Energy, Banking, Inflation targeting, pension, inflation, retirement, monetary policy, ld

This section 1 uses market-based soundness indicators to assess the stability implications of the rapid growth and shifting business strategies of Canada's large banking groups. H...

On the Buyability of Voting Bodies

On the Buyability of Voting Bodies »

Volume/Issue: 2007/165

Series: IMF Working Papers

Author(s): Felix Vardy , and John Morgan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867299.001

ISBN: 9781451867299

Keywords: Vote buying, lobbying, elections, voters, voting, voter, election,

We study vote buying by competing interest groups in a variety of electoral and contractual settings. While increasing the size of a voting body reduces its buyability in the absence of competition, we show that la...

On the Buyability of Voting Bodies

On the Buyability of Voting Bodies »

Source: On the Buyability of Voting Bodies

Volume/Issue: 2007/165

Series: IMF Working Papers

Author(s): Felix Vardy , and John Morgan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867299

Keywords: Vote buying, lobbying, elections, voters, voting, voter, election,

We study vote buying by competing interest groups in a variety of electoral and contractual settings. While increasing the size of a voting body reduces its buyability in the absence of competition, we show that la...

Mexico
			: Financial Sector Assessment Program Update:  Technical Note:  Industrial Organization and Competition:  Pension System in Mexico

Mexico : Financial Sector Assessment Program Update: Technical Note: Industrial Organization and Competition: Pension System in Mexico »

Volume/Issue: 2007/164

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2007

DOI: http://dx.doi.org/10.5089/9781451825725.002

ISBN: 9781451825725

Keywords: pension, pension system, retirement

The technical note on Mexico's Financial Sector Assessment Program update analyzes that the private pension system's regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin...

Mexico

Mexico »

Source: Mexico : Financial Sector Assessment Program Update: Technical Note: Industrial Organization and Competition: Pension System in Mexico

Volume/Issue: 2007/164

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2007

ISBN: 9781451825725

Keywords: pension, pension system, retirement

The technical note on Mexico's Financial Sector Assessment Program update analyzes that the private pension system's regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin...

Denmark

Denmark »

Source: Denmark : Financial Sector Assessment Program-Technical Note-Competition in the Banking Sector

Volume/Issue: 2007/122

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2007

ISBN: 9781451811193

Keywords: banking, banking sector, deposit insurance, concentration ratios

This technical note analyzes the competition in the banking sector in Denmark. It reveals that Denmark has a fairly competitive and efficient banking sector. Measured by various indicators, efficiency of banking in...

Denmark
			: Financial Sector Assessment Program-Technical Note-Competition in the Banking Sector

Denmark : Financial Sector Assessment Program-Technical Note-Competition in the Banking Sector »

Volume/Issue: 2007/122

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2007

DOI: http://dx.doi.org/10.5089/9781451811193.002

ISBN: 9781451811193

Keywords: banking, banking sector, deposit insurance, concentration ratios

This technical note analyzes the competition in the banking sector in Denmark. It reveals that Denmark has a fairly competitive and efficient banking sector. Measured by various indicators, efficiency of banking in...

Italy-Assessing Competition and Efficiency in the Banking System

Italy-Assessing Competition and Efficiency in the Banking System »

Volume/Issue: 2007/26

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

DOI: http://dx.doi.org/10.5089/9781451865905.001

ISBN: 9781451865905

Keywords: efficiency, merger, banking sector, mergers,

The paper assesses the degree of banking competition and efficiency in Italy?over time as well as compared to that in other countries, such as France, Germany, Spain, the United Kingdom, and the United States. The...

Italy-Assessing Competition and Efficiency in the Banking System

Italy-Assessing Competition and Efficiency in the Banking System »

Source: Italy-Assessing Competition and Efficiency in the Banking System

Volume/Issue: 2007/26

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

ISBN: 9781451865905

Keywords: efficiency, merger, banking sector, mergers,

The paper assesses the degree of banking competition and efficiency in Italy?over time as well as compared to that in other countries, such as France, Germany, Spain, the United Kingdom, and the United States. The...

Banking Sector Integration and Competition in CEMAC

Banking Sector Integration and Competition in CEMAC »

Source: Banking Sector Integration and Competition in CEMAC

Volume/Issue: 2007/3

Series: IMF Working Papers

Author(s): Jérôme Vacher , and Samer Saab

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865677

Keywords: CEMAC, monetary union, banking sector integration, bank competition, banking, excess liquidity, banking sector, Multiple or Simultaneous Equation Models: Discrete Regression and Qualitative Choice Models, General Equilibrium and Disequilibrium: Other, Financial Markets and the Macroeconomy

This paper considers the extent of retail banking integration in the Communauté Economique et Monétaire d'Afrique Centrale (CEMAC) and the level of bank competition at the regional level. Using a mix of quantitativ...

Banking Sector Integration and Competition in CEMAC

Banking Sector Integration and Competition in CEMAC »

Volume/Issue: 2007/3

Series: IMF Working Papers

Author(s): Jérôme Vacher , and Samer Saab

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

DOI: http://dx.doi.org/10.5089/9781451865677.001

ISBN: 9781451865677

Keywords: CEMAC, monetary union, banking sector integration, bank competition, banking, excess liquidity, banking sector, Multiple or Simultaneous Equation Models: Discrete Regression and Qualitative Choice Models, General Equilibrium and Disequilibrium: Other, Financial Markets and the Macroeconomy

This paper considers the extent of retail banking integration in the Communauté Economique et Monétaire d'Afrique Centrale (CEMAC) and the level of bank competition at the regional level. Using a mix of quantitativ...

Competition Policy and Monetary Policy: A Comparative Perspective

Competition Policy and Monetary Policy: A Comparative Perspective »

Source: The Per Jacobsson Lecture 2006 : Competition Policy and Monetary Policy: A Comparative Perspective

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2006

ISBN: 9781451980783

Keywords: competition, competition policy, competition authorities, competition authority, merger

Mario Monti Ladies and gentlemen, Governors, I should first say, I am deeply grateful to the Per Jacobsson Foundation and to the BIS for providing me with this opportunity. I am hono...

Opening Remarks

Opening Remarks »

Source: The Per Jacobsson Lecture 2006 : Competition Policy and Monetary Policy: A Comparative Perspective

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2006

ISBN: 9781451980783

Keywords: competition, competition policy, competition authorities, competition authority, merger

Malcolm Knight Ladies and gentlemen, let me welcome all of you to a key event of this weekend, the Per Jacobsson Foundation Lecture to be delivered this morning by our distinguished...

The Per Jacobsson Lecture 2006
			: Competition Policy and Monetary Policy:  A Comparative Perspective

The Per Jacobsson Lecture 2006 : Competition Policy and Monetary Policy: A Comparative Perspective »

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2006

DOI: http://dx.doi.org/10.5089/9781451980783.029

ISBN: 9781451980783

Keywords: competition, competition policy, competition authorities, competition authority, merger

This chapter provides a comparative perspective of competition policy and monetary policy. Monetary policy and competition policy are two key components of public policies needed for a market economy to function we...

Questions and Answers

Questions and Answers »

Source: The Per Jacobsson Lecture 2006 : Competition Policy and Monetary Policy: A Comparative Perspective

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2006

ISBN: 9781451980783

Keywords: competition, competition policy, competition authorities, competition authority, merger

Following the formal presentation, Mr. Monti took questions from the audience. ANDREW CROCKETT: Thank you very much, Mario, for a most comprehensive and illuminating address. We have ab...

Back Matter

Back Matter »

Source: The Per Jacobsson Lecture 2006 : Competition Policy and Monetary Policy: A Comparative Perspective

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2006

ISBN: 9781451980783

Keywords: competition, competition policy, competition authorities, competition authority, merger

This chapter provides a comparative perspective of competition policy and monetary policy. Monetary policy and competition policy are two key components of public policies needed for a market economy to function we...

Front Matter

Front Matter »

Source: The Per Jacobsson Lecture 2006 : Competition Policy and Monetary Policy: A Comparative Perspective

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2006

ISBN: 9781451980783

Keywords: competition, competition policy, competition authorities, competition authority, merger

This chapter provides a comparative perspective of competition policy and monetary policy. Monetary policy and competition policy are two key components of public policies needed for a market economy to function we...

Bank Efficiency and Competition in Low-Income Countries

Bank Efficiency and Competition in Low-Income Countries »

Source: Bank Efficiency and Competition in Low-Income Countries : The Case of Uganda

Volume/Issue: 2005/240

Series: IMF Working Papers

Author(s): David Hauner , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2005

ISBN: 9781451862591

Keywords: Efficiency, Data Envelopment Analysis, banking, banking system, banking sector, banking systems,

There is a concern that the state-dominated, inefficient, and fragile banking systems in many low-income countries, especially in sub-Saharan Africa, are a major hindrance to economic growth. This paper systematica...

Bank Efficiency and Competition in Low-Income Countries
			: The Case of Uganda

Bank Efficiency and Competition in Low-Income Countries : The Case of Uganda »

Volume/Issue: 2005/240

Series: IMF Working Papers

Author(s): David Hauner , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2005

DOI: http://dx.doi.org/10.5089/9781451862591.001

ISBN: 9781451862591

Keywords: Efficiency, Data Envelopment Analysis, banking, banking system, banking sector, banking systems,

There is a concern that the state-dominated, inefficient, and fragile banking systems in many low-income countries, especially in sub-Saharan Africa, are a major hindrance to economic growth. This paper systematica...

Competition in Indian Banking

Competition in Indian Banking »

Source: Competition in Indian Banking

Volume/Issue: 2005/141

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861600

Keywords: Panzar-Rosse statistics, banking sector, banking system, banking industry,

It is widely perceived that competition in the Indian banking sector has increased since the inception of the financial sector reforms in 1992. Using annual data on scheduled commercial banks for the period 1996-20...

Competition in Indian Banking

Competition in Indian Banking »

Volume/Issue: 2005/141

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

DOI: http://dx.doi.org/10.5089/9781451861600.001

ISBN: 9781451861600

Keywords: Panzar-Rosse statistics, banking sector, banking system, banking industry,

It is widely perceived that competition in the Indian banking sector has increased since the inception of the financial sector reforms in 1992. Using annual data on scheduled commercial banks for the period 1996-20...

Competition and Efficiency in Banking

Competition and Efficiency in Banking »

Source: Competition and Efficiency in Banking : Behavioral Evidence from Ghana

Volume/Issue: 2005/17

Series: IMF Working Papers

Author(s): Johan Mathisen , and Thierry Buchs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2005

ISBN: 9781451860368

Keywords: banking competition, banking, banking sector, banking system, banking industry, Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection,

This paper assesses the degree of bank competition and discusses efficiency with regard to banks' financial intermediation in Ghana. By applying panel data to variables derived from a theoretical model, we find evi...

Competition and Efficiency in Banking
			: Behavioral Evidence from Ghana

Competition and Efficiency in Banking : Behavioral Evidence from Ghana »

Volume/Issue: 2005/17

Series: IMF Working Papers

Author(s): Johan Mathisen , and Thierry Buchs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2005

DOI: http://dx.doi.org/10.5089/9781451860368.001

ISBN: 9781451860368

Keywords: banking competition, banking, banking sector, banking system, banking industry, Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection,

This paper assesses the degree of bank competition and discusses efficiency with regard to banks' financial intermediation in Ghana. By applying panel data to variables derived from a theoretical model, we find evi...

GEM
			: A New International Macroeconomic Model

GEM : A New International Macroeconomic Model »

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

DOI: http://dx.doi.org/10.5089/9781589063754.084

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its pred...

Back Matter

Back Matter »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its pred...

Front Matter

Front Matter »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its pred...

I Overview

I Overview »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

Over the last two years, IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). An obvious question is why such a model is needed, given that...

II Philosophy and Approach

II Philosophy and Approach »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

Why a New Model? The development and rationale for GEM can be best explained through a brief description of the role of large macroeconomic policy models. Academic work in macroecono...

III How Has GEM Been Used?

III How Has GEM Been Used? »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

GEM simulations have already been used to provide insights on a range of issues. In particular, they have been incorporated into the IMF staff’s analysis in the World Economic Outlook and other...

IV Current Development Work

IV Current Development Work »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

GEM continues to be developed. Primarily, this reflects the enormous amount of work currently being done in academia using new open economy models to reexamine a range of issues, whose insights...

V The Road Ahead

V The Road Ahead »

Source: GEM : A New International Macroeconomic Model

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

GEM is part of a burgeoning new open economy macroeconomics literature that is rapidly transforming work in international macroeconomics and finance. The strong microeconomic foundations of the...

Quota Brokers

Quota Brokers »

Volume/Issue: 2004/179

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

DOI: http://dx.doi.org/10.5089/9781451859065.001

ISBN: 9781451859065

Keywords: Quota licenses, middlemen, competition, standard deviation, perfect competition, simulation results, Market Structure and Pricing: General,

This paper examines the role of middlemen (brokers) in an imperfect secondary market for quota licenses. Middlemen facilitate trade when markets are thin, as potential buyers and sellers find it difficult to meet a...

Quota Brokers

Quota Brokers »

Source: Quota Brokers

Volume/Issue: 2004/179

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451859065

Keywords: Quota licenses, middlemen, competition, standard deviation, perfect competition, simulation results, Market Structure and Pricing: General,

This paper examines the role of middlemen (brokers) in an imperfect secondary market for quota licenses. Middlemen facilitate trade when markets are thin, as potential buyers and sellers find it difficult to meet a...

What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?

What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council? »

Volume/Issue: 2004/152

Series: IMF Working Papers

Author(s): Selim Elekdag , Saade Chami , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

DOI: http://dx.doi.org/10.5089/9781451857122.001

ISBN: 9781451857122

Keywords: IMF&;amp;#x2019;s Global Economy Model (GEM), economic integration, intermediate goods, elasticity of substitution, International Economic Order, Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

This paper uses a variant of the IMF's Global Economy Model (GEM) to estimate the macroeconomic effects of Yemen's full accession into the Gulf Cooperation Council (GCC). After calibrating the model to Yemen and th...

What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?

What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council? »

Source: What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?

Volume/Issue: 2004/152

Series: IMF Working Papers

Author(s): Selim Elekdag , Saade Chami , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

ISBN: 9781451857122

Keywords: IMF&;amp;#x2019;s Global Economy Model (GEM), economic integration, intermediate goods, elasticity of substitution, International Economic Order, Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

This paper uses a variant of the IMF's Global Economy Model (GEM) to estimate the macroeconomic effects of Yemen's full accession into the Gulf Cooperation Council (GCC). After calibrating the model to Yemen and th...

Pricing Debit Card Payment Services
			: An IO Approach

Pricing Debit Card Payment Services : An IO Approach »

Volume/Issue: 2003/202

Series: IMF Working Papers

Author(s): Alexander Tieman , and Wilko Bolt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2003

DOI: http://dx.doi.org/10.5089/9781451874426.001

ISBN: 9781451874426

Keywords: Debit card payment systems, two-sided monopolistic pricing, social optimum, prices, pricing, payment systems, payments, monopoly, Market Structure, Firm Strategy

This paper presents a theoretical framework for analyzing pricing structures in debit card schemes featuring cardholders, retailers, their respective banks, and a network routing switch. The network routing switch...

Pricing Debit Card Payment Services

Pricing Debit Card Payment Services »

Source: Pricing Debit Card Payment Services : An IO Approach

Volume/Issue: 2003/202

Series: IMF Working Papers

Author(s): Alexander Tieman , and Wilko Bolt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2003

ISBN: 9781451874426

Keywords: Debit card payment systems, two-sided monopolistic pricing, social optimum, prices, pricing, payment systems, payments, monopoly, Market Structure, Firm Strategy

This paper presents a theoretical framework for analyzing pricing structures in debit card schemes featuring cardholders, retailers, their respective banks, and a network routing switch. The network routing switch...