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International Monetary Fund. Western Hemisphere Dept.

.7 billion with investments geared toward: infrastructure, telecom, health, education, agribusiness and financial institutions, supporting the country in financial inclusion, urbanization, competitiveness and sustainable management of natural resources. In addition to its investment projects, IFC has provided Brazil’s fast-growing private sector with various advisory services, including a partnership with BNDES for public-private partnerships (PPP). MIGA has recently processed its first exposure transaction in Brazil since FY 09 . While MIGA has had no exposure in the

Kent Osband

. Sample Growth and Inflation Rates When Utility is CES Figures 1. Paasche Price Index with Free Prices 2. Laspeyres Quarterly Index with Free Prices 3. Laspeyres Quarterly Index Under Shortage 4. Paasche Price Index Under Shortage Summary When a formerly centrally planned economy frees prices and allows or compels producers to respond to market signals, conventional measures may severely overstate the short-run surge in prices and decline in output. In part, the overstatement stems from miscounting. For example, the size of the fast-growing

International Monetary Fund. Western Hemisphere Dept.

investment projects, IFC has provided Brazil’s fast-growing private sector with various advisory services, including for PPP projects (roads, health, education), through a partnership with BNDES, the Brazilian development bank. MIGA processed in FY 15 its first exposure transaction in Brazil since FY 09 . While MIGA has had no exposure in Brazil in recent years, it views Brazil as a target market, where it can support the government’s agenda of meeting the country’s massive infrastructure requirements, through the provision of guarantees of Non-Honoring Financial

International Monetary Fund. Western Hemisphere Dept.

projects, IFC has provided Brazil’s fast-growing private sector with various advisory services, including for PPP projects (airports, roads, health, education), through a partnership with BNDES, the Brazilian development bank. MIGA processed in FY 15 its first exposure transaction in Brazil since FY 09. While MIGA has had no exposure in Brazil in recent years, it views Brazil as a target market, where it can support the Government’s agenda of meeting the country’s massive infrastructure requirements, through the provision of guarantees of Non-Honoring Financial

Kent Osband
When a formerly centrally-planned economy frees prices and allows or compels producers to respond to market signals, conventional measures tend to severely overstate short–run output decline and inflation. In part the overstatement stems from neglect of private sector activity, or from belated recognition of inflation previously disguised as quality improvements. Even when individual prices and outputs are correctly measured, however, shifts in relative prices consequent to price decontrol create a serious aggregation problem. Moreover, the standard indices ignore the deflationary trends in black markets. Superior growth and inflation indices are devised using a combination of official and black market prices.

institutions, supporting the country in financial inclusion, urbanization, competitiveness and sustainable management of natural resources. In addition to its investment projects, IFC has provided Brazil’s fast-growing private sector with various advisory services, including a partnership with BNDES for public-private partnerships (PPP). MIGA has recently processed its first exposure transaction in Brazil since FY 09. While MIGA has had no exposure in the Brazil in recent years, it views Brazil as a target market, where it can support the government’s agenda of

Kent Osband and Mr. Peter Wickham

I. Introduction As the centrally-planned economies of Eastern Europe and the Soviet Union attempt to restructure along free-market lines, measures of price inflation and output contraction have reached alarming proportions. Several authors, including Lipton and Sachs (1990) , Kemme (1990) , Lane (1991) , and Williamson (1991) , have suggested that some of the reported deterioration is spurious. On the one hand, the size of the fast-growing private sector may be drastically understated, 1/ as the Eastern European and Soviet statistical services are

KENT OSBAND

fast-growing private sector may be drastically overstated, 1 because the Eastern European and ex-Soviet statistical services are unaccustomed to dealing with the private sector. Also, many private entrepreneurs purposely conceal output and assets in order to evade current taxes or out of fear of possible future expropriation. On the other hand, enterprises that, when subject to price controls, disguised inflationary price hikes as quality improvements, may no longer feel a necessity to dissemble after liberalization, so that some of the inflation reported in current

M. Cheney David

. An assessment of fiscal consolidation, concluding that the ongoing process of fiscal reform is key to ensuring macro-economic stability and fostering growth. 97/102: On the Speed of Transition in Central and Eastern Europe: Does On-the-job Search Matter? , Zuzana Bixiova. A discussion of how on-the-job workers seeking jobs in the private sector can account for the coexistence of a fast-growing private sector and long-term high unemployment. 97/103: Japanese Foreign Direct Investment and Regional Trade , Tamim Bayoumi and Gabrielle Lipworth. An examination of

International Monetary Fund

Eastern Europe, notably the Czech Republic, Hungary, and Poland. Output had picked up and prices had begun to stabilize in countries that were pursuing appropriate monetary and fiscal policies. Directors commended the progress made in structural transformation in most countries of Central and Eastern Europe and stressed the importance of the fast-growing private sector to the renewal of economic growth. In their view, open trading relationships, both among the countries in transition and with the industrial countries, were crucial for the reform process. Directors noted