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How Informative Are Real Time Output Gap Estimates in Europe?

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

Volume/Issue: 2019/200

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

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

ISBN: 9781513512549

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

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

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

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

Volume/Issue: 2019/245

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508450.002

ISBN: 9781513508450

Keywords: Financial crises, Economic indicators, Financial and Monetary Sector, Financial systems, Balance of payments, percent, trade tension, GDP, euro area, percent of GDP

Growth slowed last year as the cyclical recovery ran its course and temporary domestic factors, coupled with slowing global growth, weighed on demand. Nonetheless, activity remained resilient relative to peers, and...

France
			: Financial System Stability Assessment

France : Financial System Stability Assessment »

Volume/Issue: 2019/241

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508276.002

ISBN: 9781513508276

Keywords: Financial crises, Financial soundness indicators, Financial markets, Financial institutions, Macroprudential policies and financial stability, corporates, solvency, insurer, FCs, ECB

Important institutional and policy changes have taken place since the 2012 FSAP. At the national level, the authorities have strengthened the macroprudential framework by establishing the High Council for Financial...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2019/246

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781513508467.002

ISBN: 9781513508467

Keywords: Fiscal policy, Fiscal consolidation, Government expenditures, Gross domestic product, Financial crises, subnational, policy stance, GFC, output gap, successful consolidation

Selected Issues...

The Optimal Turnover Threshold and Tax Rate for SMEs

The Optimal Turnover Threshold and Tax Rate for SMEs »

Volume/Issue: 2019/98

Series: IMF Working Papers

Author(s): Feng Wei , and Jean-François Wen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 May 2019

DOI: http://dx.doi.org/10.5089/9781498312295.001

ISBN: 9781498312295

Keywords: Tax reforms, Tax rates, Tax revenue, Alternative minimum taxes, Effective tax rate, Turnover Tax, Threshold, Corporate Income Tax, Tax Compliance, Informality

Presumptive income taxes in the form of a tax on turnover for SMEs are pervasive as a way to reduce the costs of compliance and administration. We analyze a model where entrepreneurs allocate labor to the formal an...

Macroeconomic Gains from Reforming the Agri-Food Sector: The Case of France

Macroeconomic Gains from Reforming the Agri-Food Sector: The Case of France »

Volume/Issue: 2019/41

Series: IMF Working Papers

Author(s): Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2019

DOI: http://dx.doi.org/10.5089/9781484397961.001

ISBN: 9781484397961

Keywords: Supply and demand, Economic growth, Agricultural production, Agricultural sector, Demand elasticity, agriculture;growth;food policy;climate change;externalities;fiscal policy;diets;agri-food;GHG;externality;GHG emission;farm labor force

France is the top agricultural producer in the European Union (EU), and agriculture plays a prominent role in the country's foreign trade and intermediate exchanges. Reflecting production volumes and methods, the s...

Countercyclical Fiscal Policy and Gender Employment: Evidence from the G-7 Countries

Countercyclical Fiscal Policy and Gender Employment: Evidence from the G-7 Countries »

Volume/Issue: 2019/4

Series: IMF Working Papers

Author(s): Bernardin Akitoby , Jiro Honda , and Hiroaki Miyamoto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2019

DOI: http://dx.doi.org/10.5089/9781484390054.001

ISBN: 9781484390054

Keywords: Italy, Japan, Germany, Europe, Canada, Asia and Pacific, France, United Kingdom, United States, Western Hemisphere

Would countercyclical fiscal policy during recessions improve or worsen the gender employment gap? We give an answer to this question by exploring the state-dependent impact of fiscal spending shocks on employment...

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

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

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

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

ISBN: 9781484375402

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

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

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

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

Volume/Issue: 2018/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2018

DOI: http://dx.doi.org/10.5089/9781484371053.002

ISBN: 9781484371053

Keywords: France, Europe

In a favorable global conjuncture, France has benefitted from a broad-based recovery last year, with robust growth and improving labor market trends, which have led to a decline in the fiscal deficit below 3 percen...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2018/244

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2018

DOI: http://dx.doi.org/10.5089/9781484371138.002

ISBN: 9781484371138

Keywords: Europe, France

Selected Issues...

Poverty Reduction and Growth Trust - 2018 Borrowing Agreement with the Banque de France

Poverty Reduction and Growth Trust - 2018 Borrowing Agreement with the Banque de France »

Volume/Issue: 2018/010

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2018

DOI: http://dx.doi.org/10.5089/9781498307277.007

ISBN: 9781498307277

Keywords: Borrowing agreements, Poverty Reduction and Growth Trust, Poverty reduction, Borrowing, Loans, SDR interest rates, Debt relief, concessional, loan, maturity date

"The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement (the 'Agreement') with the Banque de France (hereafter France), effective on February 1, 2...

Revisiting the Economic Case for Fiscal Union in the Euro Area

Revisiting the Economic Case for Fiscal Union in the Euro Area »

Volume/Issue: 2018/3

Series: Departmental Papers / Policy Papers

Author(s): Helge Berger , Giovanni Dell'Ariccia , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

DOI: http://dx.doi.org/10.5089/9781484340424.087

ISBN: 9781484340424

Keywords: Sweden, Switzerland, United Kingdom, Monetary unions, Spain, Italy, Fiscal policy, France, Germany, Greece

The paper makes an analytical contribution to the revived discussion about the euro area's institutional setup. After significant progress during the euro crisis, the drive to complete Europe's Economic and Monetar...

Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France

Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France »

Volume/Issue: 2017/269

Series: IMF Working Papers

Author(s): Piyabha Kongsamut , Christian Mumssen , Anne-Charlotte Paret , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484330968.001

ISBN: 9781484330968

Keywords: Europe, France, Forecasting, financial conditions index, macro-financial linkages, vector auto-regression, refers to exports volume of goods, General, Forecasting and Simulation

How can information on financial conditions be used to better understand macroeconomic developments and improve macroeconomic projections? We investigate this question for France by constructing country-specific fi...

France
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

France : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France »

Volume/Issue: 2017/288

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

DOI: http://dx.doi.org/10.5089/9781484320310.002

ISBN: 9781484320310

Keywords: France, Europe

President Macron's electoral victory creates a unique window of opportunity to transform France's economy. Running on a pro-reform and pro-EU platform, Emmanuel Macron defeated his far-right challenger by a large m...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2017/289

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2017

DOI: http://dx.doi.org/10.5089/9781484320334.002

ISBN: 9781484320334

Keywords: Europe, France

France: Selected Issues...

France
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

France : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France »

Volume/Issue: 2016/227

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2016

DOI: http://dx.doi.org/10.5089/9781498359665.002

ISBN: 9781498359665

This 2016 Article IV Consultation highlights that economic recovery in France is solidifying. The economy is projected to expand by 1.5 percent in 2016, primarily driven by strong consumer spending. There are also...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2016/228

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2016

DOI: http://dx.doi.org/10.5089/9781498359917.002

ISBN: 9781498359917

This Selected Issues paper examines the causes and potential remedies for structural unemployment in France. Structural unemployment in France has long been elevated, and appears to have edged up further since the...

Democratic Republic of São Tomé and Príncipe
			: Selected Issues

Democratic Republic of São Tomé and Príncipe : Selected Issues »

Volume/Issue: 2016/175

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2016

DOI: http://dx.doi.org/10.5089/9781498308373.002

ISBN: 9781498308373

Keywords: tourism, travel, tourist, transport, tourist arrivals

This paper discusses the following selected issues related to the São Tomé and Príncipe's economy: tourism competitiveness in São Tomé and Príncipe-challenges and strategy, macro-financial linkages, private sector...

How do Experts Forecast Sovereign Spreads?

How do Experts Forecast Sovereign Spreads? »

Volume/Issue: 2016/100

Series: IMF Working Papers

Author(s): Jacopo Cimadomo , Peter Claeys , and Marcos Poplawski-Ribeiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2016

DOI: http://dx.doi.org/10.5089/9781484362068.001

ISBN: 9781484362068

Keywords: market expectations, sovereign bond spreads, survey data, Consensus Economics.

This paper assesses how forecasting experts form their expectations about future government bond spreads. Using monthly survey forecasts for France, Italy and the United Kingdom between January 1993 and October 201...

IMF Research Bulletin, March 2016

IMF Research Bulletin, March 2016 »

Volume/Issue: 17/1

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2016

DOI: http://dx.doi.org/10.5089/9781484316498.026

ISBN: 9781484316498

Keywords: investment, advanced economies, cost of capital, financial constraints, uncertainty, housing markets, house price, Great Recession,

The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are 'Explaining the Recent Slump in Investment' (Mathieu Bussiere, Laurent F...

How Do Fiscal and Labor Policies in France Affect Inequality?

How Do Fiscal and Labor Policies in France Affect Inequality? »

Volume/Issue: 2016/41

Series: IMF Working Papers

Author(s): Raphael Espinoza , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513515960.001

ISBN: 9781513515960

Keywords: redistribution, market income inequality, labor market policies, fiscal policies, labor, unemployment, minimum wage, workers, income distribution, Personal Income and Wealth Distribution

This paper explores the impact of fiscal and labor market policies on efficiency, inequality, and fiscal outcomes in France. We extend the general equilibrium model calibrated for France by Alla and others (2015),...

What’s In a Name? That Which We Call Capital Controls

What’s In a Name? That Which We Call Capital Controls »

Volume/Issue: 2016/25

Series: IMF Working Papers

Author(s): Atish Ghosh , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2016

DOI: http://dx.doi.org/10.5089/9781498332835.001

ISBN: 9781498332835

Keywords: gold standard, interwar period, Bretton Woods, financial crisis, markets, market, emerging markets, All Countries,, Capital controls, Capital flows

This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth century. While ad...

Introducing a General Anti-Avoidance Rule (GAAR)
			: Ensuring That a GAAR Achieves Its Purpose

Introducing a General Anti-Avoidance Rule (GAAR) : Ensuring That a GAAR Achieves Its Purpose »

Volume: 1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2016

DOI: http://dx.doi.org/10.5089/9781513515823.008

ISBN: 9781513515823

Keywords: Tax evasion, Tax regimes, Tax systems, tax, tax benefit, tax law, transaction, tax avoidance

Tax avoidance continues to attract attention globally with strong support for tax law reform at all levels. This Tax Law IMF Technical Note focuses on some of the key design and drafting considerations of one speci...

From Containment to Rationalization

From Containment to Rationalization »

Volume/Issue: 2016/7

Series: IMF Working Papers

Author(s): Jean-Jacques Hallaert , and Maximilien Queyranne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2016

DOI: http://dx.doi.org/10.5089/9781513540139.001

ISBN: 9781513540139

Keywords: Public Expenditure, Efficiency, spending, public, governments, services, State and Local Budget and Expenditures, State and Local Government: Other Expenditure Categories, France.,, Europe

Achieving France’s medium-term fiscal targets will require significant expenditure efforts. This paper identifies areas where there is scope for increasing expenditure efficiency, with a view to achieving higher qu...

Effectiveness and Channels of Macroprudential Instruments
			: Lessons from the Euro Area

Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area »

Volume/Issue: 2016/4

Series: IMF Working Papers

Author(s): Thierry Tressel , and Yuanyan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2016

DOI: http://dx.doi.org/10.5089/9781513547404.001

ISBN: 9781513547404

Keywords: LTV ratios, capital requirement, mortage, bank lending, lending, monetary policy, instruments, mortgage, credit growth, General,

The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as ne...

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies »

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2016

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504979971.084

ISBN: 9787504979971

Keywords: Pension reforms, Developed countries, Emerging markets, Pensions, Government expenditures, Cross country analysis, emerging market economies, retirement, pensions, pension spending

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows »

Volume/Issue: 2015/256

Series: IMF Working Papers

Author(s): Swarnali Ahmed

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

DOI: http://dx.doi.org/10.5089/9781498367196.001

ISBN: 9781498367196

Keywords: Fed liftoffs, policy responses, policy framework, emerging market economies, interest, market, portfolio, interest rate, Monetary Policy (Targets, Instruments

After more than six years of ultra-low interest rates, a Fed liftoff (rate hike) is just a matter of time. This paper goes back to history to understand the spillover effect - or what is termed in the paper as the...

Wage Moderation in Crises
			: Policy Considerations and Applications to the Euro Area

Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area »

Volume/Issue: 2015/22

Series: Staff Discussion Notes

Author(s): Jörg Decressin , Raphael Espinoza , Ioannis Halikias , Michael Kumhof , Daniel Leigh , Prakash Loungani , Paulo Medas , Susanna Mursula , Antonio Spilimbergo , and TengTeng Xu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 November 2015

DOI: http://dx.doi.org/10.5089/9781513537009.006

ISBN: 9781513537009

Keywords: Wage bargaining, Euro Area, Wage adjustments, Negative spillovers, Monetary policy, Euro area, Crisis, Current account, Internal devaluation, Unemployment

The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy...

The Evolving Functions and Organization of Finance Ministries

The Evolving Functions and Organization of Finance Ministries »

Volume/Issue: 2015/232

Series: IMF Working Papers

Author(s): Richard Allen , Yasemin Hurcan , Peter Murphy , Maximilien Queyranne , and Sami Yläoutinen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2015

DOI: http://dx.doi.org/10.5089/9781513543895.001

ISBN: 9781513543895

Keywords: Public administration, finance ministry, finance function, finance ministries, public expenditure, organizational structure, expenditure, All Countries,

There is relatively little literature that analyses the role, functions, and organization of finance ministries. The purpose of this working paper is to review international experiences in this area, in an effort t...

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS »

Volume/Issue: 2014/170

Series: IMF Working Papers

Author(s): Ellen Gaston , and In Song

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 November 2015

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513590479.001

ISBN: 9781513590479

Keywords: Supervisory role, loan loss provisioning, IFRS implementation, banking, capital adequacy, banking supervision, bank for international settlements, bank supervisors, General, Government Policy and Regulation

Countries implementing International Financial Reporting Standards (IFRS) for loan loss provisioning by banks have been guided by two different approaches: International Accounting Standards (IAS) 39 and Basel stan...

Estimating VAT Pass Through

Estimating VAT Pass Through »

Volume/Issue: 2015/214

Series: IMF Working Papers

Author(s): Dora Benedek , Ruud A. Mooij , and Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

DOI: http://dx.doi.org/10.5089/9781513586359.001

ISBN: 9781513586359

Keywords: Tax incidence, Price effect, Pass through, consumption, prices, goods, elasticity, value, Incidence, Business Taxes and Subsidies,

This paper estimates the pass through of VAT changes to consumer prices, using a unique dataset providing disaggregated, monthly data on prices and VAT rates for 17 Eurozone countries over 1999-2013. Pass through i...

Building a Better Union
			: Incentivizing Structural Reforms in the Euro Area

Building a Better Union : Incentivizing Structural Reforms in the Euro Area »

Volume/Issue: 2015/201

Series: IMF Working Papers

Author(s): Angana Banerji , Bergljot Barkbu , James John , Tidiane Kinda , Sergejs Saksonovs , Hanni Schoelermann , and Tao Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2015

DOI: http://dx.doi.org/10.5089/9781513517087.001

ISBN: 9781513517087

Keywords: Structural reform, European economic governance, governance, states, member states, legislation, fiscal, Planning, Coordination, and Reform

The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the mo...

France
			: Staff Report for the 2015 Article IV Consultation

France : Staff Report for the 2015 Article IV Consultation »

Volume/Issue: 2015/178

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2015

DOI: http://dx.doi.org/10.5089/9781513545912.002

ISBN: 9781513545912

Keywords: inflation, deficit, expenditure, monetary fund, market

This 2015 Article IV Consultation highlights that a solid economic recovery in France is under way. The economy is expected to expand by 1.2 percent in 2015, supported by an accommodative external environment. Shar...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2015/179

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2015

DOI: http://dx.doi.org/10.5089/9781513519579.002

ISBN: 9781513519579

Keywords: spending, public, social expenditure, expenditure, public spending

This Selected Issues paper analyzes expenditure reforms in France. After decades of rising public spending and successive tax increases, the medium-term fiscal consolidation path described in the 2015 Stability Pro...

How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?

How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment? »

Volume/Issue: 2015/145

Series: IMF Working Papers

Author(s): Yangfan Sun , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2015

DOI: http://dx.doi.org/10.5089/9781513593593.001

ISBN: 9781513593593

Keywords: Bank Capital Adequacy, Firm Investment, bank, capital, banks, bank capital, credit, General,

We examine the effect of bank capital levels on firm investment drawing on a sample of 11,106 non-financial firms from 2007 to 2013 in 16 advanced economies. We examine two measures of bank capital adequacy, the Ti...

When Should Public Debt Be Reduced?

When Should Public Debt Be Reduced? »

Volume/Issue: 2015/10

Series: Staff Discussion Notes

Author(s): Jonathan Ostry , Atish Ghosh , and Raphael Espinoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2015

DOI: http://dx.doi.org/10.5089/9781498379205.006

ISBN: 9781498379205

Keywords: Economic growth, Public investment, Public debt, debt, investment, financial crisis, Forecasts of Budgets, Deficits, and Debt,

What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment...

It's Not All Fiscal
			: Effects of Income, Fiscal Policy, and Wealth on Private Consumption

It's Not All Fiscal : Effects of Income, Fiscal Policy, and Wealth on Private Consumption »

Volume/Issue: 2015/112

Series: IMF Working Papers

Author(s): Laura Jaramillo , and Alexandre Chailloux

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2015

DOI: http://dx.doi.org/10.5089/9781513584744.001

ISBN: 9781513584744

Keywords: wealth, housing assets, household debt, assets, debt, Consumer Economics: Empirical Analysis, Household,

We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced e...

Reforming Fiscal Governance in the European Union

Reforming Fiscal Governance in the European Union »

Volume/Issue: 2015/9

Series: Staff Discussion Notes

Author(s): Michal Andrle , John Bluedorn , Luc Eyraud , Tidiane Kinda , Petya Koeva Brooks , Gerd Schwartz , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 May 2015

DOI: http://dx.doi.org/10.5089/9781498338288.006

ISBN: 9781498338288

Keywords: Fiscal reforms, Euro Area, European Economic and Monetary Union, Fiscal rules, Fiscal policy, Fiscal Governance, European Economic, Monetary Union, debt, expenditure

Successive reforms have brought many positive elements to the European Union's fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, whic...

How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union

How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union »

Volume/Issue: 2015/99

Series: IMF Working Papers

Author(s): Alexei Kireyev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2015

DOI: http://dx.doi.org/10.5089/9781484366646.001

ISBN: 9781484366646

Keywords: WAEMU, low-income countries, exchange rate, interest, exchange, interest rates, inflation, International Migration, Open Economy Macroeconomics,

The West African Economic and Monetary Union (WAEMU) is a currency union with a fixed exchange rate and limited capital mobility and, therefore, an independent monetary policy in the short run. The Central Bank of...

The Macroeconomic Effects of Public Investment
			: Evidence from Advanced Economies

The Macroeconomic Effects of Public Investment : Evidence from Advanced Economies »

Volume/Issue: 2015/95

Series: IMF Working Papers

Author(s): Abdul Abiad , Davide Furceri , and Petia Topalova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2015

DOI: http://dx.doi.org/10.5089/9781475578874.001

ISBN: 9781475578874

Keywords: Growth, Debt, investment, private investment, capital, Demand and Supply, Energy and the Macroeconomy, Government Policy, Debt.,

This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample o...

The Role of Productivity, Transportation Costs, and Barriers to Intersectoral Mobility in Structural Transformation

The Role of Productivity, Transportation Costs, and Barriers to Intersectoral Mobility in Structural Transformation »

Volume/Issue: 2015/91

Series: IMF Working Papers

Author(s): Cem Karayalcin , and Mihaela Pintea

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781484350058.001

ISBN: 9781484350058

Keywords: Structural transformation, Subsistence agriculture, multi-sector models, Economic development, Transportation costs, transportation, agriculture, costs, productivity, General

The process of economic development is characterized by substantial reallocations of resources across sectors. In this paper, we construct a multi-sector model in which there are barriers to the movement of labor f...

West African Economic and Monetary Union
			: Selected Issues

West African Economic and Monetary Union : Selected Issues »

Volume/Issue: 2015/101

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2015

DOI: http://dx.doi.org/10.5089/9781475567595.002

ISBN: 9781475567595

Keywords: reserve, deficit, exchange, current account deficit, monetary fund

...

Is Banks' Home Bias Good or Bad for Public Debt Sustainability?

Is Banks' Home Bias Good or Bad for Public Debt Sustainability? »

Volume/Issue: 2015/44

Series: IMF Working Papers

Author(s): Tamon Asonuma , Said Bakhache , and Heiko Hesse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2015

DOI: http://dx.doi.org/10.5089/9781498323505.001

ISBN: 9781498323505

Keywords: Home Bias, Government Bond Yields, Primary Balance, Sovereign-bank Nexus, debt, public debt, bond, sovereign debt, market, Deficit,

Motivated by the recent increase in domestic banks' holdings of domestic sovereign debt (i.e., home bias) in the European periphery, this paper analyzes implications of banks' home bias for the sovereign's debt sus...

Investment in the Euro Area
			: Why Has It Been Weak?

Investment in the Euro Area : Why Has It Been Weak? »

Volume/Issue: 2015/32

Series: IMF Working Papers

Author(s): Bergljot Barkbu , Pelin Berkmen , Pavel Lukyantsau , Sergejs Saksonovs , and Hanni Schoelermann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2015

DOI: http://dx.doi.org/10.5089/9781498364805.001

ISBN: 9781498364805

Keywords: credit rationing, capital, lending,

Investment across the euro area remains below its pre-crisis level. Its performance has been weaker than in most previous recessions and financial crises. This paper shows that a part of this weakness can be explai...

The Transmission of Liquidity Shocks
			: The Role of Internal Capital Markets and Bank Funding Strategies

The Transmission of Liquidity Shocks : The Role of Internal Capital Markets and Bank Funding Strategies »

Volume/Issue: 2014/207

Series: IMF Working Papers

Author(s): Philippe Karam , Ouarda Merrouche , Moez Souissi , and Rima Turk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2014

DOI: http://dx.doi.org/10.5089/9781498352888.001

ISBN: 9781498352888

Keywords: Credit supply, Multinational banks, Internal capital markets, bank, lending, credit, markets, International Lending and Debt Problems, Financial Aspects of Economic Integration,

We analyze the transmission of bank-specific liquidity shocks triggered by a credit rating downgrade through the lending channel. Using bank-level data for US Bank Holding Companies, we find that a credit rating do...

Demand Patterns in France, Germany, and Belgium
			: Can We Explain the Differences?

Demand Patterns in France, Germany, and Belgium : Can We Explain the Differences? »

Volume/Issue: 2014/165

Series: IMF Working Papers

Author(s): Igor Lebrun , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2014

DOI: http://dx.doi.org/10.5089/9781498309462.001

ISBN: 9781498309462

Keywords: growth, demand patterns, private consumption, disposable income, household income, income growth, cost of capital, General, General,

The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the core. This paper puts recent demand patterns in France, Germany, and Belgium into historical per...

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default »

Volume/Issue: 2014/168

Series: IMF Working Papers

Author(s): Gabriel Desgranges , and Celine Rochon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2014

DOI: http://dx.doi.org/10.5089/9781498379779.001

ISBN: 9781498379779

Keywords: Long Term Debt, Maturity Structure, Optimal Default, Sovereign Debt Crisis, Uncertainty, debt portfolio, debt burden, sovereign debt, hedging, financial institutions

We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fisca...

Budget Institutions in Low-Income Countries
			: Lessons from G-20

Budget Institutions in Low-Income Countries : Lessons from G-20 »

Volume/Issue: 2014/164

Series: IMF Working Papers

Author(s): Sanjeev Gupta , and Sami Yläoutinen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2014

DOI: http://dx.doi.org/10.5089/9781498329439.001

ISBN: 9781498329439

Keywords: Budget Institutions, Budget Reforms, fiscal strategy, fiscal outlook, fiscal objectives, fiscal reporting, General,

This paper presents twelve budget institutions that can support planning and delivery of credible fiscal strategies in the fiscal policy-making process. The resulting framework is applied to seven low-income count...

Friedman Redux
			: External Adjustment and Exchange Rate Flexibility

Friedman Redux : External Adjustment and Exchange Rate Flexibility »

Volume/Issue: 2014/146

Series: IMF Working Papers

Author(s): Atish Ghosh , Mahvash Qureshi , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2014

DOI: http://dx.doi.org/10.5089/9781498359245.001

ISBN: 9781498359245

Keywords: external dynamics, exchange rate, exchange rate regime, bilateral exchange rate, exchange rate flexibility, International Monetary Arrangements and Institutions, Open Economy Macroeconomics,

Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or a...

France
			: Staff Report for the 2014 Article IV Consultation

France : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/182

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2014

DOI: http://dx.doi.org/10.5089/9781498328760.002

ISBN: 9781498328760

Keywords: tax cuts, fiscal adjustment, structural fiscal, public debt, taxation

This 2014 Article IV Consultation highlights that the economy of France fared better than most other large euro areas economies through the crisis, reflecting the resilience of private consumption, lack of financia...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2014/183

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2014

DOI: http://dx.doi.org/10.5089/9781498304023.002

ISBN: 9781498304023

Keywords: cost of capital, business investment, investment growth, equity ratio, investment spending

This Selected Issues paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displa...

Labor Tax Cuts and Employment
			: A General Equilibrium Approach for France

Labor Tax Cuts and Employment : A General Equilibrium Approach for France »

Volume/Issue: 2014/114

Series: IMF Working Papers

Author(s): Raphael Espinoza , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2014

DOI: http://dx.doi.org/10.5089/9781498328197.001

ISBN: 9781498328197

Keywords: social security contributions, Responsibility Pact, pacte de responsabilit&;amp;#x00E9;, cr&;amp;#x00E9;dit d&;amp;#x2019;imp&;amp;#x00F4;t pour la comp&;amp;#x00E9;titivit&;amp;#x00E9; et l&;amp;#x2019;emploi, CICE, employment, unemployment, public employment, labor supply, private employment

The paper presents a simple supply side, general equilibrium model to estimate the macroeconomic effects of labor tax cuts. The model assumes that output is produced using capital, unskilled and skilled workers, an...

The EU Services Directive
			: Gains from Further Liberalization

The EU Services Directive : Gains from Further Liberalization »

Volume/Issue: 2014/113

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2014

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

ISBN: 9781498391726

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

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

Optimal Prudential Regulation of Banks and the Political Economy of Supervision

Optimal Prudential Regulation of Banks and the Political Economy of Supervision »

Volume/Issue: 2014/90

Series: IMF Working Papers

Author(s): Thierry Tressel , and Thierry Verdier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2014

DOI: http://dx.doi.org/10.5089/9781498338554.001

ISBN: 9781498338554

Keywords: Banking Regulation, banking, capital adequacy, banking supervision, capital adequacy ratio, General, Financial Markets and the Macroeconomy,

We consider a moral hazard economy in banks and production to study how incentives for risk taking are affected by the quality of supervision. We show that low interest rates may generate excessive risk taking. Bec...

SMEs' Access to Finance in the Euro Area
			: What Helps or Hampers?

SMEs' Access to Finance in the Euro Area : What Helps or Hampers? »

Volume/Issue: 2014/78

Series: IMF Working Papers

Author(s): Bahar Öztürk , and Mico Mrkaic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2014

DOI: http://dx.doi.org/10.5089/9781484379059.001

ISBN: 9781484379059

Keywords: access to finance, micro, small and medium sized enterprises, firm size, bank funding, banking, access to bank, Financial Markets and the Macroeconomy,

The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey data on thousands of euro area firms, we study factors that affect the access to finance of SMEs....

Assessing Bias and Accuracy in the World Bank-IMF's Debt Sustainability Framework for Low-Income Countries

Assessing Bias and Accuracy in the World Bank-IMF's Debt Sustainability Framework for Low-Income Countries »

Volume/Issue: 2014/48

Series: IMF Working Papers

Author(s): Andrew Berg , Enrico Berkes , Catherine Pattillo , Andrea Presbitero , and Yorbol Yakhshilikov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

DOI: http://dx.doi.org/10.5089/9781475579772.001

ISBN: 9781475579772

Keywords: DSF, Sovereign debt crises, debt thresholds, external debt, debt crises, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Macroeconomic Analyses of Economic Development,

The World Bank and the IMF have adopted a debt sustainability framework (DSF) to evaluate the risk of debt distress in Low Income Countries (LICs). At the core of the DSF are empirically-based thresholds for each o...

Sovereign Debt Markets in Turbulent Times
			: Creditor Discrimination and Crowding-Out

Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out »

Volume/Issue: 2013/270

Series: IMF Working Papers

Author(s): Fernando Broner , Aitor Erce , Alberto Martin , and Jaume Ventura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2013

DOI: http://dx.doi.org/10.5089/9781484335963.001

ISBN: 9781484335963

Keywords: rollover crises, secondary markets, economic growth., domestic creditors, domestic debt, debt crises, public debt, International Lending and Debt Problems, Financial Aspects of Economic Integration, Open Economy Macroeconomics

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. B...

Shining a Light on the Mysteries of State
			: The Origins of Fiscal Transparency in Western Europe

Shining a Light on the Mysteries of State : The Origins of Fiscal Transparency in Western Europe »

Volume/Issue: 2013/219

Series: IMF Working Papers

Author(s): Timothy Irwin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 October 2013

DOI: http://dx.doi.org/10.5089/9781475570946.001

ISBN: 9781475570946

Keywords: public accounts, public finances, fiscal information, government spending, General, International, or Comparative,

The extent of fiscal transparency in Western Europe has varied over the centuries. Although ancient Greek, Roman, and medieval governments were sometimes open about their finances, the absolute monarchies of the 16...

Fiscal Consolidation in the Euro Area
			: How Much Can Structural Reforms Ease the Pain?

Fiscal Consolidation in the Euro Area : How Much Can Structural Reforms Ease the Pain? »

Volume/Issue: 2013/211

Series: IMF Working Papers

Author(s): Derek Anderson , Benjamin Hunt , and Stephen Snudden

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2013

DOI: http://dx.doi.org/10.5089/9781475573879.001

ISBN: 9781475573879

Keywords: General equlibrium models, Structural reforms, labor market, real wages, public debt, Forecasting and Simulation, Open Economy Macroeconomics, International Policy Coordination and Transmission, Institutions and Growth,

The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public...

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area »

Volume/Issue: 2013/209

Series: IMF Working Papers

Author(s): Dominic Quint , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 October 2013

DOI: http://dx.doi.org/10.5089/9781484333693.001

ISBN: 9781484333693

Keywords: EMU, Basel III, Financial Frictions, standard deviation, interest rates, central bank, real variables, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary...

Fragmentation and Monetary Policy in the Euro Area

Fragmentation and Monetary Policy in the Euro Area »

Volume/Issue: 2013/208

Series: IMF Working Papers

Author(s): Ali Al-Eyd , and Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2013

DOI: http://dx.doi.org/10.5089/9781484328750.001

ISBN: 9781484328750

Keywords: fragmentation, interest, markets, lending, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, d...

Mali
			: Technical Assistance Report

Mali : Technical Assistance Report »

Volume/Issue: 2013/295

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2013

DOI: http://dx.doi.org/10.5089/9781475570557.002

ISBN: 9781475570557

Keywords: budget execution, budget law, government accounting, internal control, decentralization

This Technical Assistance Report for Mali examines the performance of its public expenditure management system. The IMF report suggests that payments arrears can possibly be monitored overtime through the financial...

Perspectives de l'économie mondiale, Avril 2013
			: Espoirs, réalités, risques

Perspectives de l'économie mondiale, Avril 2013 : Espoirs, réalités, risques »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 August 2013

Language: French

DOI: http://dx.doi.org/10.5089/9781616350345.081

ISBN: 9781616350345

Keywords: inflation, monetary policy, monetary fund, central bank, financial stability, monetary policies, current account, external financing, fiscal consolidation, net debtor

Global economic prospects have improved again, but the bumpy recovery and skewed macroeconomic policy mix in advanced economies are complicating policymaking in emerging market economies. Chapter 3 examines the pro...

Global Rebalancing
			: A Roadmap for Economic Recovery

Global Rebalancing : A Roadmap for Economic Recovery »

Series: Books

Author(s): Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2013

DOI: http://dx.doi.org/10.5089/9781475573664.071

ISBN: 9781475573664

Keywords: current account, public debt, public finances, fiscal consolidation, financial sector

This book examines imbalances in seven major economies: China, France, Germany, India, Japan, the United Kingdom, and the United States, evaluating key indicators agreed on by the G20 for identifying large imbalanc...

France
			: 2013 Article IV Consultation

France : 2013 Article IV Consultation »

Volume/Issue: 2013/251

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 August 2013

DOI: http://dx.doi.org/10.5089/9781475571868.002

ISBN: 9781475571868

Keywords: fiscal consolidation, structural fiscal, fiscal adjustment, tax incentives, tax wedge

This 2013 Article IV Consultation highlights that in a context of weakening economic conditions in Europe and sizeable fiscal consolidation and domestic policy uncertainty, the French economy flat lined in 2012. Ho...

France
			: Selected Issues Paper

France : Selected Issues Paper »

Volume/Issue: 2013/252

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 August 2013

DOI: http://dx.doi.org/10.5089/9781484389133.002

ISBN: 9781484389133

Keywords: treasury bonds, current account balance, reserve assets

This Selected Issues paper examines external developments and competitiveness in France. Over the past decade, the current account has deteriorated from a surplus of 1.2 percent of GDP in 2002 to a deficit of about...

Tax Administration Reform in the Francophone Countries of Sub-Saharan Africa

Tax Administration Reform in the Francophone Countries of Sub-Saharan Africa »

Volume/Issue: 2013/173

Series: IMF Working Papers

Author(s): Patrick Fossat , and Michel Bua

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2013

DOI: http://dx.doi.org/10.5089/9781475581539.001

ISBN: 9781475581539

Keywords: reform, modernization, tax department, tax administrations, tax offices, local tax offices, General, Business Taxes and Subsidies,

Since the early 1990s, major tax administration reforms have been implemented in the Francophone countries of sub-Saharan Africa, with significant support from the IMF and development partners. While the reforms ha...

France
			: Financial Sector Assessment Program-Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision

France : Financial Sector Assessment Program-Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2013/180

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781475541953.002

ISBN: 9781475541953

Keywords: banking, banking supervision, capital adequacy, banking system, internal control

This paper discusses key findings of the Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision for France. The assessment was completed as part of a Financial Sector Assessmen...

France
			: Financial Sector Assessment Program-Detailed Assessment of Observance of CPSS/IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties

France : Financial Sector Assessment Program-Detailed Assessment of Observance of CPSS/IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties »

Volume/Issue: 2013/183

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484339701.002

ISBN: 9781484339701

Keywords: collateral, clearing members, prices, payments, clients

This paper discusses key findings of the Detailed Assessment of LCH.Clearnet SA Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commission (CPSS-IOSCO) Recomme...

France
			: Financial Sector Assessment Program-Detailed Assessment of Observance of Insurance Core Principles

France : Financial Sector Assessment Program-Detailed Assessment of Observance of Insurance Core Principles »

Volume/Issue: 2013/181

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484370575.002

ISBN: 9781484370575

Keywords: life insurance, insurance companies, policyholders, reinsurance

This paper discusses key findings of the Detailed Assessment of Observance of Insurance Core Principles for France. The assessment reveals that insurance regulation and supervision are still predominantly carried o...

France
			: Financial Sector Assessment Program-Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

France : Financial Sector Assessment Program-Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation »

Volume/Issue: 2013/182

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484319376.002

ISBN: 9781484319376

Keywords: market participants, enforcement powers, iosco principles, prudential supervision

This paper discusses key findings of the Detailed Assessment of Observance of International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for France. The assessme...

France
			: Financial Sector Assessment Program-Technical Note on Crisis Management and Bank Resolution Framework

France : Financial Sector Assessment Program-Technical Note on Crisis Management and Bank Resolution Framework »

Volume/Issue: 2013/186

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484394960.002

ISBN: 9781484394960

Keywords: banking, banking system, bankers

This technical note discusses key findings of the assessment of Crisis Management and Bank Resolution Framework for France. The findings reveal that the crisis preparation, crisis identification, and crisis managem...

France
			: Financial Sector Assessment Program-Technical Note on Housing Prices and Financial Stability

France : Financial Sector Assessment Program-Technical Note on Housing Prices and Financial Stability »

Volume/Issue: 2013/184

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484380543.002

ISBN: 9781484380543

Keywords: mortgage, mortgages, housing loans, mortgage loans, mortgage market

This technical note examines housing prices and financial stability in France. The note highlights that sharply rising housing prices have caused concerns about mortgage credit risk and the stability of the financi...

France
			: Financial Sector Assessment Program-Technical Note on Stress Testing the Banking Sector

France : Financial Sector Assessment Program-Technical Note on Stress Testing the Banking Sector »

Volume/Issue: 2013/185

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781616358556.002

ISBN: 9781616358556

Keywords: banking, sovereign risk, banking system, bank funding

This technical note discusses key findings of the Stress Testing of the Banking Sector for France. Stress testing analysis was used to capture the most salient risks for banks. The findings support the current focu...

Côte d'Ivoire
			: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Modifications of Performance Criteria and Waiver of Nonobservance of Performance Criterion

Côte d'Ivoire : Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Modifications of Performance Criteria and Waiver of Nonobservance of Performance Criterion »

Volume/Issue: 2013/171

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 June 2013

DOI: http://dx.doi.org/10.5089/9781475581508.002

ISBN: 9781475581508

Keywords: current account, debt relief, debt management, budget law

The Côte d'Ivoire government is working to reform the security apparatus. Containing fiscal risks, strengthening revenue collection, improving public financial management, and creating a business-friendly environme...

The Distributional Effects of Fiscal Consolidation

The Distributional Effects of Fiscal Consolidation »

Volume/Issue: 2013/151

Series: IMF Working Papers

Author(s): Laurence Ball , Davide Furceri , Daniel Leigh , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2013

DOI: http://dx.doi.org/10.5089/9781475551945.001

ISBN: 9781475551945

Keywords: distributional effects, fiscal consolidation episodes, fiscal consolidations, fiscal adjustments, public debt, Equity, Justice, Inequality, and Other Normative Criteria and Measurement,

This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation h...

Fixing the Fixings
			: What Road to a More Representative Money Market Benchmark?

Fixing the Fixings : What Road to a More Representative Money Market Benchmark? »

Volume/Issue: 2013/131

Series: IMF Working Papers

Author(s): V. Brousseau , Alexandre Chailloux , and A. Durré

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2013

DOI: http://dx.doi.org/10.5089/9781484306772.001

ISBN: 9781484306772

Keywords: Libor, fixings, Unsecured Money Market, Benchmarking System, money market, derivative, hedging, interest rate derivatives, financial institutions, General

Interest rate derivatives on major currencies, with notional outstanding amounts adding up to hundreds of trillions, are mostly indexed on Libor and Euribor benchmarks, as are hundreds of billions in loans to enter...

What Is in Your Output Gap? Unified Framework & Decomposition into Observables

What Is in Your Output Gap? Unified Framework & Decomposition into Observables »

Volume/Issue: 2013/105

Series: IMF Working Papers

Author(s): Michal Andrle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2013

DOI: http://dx.doi.org/10.5089/9781484399552.001

ISBN: 9781484399552

Keywords: output gap, linear filters, observable decomposition, DSGE, inflation, unemployment, employment, monetary fund, central bank, General,

This paper discusses several popular methods to estimate the ‘output gap’. It provides a unified, natural concept for the analysis, and demonstrates how to decompose the output gap into contributions...

Productivity or Employment
			: Is It a Choice?

Productivity or Employment : Is It a Choice? »

Volume/Issue: 2013/97

Series: IMF Working Papers

Author(s): Andrea De Michelis , Marcello Estevão , and Beth Anne Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2013

DOI: http://dx.doi.org/10.5089/9781484331026.001

ISBN: 9781484331026

Keywords: employment performance, technology choices, tfp, recession, Technological Change: Choices and Consequences, General,

Traditionally, shocks to total factor productivity (TFP) are considered exogenous and the employment response depends on their effect on aggregate demand. We raise the possibility that in response to labor supply s...

Another Look at Governments' Balance Sheets
			: The Role of Nonfinancial Assets

Another Look at Governments' Balance Sheets : The Role of Nonfinancial Assets »

Volume/Issue: 2013/95

Series: IMF Working Papers

Author(s): Elva Bova , Robert Dippelsman , Kara Rideout , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2013

DOI: http://dx.doi.org/10.5089/9781484315453.001

ISBN: 9781484315453

Keywords: government statistics, government finance, government finance statistics, national accounts, public finances, Structure and Scope of Government, Infrastructures,

When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this pape...

Leaning Against the Wind and the Timing of Monetary Policy

Leaning Against the Wind and the Timing of Monetary Policy »

Volume/Issue: 2013/86

Series: IMF Working Papers

Author(s): Itai Agur , and Maria Demertzis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2013

DOI: http://dx.doi.org/10.5089/9781484378380.001

ISBN: 9781484378380

Keywords: bank risk, regulation, monetary authority, central bank, banking, Monetary Policy (Targets, Instruments, and Effects),

If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary polic...

European Union
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Cross-Border Issues, Central Counterparties, and Central Securities Depositories

European Union : Publication of Financial Sector Assessment Program Documentation-Technical Note on Cross-Border Issues, Central Counterparties, and Central Securities Depositories »

Volume/Issue: 2013/72

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475548679.002

ISBN: 9781475548679

Keywords: regulation, technical standards, regulations, legislation, international standards

The analysis focuses on the effectiveness of the regulatory, supervisory, and oversight frameworks for central counterparties (CCPs) and central securities depositories (CSDs) in the European Union (EU) as these ar...

European Union
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on European Banking Authority

European Union : Publication of Financial Sector Assessment Program Documentation-Technical Note on European Banking Authority »

Volume/Issue: 2013/74

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475533781.002

ISBN: 9781475533781

Keywords: technical standards, regulation, rules, regulatory framework, standing committee

This report is an overview of the performance of the European Banking Authority (EBA) against its mandates, given economic conditions prevailing in the banking sector in the European Union (EU). Banks remain a key...

European Union
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Stress Testing of Banks

European Union : Publication of Financial Sector Assessment Program Documentation-Technical Note on Stress Testing of Banks »

Volume/Issue: 2013/68

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475533408.002

ISBN: 9781475533408

Keywords: banking, recapitalization, cash flow, financial sector, banking sector

This article summarizes the European Union's stress testing exercises and future priorities. The 2011 solvency stress testing was marked by methodology and data. The exercise forced banks to increase the quality an...

Information Rigidities in Economic Growth Forecasts
			: Evidence from a Large International Panel

Information Rigidities in Economic Growth Forecasts : Evidence from a Large International Panel »

Volume/Issue: 2013/56

Series: IMF Working Papers

Author(s): Jonas Dovern , Ulrich Fritsche , Prakash Loungani , and Natalia Tamirisa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2013

DOI: http://dx.doi.org/10.5089/9781475562958.001

ISBN: 9781475562958

Keywords: forecast, economic, information, emerging economies, real gdp, gdp growth, growth rate, Forecasting and Simulation, Forecasting and Simulation,

We examine the behavior of forecasts for real GDP growth using a large panel of individual forecasts from 30 advanced and emerging economies during 1989-2010. Our main findings are as follows. First, our evidence d...

Asset Price Bubbles
			: A Selective Survey

Asset Price Bubbles : A Selective Survey »

Volume/Issue: 2013/45

Series: IMF Working Papers

Author(s): Anna Scherbina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2013

DOI: http://dx.doi.org/10.5089/9781475515299.001

ISBN: 9781475515299

Keywords: Bubbles, Limits to Arbitrage, stock market, discount rate, mortgage, cash flows, financial economics, General,

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with fric...

Government Cash Management
			: Relationship between the Treasury and the Central Bank

Government Cash Management : Relationship between the Treasury and the Central Bank »

Volume: 12

Series: Technical Notes and Manuals

Author(s): Mario Pessoa , and Michael Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2013

DOI: http://dx.doi.org/10.5089/9781616355487.005

ISBN: 9781616355487

Keywords: Central banks and their policies, Central bank, debt management, fiscal policy, monetary policy, public finance, public financial management, treasury, treasury single account, debt

This technical note and manual (TNM) addresses the following main issues: Interaction between treasury cash management and monetary policy operations within the wider context of the respective economic responsibili...

Banks' Foreign Credit Exposures and Borrowers' Rollover Risks Measurement, Evolution and Determinants

Banks' Foreign Credit Exposures and Borrowers' Rollover Risks Measurement, Evolution and Determinants »

Volume/Issue: 2013/9

Series: IMF Working Papers

Author(s): Eugenio Cerutti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2013

DOI: http://dx.doi.org/10.5089/9781475544602.001

ISBN: 9781475544602

Keywords: Systemic risks, banking system, international, contagion, vulnerabilities, banking, claims, banking systems, banking statistics, International Lending and Debt Problems

The recent crises highlighted the role of cross-border banking linkages. This paper proposes two new measures for better capturing creditor banking systems' foreign credit exposures and borrower countries' reliance...

Why are the G-20 Data Gaps Initiative and the SDDS Plus Relevant for Financial Stability Analysis?

Why are the G-20 Data Gaps Initiative and the SDDS Plus Relevant for Financial Stability Analysis? »

Volume/Issue: 2013/6

Series: IMF Working Papers

Author(s): Robert Heath

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2013

DOI: http://dx.doi.org/10.5089/9781475596861.001

ISBN: 9781475596861

Keywords: Global crisis, data dissemination, sectoral accounts, cross-border linkages, banking, financial sector, financial system, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration, Government Policy and Regulation

In the wake of the recent global crisis the international community is giving an increased focus on stability of the financial system, so-called financial stability analysis. With the increasing need for data sets...

France
			: Selected Issues

France : Selected Issues »

Volume/Issue: 2013/3

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2013

DOI: http://dx.doi.org/10.5089/9781475576290.002

ISBN: 9781475576290

Keywords: banking, banking products, financial stability, retained earnings, investment banking

The paper identifies France's structural reforms that would yield the largest competitiveness gains based on macro-empirical evidence, and reviews signs of potential gains from a deregulation of the services sector...

France
			: Financial System Stability Assessment

France : Financial System Stability Assessment »

Volume/Issue: 2012/341

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2012

DOI: http://dx.doi.org/10.5089/9781475545371.002

ISBN: 9781475545371

Keywords: regulation, board members, rules, regulations, legislation

This Financial System Stability Assessment on France discusses the French financial system and the restructuring of French banks to different business models. The French banking system weathered the 2007-09 global...

France
			: 2012 Article IV Consultation

France : 2012 Article IV Consultation »

Volume/Issue: 2012/342

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2012

DOI: http://dx.doi.org/10.5089/9781475542004.002

ISBN: 9781475542004

Keywords: fiscal consolidation, fiscal council, fiscal adjustment, tax incentives

The 2012 Article IV Consultation with France discusses the financial and economic conditions of the country. Although France weathered the 2008 financial and subsequent euro area crises relatively well compared wit...

Information Rigidity and the Expectations Formation Process
			: A Simple Framework and New Facts

Information Rigidity and the Expectations Formation Process : A Simple Framework and New Facts »

Volume/Issue: 2012/296

Series: IMF Working Papers

Author(s): Olivier Coibion , and Yuriy Gorodnichenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2012

DOI: http://dx.doi.org/10.5089/9781475519242.001

ISBN: 9781475519242

Keywords: Numbers, Information Rigidity, Survey Forecasts, inflation, rational expectations, monetary policy, inflation forecasts, monetary economics, Survey Forecasts., General,

We propose a new approach to test the full-information rational expectations hypothesis which can identify whether rejections of the arise from information rigidities. This approach quantifies the economic signifi...

Côte d'Ivoire
			: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Côte d'Ivoire.

Côte d'Ivoire : Second Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Côte d'Ivoire. »

Volume/Issue: 2012/332

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2012

DOI: http://dx.doi.org/10.5089/9781475552638.002

ISBN: 9781475552638

Keywords: debt relief, external debt, central bank, current account

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...

IMF Research Bulletin, December 2012

IMF Research Bulletin, December 2012 »

Volume/Issue: 13/4

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2012

DOI: http://dx.doi.org/10.5089/9781475556650.026

ISBN: 9781475556650

Keywords: regulation, financial institutions, financial sector, financial system, House Price Indices, Global Buisness Cycle,

The Research Summaries in the December 2012 IMF Research Bulletin look at "Market Failures and Macroprudential Policy" (Giovanni Favara and Lev Ratnovski) and "Measurement Matters for House Price Indices" (Mick Sil...

Fiscal Multipliers and the State of the Economy

Fiscal Multipliers and the State of the Economy »

Volume/Issue: 2012/286

Series: IMF Working Papers

Author(s): Anja Baum , Marcos Poplawski-Ribeiro , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2012

DOI: http://dx.doi.org/10.5089/9781475565829.001

ISBN: 9781475565829

Keywords: business cycle, nonlinear analysis, fiscal multipliers, fiscal adjustment, government spending, fiscal consolidation, fiscal multipliers., Quantitative Policy Modeling,

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (...

The Evolution of Asian Financial Linkages
			: Key Determinants and the Role of Policy

The Evolution of Asian Financial Linkages : Key Determinants and the Role of Policy »

Volume/Issue: 2012/262

Series: IMF Working Papers

Author(s): Selim Elekdag , Phurichai Rungcharoenkitkul , and Yiqun Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2012

DOI: http://dx.doi.org/10.5089/9781475588682.001

ISBN: 9781475588682

Keywords: financial linkages, beta, global financial crisis, macroeconomic policies, financial markets, equity market, financial crisis, General,

This paper examines how Asian financial linkages with systemic economies have changed over time. After developing a factor model, it estimates Asian financial sensitivities to systemic economies, and then seeks to...

Banking and Trading

Banking and Trading »

Volume/Issue: 2012/238

Series: IMF Working Papers

Author(s): Arnoud Boot , and Lev Ratnovski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2012

DOI: http://dx.doi.org/10.5089/9781475511215.001

ISBN: 9781475511215

Keywords: Bank regulation, proprietary trading, relationship banking, Volcker rule, moral hazard, financial markets, bank profits, bank profitability, Government Policy and Regulation,

We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Tr...

République Centrafricaine
			: Demande d'un accord triennal au titre de la facilité élargie de crédit-Rapport des services du FMI, communiqué de presse sur les délibérations du Conseil d'administration, et déclaration de l'Administrateur pour la République Centrafricaine

République Centrafricaine : Demande d'un accord triennal au titre de la facilité élargie de crédit-Rapport des services du FMI, communiqué de presse sur les délibérations du Conseil d'administration, et déclaration de l'Administrateur pour la République Centrafricaine »

Volume/Issue: 2012/240

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 August 2012

Language: French

DOI: http://dx.doi.org/10.5089/9781475505894.002

ISBN: 9781475505894

Keywords: payment arrears, debt sustainability, external debt, debt relief, current account, debt service, domestic debt, central bank, balance of payments, domestic financing

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...

République Centrafricaine
			: Consultations de 2011 au titre de l'article IV-Rapport des services du FMI, note d'information au public sur les délibérations du Conseil d'administration, et déclaration de l'Administrateur pour la République Centrafricaine

République Centrafricaine : Consultations de 2011 au titre de l'article IV-Rapport des services du FMI, note d'information au public sur les délibérations du Conseil d'administration, et déclaration de l'Administrateur pour la République Centrafricaine »

Volume/Issue: 2012/238

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 August 2012

Language: French

DOI: http://dx.doi.org/10.5089/9781475505887.002

ISBN: 9781475505887

Keywords: current account, debt sustainability, central bank, external debt, debt management, current account deficit, domestic debt, debt relief, debt service, payment arrears

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...