Volume/Issue: 2018/98
Series: IMF Working Papers
Author(s):
Nidhaleddine Ben Cheikh
,
Sami Ben Naceur
,
Oussama Kanaan
, and
Christophe Rault
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
May
2018
DOI: http://dx.doi.org/10.5089/9781484353622.001
ISBN: 9781484353622
Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results r...
Volume/Issue: 2018/98
Series: IMF Working Papers
Author(s):
Nidhaleddine Ben Cheikh
,
Sami Ben Naceur
,
Oussama Kanaan
, and
Christophe Rault
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
May
2018
ISBN: 9781484353622
Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results r...
Volume/Issue: 2018/6
Series: Departmental Papers / Policy Papers
Author(s):
Edward Gemayel
,
Lorraine Ocampos
,
Matteo Ghilardi
, and
James Aylward
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
10
April
2018
DOI: http://dx.doi.org/10.5089/9781484337165.087
ISBN: 9781484337165
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency ad...
Volume/Issue: 2018/6
Series: Departmental Papers / Policy Papers
Author(s):
Edward Gemayel
,
Lorraine Ocampos
,
Matteo Ghilardi
, and
James Aylward
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
10
April
2018
ISBN: 9781484337165
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency ad...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Rising Challenges
The pursuit of multiple goals with public payrolls—often with limited success—has left several countries in the region with high wage bills at a time of heightened...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Comparison with Global Peers
Public wage bills in the MENAP region are higher than in other emerging market and developing economies (Figure 2.1).
1...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Management of public sector wage bills has emerged as an important policy challenge for the region. Reflecting legacies from the past—including the large role of the state—as well as considerable oil wealth...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Policy Objectives
Employment
In many areas of the MENAP region, high wage bills reflect the traditional role of the state as the employer of first reso...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Economic and social challenges have intensified across the Middle East and Central Asia. Despite a stronger global economy, the growth outlook for the region remains subdued (IMF 2017). Weak economic growth...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Public Service Delivery
Higher wage bills have on average not produced better service delivery, though public services are also affected by other considerations (Figures 4.1 and 4.2)...
Volume: 18
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
DOI: http://dx.doi.org/10.5089/9781484336731.087
ISBN: 9781484336731
Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation,...
Volume: 18
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation,...
Series: Departmental Papers / Policy Papers
Author(s):
Natalia Tamirisa
, and
Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
January
2018
ISBN: 9781484336731
Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation,...
Volume/Issue: 2017/145
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
June
2017
DOI: http://dx.doi.org/10.5089/9781484302996.002
ISBN: 9781484302996
This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can...
Volume/Issue: 2017/145
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
June
2017
ISBN: 9781484302996
This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can...
Volume/Issue: 2016/161
Series: IMF Working Papers
Author(s):
Padamja Khandelwal
,
Ken Miyajima
, and
Andre Santos
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
05
August
2016
DOI: http://dx.doi.org/10.5089/9781475523393.001
ISBN: 9781475523393
This paper examines the links between global oil price movements and macroeconomic and financial developments in the GCC. Using a range of multivariate panel approaches, including a panel vector autoregression appr...
Volume/Issue: 2016/161
Series: IMF Working Papers
Author(s):
Padamja Khandelwal
,
Ken Miyajima
, and
Andre Santos
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
05
August
2016
ISBN: 9781475523393
This paper examines the links between global oil price movements and macroeconomic and financial developments in the GCC. Using a range of multivariate panel approaches, including a panel vector autoregression appr...
Volume/Issue: 2016/170
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
June
2016
DOI: http://dx.doi.org/10.5089/9781498304030.002
ISBN: 9781498304030
This paper provides a detailed assessment of observance of the Committee on Payments and Market Infrastructures-International Organization of Securities Commissions principles for financial market infrastructures (...
Volume/Issue: 2016/170
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
June
2016
ISBN: 9781498304030
This paper provides a detailed assessment of observance of the Committee on Payments and Market Infrastructures-International Organization of Securities Commissions principles for financial market infrastructures (...
Volume/Issue: 2016/98
Series: IMF Working Papers
Author(s):
Ananthakrishnan Prasad
,
Heba Abdel Monem
, and
Pilar Garcia Martinez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
May
2016
DOI: http://dx.doi.org/10.5089/9781484361641.001
ISBN: 9781484361641
Several characteristics of the structure of the Arab economies, their economic policy framework, and their banking systems make macroprudential policy a particular relevant tool. For most oil exporters, heavy relia...
Volume/Issue: 2016/98
Series: IMF Working Papers
Author(s):
Ananthakrishnan Prasad
,
Heba Abdel Monem
, and
Pilar Garcia Martinez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
May
2016
ISBN: 9781484361641
Several characteristics of the structure of the Arab economies, their economic policy framework, and their banking systems make macroprudential policy a particular relevant tool. For most oil exporters, heavy relia...
Volume/Issue: 2016/42
Series: IMF Working Papers
Author(s):
Nadim Kyriakos-Saad
,
Manuel Vasquez
,
Chady El Khoury
, and
Arz El Murr
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
February
2016
DOI: http://dx.doi.org/10.5089/9781513516158.001
ISBN: 9781513516158
The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common unde...
Volume/Issue: 2016/42
Series: IMF Working Papers
Author(s):
Nadim Kyriakos-Saad
,
Manuel Vasquez
,
Chady El Khoury
, and
Arz El Murr
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
February
2016
ISBN: 9781513516158
The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common unde...
Volume/Issue: 2015/247
Series: IMF Working Papers
Author(s):
Elsie Addo Awadzi
,
Carine Chartouni
, and
Mario Tamez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
24
November
2015
DOI: http://dx.doi.org/10.5089/9781513503219.001
ISBN: 9781513503219
Islamic banking is growing rapidly and its potential impact on global financial stability cannot be underestimated. International standards for resolving banks have evolved after the global financial crisis, culmin...
Volume/Issue: 2015/247
Series: IMF Working Papers
Author(s):
Elsie Addo Awadzi
,
Carine Chartouni
, and
Mario Tamez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
24
November
2015
ISBN: 9781513503219
Islamic banking is growing rapidly and its potential impact on global financial stability cannot be underestimated. International standards for resolving banks have evolved after the global financial crisis, culmin...
Volume/Issue: 2015/234
Series: IMF Working Papers
Author(s):
Ritu Basu
,
Ananthakrishnan Prasad
, and
Sergio Rodriguez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
November
2015
DOI: http://dx.doi.org/10.5089/9781513588513.001
ISBN: 9781513588513
The assessment provides evidence of market segmentation across Islamic and conventional banks in the Gulf Cooperation Council (GCC), leading to excess liquidity, and an uneven playing field for Islamic banks that m...
Volume/Issue: 2015/234
Series: IMF Working Papers
Author(s):
Ritu Basu
,
Ananthakrishnan Prasad
, and
Sergio Rodriguez
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
09
November
2015
ISBN: 9781513588513
The assessment provides evidence of market segmentation across Islamic and conventional banks in the Gulf Cooperation Council (GCC), leading to excess liquidity, and an uneven playing field for Islamic banks that m...
Volume/Issue: 2015/210
Series: IMF Working Papers
Author(s):
Raja Almarzoqi
,
Sami Ben Naceur
, and
Alessandro Scopelliti
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
September
2015
ISBN: 9781513581910
The paper analyzes the relationship between bank competition and stability, with a specific focus on the Middle East and North Africa. Price competition has a positive effect on bank liquidity, as it induces self-d...
Volume/Issue: 2015/210
Series: IMF Working Papers
Author(s):
Raja Almarzoqi
,
Sami Ben Naceur
, and
Alessandro Scopelliti
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
September
2015
DOI: http://dx.doi.org/10.5089/9781513581910.001
ISBN: 9781513581910
The paper analyzes the relationship between bank competition and stability, with a specific focus on the Middle East and North Africa. Price competition has a positive effect on bank liquidity, as it induces self-d...
Volume/Issue: 2015/191
Series: IMF Working Papers
Author(s):
Alberto Behar
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
August
2015
ISBN: 9781513573885
We estimate the elasticity of private-sector employment to non-oil GDP in the Gulf Cooperation Council (GCC) for GCC nationals and expatriates using a Seemingly Unrelated Error Correction (SUREC) model. Our results...
Volume/Issue: 2015/191
Series: IMF Working Papers
Author(s):
Alberto Behar
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
August
2015
DOI: http://dx.doi.org/10.5089/9781513573885.001
ISBN: 9781513573885
We estimate the elasticity of private-sector employment to non-oil GDP in the Gulf Cooperation Council (GCC) for GCC nationals and expatriates using a Seemingly Unrelated Error Correction (SUREC) model. Our results...
Volume/Issue: 2015/184
Series: IMF Working Papers
Author(s):
Andre Santos
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
August
2015
DOI: http://dx.doi.org/10.5089/9781513589459.001
ISBN: 9781513589459
The objective of the paper is to assess ownership and control links in the GCC corporate sector. The analysis focuses on the integrated ownership and network arising from ownership data available in Bloomberg and G...
Volume/Issue: 2015/184
Series: IMF Working Papers
Author(s):
Andre Santos
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
August
2015
ISBN: 9781513589459
The objective of the paper is to assess ownership and control links in the GCC corporate sector. The analysis focuses on the integrated ownership and network arising from ownership data available in Bloomberg and G...
Volume/Issue: 2015/120
Series: IMF Working Papers
Author(s):
Mumtaz Hussain
,
Asghar Shahmoradi
, and
Rima Turk
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
02
June
2015
DOI: http://dx.doi.org/10.5089/9781513590745.001
ISBN: 9781513590745
Islamic finance has started to grow in international finance across the globe, with some
concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent
years seems to point to its resi...
Volume/Issue: 2015/120
Series: IMF Working Papers
Author(s):
Mumtaz Hussain
,
Asghar Shahmoradi
, and
Rima Turk
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
02
June
2015
ISBN: 9781513590745
Islamic finance has started to grow in international finance across the globe, with some
concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent
years seems to point to its resi...
Volume/Issue: 2015/107
Series: IMF Working Papers
Author(s):
Inutu Lukonga
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
May
2015
DOI: http://dx.doi.org/10.5089/9781513515106.001
ISBN: 9781513515106
Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and finan...
Volume/Issue: 2015/107
Series: IMF Working Papers
Author(s):
Inutu Lukonga
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
May
2015
ISBN: 9781513515106
Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and finan...
Volume/Issue: 2015/5
Series: Staff Discussion Notes
Author(s):
Alfred Kammer
,
Mohamed Norat
,
Marco Pinon
,
Ananthakrishnan Prasad
,
Christopher Towe
, and
Zeine Zeidane
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
06
April
2015
DOI: http://dx.doi.org/10.5089/9781498325035.006
ISBN: 9781498325035
The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance m...
Volume/Issue: 2015/5
Series: Staff Discussion Notes
Author(s):
Alfred Kammer
,
Mohamed Norat
,
Marco Pinon
,
Ananthakrishnan Prasad
,
Christopher Towe
, and
Zeine Zeidane
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
06
April
2015
ISBN: 9781498325035
The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance m...
Volume: 15
Series: Technical Notes and Manuals
Author(s):
Martin Cerisola
,
Chadi Abdallah
,
Victor Davies
, and
Mark Fischer
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
March
2015
ISBN: 9781498383905
This note is a reference guide to the econometric work on fiscal multipliers for MENAP countries. Spending and tax multipliers are estimated from conventional VAR models and identified using a sign-restrictions app...
Volume: 15
Series: Technical Notes and Manuals
Author(s):
Martin Cerisola
,
Chadi Abdallah
,
Victor Davies
, and
Mark Fischer
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
March
2015
DOI: http://dx.doi.org/10.5089/9781498383905.005
ISBN: 9781498383905
This note is a reference guide to the econometric work on fiscal multipliers for MENAP countries. Spending and tax multipliers are estimated from conventional VAR models and identified using a sign-restrictions app...
Volume/Issue: 2015/62
Series: IMF Working Papers
Author(s):
Pritha Mitra
,
Amr Hosny
,
Gohar Abajyan
, and
Mark Fischer
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
March
2015
ISBN: 9781475545364
The Middle East and Central Asia's economic growth potential is slowing faster than in other emerging and developing regions, dampening hopes for reducing persistent unemployment and improving the region's genera...
Volume/Issue: 2015/62
Series: IMF Working Papers
Author(s):
Pritha Mitra
,
Amr Hosny
,
Gohar Abajyan
, and
Mark Fischer
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
March
2015
DOI: http://dx.doi.org/10.5089/9781475545364.001
ISBN: 9781475545364
The Middle East and Central Asia's economic growth potential is slowing faster than in other emerging and developing regions, dampening hopes for reducing persistent unemployment and improving the region's genera...
Volume/Issue: 2015/31
Series: IMF Working Papers
Author(s):
Sami Ben Naceur
,
Adolfo Barajas
, and
Alexander Massara
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
February
2015
ISBN: 9781498370813
The paper analyses existing country-level information on the relationship between the development of Islamic banking and financial inclusion. In Muslim countries-members of the Organization for Islamic Cooperation...
Volume/Issue: 2015/31
Series: IMF Working Papers
Author(s):
Sami Ben Naceur
,
Adolfo Barajas
, and
Alexander Massara
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
13
February
2015
DOI: http://dx.doi.org/10.5089/9781498370813.001
ISBN: 9781498370813
The paper analyses existing country-level information on the relationship between the development of Islamic banking and financial inclusion. In Muslim countries-members of the Organization for Islamic Cooperation...
Volume/Issue: 2015/11
Series: IMF Working Papers
Author(s):
Marco Arena
,
Serpil Bouza
,
Era Dabla-Norris
,
Kerstin Gerling
, and
Lamin Njie
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
January
2015
ISBN: 9781484356869
Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960-2011, we identify, document, and compare the macro-economic dynamics of credit booms across low- and middle-inco...
Volume/Issue: 2015/11
Series: IMF Working Papers
Author(s):
Marco Arena
,
Serpil Bouza
,
Era Dabla-Norris
,
Kerstin Gerling
, and
Lamin Njie
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
January
2015
DOI: http://dx.doi.org/10.5089/9781484356869.001
ISBN: 9781484356869
Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960-2011, we identify, document, and compare the macro-economic dynamics of credit booms across low- and middle-inco...
Volume/Issue: 2014/12
Series: Staff Discussion Notes
Author(s):
Tim Callen
,
Reda Cherif
,
Fuad Hasanov
,
Amgad Hegazy
, and
Padamja Khandelwal
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
December
2014
ISBN: 9781498303231
Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil m...
Volume/Issue: 2014/12
Series: Staff Discussion Notes
Author(s):
Tim Callen
,
Reda Cherif
,
Fuad Hasanov
,
Amgad Hegazy
, and
Padamja Khandelwal
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
December
2014
DOI: http://dx.doi.org/10.5089/9781498303231.006
ISBN: 9781498303231
Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil m...
Volume/Issue: 2014/220
Series: IMF Working Papers
Author(s):
In Song
, and
Carel Oosthuizen
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
December
2014
DOI: http://dx.doi.org/10.5089/9781498380928.001
ISBN: 9781498380928
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund...
Volume/Issue: 2014/219
Series: IMF Working Papers
Author(s):
Aledjandro Lopez Mejia
,
Suliman Aljabrin
,
Rachid Awad
,
Mohamed Norat
, and
In Song
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
December
2014
DOI: http://dx.doi.org/10.5089/9781498361590.001
ISBN: 9781498361590
This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and diff...
Volume/Issue: 2014/220
Series: IMF Working Papers
Author(s):
In Song
, and
Carel Oosthuizen
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
December
2014
ISBN: 9781498380928
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund...
Volume/Issue: 2014/219
Series: IMF Working Papers
Author(s):
Aledjandro Lopez Mejia
,
Suliman Aljabrin
,
Rachid Awad
,
Mohamed Norat
, and
In Song
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
December
2014
ISBN: 9781498361590
This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and diff...
Volume/Issue: 2014/10
Series: Staff Discussion Notes
Author(s):
Maria Albino-War
,
Svetlana Cerovic
,
Francesco Grigoli
,
Juan Flores
,
Javier Kapsoli
,
Haonan Qu
,
Yahia Said
,
Bahrom Shukurov
,
Martin Sommer
, and
SeokHyun Yoon
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
November
2014
DOI: http://dx.doi.org/10.5089/9781498311397.006
ISBN: 9781498311397
Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating...
Volume/Issue: 2014/10
Series: Staff Discussion Notes
Author(s):
Maria Albino-War
,
Svetlana Cerovic
,
Francesco Grigoli
,
Juan Flores
,
Javier Kapsoli
,
Haonan Qu
,
Yahia Said
,
Bahrom Shukurov
,
Martin Sommer
, and
SeokHyun Yoon
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
November
2014
ISBN: 9781498311397
Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating...
Volume/Issue: 2014/177
Series: IMF Working Papers
Author(s):
Reda Cherif
, and
Fuad Hasanov
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
24
September
2014
DOI: http://dx.doi.org/10.5089/9781498310642.001
ISBN: 9781498310642
A key priority for the Gulf Cooperation Council (GCC) countries is to create a dynamic non-oil tradable sector to support sustainable growth. Since export diversification takes a long time, it has to start now. We...
Volume/Issue: 2014/177
Series: IMF Working Papers
Author(s):
Reda Cherif
, and
Fuad Hasanov
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
24
September
2014
ISBN: 9781498310642
A key priority for the Gulf Cooperation Council (GCC) countries is to create a dynamic non-oil tradable sector to support sustainable growth. Since export diversification takes a long time, it has to start now. We...
Volume/Issue: 2014/43
Series: IMF Working Papers
Author(s):
Naotaka Sugawara
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
March
2014
ISBN: 9781475515275
This paper examines the effect of stabilization funds on the volatility of government expenditure in resource-rich countries. Using a panel data set of 68 resource-rich countries over 1988-2012, the results find th...
Volume/Issue: 2014/43
Series: IMF Working Papers
Author(s):
Naotaka Sugawara
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
March
2014
DOI: http://dx.doi.org/10.5089/9781475515275.001
ISBN: 9781475515275
This paper examines the effect of stabilization funds on the volatility of government expenditure in resource-rich countries. Using a panel data set of 68 resource-rich countries over 1988-2012, the results find th...
Volume/Issue: 2014/1
Series: Staff Discussion Notes
Author(s):
Zsofia Arvai
,
Ananthakrishnan Prasad
, and
Kentaro Katayama
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
February
2014
DOI: http://dx.doi.org/10.5089/9781484334430.006
ISBN: 9781484334430
As undiversified commodity exporters, GCC economies are prone to pro-cyclical systemic risk in the financial system. During periods of high hydrocarbon prices, favorable economic prospects make the financial sector...
Volume/Issue: 2014/1
Series: Staff Discussion Notes
Author(s):
Zsofia Arvai
,
Ananthakrishnan Prasad
, and
Kentaro Katayama
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
February
2014
ISBN: 9781484334430
As undiversified commodity exporters, GCC economies are prone to pro-cyclical systemic risk in the financial system. During periods of high hydrocarbon prices, favorable economic prospects make the financial sector...
Volume/Issue: 2014/5
Series: IMF Working Papers
Author(s):
Ernesto Crivelli
, and
Sanjeev Gupta
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
January
2014
DOI: http://dx.doi.org/10.5089/9781484351178.001
ISBN: 9781484351178
This paper uses a newly constructed revenue dataset of 35 resource-rich countries for the period 1992-2009 to analyze the impact of expanding resource revenues on different types of domestic (non resource) tax reve...
Volume/Issue: 2014/5
Series: IMF Working Papers
Author(s):
Ernesto Crivelli
, and
Sanjeev Gupta
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
January
2014
ISBN: 9781484351178
This paper uses a newly constructed revenue dataset of 35 resource-rich countries for the period 1992-2009 to analyze the impact of expanding resource revenues on different types of domestic (non resource) tax reve...
Volume/Issue: 2013/246
Series: IMF Working Papers
Author(s):
Risto Herrala
, and
Rima Turk Ariss
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
December
2013
ISBN: 9781484303085
We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore's (1997) theoretical framework. Drawing on a un...
Volume/Issue: 2013/246
Series: IMF Working Papers
Author(s):
Risto Herrala
, and
Rima Turk Ariss
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
December
2013
DOI: http://dx.doi.org/10.5089/9781484303085.001
ISBN: 9781484303085
We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore's (1997) theoretical framework. Drawing on a un...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
8.1 Introduction
As the global economic crisis took hold, the GCC countries’ financial systems found themselves affected through contagion despite the relatively low direct exposure...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
5.1 Introduction
Macroeconomic stability is important for long-term growth and the literature has discussed several channels through which volatility can reduce growth....
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
4.1 Introduction
The activities of the government have a heightened importance in the Gulf countries because oil revenues accrue to the government and the way they are spent or saved...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
1.1 Introduction
The countries of the Gulf Cooperation Council (GCC) have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversificati...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
DOI: http://dx.doi.org/10.5089/9780199683796.071
ISBN: 9780199683796
The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labor for...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
6.1 Introduction
The dollar peg has been the nominal anchor for monetary policy for many years in the GCC.
1
The pegged exchange rate regime provide...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
7.1 Introduction
The global crisis exposed the vulnerabilities of the banks in the GCC countries to varying degrees. The favorable macroeconomic environment in the years preceding th...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
2.1 Introduction
The member countries of the GCC have changed considerably over the last thirty years. The fast development of the region has spurred the creation of new cities, the...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
9.1 Economic Openness and Spillovers
The book thus far has analyzed the GCC macroeconomic stabilization and longer-term structural challenges. The importance of researching the GCC c...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
3.1 Introduction
The dominance of foreigners in the labor force of the GCC countries is a very peculiar characteristic of these economies and one that has many macroeconomic conseque...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labor for...
Series: Books
Author(s):
Raphael Espinoza
,
Ghada Fayad
, and
Ananthakrishnan Prasad
Publisher: Oxford University Press
Publication Date:
21
November
2013
ISBN: 9780199683796
The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labor for...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
A7.1 This appendix provides frequently asked questions (FAQs) to assist countries in identifying reserve assets under international standards, consistent with the recommendations of the sixth ed...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
A5.1 The IMF’s executive board in March 2000 approved the establishment of a common database for the collection of template data disseminated by SDDS-subscribing countries, and the redisseminati...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
A6.1 The purpose of this appendix is to provide further methodological guidance for reserve assets in the circumstance where an economy is a member of a currency union (CU). This appendix draws...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
Information to be Disclosed by the Monetary Authorities and Other Central Government, Excluding Social Security
1, 2, 3...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
A8.1 The Appendix aims at clarifying the statistical treatment of lending to the IMF, lending to IMF managed trusts, and Special Drawing Rights (SDRs) in the Reserves Data Template. In these cas...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
A4.1 All options should, if necessary, first be converted into puts and calls in foreign currency. For this conversion, the strike price is used. For example, the central bank has written a call...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
Reserves Data Template...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
A1.1 The IMF’s Special Data Dissemination Standard (SDDS) was established by the Fund’s executive board in March 1996, with the aim of enhancing the availability of timely, reliable, and compreh...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
Defining Contingent Net Drains
180 Section III of the Reserves Data Template covers contingent short-term net drains on foreign currency resources. As discussed in Ch...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
DOI: http://dx.doi.org/10.5089/9781484304228.069
ISBN: 9781484304228
This book is an update of the Guidelines published in 2001. It sets forth the underlying framework for the Reserves Data Template, and provides operational advice for its use. The updated version also includes thre...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
This book is an update of the Guidelines published in 2001. It sets forth the underlying framework for the Reserves Data Template, and provides operational advice for its use. The updated version also includes thre...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
This book is an update of the Guidelines published in 2001. It sets forth the underlying framework for the Reserves Data Template, and provides operational advice for its use. The updated version also includes thre...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
Coverage of Memo Items
236 Section IV of the Reserves Data Template provides information covering (1) positions and flows not disclosed in Sections I–III but deemed r...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
58 This chapter provides guidelines to assist countries in reporting data on the authorities’ foreign currency resources (comprising reserve assets and other foreign currency assets) in Section...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
1 International financial crises, such as in the late 1990s, have underscored the importance of disseminating comprehensive information on countries’ international reserves and foreign currency...
Series: Manuals & Guides
Author(s):
International Monetary Fund. Statistics Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
October
2013
ISBN: 9781484304228
138 Section II of the Reserves Data Template is used to report the authorities’ predetermined short-term net drains on foreign currency assets. “Predetermined” drains are the known or scheduled...
Volume/Issue: 2013/183
Series: IMF Working Papers
Author(s):
John Bluedorn
,
Rupa Duttagupta
,
Jaime Guajardo
, and
Petia Topalova
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
August
2013
ISBN: 9781484389041
Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nea...
Volume/Issue: 2013/183
Series: IMF Working Papers
Author(s):
John Bluedorn
,
Rupa Duttagupta
,
Jaime Guajardo
, and
Petia Topalova
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
August
2013
DOI: http://dx.doi.org/10.5089/9781484389041.001
ISBN: 9781484389041
Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nea...
Volume/Issue: 2013/23
Series: IMF Working Papers
Author(s):
Christian Saborowski
, and
Sebastian Weber
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
January
2013
ISBN: 9781475525717
We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allow...
Volume/Issue: 2013/23
Series: IMF Working Papers
Author(s):
Christian Saborowski
, and
Sebastian Weber
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
January
2013
DOI: http://dx.doi.org/10.5089/9781475525717.001
ISBN: 9781475525717
We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allow...
Volume/Issue: 2012/260
Series: IMF Working Papers
Author(s):
Carlos Caceres
, and
Leandro Medina
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
October
2012
DOI: http://dx.doi.org/10.5089/9781475530162.001
ISBN: 9781475530162
The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, mediu...
Volume/Issue: 2012/260
Series: IMF Working Papers
Author(s):
Carlos Caceres
, and
Leandro Medina
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
October
2012
ISBN: 9781475530162
The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, mediu...
Volume/Issue: 2012/191
Series: IMF Working Papers
Author(s):
Serhan Cevik
, and
Katerina Teksoz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
July
2012
DOI: http://dx.doi.org/10.5089/9781475505399.001
ISBN: 9781475505399
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the in...
