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Business and Economics > Public Finance

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  • Type: Journal Issue x
  • Industrial Organization: General x
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Cover IMF Research Bulletin
IMF Research Bulletin, December 2011
International Monetary Fund. Research Dept.
The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.
Keywords:
IRB; IMF research bulletin; economy; bulletin; export; Hong Kong monetary authority; johns Hopkins University; IMF research; IMF department; fiscal consolidation attempt; Fiscal consolidation; Exports; Export diversification; Industrial sector; Global; Central America; Europe; Sub-Saharan Africa
Cover IMF Working Papers
Russia's Output Collapse and Recovery: Evidence from the Post-Soviet Transition
Eteri Kvintradze
The health of the Russian economy still depends heavily on natural resource revenues. The history of the economic collapse and recovery in 1970–2004 provides new evidence on the sources of Russian economic growth, while a survey of the economic literature suggests that the Russian economy could be viewed as a weighted combination of virtual and normal forces. If the Russian economy is considered to be dominated by normal market economy forces, higher energy export receipts provide an opportunity for structural reforms while compensating for social costs, making the economy less vulnerable to decline in world energy prices. However, the domination of virtual forces—value transfers from the energy sector to strategic enterprises—suggests that high world energy prices are masking an inefficient manufacturing sector, and that the Russian economy is highly vulnerable to energy price declines.
Keywords:
WP; economy; enterprise; price; Russia; Russia and Growth Transition; enterprise growth; economic system; enterprise balance sheets; production factor; privatized enterprise; economy concept; Industrial sector; Productivity; Production growth; Energy pricing; Total factor productivity; Eastern Europe
Cover IMF Working Papers
Economic Reform and Structural Adjustment in East European Industry
Mr. Eduardo Borensztein
and
Mr. Jonathan David Ostry
A consistent set of disaggregated industrial output data for four Eastern European countries is examined In order to determine the extent to which structural adjustment has taken place since the initiation of market-oriented reform. The latter created a massive relative price shock whose affects on the structure of the industrial sectors of these economies is shown to have been relatively small, at least one to two years after the reforms. An implication is that one argument in favor of more gradualist reform—based on the premise that more gradualism implies a smaller output cost in the short run—is questionable. By and large in these economies, the output cost associated with the removal of relative price distortions may still have to be faced.
Keywords:
WP; factor; state enterprise; economy; country; liberalization; industry shock; country-effect dummy; industry factor; state enterprise sector; industry effects f; CMEA country; Industrial sector; Macroeconomic risks; Energy prices; Inflation; Eastern Europe
Cover IMF Working Papers
The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania
Mr. Jonathan David Ostry
,
Mr. Eduardo Borensztein
, and
Mr. Dimitri G Demekas
This paper analyzes the declines in economic activity experienced by Bulgaria, the Czech and Slovak Federal Republic (CSFR), and Romania in the period since the initiation of market-oriented reforms in these countries. The paper reviews developments in the three countries and empirically investigates two questions that are key to the interpretation of the output decline: First, to what extent does the output fall reflect “structural change” (or a reallocation of resources across sectors) rather than a conventional recession? Second, to what extent have demand-side or supply-side forces been dominant in generating the output decline?
Keywords:
WP; economic activity; supply and demand; price-output correlation; U.S. dollar; output change; economic system; privatization program; output decline; price reform; enterprise manager; Employment; Comparative advantage; Exports; Industrial sector; Energy pricing; Eastern Europe
Cover Perspectives de l'économie mondiale, mai 1990
Perspectives de l'économie mondiale, mai 1990
International Monetary Fund. Research Dept.

Abstract

Les Perspectives de l'économie mondiale (PEM) présentent des analyses de l'évolution économique mondiale à court et moyen termes, préparées par les principaux économistes du FMI. Elles constituent une ressource respectée, centrale et fiable d'informations fouillées et équilibrées, permettant aux décideurs et aux dirigeants du monde entier de prendre le recul nécessaire. Publiées deux fois par an, les Perspectives de l’économie mondiale présentent sous une forme claire et pratique les perspectives en matière de croissance, d’inflation, de commerce international et d’emploi, et s'intéressent également à d'autres domaines économiques. Chaque numéro des PEM se penche sur les problèmes qui touchent les pays avancés, émergents et en développement. Les banques centrales, les économistes, les institutions financières, les chefs d’entreprises, les gouvernements, les groupes de réflexion et les chercheurs attendent avec impatience cette étude sans pareille de la situation actuelle et de ce qui se prépare.

Keywords:
WEO; real GNP; U.S. dollar; economic system; GNP deflator; defense outlay
Cover World Economic Outlook, May 1990
World Economic Outlook, May 1990
International Monetary Fund. Research Dept.

Abstract

This paper highlights that world economic activity slowed in 1989 to about 3 percent from an exceptionally rapid rate of 4 percent in 1988. The growth of output is expected to moderate further in 1990, to 2¼ percent, before picking up to about 3 percent in 1991. The slowdown reflects the restrictive monetary policies that have been implemented in most industrial countries to deal with pressures on productive capacity and rising inflation. Output growth is expected to decline further in 1990 in North America and the United Kingdom.

Keywords:
WEO; real GNP; U.S. dollar; economic system; GNP deflator; defense outlay; Inflation; Current account balance; Defense spending; Industrial sector; Real interest rates; Eastern Europe; Western Hemisphere; Middle East; Western Europe; Europe