Search Results

You are looking at 1 - 10 of 71 items for :

  • Keyword: Capital requirements x
  • IMF Special Issues x
Clear All Modify Search
Mr. Peter S. Heller and Mr. William C. Hsiao

Abstract

As a general rule, issues of health care policy have not generally been seen as the domain of macroeconomists. Only in recent years, with the report of the World Health Organization’s (WHO) Commission on Macroeconomics and Health (CMH) (WHO, 2001, 2002), has there been a greater focus on why health issues are relevant to macroeconomic policymakers and, in particular, ministers of finance. That report also provided further support for the prominence of health goals (for example, reduced infant and maternal mortality rates as well as reduced prevalence rates for HIV/AIDS, malaria, and tuberculosis) in formulating the MDGs. The CMH initiative principally sought to demonstrate that progress in improving health in low-income countries could be a critical factor influencing the growth potential of a country. In particular, the CMH report explored the various ways in which better health status could improve the quality of the labor force; enhance productivity, in both the short and the long run; limit the extent to which catastrophic illnesses can lead to households falling into poverty; raise household saving rates; and reduce fertility rates.3

Mrs. Harinder K Malothra, Mr. Milan M Cuc, Mr. Ulrich Bartsch, and Mr. Menachem Katz

Abstract

Over the last decade, the Atlantic Ocean off the coast of western and southern Africa has become one of the most promising oil-exploration areas in the world. Six countries in the area are by now well-established oil producers, and more are to join their ranks in the near future. Oil-producing countries are faced with some of the same challenges as other natural resource–based countries, but their difficulties seem to be accentuated by the peculiar nature of oil markets and oil production. The main challenges come from the high volatility of oil prices, the enclave nature of the oil sector, the exhaustibility of oil reserves, and the high concentration of revenue flows from the oil sector, which invites rent-seeking behavior and may lead to governance problems. In the past, many oil-producing countries have been disappointed in their expectations that favorable resource endowments would lead to rapid improvements in development indicators. This paper focuses on the policies that have been and should be implemented by the oil-producing countries. It summarizes proceedings of the Workshop on Macroeconomic Policies and Governance in Sub-Saharan African Oil-Exporting Countries, hosted jointly by the African Department of the International Monetary Fund and the Africa Region and the Oil and Gas Policy Unit of the World Bank. The workshop brought together high-level policymakers from African oil-producing countries during April 29–30, 2003, in Douala, Cameroon.

Mr. Christian H. Beddies, Mr. Enrique A Gelbard, Mr. James McHugh, Ms. Laure Redifer, and Mr. Garbis Iradian

Abstract

Despite geographical isolation, trade blockades, and occasional political upheaval, Armenia’s economic performance during the past four years has been remarkable. Growth has averaged nearly 12 percent and poverty has fallen. The country has become a reform leader among CIS countries. This performance reflects a combination of factors, namely a sustained commitment to macroeconomic stability, structural measures undertaken since the mid-1990s, minimal government intervention in the economy, a focus on poverty-reducing policies since 2002, and support from the Armenian diaspora. These factors led to higher domestic and foreign investment, improvements in competitiveness, and a market-driven process of import substitution.

Mr. Christian H. Beddies, Mr. Enrique A Gelbard, Mr. James McHugh, Ms. Laure Redifer, and Mr. Garbis Iradian

Abstract

This chapter reviews Armenia’s growth performance and poverty indicators since the early 1990s. It seeks to respond to the following four questions: What were the sources of growth? Can the recent rapid growth be sustained? How responsive was poverty reduction to economic growth? What is the minimum annual growth needed for Armenia to reach its poverty target by 2015? The analysis is based on a growth accounting exercise and the results of recent household surveys.

Mr. Christian H. Beddies, Mr. Enrique A Gelbard, Mr. James McHugh, Ms. Laure Redifer, and Mr. Garbis Iradian

Abstract

Armenia’s high growth rates over the past three years have been fueled by fast-growing exports, donor inflows, remittances, and FDI. Strong export-led growth is rather surprising in a country that lacks natural resources, has been subject to a trade blockade from two important neighbors, and has poor transportation routes. This chapter analyzes changes in Armenia’s trade patterns in recent years, the role of government policies, the success of the diamond industry, and the costs and consequences of the trade blockade.

Mr. Peter S. Heller and Mr. William C. Hsiao

Abstract

Whether working on a low-income country or an advanced economy, it is important that macroeconomists be aware of issues in health economics and health policy. Health care has gained prominent recognition in development. The United Nations (UN) Millennium Development Goals (MDGs) set 10 specific targets to be achieved by 2015, of which three explicitly pertain to health. Research studies document that millions of households in developing nations are impoverished each year by health expenditures, retarding poverty alleviation efforts, and an emerging body of research shows that investments in health can have a significant effect on economic development (Bloom and Canning, 2000; Fogel, 2004; and Bloom, Canning, and Sevilla, 2004). HIV/AIDS has undermined the development prospects of a number of African countries and threatens to weaken the growth momentum of several important Asian economies. For middle-income economies, transition economies, and industrial countries, the challenge posed by the health sector for macroeconomists differs, but is no less daunting. Increasingly, pressures emerging from the health sector—in part owing to the aging of populations and in part due to the rapid pace of technological change in the medical sector—are affecting fiscal sustainability, inflation, and possibly even the current account of the balance of payments.

International Monetary Fund

Abstract

Iran has received much attention from a geopolitical and regional standpoint, but its economic challenges have not attracted a similar degree of interest. With a population of 69 million, considerable hydrocarbon resources, a dynamic and entrepreneurial middle class, and a relatively well-educated labor force, Iran's economic potential is considerable. This volume takes stock of critical developments in the Iranian economy in recent years. The study reviews the key issues and policy responses, highlights the nature of the challenges ahead, and draws implications for the next phase of reforms. The authors conclude that major challenges remain, although significant advances have been made in recent years in opening up the economy to international trade and foreign direct investment, encouraging the private sector, removing exchange restrictions, reforming the tax system, and enhancing macroeconomic management.

Mr. Milan M Cuc, Mr. Erik J. Lundback, and Mr. Edgardo Ruggiero

Abstract

Labor migration and remittances, which have increasingly become a part of the global landscape, have profound economic and social consequences. Moldova, a small low-income country where an estimated one-third of the economically active population has been working abroad, is an interesting illustration of this trend. Drawing on household survey data, this Special Issues paper explains why Moldovan workers go abroad and how their remittances are used. With this background, it provides insights into policy challenges of coping with, and maximizing benefits from, international labor mobility and the large inflows of remittances.

Mr. Christian H. Beddies, Mr. Enrique A Gelbard, Mr. James McHugh, Ms. Laure Redifer, and Mr. Garbis Iradian

Abstract

Since 2000, Armenia's economic performance has been remarkable. Real economic growth has averaged 11 percent a year, annual inflation has averaged 3 percent, and poverty and inequality have fallen. The country has outperformed other low-income countries including other members of the Commonwealth of Independent States. This is particularly impressive given the geographical location of Armenia, the closure of two critical borders, and occasional political turmoil. The key factors behind Armenia's economic performance are prudent monetary and fiscal policies, liberal trade and foreign exchange regimes, rapid and relaively well-sequenced structural reforms, and support from the Armenian diaspora. In addition, the implementation of a poverty reduction strategy since 2002 has complemented the effect of economic growth on reducing poverty. This book assesses the country's economic transformation during the last 10 years and discusses the challenges to sustaining these successes.