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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 20 items for :

  • Type: Journal Issue x
  • Agricultural and Natural Resource Economics; Environmental and Ecological Economics: General x
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Cover IMF Working Papers
Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development
Mr. Johannes Herderschee
and
Ms. Luisa Zanforlin
Whereas most of the literature related to the so-called “resource curse” tends to emphasize on institutional factors and public policies, in this research we focus on the role of the financial sector, which has been surprisingly overlooked. We find that countries that have financial systems with more depth, as well as those that actively manage their central banks’ balance sheets experience less exchange-rate appreciation than countries that do not. We analyze the relationship between these two findings and suggest that they appear to follow separate mechanisms.
Keywords:
Resource-Rich Countries; Financial Development; Monetary Policy; REER appreciation; credit vis-à-vis credit; monetary policy rate; balance sheet management policy; appreciation of the REER; nonrenewable resource wealth; gas resource; Financial sector development; Real effective exchange rates; Natural resources; Sterilization; Financial sector; Asia and Pacific
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper focuses on macro-critical issues related to governance and corruption in Democratic Republic of the Congo (DRC). Third-party indicators suggest that governance has been poor and corruption widespread in the country. Conducting an audit of the civil service and improving the transparency of its remuneration system, simplifying tax payment processes, and merging the activities of the numerous revenue agencies would boost public efficiency and improve the business environment. Contract enforcement and protection of property rights could be enhanced by insulating the courts from external influence. Limited information on the budget annexes and special accounts and little or no oversight by the central government, Parliament, and civil society, create scope for corruption. The multiplicity of special taxes and fees, some accruing to special accounts outside the Treasury, generate opportunities for corruption and informalization of economic activity. Despite some progress in strengthening public financial management, budget execution remains deficient. The government has formalized the four stages of the expenditure chain and introduced budget commitment plans to align expenditures with revenues.
Keywords:
ISCR; CR; Congo; country; government; DRC government expenditure; bank rating; natural resource; B. government strategy; resource sector; revenue agency; curse thesis; FBNBANK DRC; Mining sector; Natural resources; Budget planning and preparation; Corruption; Global; Southern Africa; Central Africa
Cover IMF Working Papers
Financial Resource Curse in Resource-Rich Countries
Mr. Montfort Mlachila
and
Rasmané Ouedraogo
Why do commodity-dependent developing countries have typically lower levels of financial development than their peers? The literature has proposed many possible explanations, but it typically does not dwell on the deep mechanisms that drive such an outcome. In this paper, we argue that the main cause is the shocks in commodity prices. We test the hypothesis on 68 commodity-rich developing countries between 1980 and 2014, and we find strong evidence of the financial development resource curse through the channel of commodity price shocks, after controlling for other explanations found in the literature. The findings are robust to the different types of commodities, the nature of the shocks, and various indicators of financial development. We also show how the impact of these shocks can be mitigated through good quality of governance.
Keywords:
WP; price shock; shock indices; export concentration; private sector; natural resource
Cover Finance & Development
Finance and Development March 2016
International Monetary Fund. Communications Department
Finance and Development March 2016
Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country
Cover Finance & Development
Finances & Développement, mars 2016
International Monetary Fund. Communications Department
Finances & Développement, mars 2016
Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country
Cover Finance & Development
Finance and Development March 2016
International Monetary Fund. Communications Department
Finance and Development March 2016
Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country
Cover Finance & Development
Finance and Development March 2016
International Monetary Fund. Communications Department
Finance and Development March 2016
Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country
Cover Finance & Development
Finanzas y Desarrollo, marzo de 2016
International Monetary Fund. Communications Department
Finanzas y Desarrollo, marzo de 2016
Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country
Cover Finance & Development
Finance and Development March 2016
International Monetary Fund. Communications Department
This article profiles economist David Card, whose work on minimum wages, immigration, and education challenged conventional wisdom. Card rose to prominence in 1995 when he won the coveted John Bates Clark Medal, then awarded every two years by the American Economic Association to the leading economist under the age of 40 who is working in the United States. It is considered the top award in economics barring the Nobel Prize. Through empirical research into a series of “natural experiments”—real-life situations underpinned by robust data—Card challenged conventional economic thinking in several important areas. He found that, unlike in classical models, raising the minimum wage does not necessarily increase unemployment, and even has the potential to reduce it. More than 15 years of research led to a landmark 1993 paper and subsequent book—coauthored with Princeton professor Alan B. Krueger—that analyzed the impact of the minimum wage on the New Jersey fast-food industry.
Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country; research finding; management skill; IMF portfolio survey; Natural resources; Aging; Inflation; Income inequality; Global; Sub-Saharan Africa; Europe; East Asia; Middle East
Cover IMF Staff Country Reports
Myanmar: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyzes how Myanmar can manage its natural resources for people’s development. Myanmar’s natural resource endowments provide much needed national wealth to finance the country’s development. Given Myanmar’s low tax revenue, mobilizing resource revenues is particularly important in the current macroeconomic environment of widening fiscal and current account deficits, inflationary pressures and exchange rate depreciation. The government should consider revising the fiscal regime for natural resources and introducing a resource rent tax to maximize the revenue stream in an efficient way. To better manage the impact of volatile resource revenues on the budget, consideration could be given to anchoring fiscal policy on an expenditure rule over the medium term.
Keywords:
ISCR; CR; bank; market; export; authority; Myanmar; natural resource; bank entry; parent bank funding; management framework; revenue windfall; trade sector; Foreign banks; Commercial banks; Natural resources; Exports; Global; Southeast Asia