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  • genre: journal x
  • issn: 2616-5333 x
  • volume: 2019 x
Cover Departmental Papers
Report on the Pacific Roundtables: Actions to Address Correspondent Banking and Remittances Pressure
Ms. Alison Stuart
,
Jihad Alwazir
,
Ms. Yan Liu
,
Mr. Scott Roger
,
Mr. Si Guo
,
Chau Nguyen
,
Mr. Emmanuel Mathias
, and
Mr. Jonathan Pampolina
The paper looks at feasible concrete action that can be taken by correspondent and respondent banks, money transfer operators, the Pacific authorities, the Australian and New Zealand authorities, and international organizations.
Keywords:
DPPP; DP; money transfer operator; correspondent banking relationship; accounts open; guidance to member; operator transaction; transfer operator; operator practice; transfer operator account; operator remittance; transfer operator practice; transfer operator closure; correspondent banking link; money transfer operator remittance; Correspondent banking; Remittances; Anti-money laundering and combating the financing of terrorism (AML/CFT); Compliance costs; Multilateral development institutions; Pacific Islands; Global; Australia and New Zealand
Cover Departmental Papers
Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia
Mr. Nicolas R Blancher
,
Maximiliano Appendino
,
Aidyn Bibolov
,
Mr. Armand Fouejieu
,
Mr. Jiawei Li
,
Anta Ndoye
,
Alexandra Panagiotakopoulou
,
Wei Shi
, and
Tetyana Sydorenko
The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.
Keywords:
DPPP; DP; SME financing; capital market; SME access; bank credit; Fintech company; SME lending
Cover Departmental Papers
Frontiers of Economic Policy Communications
Ms. Olga Ilinichna Stankova
The paper provides an overall view of communications across various areas of economic policy, aiming to help country authorities as they increasingly use communications as a policy tool in its own right. The paper identifies frontier communications challenges, drawing on a large body of research on the salient issues. Although communications can never be a substitute for good policies, economic reforms are more likely to fail or even be reversed if they are not understood or accepted by those whom they affect.
Keywords:
DPPP; DP; public debate; financial system; balance of payments; bank guarantee
Cover Departmental Papers
Cybersecurity Risk Supervision
Tamas Gaidosch
,
Frank Adelmann
,
Anastasiia Morozova
, and
Christopher Wilson
This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.
Keywords:
DPPP; DP; supervised firm; cybersecurity risk; ICT system; recovery plan; shape firms' cybersecurity capability; risk assessments; cyber crime; technology firm; risk supervision; risk profile; data life cycle; Cyber risk; Operational risk; Information technology in revenue administration; Financial sector; Financial sector stability; Global
Cover Departmental Papers
Frontiers of Economic Policy Communications
Ms. Olga Ilinichna Stankova
The paper provides an overall view of communications across various areas of economic policy, aiming to help country authorities as they increasingly use communications as a policy tool in its own right. The paper identifies frontier communications challenges, drawing on a large body of research on the salient issues. Although communications can never be a substitute for good policies, economic reforms are more likely to fail or even be reversed if they are not understood or accepted by those whom they affect.
Keywords:
DPPP; DP; public debate; financial system; balance of payments; bank guarantee
Cover Departmental Papers
Economic Integration in the Maghreb: An Untapped Source of Growth
Mr. Alexei P Kireyev
,
Mr. Boaz Nandwa
,
Ms. Lorraine Ocampos
,
Mr. Babacar Sarr
,
Mr. Ramzy Al Amine
,
Mr. Allan G Auclair
,
Mr. Yufei Cai
, and
Mr. Jean-Francois Dauphin
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 total trade, substantially lower than in all other regional trading blocs around the world. Geopolitical considerations and restrictive economic policies have stifled regional integration. Economic policies have been guided by country-level considerations, with little attention to the region, and are not coordinated. Restrictions on trade and capital flows remain substantial and constrain regional integration for the private sector.
Keywords:
DPPP; DP; Maghreb country; Maghreb trade; export structure; factory Maghreb; growth potential; integration arrangement; private sector; Maghreb integration; trade policy; Exports; Regional integration; Comparative advantage; Trade integration; Trade policy; Maghreb; Global; Europe; Sub-Saharan Africa; Africa
Cover Departmental Papers
Is South Asia Ready for Take Off?: A Sustainable and Inclusive Growth Agenda
Ms. Manuela Goretti
,
Mr. Daisaku Kihara
,
Mr. Ranil M Salgado
, and
Ms. Anne Marie Gulde
Since the mid-1980s, durable reforms coupled with prudent macroeconomic management have brought steady progress to the South Asia region, making it one of the world’s fastest growing regions. Real GDP growth has steadily increased from an average of about 3 percent in the 1970s to 7 percent over the last decade. Although growth trajectories varied across countries, reforms supported strong per capita income growth in the region, lifting over 200 million people out of poverty in the last three decades. Today, South Asia accounts for one-fifth of the world’s population and, thanks to India’s increasing performance, contributes to over 15 percent of global growth. Looking ahead, the authors find that South Asia is poised to play an even bigger role in the global economy, in both relative and absolute terms. India has overtaken China as the fastest growing large economy and South Asia’s contribution to global growth is set to increase, while more mature economies decelerate. Greater economic diversification, with an expansion of the service sector, improvements in education, and a still sizable demographic dividend are among the key elements underpinning this performance. Based on demographic trends, more than 150 million people in the region are expected to enter the labor market by 2030. This young and large workforce can be South Asia’s strength, if supported by a successful high-quality and job-rich growth strategy. Amid a changing global economic landscape, the authors argue that South Asia will need to leverage on all sectors of the economy in a balanced way, supporting improvements in agricultural productivity and a sustainable expansion of manufacturing, while promoting higher-skill services, to achieve this goal.
Keywords:
DPPP; DP; India; economy; IMF staff calculation; service sector; South Asia region; FDI liberalization; growth strategy; employment elasticity; liberalization path; pro-business reform; reform scenario; export-led growth; Labor force; Income; Productivity; South Asia; Global; Asia and Pacific
Cover Departmental Papers
Economic Integration in the Maghreb: An Untapped Source of Growth
Mr. Alexei P Kireyev
,
Mr. Boaz Nandwa
,
Ms. Lorraine Ocampos
,
Mr. Babacar Sarr
,
Mr. Ramzy Al Amine
,
Mr. Allan G Auclair
,
Mr. Yufei Cai
, and
Mr. Jean-Francois Dauphin
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 total trade, substantially lower than in all other regional trading blocs around the world. Geopolitical considerations and restrictive economic policies have stifled regional integration. Economic policies have been guided by country-level considerations, with little attention to the region, and are not coordinated. Restrictions on trade and capital flows remain substantial and constrain regional integration for the private sector.
Keywords:
DPPP; DP; Maghreb country; Maghreb trade; export structure; factory Maghreb; growth potential
Cover Departmental Papers
Lifting Growth in the Western Balkans: The Role of Global Value Chains and Services Exports
Mr. Nadeem Ilahi
,
Mrs. Armine Khachatryan
,
William Lindquist
,
Ms. Nhu Nguyen
,
Ms. Faezeh Raei
, and
Jesmin Rahman
In the past 25 years, exports have contributed strongly to growth and economic convergence in many small open economies. However, the Western Balkan (WB) region, consisting of small emerging market economies, has not fully availed itself of this driver of growth and convergence. A lack of openness, reliance on low value products, and weak competitiveness largely explain the insignificant role of trade and exports in the region’s economic performance. This paper focuses on how the countries in the WB could lift exports through stronger integration with global value chains (GVCs) and broadening of services exports. The experience of countries that joined the European Union in or after 2004 shows that participation in GVCs can help small economies accelerate export and income growth. WB countries are not well integrated into Europe’s vibrant GVCs. Trade within the region is also limited—it tends to be bilateral and not cluster-like. Our analysis shows that by improving infrastructure and labor skills and adopting trade policies that ensure investor protection and harmonize regulations and legal provisions, the region can greatly enhance its engagement with GVCs. Services exports are an increasingly important part of global trade, and they offer an untapped source of growth. The magnitude of services exports from the WB region compares favorably with that of peers in Europe, particularly in travel services where several of these countries have a revealed comparative advantage. But there is significant room for growth in tourism exports and an untapped potential in business and information technology services exports that these countries can materialize through policy efforts that increase openness and enhance connectivity and labor skills. Serbia offers a good example of how decisive efforts, including education policies to ensure a sustained supply of skilled labor, can help information technology services exports to take off.
Keywords:
DPPP; DP; WB country; WB region; GVC link; WB export; export firm; services export; WB economy; trade reform; Exports; Imports; Service exports; Global value chains; Trade agreements; Global; Europe
Cover Departmental Papers
Public-Private Partnerships in the Caribbean Region: Reaping the Benefits while Managing Fiscal Risks
Mr. Maximilien Queyranne
,
Mr. Wendell Daal
, and
Ms. Katja Funke
To provide policymakers in the Caribbean with a governance framework for improving infrastructure through Public-Private Partnerships (PPPs), while limiting their fiscal costs and risks for the government. And to showcase Canada support to FAD technical assistance in the region and FAD collaboration with CARTAC and the Caribbean Development Bank
Keywords:
DPPP; DP; PPP contract; minister of finance; PPP project; PPP unit; financial risk; private sector; Caribbean country; public finance; government support; cash basis; feasibility study; policy priority; investment project; Public investment and public-private partnerships (PPP); Public investment spending; Purchasing power parity; Fiscal risks; Infrastructure; Caribbean; Global; Sub-Saharan Africa