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World Economic Outlook, October 2018

Challenges to Steady Growth

Global growth for 2018-19 is projected to remain steady at its 2017 level, but its pace is less vigorous than projected in April and has become less balanced.

World Economic Outlook, October 2018

Challenges to Steady Growth

Global growth for 2018-19 is projected to remain steady at its 2017 level, but its pace is less vigorous than projected in April and has become less balanced.

Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract

New
Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract »

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2019

DOI: http://dx.doi.org/10.5089/9781498302968.007

ISBN: 9781498302968

Keywords: Collective action clause, CACs, Sovereign debt, restructuring, Pari passu, IMF

This paper reports on progress in inclusion of enhanced collective action clauses and modified pari passu clauses as of end-October 2018. The report finds that enhanced CACs have now become the market standard, wi...

The External Balance Assessment Methodology: 2018 Update

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The External Balance Assessment Methodology: 2018 Update »

Volume/Issue: 2019/65

Series: IMF Working Papers

Author(s): Luis Cubeddu , Signe Krogstrup , Gustavo Adler , Pau Rabanal , Mai Chi Dao , Swarnali Ahmed Hannan , Luciana Juvenal , Carolina Osorio Buitron , Cyril Rebillard , Daniel Garcia-Macia , Callum Jones , Jair Rodriguez , Kyun Suk Chang , Deepali Gautam , and Zijiao Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2019

DOI: http://dx.doi.org/10.5089/9781498300933.001

ISBN: 9781498300933

Keywords: current account, exchange rates, external sustainability, global imbalances.

The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework-a key input in the conduct of multilaterally-consiste...

Fundamental and Speculative Demands for Housing

New
Fundamental and Speculative Demands for Housing »

Volume/Issue: 2019/63

Series: IMF Working Papers

Author(s): Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2019

DOI: http://dx.doi.org/10.5089/9781498302722.001

ISBN: 9781498302722

Keywords: Asset Bubbles, Belief, Housing Cycles, Land Prices, Land Share

This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing s...

Self-Employment and Support for the Dutch Pension Reform

New
Self-Employment and Support for the Dutch Pension Reform »

Volume/Issue: 2019/64

Series: IMF Working Papers

Author(s): Izabela Karpowicz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2019

DOI: http://dx.doi.org/10.5089/9781498302807.001

ISBN: 9781498302807

Keywords: pension reform, self-employment

The Netherlands' pension system is characterized by high participation rates, adequate retirement income, strong capitalization and sustainability. Pressure points are arising, however, due to population aging and...

Assessing House Prices with Prudential and Valuation Measures

New
Assessing House Prices with Prudential and Valuation Measures »

Volume/Issue: 2019/59

Series: IMF Working Papers

Author(s): Michal Andrle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302814.001

ISBN: 9781498302814

Keywords: house prices, borrowing capacity, present value, financial stability

In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of househol...

Attaining Selected Sustainable Development Goals in Guatemala: Spending, Provision, and Financing Needs

New
Attaining Selected Sustainable Development Goals in Guatemala: Spending, Provision, and Financing Needs »

Volume/Issue: 2019/60

Series: IMF Working Papers

Author(s): Esther Perez Ruiz , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781484398005.001

ISBN: 9781484398005

Keywords: Sustainable Devleopment Goals, Development, Fiscal Policy.

Raising living standards continues to be the main challenge facing Guatemala, as a matter of economic success and social cohesion. This paper discusses the spending, financing, and delivery capacity aspects of a vi...

The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply

New
The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply »

Volume/Issue: 2019/61

Series: IMF Working Papers

Author(s): Hui He , Lei Ning , and Dongming Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302890.001

ISBN: 9781498302890

Keywords: Demographic Change, Pension Reform, Saving, Labor Supply, Life Cycle, Heterogeneous Agent Model

We study, both empirically and quantitatively, the role of savings and the labor supply in self-insurance channels over the life cycle when one faces not only idiosyncratic income risks, but also changes in longevi...

Liquidity Management under Fixed Exchange Rate with Open Capital Account

New
Liquidity Management under Fixed Exchange Rate with Open Capital Account »

Volume/Issue: 2019/58

Series: IMF Working Papers

Author(s): Mariam El Hamiani Khatat , and Romain Veyrune

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302913.001

ISBN: 9781498302913

Keywords: Fixed exchange rate regime, price-specie flow mechanism, uncovered interest rate parity, offset coefficients, monetary operations, autonomous factors, money and foreign exchange markets

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of sh...

Some Policy Lessons from Country Applications of the DIG and DIGNAR Models

New
Some Policy Lessons from Country Applications of the DIG and DIGNAR Models »

Volume/Issue: 2019/62

Series: IMF Working Papers

Author(s): Daniel Gurara , Giovanni Melina , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302883.001

ISBN: 9781498302883

Keywords: Natural resources, Public Investment, Debt Sustainability, Small Open DSGE Models, Developing Countries.

Over the past seven years, the DIG and DIGNAR models have complemented the IMF and World Bank debt sustainability framework (DSF) analysis, over 65 country applications. They have provided useful insights in the co...

Designing Interest and Tax Penalty Regimes

New
Designing Interest and Tax Penalty Regimes »

Volume/Issue: 2019/1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302012.008

ISBN: 9781498302012

Keywords: Tax revenue, Market interest rates, Tax assessments, Interest rates on loans, Tax evasion, administrative penalty, underpayment, tax authority, late payment, taxpayer

Designing Interest and Tax Penalty Regimes...