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Business and Economics > Production and Operations Management

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Cover IMF Staff Country Reports
Republic of Armenia: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper assesses the Central Bank of Armenia’s (CBA) monetary policy framework. It discusses the CBA’s track record with inflation targeting; describes the risk-based approach to price stability, offering insights on its potential benefits, while cautioning of likely pitfalls and highlighting the clear challenges for its operationalization in Armenia’s context; and emphasizes areas in which the monetary policy framework needs to strengthen further to ensure its effectiveness, especially should the new monetary policy approach be fully implemented. Enhancements in the CBA’s monetary policy framework should be guided by best principles. Publishing a comprehensive expert assessment of CBA’s monetary policy framework will guide the reforms and raise the credibility of the enhanced framework. While such enhancements to the monetary policy framework are being put in place, an operationalization of the risk management approach to price stability may present important challenges. The communication strategy should not only detail the decision-making process, but also strengthen the explanation of how policy will respond if risks materialize.
Keywords:
Armenia's monetary policy framework; inflation targeting track record; I. social assistance program; benefit incidence; IMF staff calculation; impact of program; family benefit Program; Social assistance spending; Monetary policy frameworks; Maternity and childcare benefit spending; Total factor productivity; Inflation targeting; Global; Central and Eastern Europe; Central Asia
Cover IMF Staff Country Reports
People’s Republic of China: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
SOE intensity; MACRO-FINANCIAL implication; Investment agreement; reform priority; B. China's reform experience; Pensions; Pension spending; Income inequality; Social assistance spending; Productivity; Global; Asia and Pacific
Cover IMF Working Papers
A New Strategy for Korea’s Fiscal Policy in a Low Growth Environment
Ms. Edda Zoli
,
Hou Wang
, and
Mr. Douglas Laxton
Adverse demographics and other structural weaknesses impinge on Korea’s long-term fiscal outlook and potential growth. Moreover, inadequate social protection is creating poverty and dampening consumption. The paper presents projections of Korea’s fiscal outlook, using new estimates of potential growth obtained with a novel multivariate filter. It shows that keeping fiscal revenues-to-GDP constant would result in an explosive public debt dynamic in the long term. Then, through simulations of the Flexible System of Global Models, the paper analyzes policies to preserve fiscal sustainability, while boosting potential growth and social protection. It concludes that with greater revenue mobilization, Korea can stabilize debt-to-GDP well below “dangerous” levels. Policies to address Korea’s challenges include higher targeted transfers to the most vulnerable and fiscal measures to support female labor force participation and employment, accompanied by product and labor market reforms.
Keywords:
WP; GDP; product market; labor market; deficit; aging; long-term fiscal sustainability; structural reforms; potential output; product market distortion; yield productivity gain; production function; GDP ratio; Korea's productivity catch-up; Korea's total factor productivity; product market regulation; Productivity; Global