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

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

Volume/Issue: 2020/96

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2020

DOI: http://dx.doi.org/10.5089/9781513539751.002

ISBN: 9781513539751

This Staff Report was prepared by a staff team of the IMF for the Executive Board's consideration on March 17, 2020 on a lapse-of-time basis. The staff report reflects discussions with the Nepali authorities in Kat...

Nepal
			: Selected Issues

New
Nepal : Selected Issues »

Volume/Issue: 2020/97

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2020

DOI: http://dx.doi.org/10.5089/9781513539768.002

ISBN: 9781513539768

Selected Issues...

Papua New Guinea
			: 2019 Article IV Consultation and Request for Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

New
Papua New Guinea : 2019 Article IV Consultation and Request for Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea »

Volume/Issue: 2020/95

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2020

DOI: http://dx.doi.org/10.5089/9781513539706.002

ISBN: 9781513539706

The Staff Report was prepared by a staff team of the IMF for the Executive Board's consideration on March 9, 2020. The staff report reflects discussions with the PNG authorities in October 28-November 9, 2019 and i...

Republic of San Marino
			: 2020 Article IV Consultation-Press Release and Staff Report

New
Republic of San Marino : 2020 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2020/93

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2020

DOI: http://dx.doi.org/10.5089/9781513538761.002

ISBN: 9781513538761

Keywords: Financial and Monetary Sector, Financial statistics, Central banks, Monetary statistics, Fiscal sector, ISCR, CR, bank system, percent of GDP, NPL

The Staff Report was prepared by a staff team of the IMF for the Executive Board's consideration on March 27 on a lapse of time basis. The staff report reflects discussions with the Sammarinese authorities in Janua...

Belgium
			: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Belgium

New
Belgium : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Belgium »

Volume/Issue: 2020/91

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2020

DOI: http://dx.doi.org/10.5089/9781513538839.002

ISBN: 9781513538839

This 2020 Article IV Consultation with Belgium highlights that economic activity has held up relatively well over the last year, but the outlook is clouded by unusual uncertainty and risks. The coronavirus outbreak...

Belgium
			: Selected Issues

New
Belgium : Selected Issues »

Volume/Issue: 2020/92

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2020

DOI: http://dx.doi.org/10.5089/9781513538877.002

ISBN: 9781513538877

This Selected Issues paper analyzes Belgium's fiscal stance using a structural stochastic model. This note uses a theoretical model that explicitly accounts for the trade-offs between the short-term cost of fiscal...

Angola
			: Second Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola

New
Angola : Second Review of the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criteria, Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Angola »

Volume/Issue: 2019/371

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2020

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781513538914.002

ISBN: 9781513538914

Keywords: Balance of payments, Financial institutions, External debt, Fiscal policy, International reserves, ISCR, CR, non-oil, BNA, Proj

The economic outlook has deteriorated since the First Review. Real GDP is expected to contract in 2019, driven by lower-than-expected oil production. Disinflation is expected to halt, inter alia because of increase...

Kuwait
			: 2020 Article IV Consultation-Press Release; Staff Report; and Staff Supplement

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Kuwait : 2020 Article IV Consultation-Press Release; Staff Report; and Staff Supplement »

Volume/Issue: 2020/89

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2020

DOI: http://dx.doi.org/10.5089/9781513538563.002

ISBN: 9781513538563

This 2020 Article IV Consultation with Kuwait highlights that non-oil growth strengthened to estimated 3 percent in 2019, propelled by government and consumer spending. The challenge to reduce dependence on oil and...

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

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

Volume/Issue: 2020/78

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2020

DOI: http://dx.doi.org/10.5089/9781513537375.002

ISBN: 9781513537375

This 2019 Article IV Consultation focuses on Botswana near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global...

Kyrgyz Republic
			: Request for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; Informational Annex; and Debt Sustainability Analysis

New
Kyrgyz Republic : Request for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; Informational Annex; and Debt Sustainability Analysis »

Volume/Issue: 2020/90

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2020

DOI: http://dx.doi.org/10.5089/9781513538693.002

ISBN: 9781513538693

This paper discusses Kyrgyz Republic's Request for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility. The COVID-19 pandemic has been hitting the Kyrgyz economy very hard...

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

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

Volume/Issue: 2020/88

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2020

DOI: http://dx.doi.org/10.5089/9781513538419.002

ISBN: 9781513538419

This 2019 Article IV Consultation focuses on Myanmar's near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in globa...

Somalia
			: Enhanced Heavily Indebted Poor Countries (HIPC) Initiative-Decision Point Document

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Somalia : Enhanced Heavily Indebted Poor Countries (HIPC) Initiative-Decision Point Document »

Volume/Issue: 2020/86

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2020

DOI: http://dx.doi.org/10.5089/9781513538327.002

ISBN: 9781513538327

This paper presents an assessment of Somalia's eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying t...

Somalia
			: Poverty Reduction Strategy Paper-Joint Staff Advisory Note

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Somalia : Poverty Reduction Strategy Paper-Joint Staff Advisory Note »

Volume/Issue: 2020/87

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2020

DOI: http://dx.doi.org/10.5089/9781513538358.002

ISBN: 9781513538358

This Joint Staff Advisory Note on the Poverty Reduction Strategy Paper discusses that Somalia has made noteworthy progress since 2012 to recover from decades of conflict and state fragmentation. The country has suc...

Somalia
			: Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and The Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia

New
Somalia : Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and The Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia »

Volume/Issue: 2020/85

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2020

DOI: http://dx.doi.org/10.5089/9781513538297.002

ISBN: 9781513538297

This paper discusses Somalia's Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and the Extended Fund Facility. The three-year financing package will...

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

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

Volume/Issue: 2020/82

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2020

DOI: http://dx.doi.org/10.5089/9781513537726.002

ISBN: 9781513537726

This 2019 Article IV Consultation focuses on Zimbabwe's near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic that has resulted in unprecedented strains in...

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

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

Volume/Issue: 2020/80

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 March 2020

DOI: http://dx.doi.org/10.5089/9781513537597.002

ISBN: 9781513537597

Keywords: External sector, National accounts, Financial institutions, International reserves, Balance of payments, ISCR, CR, RBF, potential growth, percent of GDP

This 2019 Article IV Consultation with the Republic of Fiji highlights that economic activity slowed sharply in 2019 due to lower government spending, tighter domestic financial conditions, weak sentiment, and the...

Argentina
			: Technical Assistance Report-Staff Technical Note on Public Debt Sustainability

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Argentina : Technical Assistance Report-Staff Technical Note on Public Debt Sustainability »

Volume/Issue: 2020/83

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2020

DOI: http://dx.doi.org/10.5089/9781513537962.002

ISBN: 9781513537962

Keywords: Financial soundness indicators, Economic stabilization, Consumption, Economic conditions, Economic recovery, ISCR, CR, debt-to-GDP, GFN, debt-to-GDP ratio

This Technical Assistance report on Argentina sets out IMF staff's views on a feasible macroeconomic framework that could underpin a debt restructuring operation that would restore debt sustainability with high pro...

Italy
			: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

New
Italy : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy »

Volume/Issue: 2020/79

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2020

DOI: http://dx.doi.org/10.5089/9781513537436.002

ISBN: 9781513537436

Keywords: Economic indicators, Balance of payments, Unemployment, International investment position, Gross domestic product, ISCR, CR, staff report, potential growth, bank of Italy

This 2020 Article IV Consultation with Italy reflects discussions with the Italian authorities in January 2020 and is based on the information available as of January 28, 2020. It focuses on Italy's medium-term cha...

Italy
			: Financial System Stability Assessment

New
Italy : Financial System Stability Assessment »

Volume/Issue: 2020/81

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2020

DOI: http://dx.doi.org/10.5089/9781513537627.002

ISBN: 9781513537627

Keywords: Financial markets, Macroprudential policies and financial stability, Financial institutions, Financial systems, Bank liquidity, ISCR, CR, NPL, SIs, weak bank

This Financial System Stability Assessment paper on Italy highlights that substantial progress has been made in recent years in strengthening the financial sector, however, important weaknesses remain. Bank capital...

Republic of Moldova
			: Selected Issues

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Republic of Moldova : Selected Issues »

Volume/Issue: 2020/77

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2020

DOI: http://dx.doi.org/10.5089/9781513537320.002

ISBN: 9781513537320

Keywords: Financial regulation and supervision, Tax evasion, Expenditure efficiency, Money laundering, Central bank independence, ISCR, CR, global competitiveness index, CFT, AML

This Selected Issues paper provides a systematic assessment of Moldova's governance and institutional frameworks. It follows guidelines approved by the IMF executive board, which were developed to deliver systemati...

Republic of Moldova
			: Staff Report for the 2020 Article IV Consultation and Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

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Republic of Moldova : Staff Report for the 2020 Article IV Consultation and Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova »

Volume/Issue: 2020/76

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2020

DOI: http://dx.doi.org/10.5089/9781513537283.002

ISBN: 9781513537283

Keywords: External sector, Real sector, Banking sector, Fiscal policy, Central banks, ISCR, CR, NBM, percent of GDP, Proj

This paper presents 2019 Article IV Consultation with the Republic of Moldova and its Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements. Moldova's economic growth remained sol...

Benin
			: Technical Assistance Report-Public Investment Management Assessment

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Benin : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2020/28

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513537214.002

ISBN: 9781513537214

Keywords: Public financial management, Public investments, Fiscal policy, Economic policy, Financial management information systems, ISCR, CR, PPPs, ex-post, public investment

The Public Investment Management Assessment (PIMA) of Benin has brought to light an institutional framework of high quality but ineffective implementation. In accordance with the PIMA methodology applied in several...

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

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

Volume/Issue: 2020/75

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2020

DOI: http://dx.doi.org/10.5089/9781513537252.002

ISBN: 9781513537252

Keywords: Financial statements, Balance sheets, Accounting procedures, Tax revenue, Social security funds, ISCR, CR, GFS, extrabudgetary, compilation process

This paper on Bosnia and Herzegovina presents the report on the government finance statistics technical assistance mission in Bosnia and Herzegovina. Further on developing reconciliation processes, the mission prov...

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

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

Volume/Issue: 2020/26

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513537061.002

ISBN: 9781513537061

Keywords: External sector, Debt sustainability, Public debt, External debt, Economic indicators, ISCR, CR, arrears, Congolese authority, non-oil

The economic situation remains difficult but there are some initial signs of stability, and non-oil growth could turn positive for the first time since 2015. The political environment is stable, though there is dis...

Republic of Congo
			: Selected Issues

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Republic of Congo : Selected Issues »

Volume/Issue: 2020/27

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513537092.002

ISBN: 9781513537092

Keywords: Oil sector, Fiscal policy, Oil revenues, Tax policy, Tax revenue, ISCR, CR, Congolese authority, non-oil, arrears

Selected Issues...

Eligibility to Use the Fund's Facilities for Concessional Financing, 2020

New
Eligibility to Use the Fund's Facilities for Concessional Financing, 2020 »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2020

DOI: http://dx.doi.org/10.5089/9781513537047.007

ISBN: 9781513537047

Keywords: Access to foreign markets, International financial markets, Commercial borrowing, Market analysis, Access to capital markets, PP, market access, concessional, international financial market, eligibility

This paper concludes that the existing framework remains broadly appropriate, but proposes methodological refinements to improve the assessment of market access, clarifies how serious short-term vulnerabilities are...

Policy Steps to Address the Corona Crisis

New
Policy Steps to Address the Corona Crisis »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2020

DOI: http://dx.doi.org/10.5089/9781513536927.007

ISBN: 9781513536927

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Central banks, Open market operations, PP, affected people, coordinated action, borrow cost, soundness

Monitoring, containing and mitigating the effects of the corona virus are top priorities. Timely and decisive actions by health authorities, central banks, fiscal, regulatory and supervisory authorities can help co...

Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets?

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Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets? »

Volume/Issue: 2020/56

Series: IMF Working Papers

Author(s): Sakai Ando , and Mengxue Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536323.001

ISBN: 9781513536323

Keywords: Foreign investment, International investment position, Balance of payments, Labor productivity, Job creation, FDI, Orbis, Ownership, WP, domestic firm

This paper studies whether FDI firms employ more workers than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic fi...

r minus g negative: Can We Sleep More Soundly?

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r minus g negative: Can We Sleep More Soundly? »

Volume/Issue: 2020/52

Series: IMF Working Papers

Author(s): Paolo Mauro , and Jing Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536071.001

ISBN: 9781513536071

Keywords: Real interest rates, Interest rate parity, Interest rate differential, Financial crises, Economic integration, interest-growth differentials, public debt, WP, sovereign default, emerge economy

Contrary to the traditional assumption of interest rates on government debt exceeding economic growth, negative interest-growth differentials have become prevalent since the global financial crisis. As these differ...

Riding the Yield Curve: Risk Taking Behavior in a Low Interest Rate Environment

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Riding the Yield Curve: Risk Taking Behavior in a Low Interest Rate Environment »

Volume/Issue: 2020/53

Series: IMF Working Papers

Author(s): Ralph Chami , Thomas Cosimano , Celine Rochon , and Julieta Yung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513531861.001

ISBN: 9781513531861

Keywords: Interest rate increases, Discount rates, Risk premium, Financial markets, Financial instruments, Interest rate risk, non-linear stochastic discount factor, investment portfolio, term structure model, risk aversion distribution

Investors seek to hedge against interest rate risk by taking long or short positions on bonds of different maturities. We study changes in risk taking behavior in a low interest rate environment by estimating a mar...

Systemic Risk Modeling: How Theory Can Meet Statistics

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Systemic Risk Modeling: How Theory Can Meet Statistics »

Volume/Issue: 2020/54

Series: IMF Working Papers

Author(s): Raphael Espinoza , Miguel Segoviano , and Ji Yan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536170.001

ISBN: 9781513536170

Keywords: Financial crises, Bank credit, Financial markets, Financial institutions, Macroprudential policies and financial stability, Systemic risk, Minsky effect, CIMDO, Default, WP

We propose a framework to link empirical models of systemic risk to theoretical network/ general equilibrium models used to understand the channels of transmission of systemic risk. The theoretical model allows for...

Unlocking Access to Finance for SMEs: A Cross-Country Analysis

New
Unlocking Access to Finance for SMEs: A Cross-Country Analysis »

Volume/Issue: 2020/55

Series: IMF Working Papers

Author(s): Armand Fouejieu , Anta Ndoye , and Tetyana Sydorenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536156.001

ISBN: 9781513536156

Keywords: Financial crises, Financial services, Macroprudential policies and financial stability, Bank credit, Financial systems, Small and Medium Sized Enterprises, Financial Inclusion, WP, SME, SMEs

Countries in the MENAP and CCA regions have the lowest levels of financial inclusion of small and medium enterprises (SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to financ...

Articles of Agreement 2020

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Articles of Agreement 2020 »

Series: Articles of Agreement

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2020

DOI: http://dx.doi.org/10.5089/9781513521244.013

ISBN: 9781513521244

Keywords: Articles of Agreement, Amendments of Articles of Agreement, Special Drawing Rights, Provisioning, Balance of payments, Currencies, Exchange restrictions, currency, drawing rights, transactions

The Articles of Agreement of the International Monetary Fund were adopted at the United Nations Monetary and Financial Conference (Bretton Woods, New Hampshire) on July 22, 1944. They were originally accepted by 29...

Kingdom of the Netherlands - Aruba
			: Technical Assistance Report; National Accounts Review Mission

Kingdom of the Netherlands - Aruba : Technical Assistance Report; National Accounts Review Mission »

Volume/Issue: 2020/74

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2020

DOI: http://dx.doi.org/10.5089/9781513536781.002

ISBN: 9781513536781

Keywords: National accounts aggregates, Price indexes, Economic policy, Social indicators, National income, ISCR, CR, SUT, GDP estimate, source data

This Technical Assistance report on Kingdom of the Netherlands-Aruba focuses on the mission undertaken to assist the Central Bureau of Statistics (CBS) in assessing and improving the national accounts. The CBS plan...

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

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

Volume/Issue: 2020/72

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2020

DOI: http://dx.doi.org/10.5089/9781513536712.002

ISBN: 9781513536712

Keywords: Social safety nets, Balance of payments, Central banks, Public financial management, Multiple currency practices, ISCR, CR, fuel subsidy, percent, Proj

This 2019 Article IV Consultation with Sudan discusses that regime change has created a window of opportunity for fundamental reforms to address major macro imbalances and lay the groundwork for inclusive growth. T...

Sudan
			: Selected Issues

Sudan : Selected Issues »

Volume/Issue: 2020/73

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2020

DOI: http://dx.doi.org/10.5089/9781513536743.002

ISBN: 9781513536743

Keywords: Central banks, Tax revenue, Economic growth, Oil revenues, Financial institutions, ISCR, CR, weak governance, CNPC, SOEs

This Selected Issues paper on Sudan provides a first stock-taking of the scale, main transmission channels and potential costs of poor governance and corruption in Sudan and offers preliminary recommendations. A la...

Household Consumption Volatility and Poverty Risk: Case Studies from South Africa and Tanzania

Household Consumption Volatility and Poverty Risk: Case Studies from South Africa and Tanzania »

Volume/Issue: 2020/51

Series: IMF Working Papers

Author(s): Matthieu Bellon , Carlo Pizzinelli , and Roberto Perrelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 March 2020

DOI: http://dx.doi.org/10.5089/9781513527017.001

ISBN: 9781513527017

Keywords: Economic conditions, National income, Income distribution, Demographic indicators, Poverty indicators, Poverty, Consumption Volatility, Tanzania, South Africa, WP

Economic volatility remains a fact of life in Sub Saharan Africa (SSA). Household-level shocks create large consumption fluctuations, raising the incidence of poverty. Drawing on micro-level data from South Africa...

Operationalizing Inclusive Growth: Per-Percentile Diagnostics to Inform Redistribution Policies

Operationalizing Inclusive Growth: Per-Percentile Diagnostics to Inform Redistribution Policies »

Volume/Issue: 2020/50

Series: IMF Working Papers

Author(s): Alexei Kireyev , and Andrei Leonidov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 March 2020

DOI: http://dx.doi.org/10.5089/9781513528397.001

ISBN: 9781513528397

Keywords: West African Economic and Monetary Union, National income, Consumption distribution, Personal income taxes, Inclusive growth, Middle East., WP, consumption expenditure, GIC, inclusiveness

Inclusive growth, narrowly defined in this paper as growth that helps reduce inequality, is achieved if consumption of the poor increases faster than consumption of the rich. The paper presents a simple accounting...

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

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

Volume/Issue: 2020/68

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2020

DOI: http://dx.doi.org/10.5089/9781513536088.002

ISBN: 9781513536088

Keywords: Financial and Monetary Sector, Balance of payments, National accounts, Economic conditions, Unemployment, ISCR, CR, RBA, bushfire, infrastructure spend

This 2019 Article IV Consultation with Australia discusses that a continued gradual economic recovery is expected, subject to downside risks. Growth should continue to recover in 2020, but it will take time for the...

Australia
			: Selected Issues

Australia : Selected Issues »

Volume/Issue: 2020/69

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2020

DOI: http://dx.doi.org/10.5089/9781513536125.002

ISBN: 9781513536125

Keywords: Economic policy, Financial crises, Economic growth, Real effective exchange rates, Real interest rates, ISCR, CR, non-mining, business investment, financial constraint

This Selected Issues paper investigates the drivers of business investment in Australia, focusing on the non-mining sectors. The paper also identifies aggregate-level drivers for non-mining business investment by l...

Eastern Caribbean Currency Union
			: 2019 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union

Eastern Caribbean Currency Union : 2019 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union »

Volume/Issue: 2020/70

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2020

DOI: http://dx.doi.org/10.5089/9781513536224.002

ISBN: 9781513536224

Keywords: External sector, Real sector, Central banks, Macroprudential policies and financial stability, Financial institutions, ISCR, CR, ECCU, ECCB, grenadine

This paper presents IMF's 2019 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). ECCU's gross domestic product (GDP) growth accelerated from 3/4 percent in 2017 to 3...

Eastern Caribbean Currency Union
			: Selected Issues

Eastern Caribbean Currency Union : Selected Issues »

Volume/Issue: 2020/71

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2020

DOI: http://dx.doi.org/10.5089/9781513536262.002

ISBN: 9781513536262

Keywords: Economic growth, Economic integration, Economic functions, Financial systems, Central banks, ISCR, CR, ECCU, ECCB, RSF

This Selected Issues paper focuses on the need and importance of fiscal integration for the Eastern Caribbean Currency Union (ECCU). The continued success of the currency union can be solidified by greater fiscal p...

Categorization Of Open Actions In Management Implementation Plans

Categorization Of Open Actions In Management Implementation Plans »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 March 2020

DOI: http://dx.doi.org/10.5089/9781513536217.007

ISBN: 9781513536217

Keywords: Fiscal sector, Economic forecasting, Financial crises, External sector assessment, Financial sector, PP, IEO, PMR, off-track, open action

This paper undertakes a triage of the backlog of open actions in Management Implementation Plans (MIPs) responding to recommendations by the Independent Evaluation Office (IEO), based on the Framework endorsed by t...

Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 March 2020

DOI: http://dx.doi.org/10.5089/9781513536194.007

ISBN: 9781513536194

Keywords: External sector, Fiscal sector, Economic forecasting, Financial statistics, Economic systems, PP, IEO, management action, PMR, social protection

The Tenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over t...

Framework To Address Open Management Actions In Response To Board-Endorsed IEO Recommendations

Framework To Address Open Management Actions In Response To Board-Endorsed IEO Recommendations »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 March 2020

DOI: http://dx.doi.org/10.5089/9781513536200.007

ISBN: 9781513536200

Keywords: Internal audit, Multilateral development institutions, Development, Institutional framework, Intervention, PP, PMR, IEO, management action, open action

Based on recommendations endorsed by the Evaluation Committee of the Board (EVC), this paper proposes a framework to implement the recommendation of the Third External Evaluation of the IEO to address the backlog o...

Finance & Development, March 2020

Finance & Development, March 2020 »

Volume/Issue: 57/1

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513528830.022

ISBN: 9781513528830

Keywords: Population, Economic growth, Women, Demographic transition, Labor markets, FD, F&D, working-age, fertility, advanced economy

This issue of Finance & Development focuses on importance of demographics, which can be a potent driver of the pace and process of economic development. The world is undergoing a major demographic upheaval with thr...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) »

Volume/Issue: 2020/65

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535838.002

ISBN: 9781513535838

Keywords: Real sector, Money laundering, Central banks, Development policy, Financial services, ISCR, CR, AML, CFT, VAs

This Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrori...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Bank Resolution and Crisis Management

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Bank Resolution and Crisis Management »

Volume/Issue: 2020/62

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535791.002

ISBN: 9781513535791

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Financial markets, Central banks, ISCR, CR, OeNB, FMA, MOF

This technical note on Austria focuses on bank resolution and crisis management. This note assesses and makes recommendations regarding bank resolution and crisis management arrangements. The scope of the assessmen...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Banking Oversight

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Banking Oversight »

Volume/Issue: 2020/67

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535869.002

ISBN: 9781513535869

Keywords: Financial crises, Financial services, Financial markets, Central banks, Macroprudential policies and financial stability, ISCR, CR, FMA, OeNB, related party

This paper on Austria includes a targeted review of banking regulation and supervision, with a focus on topics related to the supervision of less significant institutions. The national transposition and implementat...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Financial Stability Analysis, Stress Testing, and Interconnectedness

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Financial Stability Analysis, Stress Testing, and Interconnectedness »

Volume/Issue: 2020/66

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535852.002

ISBN: 9781513535852

Keywords: Financial soundness indicators, Real sector, Macroprudential policies and financial stability, Financial services, Financial systems, ISCR, CR, OeNB, Austrian bank, central institution

This technical note on Austria presents the Financial Stability analysis, stress testing, and interconnectedness. Austria's banking sector presents unique structural vulnerabilities. Private credit growth has suppo...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector-Regulation, Supervision, Recovery, and Resolution Regime Prospects

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector-Regulation, Supervision, Recovery, and Resolution Regime Prospects »

Volume/Issue: 2020/63

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535807.002

ISBN: 9781513535807

Keywords: Financial regulation and supervision, Financial crises, Financial markets, Financial institutions, Macroprudential policies and financial stability, ISCR, CR, FMA, insurer, solvency

This review provides an update on the Austrian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime. The note analyzes regulation and supervision in relation to key issue...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Macroprudential Policy Framework and Tools

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Macroprudential Policy Framework and Tools »

Volume/Issue: 2020/64

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535814.002

ISBN: 9781513535814

Keywords: Financial crises, Real sector, Financial markets, Macroprudential policies and financial stability, Financial systems, ISCR, CR, OeNB, FMA, Austrian bank

This technical note assesses strengths and weaknesses of the macroprudential policy framework in Austria and provides policy recommendations. Financial sector resilience in Austria has improved significantly since...

Republic of Madagascar
			: 2019 Article IV Consultation and Sixth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Republic of Madagascar : 2019 Article IV Consultation and Sixth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar »

Volume/Issue: 2020/60

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513534176.002

ISBN: 9781513534176

Keywords: Economic growth, External sector, Public financial management, Fiscal policy, Public investments, ISCR, CR, social spend, medium-term, percent of GDP

This paper presents 2019 Article IV Consultation with the Republic of Madagascar and its Sixth Review Under the Extended Credit Facility (ECF) Arrangement. Madagascar's performance under its economic program suppor...

Republic of Madagascar
			: Selected Issues

Republic of Madagascar : Selected Issues »

Volume/Issue: 2020/61

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513534213.002

ISBN: 9781513534213

Keywords: Tax revenue, External sector, Development, Revenue mobilization, Central banking and monetary issues, ISCR, CR, public investment, scale-up, BFM

This Selected Issues paper takes stock of recent developments in revenue mobilization in Madagascar, estimates the country's tax potential based on its structural characteristics and other factors, and draws some l...

Burkina Faso
			: Third Review under the Extended Credit Facility Arrangement-Press Release; and Staff Report

Burkina Faso : Third Review under the Extended Credit Facility Arrangement-Press Release; and Staff Report »

Volume: 20

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513533841.002

ISBN: 9781513533841

Keywords: External sector, Public financial management, Economic growth, Expenditures, Inflation, ISCR, CR, percent of GDP, Proj, WAEMU

Third Review under the Extended Credit Facility Arrangement-Press Release; and Staff Report...

Malaysia
			: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malaysia

Malaysia : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malaysia »

Volume/Issue: 2020/57

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513531946.002

ISBN: 9781513531946

Keywords: International investment position, Real sector, Balance of payments, Economic indicators, Macroprudential policies and financial stability, ISCR, CR, percent of GDP, percent, tax refund

This 2020 Article IV Consultation highlights that the Malaysian economy is stable despite domestic and external challenges. The authorities are making progress on their reform agenda including governance reforms an...

Malaysia
			: Selected Issues

Malaysia : Selected Issues »

Volume/Issue: 2020/58

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513531960.002

ISBN: 9781513531960

Keywords: Islamic finance, Financial services, Macroprudential policies and financial stability, Financial institutions, Financial systems, ISCR, CR, e-money, sandbox, FTEG

This Selected Issues paper explains the importance of financial technology (FinTech) in Malaysia. FinTech provides opportunities for incumbent financial institutions (FIs) and new entrants including in areas such a...

Deus ex Machina? A Framework for Macro Forecasting with Machine Learning

Deus ex Machina? A Framework for Macro Forecasting with Machine Learning »

Volume/Issue: 2020/45

Series: IMF Working Papers

Author(s): Marijn Bolhuis , and Brett Rayner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513531724.001

ISBN: 9781513531724

Keywords: Production growth, Capacity utilization, Economic growth, Stock markets, Emerging markets, Forecasts, Nowcasting, Machine learning, GDP growth, Cross-validation

We develop a framework to nowcast (and forecast) economic variables with machine learning techniques. We explain how machine learning methods can address common shortcomings of traditional OLS-based models and use...

Exploring Residual Profit Allocation

Exploring Residual Profit Allocation »

Volume/Issue: 2020/49

Series: IMF Working Papers

Author(s): Sebastian Beer , Ruud A. Mooij , Shafik Hebous , Michael Keen , and Li Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513528328.001

ISBN: 9781513528328

Keywords: Marginal effective tax rate, Low-income developing countries, Gross capital formation, Tax revenue, Effective tax rate, Residual Profit Allocation, International Corporate Taxation, Multinational Firms, WP, residual profit

Schemes of residual profit allocation (RPA) tax multinationals by allocating their ‘routine' profits to countries in which their activities take place and sharing their remaining ‘residual' profit across countries...

Foreign Demand and Local House Prices: Evidence from the US

Foreign Demand and Local House Prices: Evidence from the US »

Volume/Issue: 2020/43

Series: IMF Working Papers

Author(s): Damien Puy , Anil Ari , and Yu Shi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513529264.001

ISBN: 9781513529264

Keywords: Economic conditions, Real estate prices, Housing prices, Business cycles, Demand, House Prices, Housing Affordability, Political Risk, Capital Flows., WP

We test whether foreign demand matters for local house prices in the US using an identification strategy based on the existence of 'home bias abroad' in international real estate markets. Following an extreme polit...

Household Debt and House Prices-at-risk: A Tale of Two Countries

Household Debt and House Prices-at-risk: A Tale of Two Countries »

Volume/Issue: 2020/42

Series: IMF Working Papers

Author(s): Adrian Alter , and Elizabeth Mahoney

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513530260.001

ISBN: 9781513530260

Keywords: Economic conditions, Price indexes, National income, Financial crises, Economic growth, Housing, Household Indebtedness, United States, Canada, Quantile Regressions

To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This pap...

International Capital Flows at the Security Level - Evidence from the ECB's Asset Purchase Programme

International Capital Flows at the Security Level - Evidence from the ECB's Asset Purchase Programme »

Volume/Issue: 2020/46

Series: IMF Working Papers

Author(s): Katharina Bergant , Michael Fidora , and Martin Schmitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513529233.001

ISBN: 9781513529233

Keywords: Financial and Monetary Sector, Financial crises, Debt securities, Mutual funds, Economic policy, International investment patterns, capital flows, sovereign debt, investor heterogeneity, quantitative easing

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and house...

On the Capacity to Absorb Public Investment: How Much is Too Much?

On the Capacity to Absorb Public Investment: How Much is Too Much? »

Volume/Issue: 2020/48

Series: IMF Working Papers

Author(s): Daniel Gurara , Kangni Kpodar , Andrea Presbitero , and Dawit Tessema

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513529981.001

ISBN: 9781513529981

Keywords: National income, Public investments, Absorptive capacity, Economic growth, Public investment programs, Public investment, Unit costs, Investment efficiency, infrastructure, WP

While expanding public investment can help filling infrastructure bottlenecks, scaling up too much and too fast often leads to inefficient outcomes. This paper rationalizes this outcome looking at the association b...

The Impact of Conflict and Political Instability on Banking Crises in Developing Countries

The Impact of Conflict and Political Instability on Banking Crises in Developing Countries »

Volume/Issue: 2020/41

Series: IMF Working Papers

Author(s): Ali Compaoré , Montfort Mlachila , Rasmané Ouedraogo , and Sandrine Sourouema

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513530055.001

ISBN: 9781513530055

Keywords: Banking crisis, Balance sheets, Economic recession, Banking sector, Real effective exchange rates, conflict, political instability, banking crises, fiscal crises, WP

While there is an extensive literature examining the economic impact of conflict and political instability, surprisingly there have been few studies on their impact on the probability of banking crises. This paper...

The More the Merrier? A Machine Learning Algorithm for Optimal Pooling of Panel Data

The More the Merrier? A Machine Learning Algorithm for Optimal Pooling of Panel Data »

Volume/Issue: 2020/44

Series: IMF Working Papers

Author(s): Marijn Bolhuis , and Brett Rayner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513529974.001

ISBN: 9781513529974

Keywords: Economic models, Production growth, Developing countries, Emerging markets, Data analysis, Machine learning, GDP growth, forecasts, panel data, pooling.

We leverage insights from machine learning to optimize the tradeoff between bias and variance when estimating economic models using pooled datasets. Specifically, we develop a simple algorithm that estimates the si...

Transitory and Permanent Shocks in the Global Market for Crude Oil

Transitory and Permanent Shocks in the Global Market for Crude Oil »

Volume/Issue: 2020/47

Series: IMF Working Papers

Author(s): Nooman Rebei , and Rashid Sbia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513528601.001

ISBN: 9781513528601

Keywords: Oil prices, Supply and demand, Oil production, Purchasing power parity, Real sector, Oil market, Vector autoregressions, Narrative analysis, Bayesian estimation, Kalman filtering

This paper documents the determinants of real oil price in the global market based on SVAR model embedding transitory and permanent shocks on oil demand and supply as well as speculative disturbances. We find evide...

Chile
			: Technical Assistance Report-Forming an Integrated Supervisory Authority

Chile : Technical Assistance Report-Forming an Integrated Supervisory Authority »

Volume/Issue: 2020/56

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2020

DOI: http://dx.doi.org/10.5089/9781513531687.002

ISBN: 9781513531687

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Financial markets, ISCR, CR, CMF, legal mandate, transition process

This Technical Assistance Report paper on Chile advices on the planned integration of the superintendency for banking supervision, Superintendencia de Bancos y Instituciones Financieras (SBIF), into the Comisión pa...

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

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

Volume/Issue: 2020/59

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2020

DOI: http://dx.doi.org/10.5089/9781513532622.002

ISBN: 9781513532622

Keywords: Financial and Monetary Sector, Central banks, Economic integration, Real sector, Financial systems, ISCR, CR, percent of GDP, national authority, INSS

This 2019 Article IV Consultation with Nicaragua highlights that social unrest and its aftermath eroded confidence and caused large capital and bank deposits outflows that resulted in a prolonged output contraction...

Republic of Congo
			: Technical Assistance Report-National Accounts Mission

Republic of Congo : Technical Assistance Report-National Accounts Mission »

Volume/Issue: 2020/55

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513531915.002

ISBN: 9781513531915

Keywords: ISCR, CR, intermediate consumption, current price, national account, constant price, GGS

A technical assistance mission in national accounting from the International Monetary Fund (IMF) Regional Technical Assistance Center for Central Africa (AFRITAC Central) visited Brazzaville during December 5-14, 2...

How to Design Subnational Fiscal Rules
			: A Primer

How to Design Subnational Fiscal Rules : A Primer »

Volume: 20

Series: IMF How To Notes

Author(s): Luc Eyraud , Andrew Hodge , John Ralyea , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2020

DOI: http://dx.doi.org/10.5089/9781513527031.061

ISBN: 9781513527031

Keywords: Fiscal rules, Fiscal rules and institutions, Economic stabilization, Public financial management, Economic policy, Regional economics, Economic cooperation, subnational, debt service, public borrowing

This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a...

Botswana
			: Technical Assistance Report-Report on National Accounts Mission

Botswana : Technical Assistance Report-Report on National Accounts Mission »

Volume/Issue: 2020/53

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2020

DOI: http://dx.doi.org/10.5089/9781513530901.002

ISBN: 9781513530901

Keywords: Financial statistics, National accounts, Economic analysis, Financial services industry, Price indexes, ISCR, CR, SUT, national account, GVA

This paper presents the Technical Assistance report National Accounts Mission in Botswana. As a result of recommendations made during the previous mission, Statistics Botswana (SB) have revised the release date for...

Republic of Congo
			: Technical Assistance Report-National Accounts Mission

Republic of Congo : Technical Assistance Report-National Accounts Mission »

Volume/Issue: 2020/55

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2020

DOI: http://dx.doi.org/10.5089/9781513530994.002

ISBN: 9781513530994

Keywords: Gross national product, Price indexes, National accounts, Balance of payments, Household consumption, ISCR, CR, intermediate consumption, current price, national account

This Technical Assistance report on the Republic of Congo presents mission outcomes and priority recommendations conducted to support the National Statistics Institute in its work on the national accounts estimates...

St. Lucia
			: 2019 Article IV Consultation-Press Release; and Staff Report

St. Lucia : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2020/54

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2020

DOI: http://dx.doi.org/10.5089/9781513530963.002

ISBN: 9781513530963

Keywords: Real sector, Economic indicators, Balance of payments, Financial indicators, Financial systems, ISCR, CR, ECCB, ECCU, Lucia

This 2019 Article IV Consultation explains that St. Lucia's near-term growth prospects are favorable, supported by large infrastructure investment and robust tourist inflows. However, longer-term growth continues t...

Central African Economic and Monetary Community (CEMAC)
			: Staff Report on the Common Policies in Support of Member Countries Reform Programs-Press Release, Staff Report, and Statement by the Executive Director

Central African Economic and Monetary Community (CEMAC) : Staff Report on the Common Policies in Support of Member Countries Reform Programs-Press Release, Staff Report, and Statement by the Executive Director »

Volume/Issue: 2019/383

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513530932.002

ISBN: 9781513530932

Keywords: Monetary policy, Monetary policy operational framework, Macroprudential policies and financial stability, Central banks, Foreign exchange regulations, ISCR, CR, CEMAC, BEAC, non-oil

Tighter macroeconomic and financial policies helped to avert a deeper crisis, and gross external reserves increased more rapidly in recent months, largely exceeding the mid-2019 target. However, reserves are still...

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

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

Volume/Issue: 2020/51

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513530833.002

ISBN: 9781513530833

Keywords: Balance of payments, Fiscal sector, Economic growth, Economic indicators, Central banks, ISCR, CR, target range, percent change, percent of GDP

This 2019 Article IV Consultation with Uruguay highlights that the country enjoys political stability, strong governance and institutions, and a high degree of social cohesion. Following a decade and a half of robu...

Uruguay
			: Selected Issues

Uruguay : Selected Issues »

Volume/Issue: 2020/52

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513530864.002

ISBN: 9781513530864

Keywords: Regional economics, Foreign investment, Gross domestic product, Economic recovery, Economic sectors, ISCR, CR, IMF, high-growth, WEO

This Selected Issues paper compares the various structural factors of the Uruguay economy with those of a group of countries that were once at a similar income level and have since converged fast with advanced econ...

Barbados' 2018-19 Sovereign Debt Restructuring-A Sea Change?

Barbados' 2018-19 Sovereign Debt Restructuring-A Sea Change? »

Volume/Issue: 2020/34

Series: IMF Working Papers

Author(s): Myrvin Anthony , Gregorio Impavido , and Bert van Selm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529967.001

ISBN: 9781513529967

Keywords: Domestic debt, Sovereign debt restructuring, Financial crises, Balance of payments, Public debt, Sovereign Debt, Sovereign Defaults, Sovereign Debt Restructurings, Barbados, WP

This paper examines the causes, processes, and outcomes of Barbados' 2018-19 sovereign debt restructuring-its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the...

Identifying Service Market Reform Priorities in Italy

Identifying Service Market Reform Priorities in Italy »

Volume/Issue: 2020/39

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529998.001

ISBN: 9781513529998

Keywords: Total factor productivity, Price indexes, Unemployment, Development, Labor productivity, service market reform, firm entry/exit barriers, markups, productivity., WP

Italy's labor productivity in market services has declined since 2000, underperforming manufacturing and peer European countries, especially in strongly regulated sectors. A model of monopolistic competition is use...

Labor Costs and Corporate Investment in Italy

Labor Costs and Corporate Investment in Italy »

Volume/Issue: 2020/38

Series: IMF Working Papers

Author(s): Daniel Garcia-Macia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529721.001

ISBN: 9781513529721

Keywords: National accounts, Labor costs, Financial crises, Capital formation, Unit labor cost, corporate investment, capital returns, corporate profitability., WP, wage growth

The recovery of private investment in Italy has lagged its euro area peers over the past decade. This paper examines the role of elevated labor costs in hindering the recovery. Specifically, labor costs rose faster...

Lessons from Two Public Sector Reforms in Italy

Lessons from Two Public Sector Reforms in Italy »

Volume/Issue: 2020/40

Series: IMF Working Papers

Author(s): Nazim Belhocine , and La-Bhus Fah Jirasavetakul

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529714.001

ISBN: 9781513529714

Keywords: Public investments, Demographic indicators, Economic growth, Financial crises, Public procurement, Italy, public administration reform, public sector, state-owned enterprises, public procurement.

The reform of the Italian public administration has been a priority for at least two decades, with several major initiatives undertaken toward modernization and simplification. Notwithstanding laudable intentions,...

Markups, Quality, and Trade Costs

Markups, Quality, and Trade Costs »

Volume/Issue: 2020/36

Series: IMF Working Papers

Author(s): Natalie Chen , and Luciana Juvenal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529257.001

ISBN: 9781513529257

Keywords: Patterns of trade, Trade models, Demand elasticity, Financial statistics, Export prices, Distance, export unit values, heterogeneity, markups, quality

We investigate theoretically and empirically how exporters adjust their markups across destinations depending on bilateral distance, tariffs, and the quality of their exports. Under the assumption that trade costs...

Monetary Policy Transmission in Emerging Markets and Developing Economies

Monetary Policy Transmission in Emerging Markets and Developing Economies »

Volume/Issue: 2020/34

Series: IMF Working Papers

Author(s): Luis Brandao-Marques , R. Gelos , Thomas Harjes , Ratna Sahay , and Yi Xue

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529738.001

ISBN: 9781513529738

Keywords: Financial and Monetary Sector, Central bank independence, Nominal effective exchange rate, Monetary policy instruments, Exchange rate policy, Monetary Policy, Emerging markets, Exchange rate channel, Inflation targeting, Financial structure

Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary...

Toward a Comprehensive Tax Reform for Italy

Toward a Comprehensive Tax Reform for Italy »

Volume/Issue: 2020/37

Series: IMF Working Papers

Author(s): Emile Cammeraat , and Ernesto Crivelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529226.001

ISBN: 9781513529226

Keywords: Recurrent taxes on immovable property, Tax revenue, Tax reforms, Tax evasion, Tax rates, Italy, personal income tax, VAT, property tax, microsimulations

This paper evaluates elements of a comprehensive reform of the Italian tax system. Reform options are guided by the principles of reducing complexity, broadening the tax base, and lowering marginal tax rates, espec...

Macroprudential Policies and House Prices in Europe

Macroprudential Policies and House Prices in Europe »

Volume/Issue: 2020/3

Series: Departmental Papers / Policy Papers

Author(s): Marco Arena , Tingyun Chen , Seung Choi , Nan Geng , Cheikh Gueye , Tonny Lybek , Evan Papageorgiou , and Yuanyan Sophia Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2020

DOI: http://dx.doi.org/10.5089/9781513512259.087

ISBN: 9781513512259

Keywords: Macroprudential policies and financial stability, Financial stability, Housing prices, Europe, Financial crises, Supply and demand, Economic cooperation, Financial services, DPPP, LTV

Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts...

Collateralized Transactions
			: Key Considerations for Public Lenders and Borrowers

Collateralized Transactions : Key Considerations for Public Lenders and Borrowers »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2020

DOI: http://dx.doi.org/10.5089/9781513530703.007

ISBN: 9781513530703

Keywords: Credit, Financial institutions, Public investments, Debt management, Capital markets, PP, borrower, lender, collateral, receivable

In a response to a request from the G20 IFA Working Group, this note provides a framework for public lenders and borrowers to assess collateralized financing practices from a development perspective. The work of th...

Participation by Fund Staff In Anti-Money Laundering/Combating The Financing Of Terrorism Assessments by Other Assessor Bodies

Participation by Fund Staff In Anti-Money Laundering/Combating The Financing Of Terrorism Assessments by Other Assessor Bodies »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2020

DOI: http://dx.doi.org/10.5089/9781513530758.007

ISBN: 9781513530758

Keywords: Money laundering, Offshore financial centers, International monetary system, Anti-money laundering, Combating the financing of terrorism, PP, FATF, CFT, AML, assessor

The Fund's Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Strategy was most recently reviewed by the Executive Board in November 2018. In addition, during the Board discussion of the 2018 revi...

IMF Committee on Balance of Payments Statistics
			: Annual Report 2019

IMF Committee on Balance of Payments Statistics : Annual Report 2019 »

Series: Balance of Payments Statistics

Author(s): Carlos Sanchez-Munoz , Paul Austin , Alicia Hierro , and Tamara Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

DOI: http://dx.doi.org/10.5089/9781513530666.044

ISBN: 9781513530666

Keywords: Balance of payments statistics, Balance of payments, International investment position, Statistics, External sector statistics, Statistics, BY, BOP, IIP, IMF

The 2019 Annual Report of the IMF Committee on Balance of Payments Statistics (the Committee) provides an overview of recent trends in global balance of payments and international investment position statistics, su...

Cameroon
			: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

Cameroon : Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon »

Volume/Issue: 2020/48

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

DOI: http://dx.doi.org/10.5089/9781513530383.002

ISBN: 9781513530383

Keywords: Financial and Monetary Sector, Fiscal sector, Macroprudential policies and financial stability, Credit, Development, ISCR, CR, SOEs, non-oil, primary balance

This paper discusses Cameroon's Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of NonObservance of a Performance Criterion and Modification of Performance Criteria (PC). Growth...

Myanmar
			: Technical Assistance Report-External Sector Statistics Mission

Myanmar : Technical Assistance Report-External Sector Statistics Mission »

Volume/Issue: 2020/46

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

DOI: http://dx.doi.org/10.5089/9781513530307.002

ISBN: 9781513530307

Keywords: Accounting, Balance of payments, Bilateral trade, Central banking, Central banks, Commodities, Credit, Current account balances, Data collection, Depreciation

This Technical Assistance Report paper highlights that the work on verifying reasonable size of coverage adjustments for Myanmar's imports was addressed during the mission, using bilateral trade data from Thailand...

Myanmar
			: Technical Assistance Report-External Sector Statistics Mission

Myanmar : Technical Assistance Report-External Sector Statistics Mission »

Volume/Issue: 2020/47

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

DOI: http://dx.doi.org/10.5089/9781513530345.002

ISBN: 9781513530345

Keywords: External sector statistics, International investment position, Foreign investment, Foreign banks, Oil sector, ISCR, CR, DICA, FDIS, awareness workshop

This Technical Assistance (TA) report on Myanmar presents outcomes and priority recommendations of mission on external sector statistics (ESS) for the Directorate of Investment and Company Administration (DICA). In...

Senegal
			: Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal

Senegal : Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal »

Volume/Issue: 2020/11

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513530529.002

ISBN: 9781513530529

Keywords: External sector, Fiscal policy, Economic growth, Public debt, Development, ISCR, CR, percent of GDP, Eurobond, WAEMU

Economic growth averaged 6.5 percent over the past five years, boosted by public investment under phase I of Senegal's development strategy, the 'Plan Sénégal Émergent' (PSE), and buoyant private consumption. High...

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

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

Volume/Issue: 2020/49

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

DOI: http://dx.doi.org/10.5089/9781513530567.002

ISBN: 9781513530567

Keywords: External sector, Public financial management, Fiscal policy, Economic indicators, Central banks, ISCR, CR, pacific game, Proj, percent of GDP

This 2019 Article IV Consultation with the Solomon Islands highlights that the country has made substantial progress since the Tensions in the early 2000s but faces considerable economic and governance challenges a...

Women in the Labor Force
			: The Role of Fiscal Policies

Women in the Labor Force : The Role of Fiscal Policies »

Volume/Issue: 2020/3

Series: Staff Discussion Notes

Author(s): Anna Fruttero , Daniel Gurara , Lisa Kolovich , Vivian Malta , Marina Mendes Tavares , Nino Tchelishvili , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 February 2020

DOI: http://dx.doi.org/10.5089/9781513529134.006

ISBN: 9781513529134

Keywords: Gender, Labor force policy, Gender equality, Fiscal policy, Labor productivity, Poverty, Poverty and inequality, General equilibrium models, Labor force participation, Labor market policy

Despite the increase in female labor force participation over the past three decades, women still do not have the same opportunities as men to participate in economic activities in most countries. The average femal...

Republic of Armenia
			: Technical Assistance Report-Strategic Choices for Tax Administration to Enhance Tax Compliance

Republic of Armenia : Technical Assistance Report-Strategic Choices for Tax Administration to Enhance Tax Compliance »

Volume/Issue: 2020/45

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2020

DOI: http://dx.doi.org/10.5089/9781513530277.002

ISBN: 9781513530277

Keywords: Revenue administration, Tax revenue, Tax policy, Tax administration, Tax reforms, ISCR, CR, SRC, taxpayer, tax regime

This technical assistance report on Republic of Armenia advices on advises on strategic choices for tax administration and compliance risk management. It complements the March 2018 tax administration mission, which...

A Model-based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance

A Model-based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance »

Volume/Issue: 2020/33

Series: IMF Working Papers

Author(s): Jean-Marc Fournier , and Philipp Lieberknecht

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2020

DOI: http://dx.doi.org/10.5089/9781513529240.001

ISBN: 9781513529240

Keywords: Economic stabilization, Interest rate increases, Business cycles, Financial crises, Economic forecasting, Fiscal Taylor Rule, Model, Toolkit, WP, output gap

This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the gove...

Competition, Competitiveness and Growth in Sub-Saharan Africa

Competition, Competitiveness and Growth in Sub-Saharan Africa »

Volume/Issue: 2020/30

Series: IMF Working Papers

Author(s): Reda Cherif , Sandesh Dhungana , Xiangming Fang , Jesus Gonzalez-Garcia , Yuanchen Yang , Mustafa Yenice , and Jung Eun Yoon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2020

DOI: http://dx.doi.org/10.5089/9781513526379.001

ISBN: 9781513526379

Keywords: Economic integration, Trade policy, Global competitiveness, Total factor productivity, International trade agreements, Markups, Market Power, Competition, Sub-Saharan Africa, WP

Does greater product market competition improve external competitiveness and growth? This paper examines this question by using country-and firm-level data for a sample of 39 sub-Saharan African countries over 2000...

Taking Down the Wall: Transition and Inequality

Taking Down the Wall: Transition and Inequality »

Volume/Issue: 2020/32

Series: IMF Working Papers

Author(s): Serhan Cevik , and Carolina Correa-Caro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2020

DOI: http://dx.doi.org/10.5089/9781513527871.001

ISBN: 9781513527871

Keywords: Income inequality, Economic reforms, Economic growth, Demographic indicators, Income distribution, fiscal policy, transition economies, WP, Gini coefficient, Gini

This paper investigates the main determinants of income inequality in transition countries during the period 1990-2018. To this end, we address a major methodological challenge that lies at the core of the cross-co...

Vietnam's Development Success Story and the Unfinished SDG Agenda

Vietnam's Development Success Story and the Unfinished SDG Agenda »

Volume/Issue: 2020/31

Series: IMF Working Papers

Author(s): Anja Baum

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2020

DOI: http://dx.doi.org/10.5089/9781513527024.001

ISBN: 9781513527024

Keywords: Economic reforms, Economic stabilization, Economic growth, Poverty, Age-related spending, Vietnam, economic policies, SDGs, education, electricity

Despite starting as one of the poorest countries in the mid-1980s, Vietnam has achieved rapid developmental progress, reaching lower middle-income status in 2010. In line with rapid economic growth, Vietnam has ach...

Fifteenth and Sixteenth General Reviews of Quotas-Report of the Executive Board to the Board of Governors

Fifteenth and Sixteenth General Reviews of Quotas-Report of the Executive Board to the Board of Governors »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2020

DOI: http://dx.doi.org/10.5089/9781513526454.007

ISBN: 9781513526454

Keywords: Financial safety nets, Developing countries, Emerging markets, Credit, Stocks, PP, IMFC, general review, executive board, quota share

On January 16, 2020, the Executive Board adopted a Report to the Board of Governors proposing that the Board of Governors adopt a Resolution concluding the Fifteenth General Review of Quotas with no increase in quo...

Fifteenth General Review of Quotas-Notification from the Executive Board to the Board of Governors
			: December 2019

Fifteenth General Review of Quotas-Notification from the Executive Board to the Board of Governors : December 2019 »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2020

DOI: http://dx.doi.org/10.5089/9781513530093.007

ISBN: 9781513530093

On December 20, 2019, the Executive Board notified the Board of Governors that it would not be able to report to the Board of Governors in time to facilitate a vote by the Board of Governors concluding the Fifteent...