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International Monetary Fund Annual Report 2018

Building a Shared Future

International Monetary Fund Annual Report 2018.

International Monetary Fund Annual Report 2017

Promoting Inclusive Growth

How to get global growth going again through trade, productivity, reducing inequality, and promoting women's economic empowerment.

International Monetary Fund Annual Report 2019 Financial Statements

New
International Monetary Fund Annual Report 2019 Financial Statements »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2019

DOI: http://dx.doi.org/10.5089/9781513511726.011

ISBN: 9781513511726

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018...

State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight

New
State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight »

Volume/Issue: 2019/201

Series: IMF Working Papers

Author(s): Bobana Cegar , and Francisco Parodi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2019

Language: Bosnian

DOI: http://dx.doi.org/10.5089/9781513515977.001

ISBN: 9781513515977

Keywords: State-Owned Enterprises, Bosnia and Herzegovina, Financial Performance, SOE Governance

Based on a new database of State-Owned Enterprise (SOE) financial statements, we find that SOEs in Bosnia and Herzegovina are mostly in poor financial shape. We estimate the overall size and composition of the SOE...

Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue

New
Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue »

Series: Selected Decisions

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781498318983.014

ISBN: 9781498318983

Keywords: Special Drawing Rights, Balance of payments, International monetary system, Exchange rates, Currencies, SELD, executive board, SDRs, staff report, manage director

Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue...

The Economics and Implications of Data
			: An Integrated Perspective

New
The Economics and Implications of Data : An Integrated Perspective »

Volume/Issue: 2019/16

Series: Departmental Papers / Policy Papers

Author(s): Yan Carriere-Swallow , and Vikram Haksar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2019

DOI: http://dx.doi.org/10.5089/9781513511436.087

ISBN: 9781513511436

Keywords: Data; growth; inequality; privacy; consumer protection; competition; financial stability; cyber-security

This SPR Departmental Paper will provide policymakers with a framework for studying changes to national data policy frameworks....

The Level REER model in the External Balance Assessment (EBA) Methodology

The Level REER model in the External Balance Assessment (EBA) Methodology »

Volume/Issue: 2019/192

Series: IMF Working Papers

Author(s): Rui Mano , Carolina Osorio Buitron , Luca Ricci , and Mauricio Vargas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513511023.007

ISBN: 9781513511023

Keywords: Real exchange rate assessments; external imbalances

This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF's methodology for the assessment of external positions, including exchange rat...

Maldives
			: 2007 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives

Maldives : 2007 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives »

Volume/Issue: 2019/282

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2019

DOI: http://dx.doi.org/10.5089/9781513512464.002

ISBN: 9781513512464

Maldives has rebounded strongly from the tsunami of late 2004. GDP has grown rapidly, underpinned by a robust increase in tourist arrivals, and by construction activity pertaining to the development of new resorts....

People's Republic of China
			: Selected Issues

People's Republic of China : Selected Issues »

Volume/Issue: 2019/274

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513511306.002

ISBN: 9781513511306

Selected Issues...

Finance & Development, September 2019

Finance & Development, September 2019 »

Volume: 56

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2019

DOI: http://dx.doi.org/10.5089/9781498316040.022

ISBN: 9781498316040

Keywords: Finance and Development

Finance & Development, September 2019...

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle »

Volume/Issue: 2019/161

Series: IMF Working Papers

Author(s): Eric Monnet , and Damien Puy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2019

DOI: http://dx.doi.org/10.5089/9781498326773.001

ISBN: 9781498326773

Keywords: Monetary statistics, International monetary system, Economic stabilization, Exchange rate policy, Central banks, Bretton Woods, gold, foreign reserves, gold standard, culture

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bank...

Assessing IMF Lending: a Model of Sample Selection

Assessing IMF Lending: a Model of Sample Selection »

Volume/Issue: 2019/157

Series: IMF Working Papers

Author(s): Nicolas Mäder , Jean-Guillaume Poulain , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781498324618.001

ISBN: 9781498324618

Keywords: Supply and demand, Financial crises, Exchange rate depreciation, Foreign exchange reserves, Economic integration, IMF lending, Sample selection, VIX, Poulain, potential need

Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are present...

Demographic Headwinds in Central and Eastern Europe

Demographic Headwinds in Central and Eastern Europe »

Volume/Issue: 2019/12

Series: Departmental Papers / Policy Papers

Author(s): Cristina Batog , Ernesto Crivelli , Anna Ilyina , Zoltan Jakab , Jaewoo Lee , Anvar Musayev , Iva Petrova , Alasdair Scott , Anna Shabunina , Andreas Tudyka , Xin Cindy Xu , and Ruifeng Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2019

DOI: http://dx.doi.org/10.5089/9781498319768.087

ISBN: 9781498319768

Keywords: Central and Eastern Europe, Demographic indicators, Emigration and immigration (Economic Aspects), Labor productivity, Labor supply, Demographic changes; Labor supply; Productivity; Potential growth; Convergence

The populations of Central and Eastern European (CESEE) countries-with the exception of Turkey-are expected to decrease significantly over the next 30 years, driven by low or negative net birth rates and outward mi...

Review Of The Fund's Income Position For FY 2019 And FY 2020

Review Of The Fund's Income Position For FY 2019 And FY 2020 »

Volume: 19

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

DOI: http://dx.doi.org/10.5089/9781498322904.007

ISBN: 9781498322904

Keywords: SDR interest rates, Special charges, Interest rates, Rate of charge, Reserve currencies, Income Position, GRA, basis point, special charge, special reserve

This paper reviews the Fund's income position for FY 2019 and FY 2020. The paper updates projections provided in April 2018 and proposes decisions for the current year. The paper includes a comprehensive review of...

Poverty Reduction and Growth Trust-Review of the Interest Rate Structure-Postponement

Poverty Reduction and Growth Trust-Review of the Interest Rate Structure-Postponement »

Volume: 19

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321365.007

ISBN: 9781498321365

This paper proposes to postpone the deadline for the next interest rate review by six months in light of the timing of the second stage of the Low-Income Countries (LIC) Facilities Review, and to maintain the zero...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume: 19

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2019

DOI: http://dx.doi.org/10.5089/9781498321068.007

ISBN: 9781498321068

In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments ha...

People's Republic of China
			: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

People's Republic of China : Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism »

Volume/Issue: 2019/173

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2019

DOI: http://dx.doi.org/10.5089/9781498320733.002

ISBN: 9781498320733

China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and...

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Advice on Unconventional Monetary Policies

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Advice on Unconventional Monetary Policies »

Volume/Issue: 2019/022

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498321334.007

ISBN: 9781498321334

Keywords: Press Release - Independent Evaluation Office

I welcome the report of the Independent Evaluation Office (IEO) on the IMF Advice on Unconventional Monetary Policies (UMP). The report recognizes that the Fund's engagement on UMP since the Global Financial Crisis...

Trade Tensions, Global Value Chains, and Spillovers
			: Insights for Europe

Trade Tensions, Global Value Chains, and Spillovers : Insights for Europe »

Volume/Issue: 2019/10

Series: Departmental Papers / Policy Papers

Author(s): Raju Huidrom , Nemanja Jovanovic , Carlos Mulas-Granados , Laura Papi , Faezeh Raei , Emil Stavrev , and Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2019

DOI: http://dx.doi.org/10.5089/9781498315135.087

ISBN: 9781498315135

Keywords: Supply, Tariffs, Economic growth, Spillovers, Trade, Regional trade, Trade Tensions;Global value Chains;Supply Chains;Growth;Tariffs;Spillovers

Europe is deeply integrated into global value chains and recent trade tensions raise the question of how European economies would be affected by the introduction of tariffs or other trade barriers. This paper estim...

Bhutan
			: Technical Assistance Report-Royal Monetary Authority-Steps Towards a Liquidity Forecasting and Management Framework

Bhutan : Technical Assistance Report-Royal Monetary Authority-Steps Towards a Liquidity Forecasting and Management Framework »

Volume/Issue: 2019/114

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2019

DOI: http://dx.doi.org/10.5089/9781498312417.002

ISBN: 9781498312417

Keywords: Bank credit, Central bank independence, Central banks, Central bank operations, Central bank role, RMA, interbank, consolidated account, money market, government account

Setting up a liquidity forecasting framework would go a long way in establishing a key building block allowing the RMA to fulfil its legal mandate to formulate and implement monetary policy in ways better aligned w...

Annual Report on Exchange Arrangements and Exchange Restrictions 2018

Annual Report on Exchange Arrangements and Exchange Restrictions 2018 »

Series: Annual Report on Exchange Arrangements and Exchange Restrictions

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2019

DOI: http://dx.doi.org/10.5089/9781484396773.081

ISBN: 9781484396773

Keywords: AREAER, AREAER 2018, exchange, foreign exchange, exchange rate, currency, market

The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the c...

China's Bond Market and Global Financial Markets

China's Bond Market and Global Financial Markets »

Volume/Issue: 2018/253

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Maurice Obstfeld

Publisher: ChinaMoney Magazine by CFETS of PBoC

Publication Date: 03 April 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/WPICA2018253.001

ISBN: WPICA2018253

Keywords: Globalization, Asia and Pacific, China, International financial markets, Bond Market, Market Integration, Financial Aspects of Economic Integration, International Business Cycles

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successfu...

Finance & Development, December 2018

Finance & Development, December 2018 »

Volume: 55

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781484386286.022

ISBN: 9781484386286

Keywords: Finance and Development

Finance and Development...

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB »

Volume/Issue: 2019/52

Series: IMF Working Papers

Author(s): Yinqiu Lu , and Yilin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302562.001

ISBN: 9781498302562

Keywords: Central banks, Capital account convertibility, Central bank aggregates, Investment policy, Monetary authorities, currency composition, FX reserves, portfolio theory, RMB, numeraire

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches-liquidity tranche and investment tranche-especially for thos...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume: 56

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484398807.022

ISBN: 9781484398807

Keywords: Finance and Development

Finance and Development...

Finance & Development, March 2019

Finance & Development, March 2019 »

Volume: 56

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2019

Language: Russian

DOI: http://dx.doi.org/10.5089/9781484398838.022

ISBN: 9781484398838

Keywords: Finance and Development

Finance and Development...

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia »

Volume/Issue: 2019/2

Series: Departmental Papers / Policy Papers

Author(s): Nicolas Blancher , Maximiliano Appendino , Aidyn Bibolov , Armand Fouejieu , Jiawei Li , Anta Ndoye , Alexandra Panagiotakopoulou , Wei Shi , and Tetyana Sydorenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484396889.087

ISBN: 9781484396889

Keywords: Financial inclusion, Middle East and Central Asia, Business enterprises, Small and Medium Enterprises, Financial Inclusion, Middle East and Central Asia

The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversif...

Burkina Faso
			: 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Burkina Faso : 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/15

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498300292.002

ISBN: 9781498300292

Keywords: Burkina Faso, Sub-Saharan Africa

Burkina Faso faces large social and physical infrastructure gaps, a deteriorating security situation, and unease among the rapidly-expanding population about economic prospects. Growth has been robust, averaging mo...

Gabon
			: Third Review under the Extended Arrangement Under the Extended Fund Facility, and Requests for Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Gabon

Gabon : Third Review under the Extended Arrangement Under the Extended Fund Facility, and Requests for Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Gabon »

Volume/Issue: 2019/17

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498300247.002

ISBN: 9781498300247

Keywords: Sub-Saharan Africa, Gabon

Political risks appear to have subsided with the completion of legislative and local elections in October. The economy is slowly recovering, fiscal consolidation has continued, inflation has remained low, and the t...

Burkina Faso
			: Selected Issues

Burkina Faso : Selected Issues »

Volume/Issue: 2019/16

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498300377.002

ISBN: 9781498300377

Keywords: Sub-Saharan Africa, Burkina Faso

Selected Issues...

FinTech in Sub-Saharan African Countries
			: A Game Changer?

FinTech in Sub-Saharan African Countries : A Game Changer? »

Volume/Issue: 2019/4

Series: Departmental Papers / Policy Papers

Author(s): Amadou Sy , Rodolfo Maino , Alexander Massara , Hector Perez Saiz , and Preya Sharma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2019

DOI: http://dx.doi.org/10.5089/9781484385661.087

ISBN: 9781484385661

Keywords: Financial services, Sub-Saharan Africa, Financial inclusion, Technological innovation, FinTech; Financial Technology; Financial Inclusion; Innovation; Sub-Saharan Africa

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitiv...

Economic Integration in the Maghreb
			: An Untapped Source of Growth

Economic Integration in the Maghreb : An Untapped Source of Growth »

Volume/Issue: 2019/1

Series: Departmental Papers / Policy Papers

Author(s): Alexei Kireyev , Boaz Nandwa , Lorraine Ocampos , Babacar Sarr , Ramzy Al Amine , Allan Auclair , Yufei Cai , and Jean-Francois Dauphin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484389843.087

ISBN: 9781484389843

Keywords: Maghreb, Economic Integration, Economic Development, North Africa, Libyan Arab Jamahiriya

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their tota...

Economic Integration in the Maghreb
			: An Untapped Source of Growth

Economic Integration in the Maghreb : An Untapped Source of Growth »

Volume/Issue: 2019/1

Series: Departmental Papers / Policy Papers

Author(s): Jean-Francois Dauphin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2019

DOI: http://dx.doi.org/10.5089/9781484378373.087

ISBN: 9781484378373

Keywords: Economic development, Tunisia, Economic integration, Morocco, North Africa, Algeria, Maghreb, Mauritania, Middle East, Maghreb; Economic Integration; Economic Development; North Africa

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their tota...

Economic Integration in the Maghreb
			: An Untapped Source of Growth

Economic Integration in the Maghreb : An Untapped Source of Growth »

Volume/Issue: 2019/1

Series: Departmental Papers / Policy Papers

Author(s): Alexei Kireyev , Boaz Nandwa , Lorraine Ocampos , Babacar Sarr , Ramzy Al Amine , Allan Auclair , Yufei Cai , and Jean-Francois Dauphin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781484389164.087

ISBN: 9781484389164

Keywords: Maghreb; Economic Integration; Economic Development; North Africa, Libyan Arab Jamahiriya

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their tota...

The Kingdom of the Netherlands-Netherlands
			: Selected Issues

The Kingdom of the Netherlands-Netherlands : Selected Issues »

Volume/Issue: 2019/45

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398579.002

ISBN: 9781484398579

Keywords: Netherlands, Europe

Selected Issues...

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

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

Volume/Issue: 2019/46

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398630.002

ISBN: 9781484398630

Keywords: Europe, Croatia

The economic expansion continues, driven primarily by private consumption and exports of goods and services. Fiscal performance has been strong, but the materialization of contingent liabilities from government gua...

Republic of Croatia
			: Selected Issues

Republic of Croatia : Selected Issues »

Volume/Issue: 2019/47

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398692.002

ISBN: 9781484398692

Keywords: Europe, Croatia

Selected Issues...

The Kingdom of the Netherlands-Netherlands
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The Kingdom of the Netherlands-Netherlands

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

Volume/Issue: 2019/44

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2019

DOI: http://dx.doi.org/10.5089/9781484398517.002

ISBN: 9781484398517

Keywords: Europe, Netherlands

The Dutch economy has grown faster than the euro area average over the past few years reflecting recovering consumption and investment, and strong net exports. The unemployment rate reached a decade low, but slow p...

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

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

Volume/Issue: 2019/40

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397718.002

ISBN: 9781484397718

Keywords: Italy, Europe

A new government took office in June 2018 on a platform to improve growth and social outcomes. It has inherited a challenging situation-notwithstanding the recovery of the past few years, real incomes remain at the...

Italy
			: Selected Issues

Italy : Selected Issues »

Volume/Issue: 2019/41

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397787.002

ISBN: 9781484397787

Keywords: Europe, Italy

Selected Issues...

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

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

Volume/Issue: 2019/37

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397503.002

ISBN: 9781484397503

Keywords: Poland, Europe

The strong growth upswing since 2017 was supported by three coincident cycles-a rebound in euro-area activity, a substantial increase in EU transfers, and new large social benefit programs. Unemployment was reduced...

Republic of Poland
			: Financial System Stability Assessment

Republic of Poland : Financial System Stability Assessment »

Volume/Issue: 2019/39

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397589.002

ISBN: 9781484397589

Keywords: Europe, Poland

Following several years of very strong growth, the economy is expected to slow to a more sustainable pace. Near-term growth is expected to slow to a still robust 3 to 31/2 percent in 2019-20, with low unemployment....

Republic of Poland
			: Selected Issues

Republic of Poland : Selected Issues »

Volume/Issue: 2019/38

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2019

DOI: http://dx.doi.org/10.5089/9781484397541.002

ISBN: 9781484397541

Keywords: Europe, Poland

Selected Issues...

Debt Maturity and the Use of Short-Term Debt
			: Evidence form Sovereigns and Firms

Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms »

Volume/Issue: 2019/3

Series: Departmental Papers / Policy Papers

Author(s): Sophia Chen , Paola Ganum , Lucy Qian Liu , Leonardo Martinez , and Maria Martinez Peria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

DOI: http://dx.doi.org/10.5089/9781484380536.087

ISBN: 9781484380536

Keywords: Sovereign debt, Corporate debt, Debt Maturity; Short-term Debt

The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financing are renegotiated to the detriment of the borrower) and is as...

Republic of Armenia
			: Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

Republic of Armenia : Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2019/42

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

DOI: http://dx.doi.org/10.5089/9781484397848.002

ISBN: 9781484397848

Keywords: Armenia, Middle East

The Central Bank of Armenia (CBA) has made significant progress in its approach to banking supervision with adoption of the RBS framework and addressing gaps in the regulatory framework identified in the 2012 Basel...

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

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

Volume/Issue: 2019/43

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2019

DOI: http://dx.doi.org/10.5089/9781484397916.002

ISBN: 9781484397916

Keywords: Palau, Asia and Pacific

Palau, a small state in the Pacific, is heavily dependent on tourism and grants. Economic activity slowed down significantly due to lower tourism over the past two years. Growth is expected to pick up with a reboun...

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

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

Volume/Issue: 2019/36

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781484397336.002

ISBN: 9781484397336

Keywords: Bosnia and Herzegovina, Europe

A technical assistance (TA) mission was conducted by Mr. Deon Tanzer, the government finance statistics (GFS) advisor1 for South East Europe during the period of May 28-June 1, 2018, to support the Bosnia and Herze...

How to Organize Central Securities Depositories in Developing Markets
			: Key Considerations

How to Organize Central Securities Depositories in Developing Markets : Key Considerations »

Volume: 19

Series: IMF How To Notes

Author(s): Froukelien Wendt , Peter Katz , and Alice Zanza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781484397312.061

ISBN: 9781484397312

Keywords: Securities markets, Securities regulations, Depositories, Developing countries, Monetary policy

The key objective of this note is to support authorities in their decision making about the optimal organization of central securities depositories (CSDs) in their country. For the purpose of this note, a CSD is de...

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

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

Volume/Issue: 2019/35

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2019

DOI: http://dx.doi.org/10.5089/9781484397251.002

ISBN: 9781484397251

The UAE has successfully weathered recent external shocks, thanks to its large financial buffers, diversified economy, and strong policy response. Continued fiscal and structural reforms to raise productivity while...

Senegal
			: Fiscal Transparency Evaluation

Senegal : Fiscal Transparency Evaluation »

Volume/Issue: 2019/34

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781484397190.002

ISBN: 9781484397190

Senegal is the first country in sub-Saharan Africa with a Francophone approach to public financial management to volunteer for a fiscal transparency evaluation (FTE). This evaluation applies the standards and pract...

Senegal
			: Fiscal Transparency Evaluation

Senegal : Fiscal Transparency Evaluation »

Volume/Issue: 2019/34

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2019

DOI: http://dx.doi.org/10.5089/9781484397084.002

ISBN: 9781484397084

Senegal is the first country in sub-Saharan Africa with a Francophone approach to public financial management to volunteer for a fiscal transparency evaluation (FTE). This evaluation applies the standards and pract...

Former Yugoslav Republic of Macedonia
			: 2018 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Former Yugoslav Republic of Macedonia

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

Volume/Issue: 2019/32

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2019

DOI: http://dx.doi.org/10.5089/9781484396704.002

ISBN: 9781484396704

More than twelve years after achieving candidate status, FYR Macedonia's prospects for opening accession negotiations with the European Union are looking hopeful for the first time. The end of the political crisis...

Republic of Armenia
			: Technical Assistance Report-Public Investment Management Assessment

Republic of Armenia : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2019/33

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2019

DOI: http://dx.doi.org/10.5089/9781484396933.002

ISBN: 9781484396933

Public capital stock declined from 160 percent of GDP in 2000 to 62 percent of GDP in 2017. Public investment has remained low at approximately half of that invested by regional peers since 2012.1 This can be expl...

Guinea
			: Second Review of the Arrangement under the Three-Year Extended Credit Facility, financing Assurances Review, and Request for a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Guinea

Guinea : Second Review of the Arrangement under the Three-Year Extended Credit Facility, financing Assurances Review, and Request for a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Guinea »

Volume/Issue: 2019/30

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2019

DOI: http://dx.doi.org/10.5089/9781484396636.002

ISBN: 9781484396636

Guinea's strong growth momentum continues. Real growth reached about 10 percent in 2017 and is expected at about 6 percent in 2018 and 2019. However, the social context remains fragile. Risks of political and soci...

Senegal
			: Selected Issues

Senegal : Selected Issues »

Volume/Issue: 2019/28

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2019

DOI: http://dx.doi.org/10.5089/9781484396292.002

ISBN: 9781484396292

Selected Issues...

Senegal
			: Staff Report for the 2018 Article IV Consultation and Seventh Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria--Debt Sustainability Analysis-Press Release; Staff Report; and Statement by the Executive Director for Senegal

Senegal : Staff Report for the 2018 Article IV Consultation and Seventh Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria--Debt Sustainability Analysis-Press Release; Staff Report; and Statement by the Executive Director for Senegal »

Volume/Issue: 2019/27

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2019

DOI: http://dx.doi.org/10.5089/9781484396254.002

ISBN: 9781484396254

Senegal's main challenge is sustaining high GDP growth rates while maintaining fiscal sustainability and improving the business environment to create jobs for the fast-growing population. The second phase of the Pl...

Kingdom of the Netherlands-Curaçao and Sint Maarten
			: 2018 Article IV Consultation-Press Release and Staff Report

Kingdom of the Netherlands-Curaçao and Sint Maarten : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/23

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2019

DOI: http://dx.doi.org/10.5089/9781484395929.002

ISBN: 9781484395929

Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions-reflecting the spillovers from one of Curaçao's largest trading partners and the dev...

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

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

Volume/Issue: 2019/22

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2019

DOI: http://dx.doi.org/10.5089/9781484395875.002

ISBN: 9781484395875

The CBS has taken steps to establish important pillars of a proper policy framework for financial reporting, auditing, and internal controls by approving the Internal Audit and Audit Committee Charters and is commi...

Nonresident Capital Flows and Volatility: Evidence from Malaysia's Local Currency Bond Market

Nonresident Capital Flows and Volatility: Evidence from Malaysia's Local Currency Bond Market »

Volume/Issue: 2019/23

Series: IMF Working Papers

Author(s): David Grigorian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2019

DOI: http://dx.doi.org/10.5089/9781484393161.001

ISBN: 9781484393161

Keywords: Malaysia, Asia and Pacific, Debt markets, International financial markets, nonresident investors, volatility, Asset Pricing

Malaysia's local currency debt market is one of the most liquid public debt markets in the world. In recent years, the growing share of nonresident holders of debt has been a source of concern for policymakers as a...

Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands

Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands »

Volume/Issue: 2019/22

Series: IMF Working Papers

Author(s): Marc Gerard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2019

DOI: http://dx.doi.org/10.5089/9781484395912.001

ISBN: 9781484395912

Keywords: pension funds, defined benefit plans, defined contribution plans, fully funded, pension mathematics, stress tests

The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity am...

Winds of Change
			: The Case for New Digital Currency

Winds of Change : The Case for New Digital Currency »

Series: IMF Speeches

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2019

DOI: http://dx.doi.org/10.5089/9781484389171.076

ISBN: 9781484389171

Winds of Change...

Argentina
			: Technical Assistance Report-Report of the Technical Assistance Mission on External Sector Statistics (April 17-28, 2017)

Argentina : Technical Assistance Report-Report of the Technical Assistance Mission on External Sector Statistics (April 17-28, 2017) »

Volume/Issue: 2019/18

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395592.002

ISBN: 9781484395592

Keywords: Argentina, Western Hemisphere

At the request of the National Statistics and Census Institute (INDEC), a technical assistance mission on external sector statistics (ESS) visited Buenos Aires during April 17-28, 2017. This was a follow up to the...

Argentina
			: Technical Assistance Report-Technical Assistance Mission on External Sector Statistics (November 14-25, 2016)

Argentina : Technical Assistance Report-Technical Assistance Mission on External Sector Statistics (November 14-25, 2016) »

Volume/Issue: 2019/19

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395677.002

ISBN: 9781484395677

Keywords: Western Hemisphere, Argentina

At the request of the National Institute of Statistics and Censuses (INDEC), a technical-assistance mission on external-sector statistics (ESS) visited Buenos Aires on November 14-25, 2016. Currently, INDEC's Nat...

Chad
			: Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Financing Assurances Review-Press Release; Staff Report and Statement by the Executive Director for Chad

Chad : Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Financing Assurances Review-Press Release; Staff Report and Statement by the Executive Director for Chad »

Volume/Issue: 2019/25

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484396087.002

ISBN: 9781484396087

The current ECF arrangement (access of 160 percent of quota or SDR 224.32 million) was approved on June 30, 2017 in the context of a very difficult and deteriorating social, economic, and financial situation. The c...

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

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

Volume/Issue: 2019/26

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484396131.002

ISBN: 9781484396131

Growth has been strong in recent years and some moderation is expected, with risks skewed to the downside. High fishing revenues improved the fiscal position, but generated pressure to increase spending. There has...

Morocco
			: 2018 Request for an Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Morocco : 2018 Request for an Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco »

Volume/Issue: 2019/24

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484396001.002

ISBN: 9781484396001

Following the expiration of the third Precautionary and Liquidity Line (PLL) arrangement, in July 2018, the authorities have requested a new PLL arrangement. They did not draw on the last three arrangements and hav...

People's Republic of China-Hong Kong Special Administrative Region
			: 2018 Article IV Consultation-Press Release and Staff Report

People's Republic of China-Hong Kong Special Administrative Region : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/20

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395707.002

ISBN: 9781484395707

Keywords: Asia and Pacific, Hong Kong Special Administrative Region of China

Hong Kong SAR's economy benefitted from a strong cyclical upswing through the first half of 2018, supported by the continued global recovery, buoyant domestic sentiment, and the booming property market. However, ne...

People's Republic of China-Hong Kong Special Administrative Region
			: Selected Issues

People's Republic of China-Hong Kong Special Administrative Region : Selected Issues »

Volume/Issue: 2019/21

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395776.002

ISBN: 9781484395776

Keywords: Hong Kong Special Administrative Region of China, Asia and Pacific

Selected Issues...

Ukraine
			: Technical Assistance Report-Report on Residential Property Price Index Capacity Development Mission

Ukraine : Technical Assistance Report-Report on Residential Property Price Index Capacity Development Mission »

Volume/Issue: 2019/13

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484394137.002

ISBN: 9781484394137

Keywords: Europe, Ukraine

A technical assistance (TA) mission was conducted during June 18-22, 2018 to support the State Statistics Service of Ukraine (SSSU) in improving the residential property price indexes (RPPI) for Ukraine. This was t...

Commodity Terms of Trade
			: A New Database

Commodity Terms of Trade : A New Database »

Volume/Issue: 2019/21

Series: IMF Working Papers

Author(s): Bertrand Gruss , and Suhaib Kebhaj

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484393857.001

ISBN: 9781484393857

Keywords: Commodity terms of trade; terms of trade; commodity prices, Commodity terms of trade, terms of trade, commodity prices, General

This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individu...

People's Republic of China-Hong Kong Special Administrative Region
			: 2018 Article IV Consultation-Press Release and Staff Report

People's Republic of China-Hong Kong Special Administrative Region : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/20

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395707.002

ISBN: 9781484395707

Keywords: Asia and Pacific, Hong Kong Special Administrative Region of China

Hong Kong SAR's economy benefitted from a strong cyclical upswing through the first half of 2018, supported by the continued global recovery, buoyant domestic sentiment, and the booming property market. However, ne...

Burkina Faso
			: 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Burkina Faso : 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/15

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484394236.002

ISBN: 9781484394236

Keywords: Burkina Faso, Sub-Saharan Africa

Burkina Faso faces large social and physical infrastructure gaps, a deteriorating security situation, and unease among the rapidly-expanding population about economic prospects. Growth has been robust, averaging mo...

Burkina Faso
			: Selected Issues

Burkina Faso : Selected Issues »

Volume/Issue: 2019/16

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484394311.002

ISBN: 9781484394311

Keywords: Sub-Saharan Africa, Burkina Faso

Selected Issues...

Gabon
			: Gabon: Third Review under the Extended Arrangement Under the Extended Fund Facility, and Requests for Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Gabon

Gabon : Gabon: Third Review under the Extended Arrangement Under the Extended Fund Facility, and Requests for Waiver of Nonobservance of Performance Criterion, and Modifications of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Gabon »

Volume/Issue: 2019/17

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484394397.002

ISBN: 9781484394397

Keywords: Sub-Saharan Africa, Gabon

Political risks appear to have subsided with the completion of legislative and local elections in October. The economy is slowly recovering, fiscal consolidation has continued, inflation has remained low, and the t...

Financial Dollarization of Households and Firms: Does It Differ?

Financial Dollarization of Households and Firms: Does It Differ? »

Volume/Issue: 2019/19

Series: IMF Working Papers

Author(s): Juan Corrales , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484393192.001

ISBN: 9781484393192

Keywords: Dollarization, Foreign exchange, Household, Firm, Financial deepening, Monetary Policy (Targets, Instruments, and Effects), General, International Monetary Arrangements and Institutions

Using a newly complied and extended database from International Financial Statistics, and applying different panel-regression techniques, this paper documents the evolution of households' and firms' dollarization o...

Inequality in Good and Bad Times: A Cross-Country Approach

Inequality in Good and Bad Times: A Cross-Country Approach »

Volume/Issue: 2019/20

Series: IMF Working Papers

Author(s): Burcu Hacibedel , Pierre Mandon , Priscilla Muthoora , and Nathalie Pouokam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484392911.001

ISBN: 9781484392911

Keywords: Developing countries, Inequality, Growth, Mediation analysis, Equity, Justice, and Other Normative Criteria and Measurement, General

This paper provides evidence of a strong relationship between the short-term dynamics of growth and inequality in developing economies. We find that reductions in inequality during growth upswings are largely rever...

Global Value Chains: What are the Benefits and Why Do Countries Participate?

Global Value Chains: What are the Benefits and Why Do Countries Participate? »

Volume/Issue: 2019/18

Series: IMF Working Papers

Author(s): Faezeh Raei , Anna Ignatenko , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2019

DOI: http://dx.doi.org/10.5089/9781484392928.001

ISBN: 9781484392928

Keywords: Economic integration, Trade, global value chains, gains from trade, Country and Industry Studies of Trade

Over the last two decades, world trade and production have become increasingly organized around global value chains (GVC). Recent theoretical work has shown that countries can benefit from participation in GVCs thr...

Innovation and Corporate Cash Holdings in the Era of Globalization

Innovation and Corporate Cash Holdings in the Era of Globalization »

Volume/Issue: 2019/17

Series: IMF Working Papers

Author(s): Konrad Adler , JaeBin Ahn , and Mai Chi Dao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2019

DOI: http://dx.doi.org/10.5089/9781484392164.001

ISBN: 9781484392164

Keywords: International trade, cash holdings, R&;D, R&;amp;#x0026;D, Models of Trade with Imperfect Competition and Scale Economies

We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R&D activities. Our co...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. European Dept.;International Monetary Fund. African Dept.;International Monetary Fund. Asia and Pacific Dept;International Monetary Fund. Middle East and Central Asia Dept.;International Monetary Fund. Western Hemisphere Dept.;International Monetary Fund. Monetary and Capital Markets Department;International Monetary Fund. Secretary's Department;International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781513510170.007

ISBN: 9781513510170

In line with the framework for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for whom the Article IV consultation has been delayed by more than...

Gross National Happiness and Macroeconomic Indicators in the Kingdom of Bhutan

Gross National Happiness and Macroeconomic Indicators in the Kingdom of Bhutan »

Volume/Issue: 2019/15

Series: IMF Working Papers

Author(s): Sriram Balasubramanian , and Paul Cashin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781484389713.001

ISBN: 9781484389713

Keywords: Asia and Pacific, Bhutan, Gross domestic product, real income, gross national happiness, Equity, Justice, Inequality, and Other Normative Criteria and Measurement, General

This paper examines the origins and use of the concept of Gross National Happiness (or subjective well-being) in the Kingdom of Bhutan, and the relationship between measured well-being and macroeconomic indicators....

Republic of Belarus
			: Selected Issues

Republic of Belarus : Selected Issues »

Volume/Issue: 2019/10

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781484393956.002

ISBN: 9781484393956

Keywords: Belarus, Europe

Selected Issues...

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

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

Volume/Issue: 2019/9

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781484389003.002

ISBN: 9781484389003

Keywords: Europe, Belarus

The Belarusian economy is in a cyclical recovery, inflation is at historically low levels and the exchange rate has been broadly stable. Although macroeconomic policy frameworks have improved, there is a need to re...

China's Digital Economy: Opportunities and Risks

China's Digital Economy: Opportunities and Risks »

Volume/Issue: 2019/16

Series: IMF Working Papers

Author(s): Longmei Zhang , and Sally Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781484389706.001

ISBN: 9781484389706

Keywords: Asia and Pacific, Digital economy; Fintech; Productivity; Employment; Financial stability, Digital economy, Fintech, Productivity, Employment, Financial stability, Government Policy and Regulation, Macroeconomic Analyses of Economic Development, General

China's digital economy has expanded rapidly in recent years. While average digitalization of the economy remains lower than in advanced economies, digitalization is already high in certain regions and sectors, in...

Islamic Republic of Mauritania
			: Technical Assistance Report-Report on the External Sector Statistics Technical Assistance Mission (March 19-30, 2018)

Islamic Republic of Mauritania : Technical Assistance Report-Report on the External Sector Statistics Technical Assistance Mission (March 19-30, 2018) »

Volume/Issue: 2018/356

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2019

DOI: http://dx.doi.org/10.5089/9781484388709.002

ISBN: 9781484388709

Keywords: Middle East, Mauritania

With the support of the IMF's Middle East and Central Asia Department (MCD), and at the request of the Central Bank of Mauritania (BCM), the IMF's Statistics Department (STA) mission visited Nouakchott from March 1...

Corporate Tax Reform: From Income to Cash Flow Taxes

Corporate Tax Reform: From Income to Cash Flow Taxes »

Volume/Issue: 2019/13

Series: IMF Working Papers

Author(s): Benjamin Carton , Emilio Fernández Corugedo , and Benjamin Hunt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2019

DOI: http://dx.doi.org/10.5089/9781484390085.001

ISBN: 9781484390085

Keywords: tax policy; business taxation, corporate leverage, dynamic stochastic general equilibrium models; macroeconomic interdependence, tax policy, business taxation, dynamic stochastic general equilibrium models, macroeconomic interdependence, Forecasting and Simulation, Monetary Policy (Targets, Instruments

This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key ch...

Covered Interest Parity Deviations: Macrofinancial Determinants

Covered Interest Parity Deviations: Macrofinancial Determinants »

Volume/Issue: 2019/14

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Maurice Obstfeld , and Haonan Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2019

DOI: http://dx.doi.org/10.5089/9781484390122.001

ISBN: 9781484390122

Keywords: International financial markets, Foreign exchange, Covered Interest Parity, Interest Rate Differentials, Forward FX M, Forward FX Market

For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely-even as a broad macroeconomic relationship applying to daily or weekly data. Not only ha...

The Present Value of Corporate Profits: A Forecasters' Survey Perspective

The Present Value of Corporate Profits: A Forecasters' Survey Perspective »

Volume/Issue: 2019/12

Series: IMF Working Papers

Author(s): Michal Andrle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2019

DOI: http://dx.doi.org/10.5089/9781484390047.001

ISBN: 9781484390047

Keywords: Asset prices, present value, corporate earnings, General, Asset Pricing, Forecasting and Simulation

This paper presents and discusses the estimates of the present value of corporate profits in the United States from 1984 to 2018. To value the expected income stream, it uses the long-range forecasts of professiona...

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

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

Volume/Issue: 2019/7

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484393482.002

ISBN: 9781484393482

Keywords: Europe, Finland

Recent growth has been healthy, and the unemployment rate has fallen to its lowest level since 2011. However, some underlying weaknesses remain. The rate in which new jobs are created and the 'churn' of workers rel...

Finland
			: Selected Issues

Finland : Selected Issues »

Volume/Issue: 2019/8

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484393550.002

ISBN: 9781484393550

Keywords: Finland, Europe

Selected Issues...

Effective Trade Costs and the Current Account: An Empirical Analysis

Effective Trade Costs and the Current Account: An Empirical Analysis »

Volume/Issue: 2019/8

Series: IMF Working Papers

Author(s): Emine Boz , Nan Li , and Hongrui Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484392171.001

ISBN: 9781484392171

Keywords: Global imbalances, Current account, trade costs, structural gravity model, comparative advantage, trade restrictiveness, Country and Industry Studies of Trade, Open Economy Macroeconomics

A view receiving increased support is that the height of trade costs in prime export sectors has a strong effect on current account balances: countries specializing in sectors that face relatively high trade costs,...

Fiscal Implications of Government Wage Bill Spending

Fiscal Implications of Government Wage Bill Spending »

Volume/Issue: 2019/10

Series: IMF Working Papers

Author(s): Kamil Dybczak , and Mercedes Garcia-Escribano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484392157.001

ISBN: 9781484392157

Keywords: Fiscal policy, Public employment, Public Wages, Government Expenditure, General

This paper discusses the short- and medium-term fiscal implications of government wage bill spending. Working with a sample of 137 advanced, emerging and low-income countries, we use a panel VAR approach to identif...

Has Higher Household Indebtedness Weakened Monetary Policy Transmission?

Has Higher Household Indebtedness Weakened Monetary Policy Transmission? »

Volume/Issue: 2019/11

Series: IMF Working Papers

Author(s): R. Gelos , Tommaso Mancini Griffoli , Machiko Narita , Federico Grinberg , Umang Rawat , and Shujaat Khan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484393208.001

ISBN: 9781484393208

Keywords: Monetary policy, Consumption, transmission, households, real estate, leverage, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects)

Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? This paper examines the question using household data from the Unit...

Macroeconomic Consequences of Tariffs

Macroeconomic Consequences of Tariffs »

Volume/Issue: 2019/9

Series: IMF Working Papers

Author(s): Davide Furceri , Swarnali Ahmed Hannan , Jonathan Ostry , and Andrew Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484390061.001

ISBN: 9781484390061

Keywords: Productivity, Unemployment, Output, protection, inequality, exchange rate, trade balance, Macroeconomic Analyses of Economic Development

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases...

Public Debt Through the Ages

Public Debt Through the Ages »

Volume/Issue: 2019/6

Series: IMF Working Papers

Author(s): Barry Eichengreen , Asmaa ElGanainy , Rui Pedro Esteves , and Kris James Mitchener

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484392898.001

ISBN: 9781484392898

Keywords: Soveriegn Debt, Debt History, Soveriegn Debt Crises, Sovereign Debt Composition, General, International, or Comparative

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, d...

Revenue Implications of Destination-Based Cash-Flow Taxation

Revenue Implications of Destination-Based Cash-Flow Taxation »

Volume/Issue: 2019/7

Series: IMF Working Papers

Author(s): Shafik Hebous , Alexander Klemm , and Saila Stausholm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484392935.001

ISBN: 9781484392935

Keywords: Tax revenue, Destination-Based Cash Flow Tax, Border Adjustment Tax, Business Taxes and Subsidies, International Fiscal Issues

We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate incom...

A Governance Dividend for Sub-Saharan Africa?

A Governance Dividend for Sub-Saharan Africa? »

Volume/Issue: 2019/1

Series: IMF Working Papers

Author(s): Amine Hammadi , Marshall Mills , Nelson Sobrinho , Vimal Thakoor , and Ricardo Velloso

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2019

DOI: http://dx.doi.org/10.5089/9781484354872.001

ISBN: 9781484354872

Keywords: Zambia, Zimbabwe, Congo, Democratic Republic of the, Congo, Republic of, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, Sub-Saharan Africa

Countries in Sub-Saharan Africa (SSA) tend to lag those in most other regions in terms of governance and perceptions of corruption. Weak governance undermines economic performance through various channels, includin...

Bank Profitability and Financial Stability

Bank Profitability and Financial Stability »

Volume/Issue: 2019/5

Series: IMF Working Papers

Author(s): TengTeng Xu , Kun Hu , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2019

DOI: http://dx.doi.org/10.5089/9781484390078.001

ISBN: 9781484390078

Keywords: Systemic risk, Finanical stability, bank profitability, non-interest income, business model, panel regression, General, Models with Panel Data

We analyze how bank profitability impacts financial stability from both theoretical and empirical perspectives. We first develop a theoretical model of the relationship between bank profitability and financial stab...

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...

Does an Inclusive Citizenship Law Promote Economic Development?

Does an Inclusive Citizenship Law Promote Economic Development? »

Volume/Issue: 2019/3

Series: IMF Working Papers

Author(s): Patrick Imam , and Kangni Kpodar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2019

DOI: http://dx.doi.org/10.5089/9781484383070.001

ISBN: 9781484383070

Keywords: Economic development, Political economy, Citizenship laws, legal origin, International Migration

This paper analyzes the impact of citizenship laws on economic development. We first document the evolution of citizenship laws around the world, highlighting the main features of jus soli, jus sanguinis as well as...

The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs

The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs »

Volume/Issue: 2019/2

Series: IMF Working Papers

Author(s): Hippolyte Balima , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2019

DOI: http://dx.doi.org/10.5089/9781484393413.001

ISBN: 9781484393413

Keywords: Sovereign debt defaults, IMF-supported programs, entropy balancing, International Lending and Debt Problems, International Monetary Arrangements and Institutions

This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy...

Extension of the Periods for Consent to and Payment of Quota Increases

Extension of the Periods for Consent to and Payment of Quota Increases »

Volume: 19

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2019

DOI: http://dx.doi.org/10.5089/9781513510408.007

ISBN: 9781513510408

This paper proposes a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas ("Fourteenth Review") through June 28, 2019....

Lao People's Democratic Republic
			: Technical Assistance Report-Report on National Accounts Statistics Mission

Lao People's Democratic Republic : Technical Assistance Report-Report on National Accounts Statistics Mission »

Volume/Issue: 2019/6

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2019

DOI: http://dx.doi.org/10.5089/9781484393277.002

ISBN: 9781484393277

Keywords: Asia and Pacific

A technical assistance mission was conducted during July 2-13, 2018 to support measurement of Lao PDR's national accounts statistics. The mission assisted with the development of a quarterly GDP time series, review...