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Business and Economics > Banks and Banking

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Cover Departmental Papers
Exchange Rate Developments and Policies in the Caucasus and Central Asia
Mr. Mark A Horton
,
Hossein Samiei
,
Mr. Natan P. Epstein
, and
Mr. Kevin Ross
Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.
Keywords:
DPPP; DP; government; country; central bank; High ER; CCA country; ER flexibility; ER Policy framework; ER regime; ER policy; CCA central banks; central bank communications; Communications in revenue administration; Currencies; Dollarization; Monetary policy frameworks; Global
Cover Finance & Development
Finance and Development, December 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; house price; trade; price; economy; housing crisis
Cover Finance & Development
Finance and Development, December 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; house price; trade; price; economy; housing crisis
Cover Finance & Development
Finances & Développement, décembre 2013
International Monetary Fund. External Relations Dept.
Pour les dernières idées sur le système financier international, la politique monétaire, le développement économique, la lutte contre la pauvreté et d’autres questions importantes, abonnez-vous à Finances & Développement (F&D). Ce trimestriel attrayant présente des analyses approfondies sur ces thèmes et d'autres sujets, rédigées par les membres des services du FMI ainsi que par des experts de renommée internationale. Les articles sont écrits pour les non-spécialistes qui souhaitent enrichir leur compréhension des rouages de l'économie mondiale et des politiques et activités du FMI.
Keywords:
FD; F&D; house price; trade; price; economy; housing crisis
Cover Finance & Development
Finanzas & Desarrollo, diciembre de 2013
International Monetary Fund. External Relations Dept.
Suscríbase a Finanzas & Desarrollo para mantenerse al día de las últimas corrientes del pensamiento económico en lo que respecta al sistema financiero internacional, la política monetaria, el desarrollo económico, la reducción de la pobreza y otras cuestiones de importancia fundamental. Esta amena revista trimestral ofrece análisis profundos de técnicos del FMI y respetados expertos internacionales sobre estas y otras cuestiones. Los artículos están redactados teniendo en mira al lector no especializado interesado en comprender el funcionamiento de la economía mundial y las políticas y actividades del FMI.
Keywords:
FD; F&D; house price; trade; price; economy; housing crisis
Cover Finance & Development
Finance and Development, December 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; house price; trade; price; economy; housing crisis
Cover Finance & Development
Finance and Development, December 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; house price; trade; price; economy; housing crisis; capital account liberalization; Beetle mania; intellectual property property right; Currencies; Income inequality; Emerging and frontier financial markets; Currency reform; Foreign banks; Global; Asia and Pacific; East Asia; Africa; Caribbean
Cover IMF Staff Country Reports
Ukraine: Selected Issues
International Monetary Fund
This Selected Issues paper investigates the economic importance of institutions in Ukraine, and attempts to quantify the potential benefits of market-friendly structural reforms. The paper reviews some of the key findings of the development-accounting literature, which has tried to explain the significant differences in income that persist across countries. It introduces the stochastic-frontier approach, outlining its key assumptions and strengths, and results obtained with the stochastic-frontier model. The implications of the results for the specific case of Ukraine are discussed. The paper also analyzes external risks and opportunities for Ukraine.
Keywords:
ISCR; CR; price; inflation; inflation persistence; Ukraine; replacement rate; CPI index; CPI inflation; contribution rate; Pension spending; Metal prices; Pensions; Import prices; Global; Eastern Europe; Asia and Pacific; Baltics
Cover IMF Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the entrenched inflation in Russia. It presents a possible explanation for the entrenched inflation stating that the Russian economy is facing increasing supply-side constraints in goods and labor markets. The paper focuses on measuring the performance of fiscal policy in Russia. It examines capital structures and vulnerabilities for the corporate sector in Russia. Recent developments and remaining challenges for the Russian banking sector are analyzed. Terms of trade and economic growth in the Former Soviet Union are also discussed.
Keywords:
ISCR; CR; bank; terms of trade growth; oil revenue; terms of trade shock; oil price balance; output gap estimate; arithmetic trend; Terms of trade; Fiscal stance; Capacity utilization; Oil prices; Output gap; Baltics; Western Europe; Central and Eastern Europe; Africa; Global
Cover IMF Staff Country Reports
Republic of Armenia: Staff Report for the 2002 Article IV Consultation, First and Second Reviews Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria
International Monetary Fund
This paper focuses on the Republic of Armenia’s 2002 Article IV Consultation, First and Second Reviews Under the Poverty Reduction and Growth Facility (PRGF), and a Request for Waiver of Performance Criteria. The PRGF-supported program approved in 2001 focuses on revenue mobilization, the clearance of government arrears, and a decline in the deficit of the energy sector. Performance during the first year of the program was mixed. Tax collection was sluggish, and delays with structural reforms in the energy, water, and irrigation sectors led to the nonobservance of several quantitative performance criteria under the program.
Keywords:
ISCR; CR; PRGF arrangement; support poverty reduction effort; staff appraisal; interest arrears; value; PRSP preparation status report; Arrears; Energy sector; Poverty reduction strategy; Global