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Business and Economics > Production and Operations Management

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Cover IMF Staff Country Reports
Republic of North Macedonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on challenges and policies regarding climate change in the Republic of North Macedonia. A scale-up of private and public investments, along with decommission of old and polluting coal-based power plants, is needed to adapt to climate change and meet emissions targets as part of the green transition. The EU-Carbon Border Adjustment Mechanism (EU-CBAM) from 2026 will affect North Macedonia, and the authorities should consider a gradual introduction of carbon taxation to prepare for the EU-CBAM, as also envisioned in existing legislation. The introduction of the EU CBAM will influence North Macedonia’s exports to the EU negatively, as well as revenue collected, as part of the EU CBAM will be foregone revenue for North Macedonia. Instead, North Macedonia should consider a form of carbon taxation, as also envisioned in existing legislation, to collect the revenue by the state, as well as recycle part of this to mitigate the impact of the carbon tax and further support the green transition.
Keywords:
interest rate pass-through; long term interest rates pass-through; interest rate transmission; climate policy agenda; productivity competition; Total factor productivity; Productivity; Central bank policy rate; Climate change; Electricity; Europe; Global
Cover IMF Staff Country Reports
Albania: Selected Issues
International Monetary Fund. European Dept.
This paper aims to determine how much of the economic slowdown of Albania is owing to cyclical conditions and how much to a reduction in potential growth. The analysis shows that average growth in 2009–14 dropped by 3.2 percentage points relative to 1997–2008, of which 2.8 percentage points are due to lower potential growth. Albania has significant potential to improve its export competitiveness. However, Albania’s competitiveness has shown narrow improvements over the past five years, with weak productivity growth and continued concentration in low-skilled labor-intensive sectors with limited value added. This paper also explores the factors underpinning Albania’s relatively low level of general government revenues.
Keywords:
ISCR; CR; Albania; tax; WEF competitiveness indicator; IMF staff estimate; output gap dynamics; customs risk unit; tax efficiency; Potential output; Social security contributions; Tax efficiency; Value-added tax; Global; Europe
Cover IMF Staff Country Reports
Albania: Fifth and Sixth Review under the Extended Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Albania
International Monetary Fund. European Dept.
Background: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (492.4 percent of quota). So far, four purchases totaling the equivalent of SDR 123.1 million have been made, and another one equivalent to SDR 57.76 million will be made available upon completion of the fifth and sixth reviews. Recent Economic Developments: Economic recovery is underway, but growth remains below potential and inflationary pressures are limited. Nonperforming loans (NPLs) have started declining but are still high, and credit growth remains sluggish despite substantial monetary easing.
Keywords:
ISCR; CR; disinflation pressure; economy; investment growth; widening output gap; growth; rate; executive board's decision; market confidence; Arrears; Europe; Global
Cover IMF Staff Country Reports
Albania: Selected Issues
International Monetary Fund
The Selected Issues paper analyzes the determinants of growth in Albania, the macroeconomic underpinnings for growth, the role of remittances in the economy, and the policy response to rapid credit growth. It also analyzes the official estimates with estimates from various macroeconomic surveys, and discusses the implications for the structure of the balance of payments. It also provides a framework for analyzing the budgetary impact of remittances in Albania, and examines the acceleration of credit growth and the policy options available to address the resulting macroeconomic and prudential concerns.
Keywords:
ISCR; CR; prefix; state audit of Albania; parliament of Albania; presidency of Albania; aggregate remittance estimate; growth performance; Remittances; Credit; Total factor productivity; Loans; Commercial banks; Baltics; Europe; Global; Caribbean; Eastern Europe
Cover IMF Staff Papers
IMF Staff Papers, Volume 47, No. 1
International Monetary Fund. Research Dept.
This paper discusses the origins of the pyramid schemes and the way the authorities handled them. The paper analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes’ collapse, their direct effects on the economy are difficult to specify and appear to have been limited. The paper also argues that prevention of pyramid schemes is better than cure and that government and international financial institutions should be vigilant in clamping down on frauds.
Keywords:
SP; productivity growth; fund price; annuity market; TFP growth rate; TFP growth; fund discount; Total factor productivity; Productivity; Real exchange rates; Securities; Asia and Pacific; East Asia; Sub-Saharan Africa; South Asia; North Africa