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Business and Economics > Public Finance

You are looking at 1 - 10 of 65 items for :

  • Type: Journal Issue x
  • Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure x
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Cover IMF Staff Country Reports
The Bahamas: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
2024 Selected Issues
Keywords:
quantifying climate; IMF staff calculation; climate change risk; housing affordability; alleviating supply constraint; housing affordability in The bahamas; Climate change; Electricity; Housing; Natural disasters; Global; Caribbean
Cover IMF Staff Country Reports
United Kingdom: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyses monetary policy issues in the UK. It examines key macro and financial indicators and assesses the effects of the tightening thus far. The paper finds that monetary transmission has largely mirrored previous episodes, with the most notable exception of the mortgage channel, which has been slower due to a higher share of fixed-rate mortgages. Additionally, it reveals an outsized impact of federal announcements on UK financial markets and argues that this will place a premium on Bank of England (BoE) communications in a context where the BoE may diverge. Monetary transmission in the UK during the current cycle has mostly worked as expected and has been similar to the experiences in other advanced economies. The paper identifies identify monetary policy surprises through changes in high-frequency market indicators within a narrow window around monetary policy announcement. The results indicate that Federal Open Market Committee spillovers do have a sizable effect on monetary transmission in the UK.
Keywords:
UK construction; UK workforce; spending scenario; Fed Policy spillover; MPC decision; visa regime; Housing; Education spending; Inflation; Global
Cover IMF Staff Country Reports
Austria: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes drivers of core inflation in Austria. Inflation in Austria has declined on falling energy prices, but the pace of its return to the two percent target is uncertain. In order to gain insight into the likely pace of disinflation, this chapter examines key drivers of core inflation from two perspectives. First, it explores how energy prices have affected core inflation by examining differences in inflation trends between core goods and services with a relatively high energy-input content versus those with a relatively low energy-input content. Second, the paper uses a parsimonious econometric model to generate forecasts of core inflation. The paper concludes that there are good reasons to expect core inflation to keep falling as lower energy prices continue to pass through to core prices and as euro-area inflation, a key determinant of Austrian inflation in the econometric model, continues to fall. However, the IMF staff does not project Austrian inflation to reach the two percent target for some time, given inflation’s current elevated level and somewhat sticky services inflation.
Keywords:
housing price indicator; core inflation development; housing supply gap; A. looming expenditure pressure; model-implied core inflation; Inflation; Housing; Renewable energy; Women; Europe; Global
Cover Consumer Price Index Manual, 2020
Consumer Price Index Manual, 2020
Concepts and Methods
International Monetary Fund
,
International Labour Office
,
Statistical Office of the European Communities
,
United Nations
,
World Bank
, and
Organization for Economic Co-operation and Development

Abstract

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices national statistical offices (NSOs) should consider when making decisions on how to deal with the various problems in the compilation of a CPI. The chapters cover many topics. They elaborate on the different practices currently in use, propose alternatives whenever possible, and discuss the advantages and disadvantages of each alternative. The primary purpose of the Manual is to assist countries in producing CPIs that reflect internationally recommended methods and practices.

Keywords:
cconsumer price index; CPI; CPI Manual; CPI concepts; CPI methods; CPI practice; CPI best practice; CPI international recommendations; CPI weights; CPI data; CPI compilation; CPI calculation; index formulas; scanner data; web scraping; CPI outlets; CPI publication; CPI dissemination; CPI sampling; CPI items; CPI varieties; CPI missing prices; CPI quality adjustment; CPI linking; CPI and SNA; CPI overview; CPI data collection; CPI uses; CPI definitions; M&G; reference period; price change; price collector; price collection; CPI compiler
Cover IMF Staff Country Reports
Principality of Andorra: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Principality of Andorra
International Monetary Fund. African Dept.
The 2023 Article IV Consultation discusses that The Andorra economy is showing resilience and is growing slightly above its long-term potential despite external headwinds. Over the medium-term, the economy is projected to slow to its lower long-term potential level estimated at 1.5 percent, comparable to average growth in the euro area. Risks to the outlook are balanced and the economy has solid macroeconomic buffers, but there are concerns about emerging structural bottlenecks, such as the lack of affordable housing, labor shortages, and vulnerability to climate change. After a strong growth rebound, structural reforms can raise potential growth and address emerging fault lines. The authorities should maintain tight fiscal policy as long as growth remains close to potential and price pressures are persistent. However, there is fiscal space for higher public investment to support potential growth and mitigate structural bottlenecks. Pension system reform is overdue to secure its long-term sustainability. Ambitious structural reforms to diversify the economy and address emerging bottlenecks are key. These include removing remaining constraints on investment, improving housing affordability, retaining talent, and fostering digitalization and economic efficiency.
Keywords:
Andorra economy; Andorran authorities; debt ratio; emergency liquidity assistance model; IMF Policy recommendation; Housing; Inflation; Income; Monetary statistics; Global; Europe
Cover IMF Staff Country Reports
People’s Republic of China: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyses China’s property sector transition. The Chinese authorities have taken resolute actions to address the risks from the property sector since the start of the pandemic. The key challenge now is to smooth the transition of the sector to a smaller, more sustainable size amid unresolved financial distress among developers, weakened homebuyer confidence, and a backdrop of large inventories and structurally declining demand. Key policy priorities should be to expedite the resolution of underlying supply-side imbalances, most importantly by restructuring nonviable developers; support and de-risk surviving developers; and take steps to contain the build-up of risks in the property market. This paper projects the path of real estate investment in China over the medium term and considers policies that will help ease the transition. New housing construction is set to fall significantly in the coming decade. This reflects a likely slowdown in urban household formation and urban redevelopment activities, amid an expected gradual contraction in the overall population. Construction will also face a significant drag from excess developer inventories and rising secondary market supply of previously vacant homes.
Keywords:
LG debt; labor income taxation; real estate slump; wealth taxation; LG finance; Housing; Personal income tax; Financial statements; Tax incentives; Asia and Pacific; Global
Cover IMF Staff Country Reports
Australia: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that Australia’s post-pandemic recovery remained strong. However, growth is weakening on the heels of tighter macroeconomic policies and financial conditions. While inflation has peaked, it remains persistently high. Economic activity is projected to further decelerate in the near term, as the tightening of monetary conditions continues to take hold. Short-term policies should focus on navigating the economy to a soft landing, by bringing inflation back to target, while maintaining financial stability. Policy coordination will be critical. Structural reforms must address declining productivity growth and challenges related to ageing and put the economy on the path for a green transition. Structural policies should be centered on promoting productivity growth. Continued investment in digital infrastructure, more direct government funding for research and development, and more open foreign direct investment regime coupled with labor market and tax reforms are among the key structural policies.
Keywords:
CPI expenditure weight; state government leader; CPI indicator; Mid-Year Economic and Fiscal Outlook; fiscal policy coordination; employment white paper roadmap; Inflation; Housing; Productivity; Housing prices; Global
Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides an international perspective to the authorities’ two recent policy measures: setting up new savings and counter cyclical and climate infrastructure funds and reforming the judicial review of planning decisions in Ireland. The first essay presents international best practices in the design and operation of sovereign wealth funds that could inform the setup of the two new funds in Ireland. It highlights the importance of operating the funds within a strong fiscal policy framework. The second essay reviews Ireland’s planning and permitting system, underscoring the key elements that have hindered public investment. It also looks into the government’s proposed Bill to reform the planning system and contrasts its key features with those of other international jurisdictions. It finds that several issues may contribute to the inefficiencies in the planning and judicial review system, such as the loose standing requirements and lack of mandatory timelines related to judicial review, as well as institutional governance issues within the planning board, which the newly proposed reforms and legislative measures seek to address.
Keywords:
housing affordability; D. policy option; savings fund; modernizing judicial review; impulse response; Housing; Housing prices; Pension spending; Global
Cover IMF Staff Country Reports
Ireland: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
This 2023 Article IV Consultation highlights that Ireland’s economy has shown remarkable resilience in the face of consecutive shocks. The Irish economy has displayed remarkable resilience in the face of recent consecutive shocks and is well-positioned to achieve a soft landing. Growth is expected to moderate to a still solid level in 2023-24, from a very high base, as tighter financial conditions, domestic capacity constraints, and weakening external demand weigh on the economy. Continued fiscal prudence is warranted to complement monetary tightening in sustaining disinflation and to build adequate buffers for the future. As fiscal policy should avoid adding to aggregate demand amid still elevated inflation, tax revenue over performance should be saved. The 2023 fiscal stance is appropriate. Fiscal policy should support growth-enhancing investment and broaden the tax base. The authorities’ decision to save part of excess corporate income tax revenues in two savings funds is welcome. Tighter financial conditions, persistent inflation, and rising vulnerabilities in the commercial real estate market with linkages to leveraged non-banks call for continued heightened vigilance of financial stability risks.
Keywords:
liability positions vis-à-vis nonresident; inflation development; transparency policy; money market rate; quarterly balance of payments; growth-enhancing investment; Medium-term fiscal policy; persistent inflation; Ireland's economy; Housing; Inflation; Corporate income tax; Credit; Global
Cover IMF Working Papers
Housing Affordability: A New Dataset
Nina Biljanovska
,
Mr. Chenxu Fu
, and
Ms. Deniz O Igan
The rapid increase in house prices in the past few years, including during the COVID-19 pandemic, raises concerns about housing affordability. The price-to-income ratio is a widely-used indicator of affordability, but does not take into account important factors such as the cost of financing. The aim of this paper is to construct a measure of housing affordability that takes these factors into account for a large set of countries and long period of time. The resulting dataset covers an unbalanced panel of 40 countries over the period from 1970Q1 to 2021Q4. For each country, the index measures the extent to which a median-income household can qualify for a mortgage loan to purchase an average-priced home. To gauge the performance of the constructed indices, we compare them to other readily-available mesures of affordability and examine the evolution of the indices over time to understand the relevant drivers, including in a regression analysis to assess the extent to which government housing programs could contribute to improving affordability.
Keywords:
housing affordability; real estate markets; government housing program; affordability index; household income; indices in selected country; Housing; Housing prices; Mortgages; Income; Global; Eastern Europe; Baltics