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Business and Economics > Public Finance

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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, September 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; economy; investment; remittance; natural resource; revenue
Cover Finance & Development
Finance and Development, September 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; economy; investment; remittance; natural resource; revenue
Cover Finance & Development
Finance and Development, September 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; economy; investment; remittance; natural resource; revenue; resource wealth; rhetorical device of founding argument; mineral commodity summary; story of White's treachery; Bretton Woods system; Natural resources; Output gap; Public investment spending; Remittances; Potential output; Global; South America; Central Asia and the Caucasus; North America; Caribbean
Cover Finance & Development
Finanzas & Desarrollo, septiembre 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; economy; investment; remittance; natural resource; revenue
Cover Finance & Development
Finances & Développement, septembre 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; economy; investment; remittance; natural resource; revenue
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
Ukraine: 2003 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Ukraine.
International Monetary Fund
This 2003 Article IV Consultation highlights that real GDP of Ukraine grew by more than 4½ percent in 2002, marking the third year of Ukraine’s economic expansion following the 1998/99 financial crisis. As in 2001, growth was not only supported by robust consumer spending, reflecting large wage increases, but also by an increase in net external demand. Consumer price inflation fell to near zero in 2002, reflecting primarily the good harvests in 2001/02 and the resulting sharp drop in food prices. Low inflation was also supported by a tightening of fiscal policy and delays in increasing administered prices.
Keywords:
ISCR; CR; government; government program; budget legislation; government intervention; consumer price inflation; exchange rate; Energy sector; Arrears; Currencies; Global; Asia and Pacific
Cover IMF Staff Country Reports
Georgia: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criteria, and Request for Rephasing of Disbursements
International Monetary Fund
This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.
Keywords:
ISCR; CR; PRGF arrangement; SDR; performance under the Poverty Reduction and Growth Facility; Georgia's arrangement; PRGF loan; PRGF program; Poverty reduction strategy; Energy sector; 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