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
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...
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
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...
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....
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
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...
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
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...
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...
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...
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...
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...
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...
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
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...
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
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...
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
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...
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
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...
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...
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...
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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....
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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....
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
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,...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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....
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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...
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...
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...
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...
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...
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...
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
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...
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...
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....
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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....
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
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...
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
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...
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
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...
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
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
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...
Volume/Issue: 2018/253
Series: IMF Working Papers
Author(s):
Eugenio Cerutti
, and
Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
07
December
2018
DOI: http://dx.doi.org/10.5089/9781484377475.001
ISBN: 9781484377475
A cross-country comparative analysis shows that there is substantial room for further integration
of China into global financial markets, especially in the case of the international bond market. A
further successfu...
