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Fiscal Buffers for Natural Disasters in Pacific Island Countries

Fiscal Buffers for Natural Disasters in Pacific Island Countries »

Volume/Issue: 2019/152

Series: IMF Working Papers

Author(s): Hidetaka Nishizawa , Scott Roger , and Huan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

DOI: http://dx.doi.org/10.5089/9781498320801.001

ISBN: 9781498320801

Keywords: Access to foreign markets, Accounting, Accounting standards, Agriculture, Aid flows, Balance of payments, Bank deposits, Bank financing, Banks, Bonds

Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spend...

Coping with Falling Oil Prices: The Different Fortunes of African Banks

Coping with Falling Oil Prices: The Different Fortunes of African Banks »

Volume/Issue: 2019/129

Series: IMF Working Papers

Author(s): Cheikh Gueye , Asithandile Mbelu , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2019

DOI: http://dx.doi.org/10.5089/9781498317795.001

ISBN: 9781498317795

Keywords: Bank credit, Commodity price shocks, Oil prices, Oil revenues, Oil exporting countries, Oil price, non-performing loans, credit growth, deposit growth, bank ownership

This paper studies the impact of declining oil prices on banks in sub-Saharan African oil-exporting countries. Results indicate that banks respond differently to an oil shock depending on their ownership: (i) domes...

Rethinking Fiscal Policy in Oil-Exporting Countries

Rethinking Fiscal Policy in Oil-Exporting Countries »

Volume/Issue: 2019/108

Series: IMF Working Papers

Author(s): Tokhir Mirzoev , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2019

DOI: http://dx.doi.org/10.5089/9781498314749.001

ISBN: 9781498314749

Keywords: Consumption, Public investments, Poverty, Capital, Real interest rates, Fiscal policy, oil exporters, permanent income hypothesis, fiscal rules, PIH

We examine the existing fiscal policy paradigm in commodity-exporting countries. First, we argue that its centerpiece-the permanent income hypothesis (PIH)-is not consistent with either intergenerational equity or...

Understanding Export Diversification: Key Drivers and Policy Implications

Understanding Export Diversification: Key Drivers and Policy Implications »

Volume/Issue: 2019/105

Series: IMF Working Papers

Author(s): Rahul Giri , Saad Quayyum , and Rujun Yin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2019

DOI: http://dx.doi.org/10.5089/9781498313087.001

ISBN: 9781498313087

Keywords: Commodity markets, Commodity price fluctuations, Comparative advantage, Natural resources, International trade agreements, Diversification, Education, Trade, Natural Resource Rent, Commodity Exporter

We identify key factors, from large set of potential determinants, that explain the variation in export diversification across countries and over time using Bayesian Model Averaging (BMA), which addresses model unc...

Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates

Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates »

Volume/Issue: 2019/89

Series: IMF Working Papers

Author(s): David Coady , Ian Parry , Nghia-Piotr Le , and Baoping Shang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2019

DOI: http://dx.doi.org/10.5089/9781484393178.001

ISBN: 9781484393178

Keywords: Gasoline prices, Consumer subsidies, Sustainable development, Energy prices, Fossil fuels, energy subsidies, efficient taxation, revenue, environment, deadweight loss

This paper updates estimates of fossil fuel subsidies, defined as fuel consumption times the gap between existing and efficient prices (i.e., prices warranted by supply costs, environmental costs, and revenue consi...

Update on the Standard Template to Collect Data on Government Revenues from Natural Resources

Update on the Standard Template to Collect Data on Government Revenues from Natural Resources »

Volume/Issue: 2017/028

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 June 2017

DOI: http://dx.doi.org/10.5089/9781498347020.007

ISBN: 9781498347020

Keywords: Tax revenue, Social security funds, Non-tax revenue, External sector statistics, Personal income taxes, EITI, resource revenue, SDT, template, government revenue

The paper presents an update on the status of the standard template to collect data on government revenues from natural resources, originally presented to the Executive Board in January 2014. The paper discusses: (...

The Consolidated Medium-Term Income and Expenditure Framework

The Consolidated Medium-Term Income and Expenditure Framework »

Volume/Issue: 2016/048

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2016

DOI: http://dx.doi.org/10.5089/9781498345750.007

ISBN: 9781498345750

Keywords: Estimated incomes and expenses, Financial year, Fund administrative budget, Net income of Fund, SDR interest rates, Real interest rates, Interest rate increases, Interest rates, Expenditures, Accounting

The medium-term income projections have been updated from the April 2015 outlook and the February review of the adequacy of precautionary balances. The main changes to the outlook stem from a more gradual rise in t...

Gulf Cooperation Council (GCC)-Energy Price Reforms in the GCC-What Can Be Learned From International Experiences?

Gulf Cooperation Council (GCC)-Energy Price Reforms in the GCC-What Can Be Learned From International Experiences? »

Volume/Issue: 2015/064

Series: Policy Papers

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2015

DOI: http://dx.doi.org/10.5089/9781498343916.007

ISBN: 9781498343916

Keywords: Oil product prices, Demand elasticity, Energy prices, Oil prices, Pricing policy, energy price, GCC country, energy product, electricity tariff, GCC

Energy prices in the GCC countries are low by international standards. These low prices have co-existed with rapid economic development in the region over the past 50 years, but the costs of this policy have also r...

Excerpt: Power Play
			: Energy and Manufacturing in North America

Excerpt: Power Play : Energy and Manufacturing in North America »

Series: Miscellaneous Publication (Other)

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2015

DOI: http://dx.doi.org/10.5089/9781513527628.073

ISBN: 9781513527628

Keywords: North American Free Trade Agreement, Economic integration, Energy sector, Foreign investment, Oil prices, MISC PUBS, energy price, electricity price, energy production, gas production

Excerpt: Power Play...

Extracto: Juego de poder: Energía e industria en América del Norte

Extracto: Juego de poder: Energía e industria en América del Norte »

Series: Miscellaneous Publication (Other)

Author(s): Roberto Cardarelli , and Lusine Lusinyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513550787.073

ISBN: 9781513550787

Extracto: Juego de poder: Energía e industria en América del Norte...

2014 Triennial Surveillance Review - External Study - Risks and Spillovers

2014 Triennial Surveillance Review - External Study - Risks and Spillovers »

Volume/Issue: 2014/048

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2014

DOI: http://dx.doi.org/10.5089/9781498342926.007

ISBN: 9781498342926

Keywords: Bilateral surveillance, Financial risk, Macroprudential Policy, Monetary policy, Multilateral surveillance, Spillovers, Surveillance, Asset prices, Assets, Balance sheets

...

The Consolidated Medium-Term Income and Expenditure Framework

The Consolidated Medium-Term Income and Expenditure Framework »

Volume/Issue: 2014/023

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 April 2014

DOI: http://dx.doi.org/10.5089/9781498343435.007

ISBN: 9781498343435

Keywords: Access limits, Estimated incomes and expenses, Financial year, Fourteenth General Review of Quotas, Fund budget, Fund financial position, Net income of Fund, Accounting, Accounting standards, Bank deposits

The medium-term income projections have been updated since the last estimate provided to the Executive Board in April 2013. Lending income is higher compared with the earlier estimates as a result of new arrangemen...

Finance and Development, September 2013

Finance and Development, September 2013 »

Volume/Issue: 50/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2013

DOI: http://dx.doi.org/10.5089/9781484353653.022

ISBN: 9781484353653

Keywords: natural resources, natural resource, natural resource management

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterl...

Framework Administered Account for Selected Fund Activities - Africa Regional Technical Assistance Center West 2 Subaccount

Framework Administered Account for Selected Fund Activities - Africa Regional Technical Assistance Center West 2 Subaccount »

Volume/Issue: 2013/050

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2013

DOI: http://dx.doi.org/10.5089/9781498341684.007

ISBN: 9781498341684

Keywords: Africa Regional Technical Assistance Center, Executive Board decisions, External financing, Framework Administered Account, Lapse of time approval, Technical Assistance, West Africa, Anti-money laundering, Banks, Combating the financing of terrorism

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the 'SFA Instrument'). The financing of activities under the terms o...

Framework Administered Account for Selected Fund Activities - Government of Australia Subaccount for Selected Fund Activities

Framework Administered Account for Selected Fund Activities - Government of Australia Subaccount for Selected Fund Activities »

Volume/Issue: 2013/051

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2013

DOI: http://dx.doi.org/10.5089/9781498341677.007

ISBN: 9781498341677

Keywords: Executive Board decisions, External financing, Framework Administered Account, Lapse of time approval, Technical Assistance, Anti-money laundering, Banks, Combating the financing of terrorism, Development, Financial assistance

In March 2009, the Fund adopted the Instrument to establish a new Framework Administered Account to administer external financial resources for Selected Fund Activities (the 'SFA Instrument').1 The financing of act...

Energy Subsidy Reform - Lessons and Implications

Energy Subsidy Reform - Lessons and Implications »

Volume/Issue: 2013/004

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2013

DOI: http://dx.doi.org/10.5089/9781498342391.007

ISBN: 9781498342391

Keywords: Energy sector, Energy taxes, Fiscal reforms, Subsidies, Social safety nets, Consumer subsidies, Economic growth, Government expenditures, Oil exporting countries, energy subsidy

Energy subsidies have wide-ranging economic consequences. While aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd-out priority public spending, and depress private investment, including in...

Excerpt
			: Commodity Price Volatility and Inclusive Growth in Low-Income Countries

Excerpt : Commodity Price Volatility and Inclusive Growth in Low-Income Countries »

Series: Miscellaneous Publication (Other)

Author(s): Min Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2012

DOI: http://dx.doi.org/10.5089/CPVIEAEX.073

ISBN: CPVIEAEX

Keywords: Agricultural sector, Balance of trade, Central banking, Central banks, Civil society, Commodities, Commodity price shocks, Commodity prices, Consumption, Credit

In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are now facing enormous difficulties because of rapidly rising food...

Natural Resources, Volatility, and Inclusive Growth
			: Perspectives From the Middle East and North Africa

Natural Resources, Volatility, and Inclusive Growth : Perspectives From the Middle East and North Africa »

Volume/Issue: 2012/111

Series: IMF Working Papers

Author(s): Mustapha Nabli , and Rabah Arezki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503326.001

ISBN: 9781475503326

Keywords: Natural resources;, volatility;, inclusive growth;, Middle East and North Africa., resource-rich countries, natural resource, resource-poor countries, natural resource curse, Equity, Justice

This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels of income per ca...

Framework Administered Account for Selected Fund Activities -Government of Canada Subaccount

Framework Administered Account for Selected Fund Activities -Government of Canada Subaccount »

Volume/Issue: 2012/012

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2012

DOI: http://dx.doi.org/10.5089/9781498340861.007

ISBN: 9781498340861

Keywords: Canada, Executive Board decisions, Framework Administered Account, Lapse of time approval, Tax policy, Combating the financing of terrorism, Anti-money laundering, Financial assistance, Multilateral development institutions, fund activity

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for Selected Fund Activities (the 'SFA Instrument'). The financing of activities under the terms o...

Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries

Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries »

Volume/Issue: 2011/072

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2011

DOI: http://dx.doi.org/10.5089/9781498338493.007

ISBN: 9781498338493

Keywords: Borrowing agreements, Borrowing by Fund, Concessional aid, Debt relief, Emergency assistance, Executive Board decisions, Forward commitment capacity, Gold sales by Fund, HIPC Initiative, Lapse of time approval

Lower-than-expected demand over the recent past has raised the lending capacity of the PRGT for the years 2012-14. Staff's latest projections suggest PRGT demand in 2011 could be about SDR 1.4 billion, up from SDR...

Framework Administered Account for Selected Fund Activities - African Development Bank Subaccount for Selected Fund Activities

Framework Administered Account for Selected Fund Activities - African Development Bank Subaccount for Selected Fund Activities »

Volume/Issue: 2011/040

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2011

DOI: http://dx.doi.org/10.5089/9781498338820.007

ISBN: 9781498338820

Keywords: Tax policy, Combating the financing of terrorism, Anti-money laundering, Financial assistance, Multilateral development institutions, fund activity, assistance center, AfDB, SFA, essential term

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for Selected Fund Activities (the "SFA Instrument"). The financing of activities under the terms o...

Identifying the Linkages between Major Mining Commodity Prices and China's Economic Growth-Implications for Latin America

Identifying the Linkages between Major Mining Commodity Prices and China's Economic Growth-Implications for Latin America »

Volume/Issue: 2011/86

Series: IMF Working Papers

Author(s): Yongzhen Yu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455226023.001

ISBN: 9781455226023

Keywords: Major mining commodity, China&;amp;#x2019;s demand, economic structure, prospect, ore, iron, iron ore, copper, alumina, Economic Growth of Open Economies

Major mining commodity prices are inherently volatile and cyclical. High levels of investment in China have been a key driver in the strong world demand for minerals and metals over the past decade. The urbanizatio...

Framework Administered Account for Selected Fund Activities - Denmark Subaccount for Selected Fund Activities

Framework Administered Account for Selected Fund Activities - Denmark Subaccount for Selected Fund Activities »

Volume/Issue: 2011/024

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2011

DOI: http://dx.doi.org/10.5089/9781498339100.007

ISBN: 9781498339100

Keywords: Executive Board decisions, External financing, Financial instruments, Framework Administered Account, Lapse of time approval, Technical Assistance, Tax policy, Combating the financing of terrorism, Anti-money laundering, Financial assistance

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the 'SFA Instrument'). The financing of activities under the terms o...

Framework Administered Account for Selected Fund Activities
			:  World Bank Subaccount for Selected Fund Activities

Framework Administered Account for Selected Fund Activities : World Bank Subaccount for Selected Fund Activities »

Volume/Issue: 2011/022

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2011

DOI: http://dx.doi.org/10.5089/9781498339124.007

ISBN: 9781498339124

Keywords: Collaboration with World Bank, Executive Board decisions, External financing, Framework Administered Account, IDA, Lapse of time approval, Technical Assistance, Tax policy, Combating the financing of terrorism, Anti-money laundering

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the 'SFA Instrument'). The financing of activities under the terms o...

The Chilean Output Gap

The Chilean Output Gap »

Volume/Issue: 2011/2

Series: IMF Working Papers

Author(s): Leandro Medina , and Nicolas Magud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211807.001

ISBN: 9781455211807

Keywords: output gap, natural resouces, natural resource, natural resource sector, real gdp, gdp growth,

This paper estimates the potential output (and the output gap) in Chile using several different methodologies. After a structural brake in 1998, the average growth rate of potential output in Chile declined from ov...

Framework Administered Account for Selected Fund Activities - Managing Natural Resource Wealth Topical Trust Fund Subaccount

Framework Administered Account for Selected Fund Activities - Managing Natural Resource Wealth Topical Trust Fund Subaccount »

Volume/Issue: 2010/090

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2010

DOI: http://dx.doi.org/10.5089/9781498336574.007

ISBN: 9781498336574

Keywords: Administered accounts, Executive Board decisions, External financing, Financial instruments, Lapse of time approval, Natural resources, Technical Assistance, Trust Fund, Poverty reduction and development, Economic policy

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the 'SFA Instrument'). The financing of activities under the terms o...

The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations

The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations »

Volume/Issue: 2009/271

Series: IMF Working Papers

Author(s): Mick Silver

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874167.001

ISBN: 9781451874167

Keywords: Country-Product-Dummy Method, International Comparisons Program, CPD, silver, equation, statistics, econometrics, logarithms

The 2005 International Comparison Program's (ICP) estimates of economy-wide purchasing power parity (PPP) are based on parity estimates for 155 basic expenditure headings, mainly estimated using country product dum...

Three Cycles
			: Housing, Credit, and Real Activity

Three Cycles : Housing, Credit, and Real Activity »

Volume/Issue: 2009/231

Series: IMF Working Papers

Author(s): Natalia Tamirisa , Alain Kabundi , Deniz Igan , Francisco Nadal De Simone , and Marcelo Pinheiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

DOI: http://dx.doi.org/10.5089/9781451873788.001

ISBN: 9781451873788

Keywords: Macro-financial linkages, house prices, business cycle, lead, spillovers,

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House pric...

The Effects of Economic News on Commodity Prices
			: Is Gold Just Another Commodity?

The Effects of Economic News on Commodity Prices : Is Gold Just Another Commodity? »

Volume/Issue: 2009/140

Series: IMF Working Papers

Author(s): Shaun Roache , and Marco Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2009

DOI: http://dx.doi.org/10.5089/9781451872873.001

ISBN: 9781451872873

Keywords: Macroeconomic news, volatility, news, copper, silver,

The paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific sched...

ECCU Business Cycles
			: Impact of the U.S.

ECCU Business Cycles : Impact of the U.S. »

Volume/Issue: 2009/71

Series: IMF Working Papers

Author(s): Yan Sun , and Wendell Samuel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

DOI: http://dx.doi.org/10.5089/9781451872187.001

ISBN: 9781451872187

Keywords: linkages, common, cointegration, equation, correlation, statistic,

With a fixed peg to the U.S. dollar for more than three decades, the tourism-dependent Eastern Caribbean Currency Union (ECCU) countries share a close economic relationship with the U.S. This paper analyzes the imp...

Central America
			: Economic Progress and Reforms

Central America : Economic Progress and Reforms »

Volume: 08

Series: Departmental Papers / Policy Papers

Author(s): Dominique Desruelle , and Alfred Schipke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2008

DOI: http://dx.doi.org/10.5089/9781589067653.087

ISBN: 9781589067653

Keywords: customs, social spending, common, customs union, capital markets

Central America has made substantial progress in recent years in moving economic reforms forward and deepening regional and global integration. As result of these efforts, the region has experienced higher growth,...

IMF Staff Papers, Volume 55, No. 4

IMF Staff Papers, Volume 55, No. 4 »

Volume: 55

Series: IMF Staff Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2008

DOI: http://dx.doi.org/10.5089/9781589067257.024

ISBN: 9781589067257

Keywords: copper, nickel, zinc, lead, tin, Super Cycles in Real Metals Prices?,

In this issue, John T. Cuddington and Daniel Jerrett from the Colorado School of Mines examine whether metals prices are in a "super cycle" upswing driven by intensive economic growth in China, in particular. Using...

Central America's Regional Trends and U.S. Cycles

Central America's Regional Trends and U.S. Cycles »

Volume/Issue: 2008/50

Series: IMF Working Papers

Author(s): Shaun Roache

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

DOI: http://dx.doi.org/10.5089/9781451869125.001

ISBN: 9781451869125

Keywords: business fluctuations, cycles, linkages, common, correlations, correlation, statistics, cointegration,

The economies of Central America share a close relationship with the United States, with considerable comovement of GDP growth over a long period of time. Trade, the financial sector, and remittance flows are all p...

Guinea
			: Selected Issues and Statistical Appendix

Guinea : Selected Issues and Statistical Appendix »

Volume/Issue: 2008/20

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2008

DOI: http://dx.doi.org/10.5089/9781451815344.002

ISBN: 9781451815344

Keywords: bauxite, alumina, aluminum price, aluminum prices, geological survey

The report gives an assessment on the bauxite and aluminium industry of Guinea. The study assesses the performance, structure, and prospects of the industry as well as transparency and governance issues. The report...

Nepal - Assessment Letter for the Asian Development Bank

Nepal - Assessment Letter for the Asian Development Bank »

Volume/Issue: 2008/001

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2008

DOI: http://dx.doi.org/10.5089/9781498334075.007

ISBN: 9781498334075

Keywords: Asian Development Bank, Assessment letters, Currency pegs, Economic growth, Accounting, Auditing, Bank licensing, Banking systems, Banks, Budget coverage

Assessment Letters or Statements may be prepared for member countries with Fund-supported programs; receiving Fund emergency assistance; with staff-monitored programs; or surveillance-only cases. They are typically...

Norway
			: Selected Issues

Norway : Selected Issues »

Volume/Issue: 2007/197

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 June 2007

DOI: http://dx.doi.org/10.5089/9781451829815.002

ISBN: 9781451829815

Keywords: common, actual inflation, inflationary pressures, inflation performance

This Selected Issues paper analyzes core and idiosyncratic inflation in Norway. The paper provides estimates of underlying inflation, using a statistical technique to decompose inflation and a measure of core infla...

Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions

Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions »

Volume/Issue: 2007/55

Series: IMF Working Papers

Author(s): Rabah Arezki , and Frederik van der Ploeg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

DOI: http://dx.doi.org/10.5089/9781451866193.001

ISBN: 9781451866193

Keywords: Resource curse, institutions, trade policies, growth performance, income per capita, natural resource, natural resource curse, natural resource revenues, natural resources, natural resource abundance

We criticize existing empirical results on the detrimental effects of natural resource dependence on the rate of economic growth after controlling for institutional quality, openness, and initial income. These resu...

Republic of Belarus
			: Selected Issues

Republic of Belarus : Selected Issues »

Volume/Issue: 2006/315

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2006

DOI: http://dx.doi.org/10.5089/9781451805253.002

ISBN: 9781451805253

Keywords: common, inflationary pressures, actual inflation

The analysis of inflation developments in Belarus is hampered by widespread price controls. Persistence of common inflation is generally higher than that of actual inflation. Factor analysis assumes that covariatio...

IMF Research Bulletin, September 2006

IMF Research Bulletin, September 2006 »

Volume/Issue: 7/3

Series: IMF Research Bulletin

Author(s): Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2006

DOI: http://dx.doi.org/10.5089/9781451959666.026

ISBN: 9781451959666

Keywords: silver, measurement, bias, selection, Economic Development. Social Aspects, Index Numbers (economics), Inequality, Inflation. Measurement, International Comparisons, International Monetary Fund (imf). Poverty Reduction And Growth Facility (prgf)

Research summaries on (1) measuring inflation, and (2) strengthening Poverty Reduction and Growth Facility (PRGF) programs through poverty and social impact analysis (PSIA); country study on Spain; listing of conte...

Did Botswana Escape from the Resource Curse?

Did Botswana Escape from the Resource Curse? »

Volume/Issue: 2006/138

Series: IMF Working Papers

Author(s): Atsushi Iimi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451863987.001

ISBN: 9781451863987

Keywords: natural resource, natural resource abundance, natural resource management, middle-income countries, Estimation, Exhaustible Resources and Economic Development,

Botswana is typical of the countries that are endowed with abundant natural resources. Although it is commonly accepted that resource-rich economies tend to fail in accelerating growth, Botswana has experienced the...

American in the Shadows
			: Harry Dexter White and the Design of the International Monetary Fund

American in the Shadows : Harry Dexter White and the Design of the International Monetary Fund »

Volume/Issue: 2006/6

Series: IMF Working Papers

Author(s): James Boughton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862669.001

ISBN: 9781451862669

Keywords: Harry Dexter White, exchange regimes, gold, silver, monetary fund, monetary system, History of Thought: Individuals, International Monetary Arrangements and Institutions, White, Harry Dexter,

Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry Dexter White. Several of those features are attributable primarily to White, including the adop...

Guide on Resource Revenue Transparency

Guide on Resource Revenue Transparency »

Volume/Issue: 2005/036

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 2005

DOI: http://dx.doi.org/10.5089/9781498331500.007

ISBN: 9781498331500

Keywords: Fiscal transparency, Lapse of time consideration, Revenue sources, Fiscal sector, Fiscal policy, Economic stabilization, Economic theory, Revenue administration, resource revenue, EITI

This guide gives a framework that covers the resource-specific issues to be considered in a fiscal transparency assessment, for example as part of a fiscal Report on the Observance of Standards and Codes (ROSCs). E...

What Hinders Investment in the Oil Sector?

What Hinders Investment in the Oil Sector? »

Volume/Issue: 2005/021

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2005

DOI: http://dx.doi.org/10.5089/9781498331838.007

ISBN: 9781498331838

Keywords: Economic growth, Investment, Oil revenues, Oil sector, Oil producing countries, Oil production, Oil prices, Foreign investment, PP, non-OPEC

...

Oil Market Developments and Issues

Oil Market Developments and Issues »

Volume/Issue: 2005/001

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2005

DOI: http://dx.doi.org/10.5089/9781498331777.007

ISBN: 9781498331777

Keywords: Markets, Oil, Oil prices, Supply and demand, Oil producing countries, Oil pricing policy, Oil revenues, National income, windfall, EITI

The discussion in this paper of the causes and consequences of recent oil price increases, and the appropriate policy response, is framed by the volatility and uncertainty that characterize the oil market. Volatile...

Managing Oil Wealth
			: The Case of Azerbaijan

Managing Oil Wealth : The Case of Azerbaijan »

Series: IMF Special Issues

Author(s): Niko Hobdari , Eric Le Borgne , Chonira Aturupane , Koba Gvenetadze , John Wakeman-Linn , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 April 2004

DOI: http://dx.doi.org/10.5089/9781589063082.058

ISBN: 9781589063082

Keywords: expenditure, expenditures, oil and gas, gas, natural resource

Oil and gas production in Azerbaijan were projected to increase sharply in 2005 and 2006, respectively, reaching peaks of 1.3 million barrels a day in 2009 and 20 billion cubic meters a year in 2010. Although expec...

Addressing the Natural Resource Curse
			: An Illustration From Nigeria

Addressing the Natural Resource Curse : An Illustration From Nigeria »

Volume/Issue: 2003/139

Series: IMF Working Papers

Author(s): Arvind Subramanian , and Xavier Sala-i-Martin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

DOI: http://dx.doi.org/10.5089/9781451856064.001

ISBN: 9781451856064

Keywords: institutions, growth, natural resource, oil revenues, oil prices, natural gas, Economywide Country Studies: Africa, Comparative Studies of Countries, Economic Growth and Aggregate Productivity, Economywide Country Studies,

Some natural resources-oil and minerals in particular-exert a negative and nonlinear impact on growth via their deleterious impact on institutional quality. We show this result to be very robust. The Nigerian exper...

Common and Idiosyncratic Components in Real Output
			: Further International Evidence

Common and Idiosyncratic Components in Real Output : Further International Evidence »

Volume/Issue: 2002/229

Series: IMF Working Papers

Author(s): Francisco Nadal De Simone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

DOI: http://dx.doi.org/10.5089/9781451875485.001

ISBN: 9781451875485

Keywords: common, European and idiosyncratic components, state-space Models, statistics, correlation, time series, statistic, Model Construction and Estimation, International Policy Coordination and Transmission,

This paper uses the classical (level) definition of business cycles to analyze the characteristics-duration, amplitude, steepness, and cumulative output movements-of the real GDP series of France, Germany, Italy, t...

The International Monetary System in the (Very) Long Run

The International Monetary System in the (Very) Long Run »

Volume/Issue: 2000/43

Series: IMF Working Papers

Author(s): Nathan Sussman , and Barry Eichengreen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2000

DOI: http://dx.doi.org/10.5089/9781451846317.001

ISBN: 9781451846317

Keywords: gold, silver, inflation, monetary system

This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes...

Identifying the Common Component in International Economic Fluctuations
			: A New Approach

Identifying the Common Component in International Economic Fluctuations : A New Approach »

Volume/Issue: 1999/154

Series: IMF Working Papers

Author(s): Robin Lumsdaine , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1999

DOI: http://dx.doi.org/10.5089/9781451857214.001

ISBN: 9781451857214

Keywords: Economic Fluctuations, International and European Business Cycles, Autoregressive Conditional Heteroskedasticty, common, correlations, statistics, correlation, statistic

This paper develops an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on so...

Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth

Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth »

Volume/Issue: 1999/85

Series: IMF Working Papers

Author(s): Carlos Leite , and Jens Weidmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

DOI: http://dx.doi.org/10.5089/9781451850734.001

ISBN: 9781451850734

Keywords: Economic growth, neoclassical growth model, natural resources, anti-corruption policies, cross-country study, natural resource, growth rate, natural resource abundance

This paper argues that natural resource abundance creates opportunities for rent-seeking behavior and is an important factor in determining a country’s level of corruption. In a simple growth model, we illus...

Economic Policy and Equity

Economic Policy and Equity »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 1999

DOI: http://dx.doi.org/10.5089/9781557757883.071

ISBN: 9781557757883

Keywords: income distribution, transition economies, income inequality, distribution of income, wage

This book brings together the views not only of policymakers and academics but also of religious leaders and labor leaders from around the world- including the 1998 Nobel Laureate in Economics, Amartya Sen - who pa...

Copper and the Chilean Economy, 1960-98

Copper and the Chilean Economy, 1960-98 »

Volume/Issue: 1999/57

Series: IMF Working Papers

Author(s): Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1999

DOI: http://dx.doi.org/10.5089/9781451847758.001

ISBN: 9781451847758

Keywords: copper prices, exchange rate, real exchange rate, copper, foreign investment

The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence long-term growth of the Chilean economy. While many mechanisms may be at work, investment seems...

Sectorial Macroeconomic Interdependencies
			: Evidence for Latin America, East Asia and Europe

Sectorial Macroeconomic Interdependencies : Evidence for Latin America, East Asia and Europe »

Volume/Issue: 1999/11

Series: IMF Working Papers

Author(s): Norman Loayza , J. Lopez , and Angel Ubide

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1999

DOI: http://dx.doi.org/10.5089/9781451842760.001

ISBN: 9781451842760

Keywords: International Comovements, Currency Areas, Error Components Models, common, output growth, andean pact, trade integration, regional trade

This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970–94 by means of an error-components model that decomposes real val...

Romania
			: Statistical Appendix

Romania : Statistical Appendix »

Volume/Issue: 1998/123

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 1998

DOI: http://dx.doi.org/10.5089/9781451832693.002

ISBN: 9781451832693

Keywords: lead, gas, copper, iron

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...

Macroeconomics and the Environment

Macroeconomics and the Environment »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 1996

DOI: http://dx.doi.org/10.5089/9781557755360.071

ISBN: 9781557755360

Keywords: environment, environmental policies, environmental degradation, natural resources, national accounts

Microeconomic policies, dealing with individual industries and economic sectors, have traditionally addressed environmental concerns, but increasingly the environment is being viewed in terms of the macro economy....

Finance & Development, December 1996

Finance & Development, December 1996 »

Volume/Issue: 33/4

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1996

DOI: http://dx.doi.org/10.5089/9781451951899.022

ISBN: 9781451951899

Keywords: environmentally sustainable development, environment, sustainable development, rural development

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly...

A Model of the Bimetallic System

A Model of the Bimetallic System »

Volume/Issue: 1995/144

Series: IMF Working Papers

Author(s): S. Oppers

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1995

DOI: http://dx.doi.org/10.5089/9781451856392.001

ISBN: 9781451856392

Keywords: silver, monetary system, central bank

This paper formalizes Irving Fisher’s century-old model of bimetallism and adds the important “disequilibrium” dynamics to deal with the long periods during which bimetallic countries were on e...

The Stability of the Gold Standard and the Evolution of the International Monetary System

The Stability of the Gold Standard and the Evolution of the International Monetary System »

Volume/Issue: 1995/89

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Barry Eichengreen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1995

DOI: http://dx.doi.org/10.5089/9781451851243.001

ISBN: 9781451851243

Keywords: aggregate demand, aggregate demand curve, monetary regimes, monetary system

This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizin...

Auction Format Matters
			: Evidenceon Bidding Behavior and Seller Revenue

Auction Format Matters : Evidenceon Bidding Behavior and Seller Revenue »

Volume/Issue: 1995/47

Series: IMF Working Papers

Author(s): Robert Feldman , and Vincent Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1995

DOI: http://dx.doi.org/10.5089/9781451846607.001

ISBN: 9781451846607

Keywords: bids, gold, bidders, bidder, tenders

This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats. The analysis is based on a...

Finance & Development, September 1978

Finance & Development, September 1978 »

Volume/Issue: 15/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1978

DOI: http://dx.doi.org/10.5089/9781616353346.022

ISBN: 9781616353346

Keywords: gold, monetary fund, monetary system, international monetary system

This paper discusses the appointment of Jacques de Larosière as Managing Director in the IMF. He assumed his duties at the IMF on June 17, 1978, succeeding Mr. H. Johannes Witteveen, of the Netherlands, whose servi...

Finance & Development, June 1977

Finance & Development, June 1977 »

Volume/Issue: 14/2

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1977

DOI: http://dx.doi.org/10.5089/9781616353292.022

ISBN: 9781616353292

Keywords: exchange rate, gold, exchange rate policies, exchange arrangements

This paper highlights that IMF activities in the first three months of 1977 were marked by a number of 'firsts.' In addition to approving the largest stand-by arrangement in its history-the SDR 3.36 billion for the...

Finance & Development, March 1977

Finance & Development, March 1977 »

Volume/Issue: 14/1

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1977

DOI: http://dx.doi.org/10.5089/9781616353285.022

ISBN: 9781616353285

Keywords: gold, monetary fund, monetary reform, international liquidity, rural development

This paper highlights that 1976 was an important year for the IMF. With the end of 1976, the IMF closed its books on a year of virtually unprecedented activity. It launched the New Year with a US$3.9 billion stand-...

Finance & Development, September 1976

Finance & Development, September 1976 »

Volume/Issue: 13/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1976

DOI: http://dx.doi.org/10.5089/9781616353261.022

ISBN: 9781616353261

Keywords: gold, monetary fund, international monetary system, monetary system, inflation

This paper highlights that the IMF, as Trustee for the Trust Fund, held the first of its series of gold auctions on June 2, 1976, with the sale of 780,000 ounces of gold-the total amount offered-at a common price o...

Finance & Development, March 1976

Finance & Development, March 1976 »

Volume/Issue: 13/1

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1976

DOI: http://dx.doi.org/10.5089/9781616353247.022

ISBN: 9781616353247

Keywords: monetary system, gold, monetary fund, international monetary system

This paper highlights that agreement on an important package of reforms of vital significance to the future of the international monetary system was reached at a meeting of the Interim Committee of the Board of Gov...

Finance & Development, December 1968

Finance & Development, December 1968 »

Volume/Issue: 5/4

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1968

DOI: http://dx.doi.org/10.5089/9781616352929.022

ISBN: 9781616352929

Keywords: gold, monetary system, international monetary system, monetary fund, monetary stability

This paper presents highlights of the IMF Meetings in 1968. The main themes of the IMF Annual Meeting were referred to by President Lyndon B. Johnson of the United States in his address at the opening joint session...

Finance & Development, September 1964

Finance & Development, September 1964 »

Volume/Issue: 1/2

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1964

DOI: http://dx.doi.org/10.5089/9781616352752.022

ISBN: 9781616352752

Keywords: gold, international trade, balance of payments, commercial policy, economic cooperation

This paper discusses events related to creation of the IMF. The paper highlights that representatives of 45 countries met at Bretton Woods, New Hampshire, a summer resort in the northeastern part of the United Stat...