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Advancing the Frontiers of Monetary Policy

Advancing the Frontiers of Monetary Policy »

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484325940.071

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...

Fiscal Policies and Gender Equality

Fiscal Policies and Gender Equality »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781513590363.071

ISBN: 9781513590363

Keywords: Gender equality, gender equality; gender budgeting; fiscal policies; tax spending

Historically, women around the world have had fewer opportunities than men in education, employment, health care, and politics. The moral argument for gender equality is clear, and the economic evidence is mounting...

Race to the Next Income Frontier
			: How Senegal and Other Low-Income Countries Can Reach the Finish Line

Race to the Next Income Frontier : How Senegal and Other Low-Income Countries Can Reach the Finish Line »

Series: Books

Author(s): Ali Mansoor , Salifou Issoufou , and Daouda Sembene

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2018

DOI: http://dx.doi.org/10.5089/9781484303139.071

ISBN: 9781484303139

Keywords: Debt sustainability, Economic growth, Economic reforms, Poverty reduction, Senegal, Gross domestric product growth, Inclusive growth, Output growth, Plan Senegal Emergent, growth rate

Through 18 chapters, this book draws on policy lessons from successful countries that have managed to overcome political economy constraints and reach upper-middle-income emerging market economy status to examine h...

IMF Exchange Rate Policy Advice
			: Revisiting the 2007 IEO Evaluation

IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation »

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

DOI: http://dx.doi.org/10.5089/9781484325766.017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions....

Shifting Commodity Markets in a Globalized World

Shifting Commodity Markets in a Globalized World »

Series: Books

Author(s): Rabah Arezki , and Akito Matsumoto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484310328.071

ISBN: 9781484310328

Keywords: Energy and Commodity Markets; Boom and Bust; Volatility; Global Economy

A survey of the complex and intertwined set of forces behind the various commodity markets and the interplay between these markets and the global economy. Summarizes a rich set of facts combined with in-depth analy...

Unleashing Growth and Strengthening Resilience in the Caribbean

Unleashing Growth and Strengthening Resilience in the Caribbean »

Series: Books

Author(s): Krishna Srinivasan , Inci Otker , Uma Ramakrishnan , and Trevor Alleyne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2017

DOI: http://dx.doi.org/10.5089/9781484315194.071

ISBN: 9781484315194

Keywords: Financial analysis, International financial markets, International financial cooperation, Financial integration, Economic growth, Inclusive growth, Regional integration, Regional economic integration, Economic integration, Caribbean

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic wel...

Digital Revolutions in Public Finance

Digital Revolutions in Public Finance »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2017

DOI: http://dx.doi.org/10.5089/9781484315224.071

ISBN: 9781484315224

Keywords: Information technology, Public finance, digitization, digital age, tax administration, social programs

Digitization promises to reshape fiscal policy by transforming how governments collect, process, share, and act on information. More and higher-quality information can improve not only policy design for tax and spe...

IMF Financial Operations 2016

IMF Financial Operations 2016 »

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2017

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484319635.071

ISBN: 9781484319635

Keywords: interest, lending, debt, reserve, income

IMF Financial Operations 2016 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides backgr...

IEO Evaluation Report
			: The IMF and Social Protection

IEO Evaluation Report : The IMF and Social Protection »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484313800.017

ISBN: 9781484313800

IEO Evaluation Report: The IMF and Social Protection...

Independent Evaluation Office Annual Report 2017

Independent Evaluation Office Annual Report 2017 »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484317587.017

ISBN: 9781484317587

Independent Evaluation Office Annual Report 2017...

Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal

Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal »

Series: Independent Evaluation Office Reports

Author(s): Moisés Schwartz , and Shinji Takagi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2017

DOI: http://dx.doi.org/10.5089/9781475562538.017

ISBN: 9781475562538

Keywords: International Monetary Fund; euro area crisis; the IMF and the euro area crisis; evaluation by the Independent Evaluation Office; crises in Greece, Ireland, and Portugal; IMF governance

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of 'the IMF and the crises in Greece, Ireland, and Portugal.' It presents an authoritative...

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments »

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9789928445391.072

ISBN: 9789928445391

Proceedings of a conference co-hosted by the Bank of Albania and the International Monetary Fund in May 2017....

Modernizing China
			: Investing in Soft Infrastructure

Modernizing China : Investing in Soft Infrastructure »

Series: Books

Author(s): W. Raphael Lam , Markus Rodlauer , and Alfred Schipke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 April 2017

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781475583625.071

ISBN: 9781475583625

Keywords: China, China, People's Republic of, Economic reforms, reforms, economic success, growth model, policy frameworks, markets, market economy, soft infrastructure

China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation...

Financial Integration in Latin America
			: A New Strategy for a New Normal

Financial Integration in Latin America : A New Strategy for a New Normal »

Series: Books

Author(s): Charles Enoch , Wouter Bossu , Carlos Caceres , and Diva Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2017

DOI: http://dx.doi.org/10.5089/9781513520247.071

ISBN: 9781513520247

Keywords: Cross-border banking, Financial integration, Latin American regional banking, commodity supercycle, fragmentation, international banking system, growth, policymaking, Latin America, regional financial integration

With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to s...

Fiscal Politics

Fiscal Politics »

Series: Books

Author(s): Vitor Gaspar , Sanjeev Gupta , and Carlos Mulas-Granados

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2017

DOI: http://dx.doi.org/10.5089/9781475547900.071

ISBN: 9781475547900

Keywords: Fiscal Policy, Budgets, Politics, Political Economy, Elections, Institutions, Parties

Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this d...

From Great Depression to Great Recession
			: The Elusive Quest for International Policy Cooperation

From Great Depression to Great Recession : The Elusive Quest for International Policy Cooperation »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2017

DOI: http://dx.doi.org/10.5089/9781513514277.071

ISBN: 9781513514277

Keywords: global financial crisis, adjustment fatigue, deflation, currency wars, secular stagnation, policy cooperation, recovery, crisis prevention, policy coordination, imbalances

The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen...

Women, Work, and Economic Growth
			: Leveling the Playing Field

Women, Work, and Economic Growth : Leveling the Playing Field »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2017

DOI: http://dx.doi.org/10.5089/9781513516103.071

ISBN: 9781513516103

Keywords: women, work, economy, gender inequality

Women make up a little over half of the world's population, but their contribution to measured economic activity and growth is far below its potential. Despite significant progress in recent decades, labor markets...

Modernizing China
			: Investing in Soft Infrastructure

Modernizing China : Investing in Soft Infrastructure »

Series: Books

Author(s): W. Raphael Lam , Markus Rodlauer , and Alfred Schipke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2017

DOI: http://dx.doi.org/10.5089/9781513539942.071

ISBN: 9781513539942

Keywords: China, China, People's Republic of, Economic reforms, China, reforms, economic reforms, economic success, growth model, policy frameworks, markets

China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this t...

The International Monetary Fund and the Learning Organization
			: The Role of Independent Evaluation

The International Monetary Fund and the Learning Organization : The Role of Independent Evaluation »

Series: Books

Author(s): Moisés Schwartz , and Ray C. Rist

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2017

DOI: http://dx.doi.org/10.5089/9781475546675.071

ISBN: 9781475546675

Keywords: IEO, IMF, independent evaluation, learning organization, accountability, learning

The benefits of independent evaluation in international financial institutions have long been recognized. However, independent evaluation in these organizations is of increased relevance during uncertain times that...

IMF Financial Operations 2016

IMF Financial Operations 2016 »

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2016

DOI: http://dx.doi.org/10.5089/9781475532197.071

ISBN: 9781475532197

Keywords: interest, lending, debt, reserve, income

IMF Financial Operations 2016 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides backgr...

Challenges for Central Banking
			: Perspectives from Latin America

Challenges for Central Banking : Perspectives from Latin America »

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

DOI: http://dx.doi.org/10.5089/9781513591766.071

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central ban...

The IMF and the Crises in Greece, Ireland, and Portugal

The IMF and the Crises in Greece, Ireland, and Portugal »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office;International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2016

DOI: http://dx.doi.org/10.5089/9781475525144.017

ISBN: 9781475525144

Keywords: International Monetary Fund; euro area crisis; the IMF and the euro area crisis; evaluation by the Independent Evaluation Office; crises in Greece, Ireland, and Portugal; IMF governance

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of 'the IMF and the crises in Greece, Ireland, and Portugal.' It presents an authoritative...

Resilience and Growth in the Small States of the Pacific

Resilience and Growth in the Small States of the Pacific »

Series: Books

Author(s): Hoe Khor , Roger Kronenberg , and Patrizia Tumbarello

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2016

DOI: http://dx.doi.org/10.5089/9781513507521.071

ISBN: 9781513507521

Keywords: Pacific islands, small states, natural disasters, climate change, foreign aid, resilience, dispersion, distance, remoteness, fisheries

Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address...

Behind the Scenes with Data at the IMF
			: An IEO Evaluation

Behind the Scenes with Data at the IMF : An IEO Evaluation »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2016

DOI: http://dx.doi.org/10.5089/9781498385985.017

ISBN: 9781498385985

Keywords: data, data quality, data provision, data assets, surveillance, resources, International Monetary Fund, Independent Evaluation Office, IMF, IEO

This report examines whether the IMF has effectively leveraged an important asset: data. It finds that in general, the IMF has been able to rely on a large amount of data of acceptable quality, and that data provis...

Preventing the Next Financial Crisis

Preventing the Next Financial Crisis »

Series: Economic Issues

Author(s): Erlend Nier , and Gregg Forte

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2016

DOI: http://dx.doi.org/10.5089/9781513502137.051

ISBN: 9781513502137

Keywords: Macroprudential policies and financial stability, Macroprudential Policy, banks, bank, credit, financial institutions, lending

The financial crisis that began in 2007 brought much of the global economy to its knees and nearly triggered another Great Depression. The financial storm gradually died down in 2009, at least in the United States,...

Benefits and Costs of Bank Capital

Benefits and Costs of Bank Capital »

Volume/Issue: 2016/4

Series: Staff Discussion Notes

Author(s): Jihad Dagher , Giovanni Dell'Ariccia , Luc Laeven , Lev Ratnovski , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 March 2016

DOI: http://dx.doi.org/10.5089/9781498387712.006

ISBN: 9781498387712

Keywords: Bank capital, Cost of capital, United States, Banking crisis, Capital requirements, Risk management, General equilibrium models, Bank Capital, TLAC, Financial Regulation

The appropriate level of bank capital and, more generally, a bank's capacity to absorb losses, has been at the core of the post-crisis policy debate. This paper contributes to the debate by focusing on how much cap...

Argentina

Argentina »

Volume/Issue: 2016/66

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781498391962.002

ISBN: 9781498391962

Keywords: bank, banks, insurance, capital, deposit insurance, Argentina, Western Hemisphere

This paper discusses the financial crisis management and crisis preparedness framework of Argentina. Although Argentina has a well-developed financial safety net that has provided timely support to stressed institu...

Republic of Moldova: Financial Sector Assessment Program-Bank Crisis Resolution-Technical Note

Republic of Moldova: Financial Sector Assessment Program-Bank Crisis Resolution-Technical Note »

Volume/Issue: 2016/73

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513505107.002

ISBN: 9781513505107

Keywords: bank, banks, subsidiaries, financial stability, risk, Europe, Moldova

An important aspect of the FSAP mission was the review of the bank crisis resolution framework in Moldova. There are several characteristics of vulnerabilities in the banking system which suggests the need for the...

Republic of Moldova: Financial Sector Assessment Program-Detailed Assessment of Observance on the Basel Core Principles for Effective Banking Supervision

Republic of Moldova: Financial Sector Assessment Program-Detailed Assessment of Observance on the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2016/71

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513504131.002

ISBN: 9781513504131

Keywords: banks, bank, banking, risk, banking supervision, Moldova

The National Bank of Moldova (NBM) has made significant progress in reinforcing its prudential and supervisory framework. Two medium-term strategies have been designed in succession since 2008 to set a forward-look...

Republic of Moldova: Financial System Stability Assessment

Republic of Moldova: Financial System Stability Assessment »

Volume/Issue: 2016/70

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513501611.002

ISBN: 9781513501611

Keywords: bank, banks, risk, insurance, banking, Europe, Moldova

Moldova has made some important advances since the 2008 FSAP Update. On the positive side, inflation has been brought down to single digits, the payment system has been upgraded, and important enhancements have bee...

Central Bank Governance and the Role of Nonfinancial Risk Management

Central Bank Governance and the Role of Nonfinancial Risk Management »

Volume/Issue: 2016/34

Series: IMF Working Papers

Author(s): Ashraf Khan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2016

DOI: http://dx.doi.org/10.5089/9781498376051.001.A001

ISBN: 9781498376051

Keywords: bank, banks, risk, central banks, governance, General, All Countries,, Central banks, Risk management, Central bank governance

This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline o...

Austria

Austria »

Volume/Issue: 2016/50

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2016

DOI: http://dx.doi.org/10.5089/9781498327961.002

ISBN: 9781498327961

Keywords: banks, bank, capital, debt, labor, Europe, Austria

The 2015 Article IV Consultation discusses the key issues related to the economy of Austria. Austria has recovered from the global financial crisis, but the crisis still remains in bank and public sector balance sh...

Republic of Tajikistan

Republic of Tajikistan »

Volume/Issue: 2016/41

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2016

DOI: http://dx.doi.org/10.5089/9781498303019.002

ISBN: 9781498303019

Keywords: bank, credit, risk, insurance, Bank resolution, Bank regulations, Bank supervision, Banks, Crisis prevention, Deposit insurance

This paper highlights Tajikistan's macroeconomic environment and gives an overview of the financial sector and its stability, and discusses its regulatory, supervisory, crisis prevention, and management framework....

From Global Savings Glut to Financing Infrastructure

From Global Savings Glut to Financing Infrastructure »

Volume/Issue: 2016/18

Series: IMF Working Papers

Author(s): Rabah Arezki , Patrick Bolton , Sanjay Peters , Frederic Samama , and Joseph Stiglitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2016

DOI: http://dx.doi.org/10.5089/9781475591835.001

ISBN: 9781475591835

Keywords: H49, H54, G30, G38, projects, bank, risk, equity, General, Government Policy and Regulation

This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment pla...

Morocco

Morocco »

Volume/Issue: 2016/37

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2016

DOI: http://dx.doi.org/10.5089/9781475514216.002

ISBN: 9781475514216

Keywords: bank, banking, risk, capital, Banks, Bank supervision, Bank resolution, Financial sector, Financial soundness indicators, Financial system stability assessment

This paper assesses financial sector vulnerabilities, the policy oversight framework, bank resolution, and financial safety nets. The assessment is intended to help Moroccan government identify key sources of syste...

Bangladesh

Bangladesh »

Volume/Issue: 2016/28

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2016

DOI: http://dx.doi.org/10.5089/9781498353748.002

ISBN: 9781498353748

Keywords: banks, bank, lending, interest, inflation, Bangladesh, Asia and Pacific

This paper discusses three main issues: bank lending rates, impact of climate change on the economy of Bangladesh, and financial inclusion in Bangladesh. According to international standards, average bank lending r...

Republic of Kosovo

Republic of Kosovo »

Volume/Issue: 2016/22

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2016

DOI: http://dx.doi.org/10.5089/9781513539010.002

ISBN: 9781513539010

Keywords: bank, budget, banking, criteria, debt, Europe, Kosovo

This paper discusses Kosovo’s First Review Under the Stand-By Arrangement and Requests for Modification and Waivers of Applicability of Performance Criteria (PC). The program is on track. All end-August 2015 PCs an...

Collapse and Revival
			: Understanding Global Recessions and Recoveries

Collapse and Revival : Understanding Global Recessions and Recoveries »

Series: Books

Author(s): Ayhan Kose , and Marco Terrones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 December 2015

DOI: http://dx.doi.org/10.5089/9781513570020.071

ISBN: 9781513570020

Keywords: Economic recession, global recession; business cycles; recession and recovery; financial globalization

As the debates about the recent global recession and the subsequent recovery have clearly shown, our understanding of these questions has been very limited. This comprehensive text puts the latest global recessio...

Islamic Republic of Afghanistan
			: 2015 Article IV Consultation and First Review Under the Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Direct for the Islamic Republic of Afghanistan

Islamic Republic of Afghanistan : 2015 Article IV Consultation and First Review Under the Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Direct for the Islamic Republic of Afghanistan »

Volume/Issue: 2015/324

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2015

DOI: http://dx.doi.org/10.5089/9781513592817.002

ISBN: 9781513592817

Keywords: Afghanistan, Islamic Republic of, Middle East, security, budget, monetary fund, revenue, exchange rate

This 2015 Article IV Consultation highlights that Afghanistan remains a poor fragile state that is far from self-reliance. Significant fiscal and banking vulnerabilities emerged in 2014. Domestic revenue collection...

Slovenia
			: Technical Assistance Report-Bank Intervention and Resolution and the Deposit Guarantee System

Slovenia : Technical Assistance Report-Bank Intervention and Resolution and the Deposit Guarantee System »

Volume/Issue: 2015/292

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2015

DOI: http://dx.doi.org/10.5089/9781513573427.002

ISBN: 9781513573427

Keywords: bank, banks, capital, technical assistance, deposits

This Technical Assistance Report assesses the bank resolution framework and deposit guarantee system in Slovenia. There are three necessary requirements for effective bank resolution: (1) a special bank resolution...

Ireland
			: Lessons from Its Recovery from the Bank-Sovereign Loop

Ireland : Lessons from Its Recovery from the Bank-Sovereign Loop »

Volume: 15

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2015

DOI: http://dx.doi.org/10.5089/9781513587363.087

ISBN: 9781513587363

Keywords: Bank rediscounts, Bank soundness, Banking, Banking crisis, Banking systems, banks, debt, bank, loans

Ireland's major property bubble burst at the same time as the global financial crisis erupted, plunging the country into a severe recession in 2008-10. Public debt climbed rapidly as revenues collapsed and as banks...

Strengthening the West African Economic and Monetary Union
			: The Role of Fiscal and Market Institutions in Economic Stabilization

Strengthening the West African Economic and Monetary Union : The Role of Fiscal and Market Institutions in Economic Stabilization »

Volume: 15

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Patrick Imam , Tidiane Kinda , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2015

DOI: http://dx.doi.org/10.5089/9781513567334.087

ISBN: 9781513567334

Keywords: Fiscal rules and institutions, West African Economic and Monetary Union, External shocks, Regional shocks, Economic stabilization, Economic integration, fiscal, debt, insurance, deficit

West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject...

The Mechanics of a Strong Euro Area
			: IMF Policy Analysis

The Mechanics of a Strong Euro Area : IMF Policy Analysis »

Series: Books

Author(s): Petya Koeva Brooks , and Mahmood Pradhan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 2015

DOI: http://dx.doi.org/10.5089/9781498305532.071

ISBN: 9781498305532

Keywords: Euro Area, Economic policy, debt, bank, banks, unemployment, lending

Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-...

Manual sobre administración de regímenes fiscales para industrias extractivas
			: Manual

Manual sobre administración de regímenes fiscales para industrias extractivas : Manual »

Series: Books

Author(s): Jack Calder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513515595.071

ISBN: 9781513515595

Keywords: países ricos en recurso naturales; ingresos por recursos naturales; administración tributaria

Los ingresos derivados de los recursos naturales suelen plantear desafíos singulares para la administración tributaria. Este Manual es uno de los primeros de su tipo que se enfoca en la administración eficaz de los...

Evolving Banking Trends in Sub-Saharan Africa
			: Key Features and Challenges

Evolving Banking Trends in Sub-Saharan Africa : Key Features and Challenges »

Volume: 15

Series: Departmental Papers / Policy Papers

Author(s): Mauro Mecagni , Daniela Marchettini , and Rodolfo Maino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2015

DOI: http://dx.doi.org/10.5089/9781513598246.087

ISBN: 9781513598246

Keywords: Bank supervision, Banking sector, International banks, Cross-border banking, Sub-Saharan Africa, Regional integration, bank, banks, banking, loans

Banking in SSA has undergone very significant changes over the last two decades. Financial liberalization and related reforms, upgrades in institutional and more recently the expansion of cross-border banking activ...

Perú
			: Manteniéndose en el camino del éxito económico

Perú : Manteniéndose en el camino del éxito económico »

Series: Books

Author(s): Alejandro Werner , and Alejandro Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513521473.071

ISBN: 9781513521473

Keywords: bolsa, impuesto, inversión, tipo de cambio, divisas

Perú se destaca entre los países latinoamericanos como un ejemplo de ejecución de reformas económicas exitosas en la última década. Este análisis exhaustivo de la economía peruana repasa la trayectoria del país des...

Peru
			: Staying the Course of Economic Success

Peru : Staying the Course of Economic Success »

Series: Books

Author(s): Alejandro Werner , and Alejandro Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2015

DOI: http://dx.doi.org/10.5089/9781513599748.071

ISBN: 9781513599748

Keywords: exchange, tax, investment, exchange rate, foreign exchange

Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 19...

The Future of Asian Finance

The Future of Asian Finance »

Series: Books

Author(s): Ratna Sahay , Cheng Lim , Chikahisa Sumi , James Walsh , and Jerald Schiff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2015

DOI: http://dx.doi.org/10.5089/9781498317191.071

ISBN: 9781498317191

Keywords: bond, markets, investment, market, financial crisis

Asia's financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region's economies, including demographics and...

Euro Area Policies
			: Staff Report for the 2015 Article IV Consultations with Member Countries

Euro Area Policies : Staff Report for the 2015 Article IV Consultations with Member Countries »

Volume/Issue: 2015/204

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2015

DOI: http://dx.doi.org/10.5089/9781513505121.002

ISBN: 9781513505121

Keywords: Article IV consultation reports, Economic recovery, Demand, Fiscal policy, Fiscal reforms, Banking sector, Bank supervision, European Central Bank, Economic indicators, Statistics

Context. The recovery is strengthening, underpinned by lower oil prices and the ECB'sexpanded asset purchase program. But the medium-term outlook remains weak, weighed down by the legacies of insuffici...

Samoa
			: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa

Samoa : 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa »

Volume/Issue: 2015/191

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

DOI: http://dx.doi.org/10.5089/9781513568713.002

ISBN: 9781513568713

Keywords: Samoa, debt, financial institutions, monetary fund, public debt, reserves

KEY ISSUES Outlook and risks. Growth is recovering gradually from natural disasters and inflation remains subdued. The current account deficit is expected to narrow on lower international oil prices and a planned f...

Italy
			: Staff Report for the 2015 Article IV Consultation

Italy : Staff Report for the 2015 Article IV Consultation »

Volume/Issue: 2015/166

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2015

DOI: http://dx.doi.org/10.5089/9781513541228.002

ISBN: 9781513541228

Keywords: Article IV consultation reports, Economic conditions, Fiscal reforms, Public sector, Banking sector, Corporate sector, External Sector Report, Debt sustainability analysis, Economic indicators, Staff Reports

This 2015 Article IV Consultation highlights that Italy's economy is emerging gradually from a prolonged recession. Financial market sentiment and confidence indicators have improved substantially since end-2014. D...

Haiti
			: Staff Report for the 2015 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility

Haiti : Staff Report for the 2015 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility »

Volume/Issue: 2015/157

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2015

DOI: http://dx.doi.org/10.5089/9781513588209.002

ISBN: 9781513588209

Keywords: Article IV consultation reports, Fiscal policy, Fiscal reforms, Monetary policy, Reserves, Economic indicators, Debt sustainability analysis, Staff Reports, Press releases, Extended Credit Facility

This 2015 Article IV Consultation highlights that a drought that affected agricultural output slowed Haiti's GDP growth to 2.7 percent in FY2014, but inflation remained in the mid-single digits. The overall fiscal...

América Latina
			: Nuevos desafíos para el crecimiento y la estabilidad

América Latina : Nuevos desafíos para el crecimiento y la estabilidad »

Series: Books

Author(s): Dora Iakova , Luis Cubeddu , Gustavo Adler , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 May 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484318294.071

ISBN: 9781484318294

Keywords: Economic growth, Macroprudential policies and financial stability, Latin America, Commodity trade, términos de intercambio, exportadores de materias primas, América Latina crecimiento, crecimiento económico, políticas macroprudenciales y estabilidad financiera, América Latina

En los últimos 15 años, los países de América Latina realizaron enormes avances en el fortalecimiento de sus economías y la mejora de las condiciones de vida. Si bien el producto cayó temporalmente durante la crisi...

Pan-African Banks
			: Opportunities and Challenges for Cross-Border Oversight

Pan-African Banks : Opportunities and Challenges for Cross-Border Oversight »

Series: Departmental Papers / Policy Papers

Author(s): Charles Enoch , Paul Mathieu , Mauro Mecagni , and Jorge Canales Kriljenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781498365444.087

ISBN: 9781498365444

Keywords: Banking systems, Bank supervision, Bank soundness, Cross country analysis, Cross-border banking, Sub-Saharan Africa, Systemically important financial institutions, bank, banks, banking

Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fo...

Frontier and Developing Asia
			: The Next Generation of Emerging Markets

Frontier and Developing Asia : The Next Generation of Emerging Markets »

Series: Books

Author(s): Alfred Schipke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2015

DOI: http://dx.doi.org/10.5089/9781475595512.071

ISBN: 9781475595512

Keywords: Developing countries, exchange, emerging market, markets, banks

With a combined population of more than 350 million people, frontier and developing Asia, which includes countries such as Vietnam, Cambodia, and Bangladesh, is located in the world's fastest-growing region and has...

Islamic Finance
			: Opportunities, Challenges, and Policy Options

Islamic Finance : Opportunities, Challenges, and Policy Options »

Volume/Issue: 2015/5

Series: Staff Discussion Notes

Author(s): Alfred Kammer , Mohamed Norat , Marco Pinon , Ananthakrishnan Prasad , Christopher Towe , and Zeine Zeidane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2015

DOI: http://dx.doi.org/10.5089/9781498325035.006

ISBN: 9781498325035

Keywords: Islamic finance, Islamic banking, participation finance, financial regulations, Sukuk markets, infrastructure finance, financial inclusion, monetary policy, macroprudential policy, tax policy

The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance m...

Can Abenomics Succeed?
			: Overcoming the Legacy of Japan's Lost Decades

Can Abenomics Succeed? : Overcoming the Legacy of Japan's Lost Decades »

Series: Books

Author(s): Dennis Botman , Stephan Danninger , and Jerald Schiff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 March 2015

DOI: http://dx.doi.org/10.5089/9781498324687.071

ISBN: 9781498324687

Keywords: debt, investment, tax, interest, pension

Japan's revitalization plan, dubbed the 'three arrows of Abenomics,' devises a three-pronged strategy-combining fiscal, monetary, and structural policies-to overcome that country's apparent inability to sustain eco...

Regional Economic Issues, April 2015, Europe
			: The Western Balkans: 15 Years of Economic Transition

Regional Economic Issues, April 2015, Europe : The Western Balkans: 15 Years of Economic Transition »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2015

DOI: http://dx.doi.org/10.5089/9781498356510.086

ISBN: 9781498356510

Keywords: environment, bank, credit, capital, market

This report analyses the main economic developments and achievements in the Western Balkan countries, and lays out the key macroeconomic policy challenges for the future....

ASEAN Financial Integration

ASEAN Financial Integration »

Volume/Issue: 2015/34

Series: IMF Working Papers

Author(s): Geert Almekinders , Alex Mourmouras , Jianping Zhou , Satoshi Fukuda , and Yong Sarah Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

DOI: http://dx.doi.org/10.5089/9781484386491.001

ISBN: 9781484386491

Keywords: Economic growth, Cross country analysis, Association of Southeast Asian Nations, Brunei Darussalam, Cambodia, Capital flows, Capital account liberalization, Economic integration, Financial integration, Indonesia

The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN's financial integratio...

Sustaining more Inclusive Growth in the Republic of Congo

Sustaining more Inclusive Growth in the Republic of Congo »

Series: Departmental Papers / Policy Papers

Author(s): Dalia Hakura , Adrian Alter , Matteo Ghilardi , Rodolfo Maino , Cameron McLoughlin , and Maximilien Queyranne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2015

DOI: http://dx.doi.org/10.5089/9781498317702.087

ISBN: 9781498317702

Keywords: Sustainable development, Congo, Republic of, Inclusive growth, Oil revenues, Nonoil sector, Public investment, Natural resources, Debt sustainability, Poverty and inequality, Fiscal policy

The Republic of Congo has seen dramatic improvement in its debt situation since 2010, following debt relief through the IMF and World Bank Heavily Indebted Poor Countries/Multilateral Debt Relief Initiative. Large...

IMF Response to the Financial and Economic Crisis

IMF Response to the Financial and Economic Crisis »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2015

DOI: http://dx.doi.org/10.5089/9781498305174.017

ISBN: 9781498305174

This evaluation assesses the IMF's response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF's actions to help contain the crisis and navigate a g...

The Quest for Regional Integration in the East African Community

The Quest for Regional Integration in the East African Community »

Series: Books

Author(s): Paulo Drummond , S. Wajid , and Oral Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2015

DOI: http://dx.doi.org/10.5089/9781484364413.071

ISBN: 9781484364413

Keywords: exchange, exchange rate, monetary policy, growth, markets

The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonizati...

Los regímenes de tipo de cambio y la estabilidad del sistema monetario internacional

Los regímenes de tipo de cambio y la estabilidad del sistema monetario internacional »

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 November 2014

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781498324076.084

ISBN: 9781498324076

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, tipo de cambio, régimen de tipo de cambio, tipos de cambio, tipo de cambio real

Los países miembros del Fondo Monetario Internacional colaboran para asegurar que los regímenes cambiarios funcionen ordenadamente y para fomentar la estabilidad del sistema cambiario, reconociendo que el objetivo...

Reforma de los subsidios a la energía
			: Lecciones e implicaciones

Reforma de los subsidios a la energía : Lecciones e implicaciones »

Series: Books

Author(s): Benedict Clements , David Coady , Stefania Fabrizio , Sanjeev Gupta , Trevor Alleyne , and Carlo Sdralevich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 November 2014

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484380109.071

ISBN: 9781484380109

Keywords: subsidios a la energía, subsidios, energía

Los subsidios a la energía tienen consecuencias económicas de amplio alcance. A pesar de que tienen por objeto proteger a los consumidores, los subsidios agravan los desequilibrios fiscales, desplazan gastos públic...

Fiscal Monitor, October 2014
			: Back to Work:  How Fiscal Policy Can Help

Fiscal Monitor, October 2014 : Back to Work: How Fiscal Policy Can Help »

Series: Fiscal Monitor

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2014

DOI: http://dx.doi.org/10.5089/9781498375702.089

ISBN: 9781498375702

Keywords: employment, labor market, fiscal policy, unemployment, labor force

At a time when job creation tops the policy agenda globally, this issue of the Fiscal Monitor explores if and how fiscal policy can do more for jobs. It finds that while fiscal policy cannot substitute for compreh...

Global Financial Stability Report, October 2014
			: Risk Taking, Liquidity, and Shadow Banking:  Curbing Excess while Promoting Growth

Global Financial Stability Report, October 2014 : Risk Taking, Liquidity, and Shadow Banking: Curbing Excess while Promoting Growth »

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2014

DOI: http://dx.doi.org/10.5089/9781498390811.082

ISBN: 9781498390811

Keywords: banking, financial stability, risk taking, bond, bonds

The October 2014 issue finds that six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies. Monetary accommodation rem...

World Economic Outlook, October 2014
			: Legacies, Clouds, Uncertainties

World Economic Outlook, October 2014 : Legacies, Clouds, Uncertainties »

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2014

DOI: http://dx.doi.org/10.5089/9781498331555.081

ISBN: 9781498331555

Keywords: public investment, current account, gas, current account balance, natural gas

The pace of recovery has disappointed in recent years, and downside risks have increased, including from heightened geopolitical tensions. These increased risks make it a priority to raise actual and potential grow...

The Mystery of Missing Real Spillovers in Southern Africa
			: Some Facts and Possible Explanations

The Mystery of Missing Real Spillovers in Southern Africa : Some Facts and Possible Explanations »

Volume: 18

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Andrew Jonelis , Borislava Mircheva , and Slavi Slavov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 June 2014

DOI: http://dx.doi.org/10.5089/9781484363447.087

ISBN: 9781484363447

Keywords: Demand, External shocks, Regional integration, Southern Africa, South Africa, Spillovers, Trade integration, growth rate, gdp per capita, real gdp

Anecdotal evidence suggests that the economies of South Africa and its neighbors (Botswana, Lesotho, Mozambique, Namibia, Swaziland, and Zimbabwe) are tightly integrated with each other. There are important institu...

Mozambique Rising
			: Building a New Tomorrow

Mozambique Rising : Building a New Tomorrow »

Volume: 14

Series: Departmental Papers / Policy Papers

Author(s): Doris Ross , Victor Lledo , Alex Segura-Ubiergo , Yuan Xiao , Iyabo Masha , Alun Thomas , and Keiichiro Inui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2014

DOI: http://dx.doi.org/10.5089/9781475565102.087

ISBN: 9781475565102

Keywords: Demographic transition, Economic growth, Dutch disease, Agricultural sector, Employment, Economic policy, Job creation, Natural resources, Natural gas, Mozambique

This publication highlights Mozambique's remarkably strong growth over the two decades since the end of the civil war in 1992, as well as the major challenges that remain for the country to rise out of poverty and...

Bank Size and Systemic Risk

Bank Size and Systemic Risk »

Volume/Issue: 2014/4

Series: Staff Discussion Notes

Author(s): Luc Laeven , Lev Ratnovski , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2014

DOI: http://dx.doi.org/10.5089/9781484363720.006

ISBN: 9781484363720

Keywords: Financial Structure, Financial Regulation, banking, bank size, bank risk, banks with assets, bank activities, General,

The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or 'too big to fail' subsidies. The paper then...

Toward New Horizons
			: Arab Economic Transformation amid Political Transition

Toward New Horizons : Arab Economic Transformation amid Political Transition »

Volume: 14

Series: Departmental Papers / Policy Papers

Author(s): Harald Finger , and Daniela Gressani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2014

DOI: http://dx.doi.org/10.5089/9781484311462.087

ISBN: 9781484311462

Keywords: Civil service, Exchange rate regimes, Financial systems, Fiscal policy, Fiscal reforms, Government expenditures, Middle East, Monetary policy, North Africa, Islamic banking

The changing political landscape in the Arab world has created opportunities for economic transformation by tackling long-standing economic issues. Nevertheless, three years after the onset of politica...

The Caucasus and Central Asia
			: Transitioning to Emerging Markets

The Caucasus and Central Asia : Transitioning to Emerging Markets »

Series: Departmental Papers / Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2014

DOI: http://dx.doi.org/10.5089/9781484305140.087

ISBN: 9781484305140

Keywords: Energy sector, Emerging markets, Financial sector, Economic growth, Bank supervision, Political economy, Fiscal reforms, Fiscal policy, Monetary policy, Middle East and Central Asia

The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly--on average by 7 percent over 1996-2011--than th...

Paraguay
			: Selected Issues

Paraguay : Selected Issues »

Volume/Issue: 2014/61

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2014

DOI: http://dx.doi.org/10.5089/9781475513745.002

ISBN: 9781475513745

Keywords: Dollarization, Banking sector, Economic models, Paraguay, Selected issues, Monetary policy, banking, banking system, financial statement analysis, net interest margin

This Selected Issues paper analyses Paraguay's effective interest spreads using various methodologies. Interest rate spreads in Paraguay continue to be some of the highest in Latin America. A series of bank crises...

Barbados
			: Financial System Stability Assessment

Barbados : Financial System Stability Assessment »

Volume/Issue: 2014/53

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2014

DOI: http://dx.doi.org/10.5089/9781484300404.002

ISBN: 9781484300404

Keywords: Barbados, banking, capital adequacy, credit union, sovereign risk, deposit insurance

This report evaluates the stability of the financial system in Barbados. The findings reveal that Barbados has a relatively well developed financial system, including a large offshore sector. The onshore system is...

El Salvador
			: Detailed Assessment of Compliance of the Basel Core Principles for Effective Banking Supervision

El Salvador : Detailed Assessment of Compliance of the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2014/45

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2014

DOI: http://dx.doi.org/10.5089/9781475554465.002

ISBN: 9781475554465

Keywords: Financial Sector Assessment Program, El Salvador, Basel Core Principles, Banking sector, Bank supervision, Deposit insurance, Reports on the Observance of Standards and Codes, banking, bank law, capital adequacy

This paper presents an assessment of compliance with the Basel Core Principles for Effective Banking Supervision in El Salvador. The regulatory authority Superintendencia del Sistema Financiero (SSF) has taken a nu...

El Salvador
			: Financial System Stability Assessment

El Salvador : Financial System Stability Assessment »

Volume/Issue: 2014/44

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2014

DOI: http://dx.doi.org/10.5089/9781475513790.002

ISBN: 9781475513790

Keywords: Capital markets, Bank supervision, Banks, Basel Core Principles, El Salvador, Article IV consultation reports, Bank soundness, Bank legislation, Economic indicators, Financial sector

This paper presents an assessment of financial sector stability in El Salvador. The findings reveal that the financial system of El Salvador was resilient in the face of the global shocks and political uncertainty...

El Salvador
			: Technical Note on Safety Nets and Crisis Management Arrangements

El Salvador : Technical Note on Safety Nets and Crisis Management Arrangements »

Volume/Issue: 2014/46

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2014

DOI: http://dx.doi.org/10.5089/9781475588118.002

ISBN: 9781475588118

Keywords: Deposit insurance, Bank supervision, Bank legislation, Bank resolution, El Salvador, Financial Sector Assessment Program, Financial safety nets, Reports on the Observance of Standards and Codes, Risk management, Liquidity management

This Technical Note presents an assessment of safety nets and crisis management arrangements in El Salvador. In El Salvador, the bank safety net-emergency liquidity assistance, resolution, and deposit insurance-fac...

Cambodia
			: Staff Report for the 2013 Article IV Consultation

Cambodia : Staff Report for the 2013 Article IV Consultation »

Volume/Issue: 2014/33

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2014

DOI: http://dx.doi.org/10.5089/9781475566451.002

ISBN: 9781475566451

Keywords: Article IV consultations, Cambodia, Bank supervision, Economic growth, Debt sustainability analysis, Economic indicators, Fiscal consolidation, Global competitiveness, Fiscal policy, Monetary policy

This Debt Sustainability Analysis update highlights Cambodia's continued low debt distress rating: all debt burden indicators are projected to remain below the respective thresholds. The authorities have made progr...

Republic of Slovenia
			: Staff Report for the 2013 Article IV Consultation

Republic of Slovenia : Staff Report for the 2013 Article IV Consultation »

Volume/Issue: 2014/11

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2014

DOI: http://dx.doi.org/10.5089/9781484370568.002

ISBN: 9781484370568

Keywords: Slovenia, recapitalization, bank of slovenia, bank recapitalization, banking, bank restructuring

This Information Annex highlights that Slovenia maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions, with the exception of exchan...

Democratic Republic of São Tomé and Príncipe
			: 2013 Article IV Consultation and Second Review Under the Extended Credit Facility Arrangement; Staff Report; Informational Annex; Debt Sustainability Analysis; Press Release on the Executive Board Discussion; and Statement by the Executive Director for São Tomé and Príncipe

Democratic Republic of São Tomé and Príncipe : 2013 Article IV Consultation and Second Review Under the Extended Credit Facility Arrangement; Staff Report; Informational Annex; Debt Sustainability Analysis; Press Release on the Executive Board Discussion; and Statement by the Executive Director for São Tomé and Príncipe »

Volume/Issue: 2014/2

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 2014

DOI: http://dx.doi.org/10.5089/9781475516548.002

ISBN: 9781475516548

Keywords: Economic indicators, External borrowing, Extended Credit Facility, Debt sustainability analysis, Banking sector, Bank supervision, Staff Reports, Resource mobilization, Press releases, Fiscal policy

This Information Annex highlights that the World Bank and the IMF are providing complementary support to help São Tomé and Príncipe strengthen public financial management and make progress toward debt sustainabilit...

Creating a Safer Financial System
			: Will the Volcker, Vickers, and Liikanen Structural Measures Help?

Creating a Safer Financial System : Will the Volcker, Vickers, and Liikanen Structural Measures Help? »

Volume/Issue: 2013/4

Series: Staff Discussion Notes

Author(s): José Vinãls , Ceyla Pazarbasioglu , Jay Surti , Aditya Narain , Michaela Erbenova , and Julian Chow

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 May 2013

DOI: http://dx.doi.org/10.5089/9781484340943.006

ISBN: 9781484340943

Keywords: Capital, Bank supervision, Banking sector, Bank reforms, Bank resolution, International financial system, Risk management, Bank business models, least cost resolution, risk reduction

The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges)...

Macroprudential Frameworks in Asia

Macroprudential Frameworks in Asia »

Series: Departmental Papers / Policy Papers

Author(s): Steven Barnett , and Rodolfo Maino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2013

DOI: http://dx.doi.org/10.5089/9781475517194.087

ISBN: 9781475517194

Keywords: financial stability, banking, monetary policy, financial system, inflation

This Departmental Paper portrays a cross-country dimension of macroprudential policy implementation in Asia, advancing a comprehensive overview of institutional arrangements and instruments deployed by individual c...

A Banking Union for the Euro Area

A Banking Union for the Euro Area »

Volume/Issue: 2013/1

Series: Staff Discussion Notes

Author(s): Rishi Goyal , Petya Koeva Brooks , Mahmood Pradhan , Thierry Tressel , Giovanni Dell'Ariccia , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2013

DOI: http://dx.doi.org/10.5089/9781475521160.006

ISBN: 9781475521160

Keywords: Austria, Bank regulations, Bank resolution, Bank supervision, Belgium, Banking systems, Deposit insurance, Euro Area, Europe, Financial safety nets

The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult...

Current Developments in Monetary and Financial Law, Volume 6
			: Restoring Financial Stability--The Legal Response

Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response »

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

DOI: http://dx.doi.org/10.5089/9781616350819.072

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

'Restoring Financial Stability-The Legal Response' is the theme of the sixth volume of 'Current Developments in Monetary and Financial Law.' The book covers a range of issues: frameworks and regulatory reforms in t...

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

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

Volume: 12

Series: Technical Notes and Manuals

Author(s): Mario Pessoa , and Michael Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2013

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

ISBN: 9781616355487

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

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

Centroamérica, Panamá y la República Dominicana
			: Desafíos tras la crisis mundial de 2008-09

Centroamérica, Panamá y la República Dominicana : Desafíos tras la crisis mundial de 2008-09 »

Series: Books

Author(s): Marco Pinon , Alejandro Lopez Mejia , M. (Mario) Garza , and Fernando Delgado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2012

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781475513134.071

ISBN: 9781475513134

América Central, Panamá y la República Dominicana sobrellevaron bien la crisis financiera mundial de 2008-09. El impacto fue en general menos severo y de menor duración que en episodios anteriores, el ajuste de la...

Shadow Banking
			: Economics and Policy

Shadow Banking : Economics and Policy »

Volume/Issue: 2012/12

Series: Staff Discussion Notes

Author(s): Stijn Claessens , Lev Ratnovski , and Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 December 2012

DOI: http://dx.doi.org/10.5089/9781475583588.006

ISBN: 9781475583588

Keywords: Financial stability, Financial crises, Central banks and their policies, Shadow banking, macroprudential regulation, macroeconomic policy, banking, banking system, bank for international settlements, banking activities

This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches....

Commodity Price Volatility and Inclusive Growth in Low-Income Countries

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

Series: Books

Author(s): Rabah Arezki , Catherine Pattillo , Marc Quintyn , and Min Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 October 2012

DOI: http://dx.doi.org/10.5089/9781616353797.071

ISBN: 9781616353797

Keywords: hedging, fiscal policy, inflation, terms of trade, food prices

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...

Estimating the Costs of Financial Regulation

Estimating the Costs of Financial Regulation »

Volume/Issue: 2012/11

Series: Staff Discussion Notes

Author(s): Andre Santos , and Douglas Elliott

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2012

DOI: http://dx.doi.org/10.5089/9781475510089.006

ISBN: 9781475510089

Keywords: Capital markets, Banks, Bank supervision, Bank reforms, Financial institutions, Basel III, Systemically Important Institutions, Financial Regulation, Capital Requirements, Liquidity Requirements

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Externalities and Macroprudential Policy

Externalities and Macroprudential Policy »

Volume/Issue: 2012/5

Series: Staff Discussion Notes

Author(s): Gianni De Nicolo , Giovanni Favara , and Lev Ratnovski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 June 2012

DOI: http://dx.doi.org/10.5089/9781475504095.006

ISBN: 9781475504095

Keywords: Macroprudential Policy, Systemic risk, Externalities, banking, financial crisis, deposit insurance, bank of international settlements

This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy o...

Policies for Macrofinancial Stability
			: How to Deal with Credit Booms

Policies for Macrofinancial Stability : How to Deal with Credit Booms »

Volume/Issue: 2012/6

Series: Staff Discussion Notes

Author(s): Bas Bakker , Giovanni Dell'Ariccia , Luc Laeven , Jérôme Vandenbussche , Deniz Igan , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 June 2012

DOI: http://dx.doi.org/10.5089/9781475504743.006

ISBN: 9781475504743

Keywords: Credit booms, Credit expansion, Business cycles, Financial stability, Monetary policy, Fiscal policy, macroprudential regulation, macroeconomic policy, banking, credit boom

This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis....

From Bail-out to Bail-in
			: Mandatory Debt Restructuring of Systemic Financial Institutions

From Bail-out to Bail-in : Mandatory Debt Restructuring of Systemic Financial Institutions »

Volume/Issue: 2012/3

Series: Staff Discussion Notes

Author(s): Virginia Rutledge , Michael Moore , Marc Dobler , Wouter Bossu , Nadège Jassaud , and Jianping Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 2012

DOI: http://dx.doi.org/10.5089/9781475503906.006

ISBN: 9781475503906

Keywords: Financial institutions, Financial risk, Financial stability, Debt restructuring, Bank capitalization, Banks, Banking crisis, Intervention, Financial regulatory reforms, bailout

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Libya Beyond the Revolution
			: Challenges and Opportunities

Libya Beyond the Revolution : Challenges and Opportunities »

Series: Departmental Papers / Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2012

DOI: http://dx.doi.org/10.5089/9781475504392.087

ISBN: 9781475504392

Keywords: Employment, banking, foreign exchange, banking system, public finances, macroeconomic stability

In the aftermath of the revolution of 2011, Libya faces the complex task of rebuilding its economy, infrastructure, and institutions, and responding to the demands of the population, especially for improved governa...

Treasury Single Account
			: An Essential Tool for Government Cash Management

Treasury Single Account : An Essential Tool for Government Cash Management »

Volume: 11

Series: Technical Notes and Manuals

Author(s): Israel Fainboim Yaker , and Sailendra Pattanayak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2011

DOI: http://dx.doi.org/10.5089/9781475504699.005

ISBN: 9781475504699

Keywords: treasury single account, TSA, banking arrangement, bank accounts, cash management, liquidity management, treasury management, transaction processing, public financial management, bank

This technical note and manual addresses the following main issues: 1. Discusses the problems of fragmented government banking arrangements and how a treasury single account (TSA) could address them. 2. Explain...

The Too-Important-to-Fail Conundrum
			: Impossible to Ignore and Difficult to Resolve

The Too-Important-to-Fail Conundrum : Impossible to Ignore and Difficult to Resolve »

Volume/Issue: 2011/12

Series: Staff Discussion Notes

Author(s): Inci Ötker , Aditya Narain , Anna Ilyina , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2011

DOI: http://dx.doi.org/10.5089/9781463926588.006

ISBN: 9781463926588

Keywords: Bank capital, Financial stability, Moral hazard, Financial crises, too big to fail, too important to fail, resolution, financial regulation, contingent capital, bail-in

DISCLAIMER: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the I...

Crisis Management and Resolution
			: Early Lessons from the Financial Crisis

Crisis Management and Resolution : Early Lessons from the Financial Crisis »

Volume/Issue: 2011/5

Series: Staff Discussion Notes

Author(s): Ceyla Pazarbasioglu , Luc Laeven , Oana Nedelescu , Stijn Claessens , Fabian Valencia , Marc Dobler , and Katharine Seal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2011

DOI: http://dx.doi.org/10.5089/9781455286546.006

ISBN: 9781455286546

Keywords: Financial crises, Financial stability, Crisis management, Asset restructuring, Burden sharing, Moral hazard, Stress tests, resolution, too big to fail, financial institutions

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Subsidiaries or Branches
			: Does One Size Fit All?

Subsidiaries or Branches : Does One Size Fit All? »

Volume/Issue: 2011/4

Series: Staff Discussion Notes

Author(s): Jonathan Fiechter , Inci Ötker , Anna Ilyina , Michael Hsu , Andre Santos , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 March 2011

DOI: http://dx.doi.org/10.5089/9781455288564.006

ISBN: 9781455288564

Keywords: Cross-border banking, Bank regulations, Banks, Financial stability, Financial regulation, Stand-alone subsidiarization, Ringfencing, Subsidiary model, Branch model, Resolution

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Contingent Capital
			: Economic Rationale and Design Features

Contingent Capital : Economic Rationale and Design Features »

Volume/Issue: 2011/1

Series: Staff Discussion Notes

Author(s): Ceyla Pazarbasioglu , Jianping Zhou , Vanessa Le Leslé , and Michael Moore

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2011

DOI: http://dx.doi.org/10.5089/9781462304141.006

ISBN: 9781462304141

Keywords: Contingent capital, Bonds, Banks, Financial institutions, Financial instruments, Financial reform, Moral hazard, Risk management, Financial regulation, Too Big to Fail

The causes of the global financial crisis were multi-faceted but revealed still unresolved weaknesses in national and international financial oversight and resolution frameworks. In particular, many governments in...

The Crisis and Miss Emily's Perceptions

The Crisis and Miss Emily's Perceptions »

Volume: 10

Series: Departmental Papers / Policy Papers

Author(s): Luc Leruth , and Pierre Nicolas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2010

DOI: http://dx.doi.org/10.5089/9781462327331.087

ISBN: 9781462327331

Keywords: Global Financial Crisis 2008-2009, paper, monetary policy, probability, scientists, financial sector

The Crisis and Miss Emily's Perceptions draws an analogy between the theme and the characters in Faulkner's short story "A Rose for Emily" and the global financial crisis. In Faulkner's story, all the characters tr...

Impact of Regulatory Reforms on Large and Complex Financial Institutions

Impact of Regulatory Reforms on Large and Complex Financial Institutions »

Volume/Issue: 2010/16

Series: IMF Staff Position Notes

Author(s): Inci Ötker , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 November 2010

DOI: http://dx.doi.org/10.5089/9781462345496.004

ISBN: 9781462345496

Keywords: Financial reform, Capital requirements, Basel Core Principles, Bank supervision, Banking, Capital controls, Bank reforms, Bank regulations, Liquidity controls, Basel III

Financial sector reforms are being considered to address the risks posed by large and complex financial institutions (LCFIs). The vast majority of global finance is intermediated by a handful of these institutions...