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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: Sub-Saharan Africa, Financial services, Technological innovation, Financial inclusion, 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): 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...

IMF Committee on Balance of Payments Statistics
			: Annual Report 2018

IMF Committee on Balance of Payments Statistics : Annual Report 2018 »

Series: Balance of Payments Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2019

DOI: http://dx.doi.org/10.5089/9781484398289.044

ISBN: 9781484398289

The 2018 Annual Report of the IMF Committee on Balance of Payments Statistics provides an overview of trends in global balance of payments statistics....

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...

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...

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...

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
			: 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...

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...

Fiscal Policy and Development
			: Human, Social, and Physical Investments for the SDGs

Fiscal Policy and Development : Human, Social, and Physical Investments for the SDGs »

Volume/Issue: 2019/3

Series: Staff Discussion Notes

Author(s): Vitor Gaspar , David Amaglobeli , Mercedes Garcia-Escribano , Delphine Prady , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2019

DOI: http://dx.doi.org/10.5089/9781484388914.006

ISBN: 9781484388914

Keywords: Sustainable development, Foreign aid, Sustainable Development Goals (SDG), Development, Fiscal policy, Sustainable Development Goals; Fiscal Policy, Sustainable Development Goals, Structure and Scope of Government, General, International Fiscal Issues

The goal of this paper is to estimate the additional annual spending required for meaningful progress on the SDGs in these areas. Our estimates refer to additional spending in 2030, relative to a baseline of curren...

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...

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...

Work In Progress
			: Improving Youth Labor Market Outcomes in Emerging Market and Developing Economies

Work In Progress : Improving Youth Labor Market Outcomes in Emerging Market and Developing Economies »

Volume/Issue: 2019/2

Series: Staff Discussion Notes

Author(s): JaeBin Ahn , Zidong An , John Bluedorn , Gabriele Ciminelli , Zsoka Koczan , Davide Malacrino , Daniela Muhaj , and Patricia Neidlinger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484393901.006

ISBN: 9781484393901

Keywords: Labor market reforms, Labor markets, Fiscal reforms, Product markets, Population, Emerging markets, Developing countries, Youth labor markets; emerging market and developing economies; Okun's law; labor and product market institutions; structural reforms, youth labor markets, emerging market and developing economies

Economic development and growth depend on a country's young people. With most of their working life ahead of them they make up about a third of the working-age population in the typical emerging market and developi...

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...

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
			: 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...

The Future of Saving
			: The Role of Pension System Design in an Aging World

The Future of Saving : The Role of Pension System Design in an Aging World »

Volume/Issue: 2019/1

Series: Staff Discussion Notes

Author(s): David Amaglobeli , Hua Chai , Era Dabla-Norris , Kamil Dybczak , Mauricio Soto , and Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484388990.006

ISBN: 9781484388990

Keywords: Aging, Savings, Demographic transition, Old age pensions, Aging; Demographics; Saving; Pension Spending, Demographics, Saving, Pension Spending, Demographic Trends and Forecasts, General

This SDN explores how demographic changes have affected and will affect public and private sector savings, highlighting the interaction between pension systems, labor markets, and demographic variables....

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...

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...

Vietnam
			: Technical Assistance Report-Report on Residential Property Price Statistics Capacity Development Mission

Vietnam : Technical Assistance Report-Report on Residential Property Price Statistics Capacity Development Mission »

Volume/Issue: 2019/5

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/10.5089/9781513512525.002

ISBN: 9781484393222

Keywords: Asia and Pacific, Vietnam

A technical assistance (TA) mission was conducted during July 9-13, 2018 to assist the General Statistics Office of Vietnam (GSO) with the development of a residential property price index (RPPI). This was the firs...

Ukraine
			: Request for Stand-By Arrangement and Cancellation of Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ukraine

Ukraine : Request for Stand-By Arrangement and Cancellation of Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ukraine »

Volume/Issue: 2019/3

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2019

DOI: http://dx.doi.org/10.5089/9781484392676.002

ISBN: 9781484392676

Keywords: Ukraine, Europe

The Ukrainian authorities have been able to restore macro-economic stability and growth following the severe economic crisis of 2014-15. However, efforts to create a more dynamic, open, and competitive economy have...

Seychelles
			: Second Review Under the policy coordination Instrument and Request for Modification of Targets-Press Release; and Staff Report

Seychelles : Second Review Under the policy coordination Instrument and Request for Modification of Targets-Press Release; and Staff Report »

Volume/Issue: 2019/4

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 January 2019

DOI: http://dx.doi.org/10.5089/9781484393055.002

ISBN: 9781484393055

Keywords: Sub-Saharan Africa, Seychelles

Economic developments since the completion of the first review under the Policy Coordination Instrument (PCI) in June 2018 have been broadly in line with expectations. The program is largely on track. Staff receive...

Age of Ingenuity
			: Re-imagining 21st Century International Cooperation

Age of Ingenuity : Re-imagining 21st Century International Cooperation »

Series: IMF Speeches

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 January 2019

DOI: http://dx.doi.org/10.5089/9781484388860.076

ISBN: 9781484388860

Keywords: Taxes, Trade, Climate changes, multilateralism; trade; taxes; climate, innovation

International Monetary Fund Managing Director Christine Lagarde delivered this address at the Library of Congress as part of the Library's Henry A. Kissinger Lecture Series in Washington, D.C. on December 4, 2018....

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

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

Volume/Issue: 2019/1

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2019

DOI: http://dx.doi.org/10.5089/9781484392799.002

ISBN: 9781484392799

The regional strategy has helped to avert an immediate crisis but continues to face headwinds: two countries have yet to enter financing arrangements with the Fund: regional reserves have underperformed despite hig...

Central African Republic
			: 2018 Article IV Consultation, Fifth Review under the Extended Credit Facility Arrangement, and Financing Assurances Review

Central African Republic : 2018 Article IV Consultation, Fifth Review under the Extended Credit Facility Arrangement, and Financing Assurances Review »

Volume/Issue: 2018/380

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 December 2018

DOI: http://dx.doi.org/10.5089/9781484392744.002

ISBN: 9781484392744

Keywords: Central African Republic, Sub-Saharan Africa

The Central African Republic (C.A.R.) is a fragile state with an unstable security environment and widespread poverty. Macroeconomic conditions have stabilized following the 2013 crisis: growth has resumed, inflati...

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

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

Volume/Issue: 2018/378

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2018

DOI: http://dx.doi.org/10.5089/9781484392003.002

ISBN: 9781484392003

Keywords: Cameroon, Sub-Saharan Africa

President Biya was re-elected as President of Cameroon on October 7 by a large margin, amidst some violence in anglophone regions. Growth is projected to gradually increase from 3.5 percent in 2017 to 3.8 percent i...

Bolivia
			: 2018 Article IV Consultation-Press Release and Staff Report

Bolivia : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/379

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2018

DOI: http://dx.doi.org/10.5089/9781484392041.002

ISBN: 9781484392041

Keywords: Western Hemisphere, Bolivia

After years of impressive growth and poverty reduction, Bolivia is facing a more challenging period. Accommodative fiscal and monetary policies combined with lower gas and minerals prices have contributed to contin...

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

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

Volume/Issue: 2018/376

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2018

DOI: http://dx.doi.org/10.5089/9781484391723.002

ISBN: 9781484391723

Keywords: Western Hemisphere, Suriname

Suriname is recovering from the deep recession of 2015-16. Growth has turned positive, inflation has reduced to single digits, real interest rates have turned positive, and the external position has on balance stre...

Argentina
			: Second Review under the Stand-By Arrangement; Financing Assurances Review; and Request for Modification of Performance Criterion-Press Release; and Staff Report

Argentina : Second Review under the Stand-By Arrangement; Financing Assurances Review; and Request for Modification of Performance Criterion-Press Release; and Staff Report »

Volume/Issue: 2018/374

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2018

DOI: http://dx.doi.org/10.5089/9781484391594.002

ISBN: 9781484391594

Keywords: Argentina, Western Hemisphere

The redesigned IMF-supported economic reform program is bearing early results. Financial markets have stabilized since end-September, following the adoption of the new monetary policy framework. After the appreciat...

Georgia
			: Third Review Under the Extended Fund Facility Arrangement-Press Release; Staff Report; Staff Supplement

Georgia : Third Review Under the Extended Fund Facility Arrangement-Press Release; Staff Report; Staff Supplement »

Volume/Issue: 2018/373

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2018

DOI: http://dx.doi.org/10.5089/9781484391549.002

ISBN: 9781484391549

Recent economic developments. Economic activity remained strong in 2018H1 but decelerated since due to subdued private construction activity and delays in public infrastructure. Inflation has remained below the 3-p...

Niger
			: Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion, and Request for Augmentation of Access-Press Release; Staff Statement; and Statement by the Executive Director for Niger

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

Volume/Issue: 2018/372

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2018

DOI: http://dx.doi.org/10.5089/9781484391433.002

ISBN: 9781484391433

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP grew by a respectable 5 percent in the past two years. It should aver...

Niger
			: Third Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion, and Request for Augmentation of Access-Press Release; Staff Statement; and Statement by the Executive Director for Niger

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

Volume/Issue: 2018/372

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2018

Language: French

DOI: http://dx.doi.org/10.5089/9781484391518.002

ISBN: 9781484391518

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP grew by a respectable 5 percent in the past two years. It should aver...

Angola
			: Request for An Extended Arrangement Under the Extended Fund Facility-Press Release; and Statement by the Executive Director for Angola

Angola : Request for An Extended Arrangement Under the Extended Fund Facility-Press Release; and Statement by the Executive Director for Angola »

Volume/Issue: 2018/370

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2018

DOI: http://dx.doi.org/10.5089/9781484391334.002

ISBN: 9781484391334

The Government is implementing a (i) Macroeconomic Stabilization Program, which is focused on strengthening fiscal and debt sustainability; reducing inflation; promoting a more flexible exchange rate regime; improv...

Republic of Kosovo
			: 2018 Article IV Consultation-Press Release; and Staff Report

Republic of Kosovo : 2018 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2018/368

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2018

DOI: http://dx.doi.org/10.5089/9781484391174.002

ISBN: 9781484391174

The near-term outlook is broadly positive, with robust growth and low inflation. However, growth potential remains constrained by weak external competitiveness, high informality, low labor force participation, and...

Sierra Leone
			: Request for An Extended Arrangement Under the Extended Credit Facility-Press Release; Debt Sustainability Analysis; Staff Statement; and Statement by the Executive Director for Sierra Leone

Sierra Leone : Request for An Extended Arrangement Under the Extended Credit Facility-Press Release; Debt Sustainability Analysis; Staff Statement; and Statement by the Executive Director for Sierra Leone »

Volume/Issue: 2018/371

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2018

DOI: http://dx.doi.org/10.5089/9781484391396.002

ISBN: 9781484391396

Sierra Leone is a fragile state. Since emerging from a decade-long civil war in 2001, the country has made notable economic progress but has also suffered occasional setbacks, such as the Ebola Virus Disease epidem...

The Kingdom of the Netherlands-Aruba
			: Technical Assistance Report-Towards a Sustainable Tax System

The Kingdom of the Netherlands-Aruba : Technical Assistance Report-Towards a Sustainable Tax System »

Volume/Issue: 2018/363

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2018

DOI: http://dx.doi.org/10.5089/9781484380130.002

ISBN: 9781484380130

Keywords: Incidence

Over the last decade, Aruba has faced three recessions resulting in a public debt of approximately 90 percent of GDP. Its current budget deficit needs to be reduced and Aruba should close a fiscal gap of 1.5-2 perc...

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

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

Volume/Issue: 2018/369

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2018

DOI: http://dx.doi.org/10.5089/9781484391273.002

ISBN: 9781484391273

Cambodia has made significant progress towards the Sustainable Development Goals (SDGs) due to years of impressive economic growth and reforms. Income growth has outpaced peers, poverty has declined, and the econom...

IMF Research Perspectives, Fall-Winter 2018

IMF Research Perspectives, Fall-Winter 2018 »

Volume/Issue: 19/2

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2018

DOI: http://dx.doi.org/10.5089/IRBEA2018002.026

ISBN: IRBEA2018002

The Fall-Winter 2018 Research Perspective looks at 'New Opportunities and Future Global Challenges.' The guest editor for this issue is Marika Santoro....

Cote d'Ivoire
			: Fourth Reviews Under the Arrangement Under the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; Debt Sustainability Analysis; Supplementary Information; and Statement by the Executive Director for Côte d'Ivoire

Cote d'Ivoire : Fourth Reviews Under the Arrangement Under the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; Debt Sustainability Analysis; Supplementary Information; and Statement by the Executive Director for Côte d'Ivoire »

Volume/Issue: 2018/367

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2018

DOI: http://dx.doi.org/10.5089/9781484390191.002

ISBN: 9781484390191

The ruling party won about half of the seats in the October 2018 municipal elections, but the political landscape is becoming more complex and uncertain, with the competition among the three traditional parties int...

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

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

Volume/Issue: 2018/366

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2018

DOI: http://dx.doi.org/10.5089/9781484390139.002

ISBN: 9781484390139

Keywords: Peru, Western Hemisphere

The overall quality of Peru's supervisory approach and regulation of the banking sector is strong. Some areas for enhancement remain. A key area that needs strengthening relates to the powers and regulatory framewo...

Assessing the Macroeconomic Impact of Structural Reforms in Chile

Assessing the Macroeconomic Impact of Structural Reforms in Chile »

Volume/Issue: 2018/285

Series: IMF Working Papers

Author(s): Metodij Hadzi-Vaskov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2018

DOI: http://dx.doi.org/10.5089/9781484386934.001

ISBN: 9781484386934

Keywords: Technological innovation, Product markets, Productivity, Western Hemisphere, Labor markets, Chile, Fiscal reforms, Education, Structural Reforms, Economics of Regulation

This study investigates the likely macroeconomic impact of various structural reforms that align the Chilean regulatory framework with international best practices. In this context, the analysis: i) presents a comp...

In Search of Information: Use of Google Trends' Data to Narrow Information Gaps for Low-income Developing Countries

In Search of Information: Use of Google Trends' Data to Narrow Information Gaps for Low-income Developing Countries »

Volume/Issue: 2018/286

Series: IMF Working Papers

Author(s): Futoshi Narita , and Rujun Yin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2018

DOI: http://dx.doi.org/10.5089/9781484390177.001

ISBN: 9781484390177

Keywords: International finance, Low-income developing countries, Economic growth, Inflation, Capital flows, Google search volume index, Nighttime lights, Nowcasting, Short-term forecasting, Macroeconomic Analyses of Economic Development

Timely data availability is a long-standing challenge in policy-making and analysis for low-income developing countries. This paper explores the use of Google Trends' data to narrow such information gaps and finds...

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

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

Volume/Issue: 2018/364

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

DOI: http://dx.doi.org/10.5089/9781484389911.002

ISBN: 9781484389911

Keywords: Benin, Sub-Saharan Africa

The growth momentum continues, driven by strong port activity, high cotton production, and the recovery of the Nigerian economy. The 2019 budget will bring the commitment-based fiscal deficit below the WAEMU conver...

Islamic Republic of Mauritania
			: Second Review Under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania

Islamic Republic of Mauritania : Second Review Under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Mauritania »

Volume/Issue: 2018/365

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

DOI: http://dx.doi.org/10.5089/9781484389980.002

ISBN: 9781484389980

Keywords: Mauritania, Middle East

Program implementation has been satisfactory. Macroeconomic stability has been maintained, external debt has been stabilized, and several reforms have been launched to modernize economic institutions and the policy...

Drivers of Spain's Export Performance and the Role of the Labor Market Reforms

Drivers of Spain's Export Performance and the Role of the Labor Market Reforms »

Volume/Issue: 2018/283

Series: IMF Working Papers

Author(s): Jorge Salas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

DOI: http://dx.doi.org/10.5089/9781484386941.001

ISBN: 9781484386941

Keywords: Employment, Europe, Export competitiveness, Export growth, Developed countries, Labor market reforms, Spain, Cross-country analysis, Competitiveness, Employment Protection

Spain's export performance strengthened after the global financial crisis, and exports now represent more than a third of GDP. This paper argues that several factors contributed to that achievement: external demand...

IMF-Supported Programs and Income Convergence in Low-Income Countries

IMF-Supported Programs and Income Convergence in Low-Income Countries »

Volume/Issue: 2018/284

Series: IMF Working Papers

Author(s): Tejesh Pradhan , and Ali Al-Sadiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

DOI: http://dx.doi.org/10.5089/9781484386149.001

ISBN: 9781484386149

Keywords: Poverty Reduction and Growth Trust, Income Convergence, Endogenous Treatment Effects, Matched Treatment Fixed Effects, Low-Income Countries, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Globalization: Economic Development, General

Continuing the empirical debate on the effects of IMF-supported programs on participating countries' macroeconomic performance, we focus on the issue of whether these programs accelerate conditional ß-convergence a...

Regional Labor Mobility in Spain

Regional Labor Mobility in Spain »

Volume/Issue: 2018/282

Series: IMF Working Papers

Author(s): Lucy Qian Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2018

DOI: http://dx.doi.org/10.5089/9781484387764.001

ISBN: 9781484387764

Keywords: Spain, Labor mobility, Europe, interregional migration, regional labor market, gravity, Unemployment: Models, Duration, Incidence, and Job Search

This paper studies the main factors that explain the low regional mobility in Spain, with a view to identifying policy options at the regional and central level to promote labor mobility. The empirical analysis fin...

Mali
			: Tenth Review under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali : Tenth Review under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Mali »

Volume/Issue: 2018/360

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2018

DOI: http://dx.doi.org/10.5089/9781484389652.002

ISBN: 9781484389652

Keywords: Sub-Saharan Africa, Mali

Mali is a fragile state, struggling with insurgency and making efforts to build peace. The 2013-18 ECF-supported program has broadly succeeded in achieving its objectives under difficult circumstances. The program...

Republic of Armenia
			: Financial Sector Assessment Program-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia

Republic of Armenia : Financial Sector Assessment Program-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia »

Volume/Issue: 2018/361

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2018

DOI: http://dx.doi.org/10.5089/9781484389737.002

ISBN: 9781484389737

Keywords: Middle East, Armenia

The Armenian banking sector is recovering from the 2014 economic slowdown, aided by additional capital injected by shareholders, several mergers, and improved regulation and supervision. However, banks, including t...

Togo
			: Third Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Togo

Togo : Third Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Togo »

Volume/Issue: 2018/362

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2018

DOI: http://dx.doi.org/10.5089/9781484389782.002

ISBN: 9781484389782

Keywords: Sub-Saharan Africa, Togo

Economic activity shows incipient signs of stabilization in some sectors while it remains weak in others. The fiscal consolidation efforts continued and the domestic primary balance at end-June 2018 improved by 0.3...

Brazil
			: Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring

Brazil : Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring »

Volume/Issue: 2018/358

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484389010.002

ISBN: 9781484389010

Keywords: Western Hemisphere, Brazil

Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities...

Islamic Republic of Afghanistan
			: Fourth Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Request for Extension and Rephasing of the Arrangement-Press Release; and Staff Report

Islamic Republic of Afghanistan : Fourth Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Request for Extension and Rephasing of the Arrangement-Press Release; and Staff Report »

Volume/Issue: 2018/359

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484389539.002

ISBN: 9781484389539

Keywords: Afghanistan, Islamic Republic of, Middle East

Background: The three-year arrangement under the Extended Credit Facility (ECF) for SDR 32.38 million (US$44.9 million, or 10 percent of quota) was approved on July 20, 2016. The first three reviews under the ECF w...

Republic of Belarus
			: Technical Assistance Report-Work of Mission on Development of Potential in Area of Government Finance Statistics

Republic of Belarus : Technical Assistance Report-Work of Mission on Development of Potential in Area of Government Finance Statistics »

Volume/Issue: 2018/261

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484373934.002

ISBN: 9781484373934

Keywords: Belarus, Europe

In consultation with the Republic of Belarus Ministry of Finance (MoF), a government finance statistics (GFS) technical assistance (TA) mission from the IMF's Statistics Department (STA) visited Minsk from November...

Can Good Governance Lower Financial Intermediation Costs?

Can Good Governance Lower Financial Intermediation Costs? »

Volume/Issue: 2018/279

Series: IMF Working Papers

Author(s): Mariusz Jarmuzek , and Tonny Lybek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484385678.001

ISBN: 9781484385678

Keywords: Corruption, Governance, financial intermediation costs, Relation of Economics to Social Values, Government Policy and Regulation, Illegal Behavior and the Enforcement of Law

This paper argues that better governance practices can reduce the costs, risks and uncertainty of financial intermediation. Our sample covers high-, middle- and low-income countries before and after the global fina...

China's High Savings: Drivers, Prospects, and Policies

China's High Savings: Drivers, Prospects, and Policies »

Volume/Issue: 2018/277

Series: IMF Working Papers

Author(s): Longmei Zhang , Ray Brooks , Ding Ding , Haiyan Ding , Hui He , Jing Lu , and Rui Mano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484388778.001

ISBN: 9781484388778

Keywords: Asia and Pacific, China, People's Republic of, China; Savings; Demographic Changes; Social Safety Net; Inequality; Housing; Projections, China, Savings, Demographic Changes, Social Safety Net, Inequality; Housing, Projections,

China's high national savings rate-one of the highest in the world-is at the heart of its external/internal imbalances. High savings finance elevated investment when held domestically, or lead to large external imb...

Expectations' Anchoring and Inflation Persistence

Expectations' Anchoring and Inflation Persistence »

Volume/Issue: 2018/280

Series: IMF Working Papers

Author(s): Rudolfs Bems , Francesca Caselli , Francesco Grigoli , Bertrand Gruss , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484388846.001

ISBN: 9781484388846

Keywords: Inflation expectations, Inflation persistence, Anchoring, credibility, terms of trade, Monetary Policy (Targets, Instruments, and Effects)

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation....

Saudi's Growth and Financial Spillovers to Other GCC Countries: An Empirical Analysis

Saudi's Growth and Financial Spillovers to Other GCC Countries: An Empirical Analysis »

Volume/Issue: 2018/278

Series: IMF Working Papers

Author(s): Olumuyiwa Adedeji , Sohaib Shahid , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484388792.001

ISBN: 9781484388792

Keywords: Saudi Arabia, Middle East, Growth, Gulf Corporation Council, Spillovers, Financial Markets and the Macroeconomy, Country and Industry Studies of Trade, Trade Forecasting and Simulation, International Policy Coordination and Transmission

This paper examines real and financial linkages between Saudi Arabia and other GCC countries. Growth spillovers from Saudi Arabia to Bahrain are found to be sizeable and statistically significant, but those to othe...

Trade Uncertainty and Investment in the Euro Area

Trade Uncertainty and Investment in the Euro Area »

Volume/Issue: 2018/281

Series: IMF Working Papers

Author(s): Christian Ebeke , and Jesse Siminitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484388808.001

ISBN: 9781484388808

Keywords: Investment, Euro Area, trade tensions, uncertainty, trade openness, General, Criteria for Decision-Making under Risk and Uncertainty

We analyze the impact of trade policy uncertainty on investment in the euro area. Our identification strategy assumes that countries that are relatively more dependent on global trade networks exhibit a higher sens...

Transport Infrastructure, City Productivity Growth and Sectoral Reallocation: Evidence from China

Transport Infrastructure, City Productivity Growth and Sectoral Reallocation: Evidence from China »

Volume/Issue: 2018/276

Series: IMF Working Papers

Author(s): Yang Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484389584.001

ISBN: 9781484389584

Keywords: Transport infrastructure, trade, highway, productivity, China, Incidence

This paper examines the impact of highway expansion on aggregate productivity growth and sectoral reallocation between cities in China. To do so, I construct a unique dataset of bilateral transportation costs betwe...

Republic of Belarus
			: Technical Assistance Report-Work of Mission on Development of Potential in Area of Government Finance Statistics

Republic of Belarus : Technical Assistance Report-Work of Mission on Development of Potential in Area of Government Finance Statistics »

Volume/Issue: 2018/261

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

Language: Russian

DOI: http://dx.doi.org/10.5089/9781484374016.002

ISBN: 9781484374016

In coordination with the Republic of Belarus (RB) Ministry of Finance (MF), the latest regular International Monetary Fund (IMF) Statistics Department (STA) mission for providing technical assistance (TA) in the ar...

A Closed Form Multivariate Linear Filter

A Closed Form Multivariate Linear Filter »

Volume/Issue: 2018/275

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484388785.001

ISBN: 9781484388785

Keywords: Closed form; Multivariate linear filter; New Keynesian model; Potential output; Natural rate of unemployment; Natural rate of interest, Closed form, Multivariate linear filter, New Keynesian model, Potential output, Natural rate of unemployment, Natural rate of interest, Time-Series Models, Monetary Policy (Targets, Instruments

This paper considers the problem of jointly decomposing a set of time series variables into cyclical and trend components, subject to sets of stochastic linear restrictions among these cyclical and trend components...

Designing Sound Fiscal Relations Across Government Levels in Decentralized Countries

Designing Sound Fiscal Relations Across Government Levels in Decentralized Countries »

Volume/Issue: 2018/271

Series: IMF Working Papers

Author(s): Robin Boadway , and Luc Eyraud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484387788.001

ISBN: 9781484387788

Keywords: fiscal federalism, vertical gap, vertical imbalance, fiscal balance, Structure and Scope of Government, General State and Local Taxation, Subsidies, and Revenue State and Local Budget and Expenditures State and Local Borrowing Intergovernmental Relations All Countries fiscal federalism vertical gap vertical imbalance fiscal balance, General State and Local Taxation, and Revenue State and Local Budget and Expenditures State and Local Borrowing Intergovernmental Relations All Countries fiscal federalism vertical gap vertical imbalance fiscal balance

This paper discusses how decentralized countries can achieve sound fiscal relations between the central government and lower government levels. The concepts of 'vertical gap' and 'vertical balance' provide an analy...

Economic Policy Uncertainty in Turkey

Economic Policy Uncertainty in Turkey »

Volume/Issue: 2018/272

Series: IMF Working Papers

Author(s): La-Bhus Fah Jirasavetakul , and Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484387740.001

ISBN: 9781484387740

Keywords: Turkey, Europe, Policy uncertainty, economic uncertainty, firm-level, sector-level, investment decisions, employment growth, leverage strategies, diff-in-diff estimation

Uncertainty over economic policy plays a key role in economic outcomes. But evidence and quantification for emerging markets are elusive because of measurement and reverse causality issues. In this paper, we constr...

International Knowledge Spillovers

International Knowledge Spillovers »

Volume/Issue: 2018/269

Series: IMF Working Papers

Author(s): Johannes Eugster , Giang Ho , Florence Jaumotte , and Roberto Piazza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484385067.001

ISBN: 9781484385067

Keywords: knowledge spillovers, knowledge barriers, international competition, General

How important is foreign knowledge for domestic innovation outcomes? How is this relation shaped by globalization and the attendant intensification of international competition? Our empirical approach extends the p...

Media Sentiment and International Asset Prices

Media Sentiment and International Asset Prices »

Volume/Issue: 2018/274

Series: IMF Working Papers

Author(s): Samuel Fraiberger , Do Lee , Damien Puy , and Romain Ranciere

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484389218.001

ISBN: 9781484389218

Keywords: International financial markets, Capital flows, Asset Pricing, Behavioral Finance, Investor Sentiment, News Media, Natural Language Processing

We assess the impact of media sentiment on international equity prices using more than 4.5 million Reuters articles published across the globe between 1991 and 2015. News sentiment robustly predicts daily returns i...

Optimal Control of a Global Model of Climate Change with Adaptation and Mitigation

Optimal Control of a Global Model of Climate Change with Adaptation and Mitigation »

Volume/Issue: 2018/270

Series: IMF Working Papers

Author(s): Manoj Atolia , Prakash Loungani , Helmut Maurer , and Willi Semmler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484387795.001

ISBN: 9781484387795

Keywords: Fiscal policy, Climate Change, Optimal Control, Environmental Economics, Environmental Economics: Government Policy

The Integrated Assessment Model (IAM) has extensively treated the adverse effects of climate change and the appropriate mitigation policy. We extend such a model to include optimal policies for mitigation, adaptati...

Universal Basic Income: Debate and Impact Assessment

Universal Basic Income: Debate and Impact Assessment »

Volume/Issue: 2018/273

Series: IMF Working Papers

Author(s): Maura Francese , and Delphine Prady

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

DOI: http://dx.doi.org/10.5089/9781484388815.001

ISBN: 9781484388815

Keywords: Fiscal policy, Government expenditures and welfare programs, Universal Basic Income, Inequality, Distributional Impact, Fiscal Poicy, Equity, Justice, and Other Normative Criteria and Measurement

This paper discusses the definition and modelling of a universal basic income (UBI). After clarifying the debate about what a UBI is and presenting the arguments in favor and against, an analytical approach for its...

Borrowing Costs and The Role of Multilateral Development Banks: Evidence from Cross-Border Syndicated Bank Lending

Borrowing Costs and The Role of Multilateral Development Banks: Evidence from Cross-Border Syndicated Bank Lending »

Volume/Issue: 2018/263

Series: IMF Working Papers

Author(s): Daniel Gurara , Andrea Presbitero , and Miguel Sarmiento

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

DOI: http://dx.doi.org/10.5089/9781484386200.001

ISBN: 9781484386200

Keywords: Microfinance, Africa, inancial inclusion, loan expansion program, credit reference bureau, Financial inclusion, Microeconomic Analyses of Economic Development

Cross-border bank lending is a growing source of external finance in developing countries and could play a key role for infrastructure financing. This paper looks at the role of multilateral development banks (MDBs...