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Europe > Switzerland

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Cover Departmental Papers
External Assessments in Special Cases
Anna Ter-Martirosyan
,
Ms. Sally Chen
,
Mr. Lawrence Dwight
,
Ms. Mwanza Nkusu
,
Mr. Mehdi Raissi
, and
Ms. Ashleigh Watson
External Assessments in Special Cases presents the pilot External Balances Assessment methodology developed by IMF staff for estimating current account and exchange rate gaps for a group of advanced and emerging market economies, and discusses modifications to take account of special cases. Different approaches to external assessments for countries with special circumstances are evaluated, and some tools presented that could be used to inform sound judgment on the part of those conducting such assessments.
Keywords:
DPPP; DP; exchange rate assessment; CGER method; CA balance; misalignment estimate; IMF staff calculation; assessment toolkit; IMF country team; exchange rate gap; Exchange rate assessments; Exchange rates; Income; External balance assessment (EBA); Global; Middle East; Central Asia; Sub-Saharan Africa; East Asia; pilot External Balances Assessment; IMF risk analysis; open economy; assessment method; EBA methodology; Remittances
Cover IMF Staff Country Reports
Côte d'Ivoire: 2009 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review
International Monetary Fund
This 2009 Article IV Consultation highlights that Côte d’Ivoire has embarked on comprehensive reform policies to address the challenges of enhancing growth and reducing poverty. It adopted a Poverty Reduction Strategy Paper in February 2009, which covers the seven-year period 2009–15, and aims to transform the country into an emerging economy. The authorities have strengthened fiscal control and the transparency of budget implementation in recent years while making room to increase pro-poor spending. Significant revenue efforts have facilitated an increase in spending for urgent needs.
Keywords:
ISCR; CR; Ivorian authorities; government; PRGF arrangement; Côte d'Ivoire; discussion of Côte d'Ivoire's performance; government face; Côte d'Ivoire's economy; Arrears; Agricultural commodities; Debt service; Global; West Africa
Cover IMF Research Bulletin
IMF Research Bulletin, September 2009
International Monetary Fund. Research Dept.
The Q&A in this issue features seven questions about policy options for emerging market countries (by Marcos Chamon, Chris Crowe, and Jun Il Kim); research summaries on “Does Trade and Financial Globalization Cause Income Inequality?” (by Chris Papageorgiou) and “The Current Account of Oil-Exporting Countries (by Irineu E. de Carvalho Filho); an article on the launch of the IMF’s new research journal, IMF Economic Review, and the contents of the upcoming IMF Staff Papers, which the new the new journal will succeed in 2010; an article on the upcoming Tenth Annual Jacques Polak Research Conference; a listing of visiting scholars at the IMF during July–September 2009; and listings of recent IMF Working Papers and Staff Position Notes.
Keywords:
IRB; UCLA Anderson School of Management; conference program; staff position note; current account Sustainability; Policy consideration; kajal Lahiri; research Journal; current account fluctuation; policy option; Emerging and frontier financial markets; Income inequality; Current account balance; Oil; Current account; Global; Asia and Pacific; Middle East; Eastern Europe
Cover IMF Survey
IMF Survey: Volume 28, Issue 11
International Monetary Fund. External Relations Dept.
Following are edited excerpts from an address given by IMF Managing Director Michel Camdessus at the twenty-fourth annual conference of the International Organization of Securities Commissions (IOSCO) in Lisbon, Portugal, on May 25. The full text is available on the IMF’s website (http://www.imf.org).
Keywords:
SV; investor confidence; country; labor market legislation; SDR; IMF's Research Department; IMF survey; IMF staff country; IMF publication service; Defense spending; Metal prices; Copper; Unemployment; Total expenditures; Middle East; Global; Western Hemisphere; Europe; Baltics
Cover IMF Staff Country Reports
Cote d'Ivoire: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; tax; value-added tax; customs duty; tertiary sector; retail price; primary sector; stabilization fund; market value; Agricultural commodities; Exports; Arrears; Western Hemisphere
Cover IMF Staff Country Reports
Côte d'Ivoire: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Côte d’lvoire during 1990–95. In 1994, the resumption of growth, initially concentrated in the area of some traded goods, became more widespread during the second half of 1994, offsetting the devaluation-induced contraction in the nontraded goods sectors and in the sectors sheltered from competition, which both suffered from the reduction in real disposable income. Output in volume terms increased at a rate of 4.5 percent in the primary and secondary sectors, and contracted further in the tertiary sectors.
Keywords:
ISCR; CR; gross domestic product; CFA franc; debt service; customs duty; commercial bank; exchange rate; tertiary sector; price index; money market; balance of payments; bank deposit; monetary policy; broad money; base wage; discount rate; capital base; Agricultural commodities; Exports; Arrears; Western Hemisphere
Cover The Structure and Operation of the World Gold Market
The Structure and Operation of the World Gold Market
Mr. M. G O'Callaghan

Abstract

This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The paper examines the composition and origin of physical stocks of gold, their flows, and their market destination and also reviews the operation of bullion and paper gold markets.

Keywords:
OP; market; price; market participant; futures contract; world gold market; exchange trading; gold price; market placement; Gold; Commodity markets; Futures; Gold reserves; Options; Middle East; North America; Northern Europe; Africa; Europe; New York market; Caribbean
Cover IMF Working Papers
The Structure and Operation of the World Gold Market
Mr. M. G O'Callaghan
This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.
Keywords:
WP; gold market; options contract; spot price; paper gold; clearing house; strike price; bullion market; market participant; Gold; Commodity markets; Gold prices; Options; Gold reserves; North America; Middle East; Northern Europe; Europe; Africa
Cover The General Arrangements to Borrow
The General Arrangements to Borrow
Mr. Michael Ainley

Abstract

This paper examines the role of the IMF’s first and longest-lasting borrowing arrangements, the General Arrangements to Borrow (GAB), from their inception in 1961–62 to their fundamental reform and enlargement in 1983. The General Arrangements were a product of the times. They were designed to help the IMF deal with growing strains in the par value system caused by the underlying balance-of-payments problems of the two major reserve centers, the United States and the United Kingdom. The General Arrangements were strengthened by the association of Switzerland, a nonmember of the IMF, in 1964.

Keywords:
PAM; Fund; amount; credit arrangement; balance of payments position; distribution of call; line of support; fund in cooperation; Currencies; Credit; Lines of credit; Debt burden; International monetary system; Europe; Global; Eastern Europe; automatic credit lines; liquidity position; nonmember of the fund; Gold; Loans; Caribbean
Cover IMF Staff Papers
IMF Staff papers: Volume 27 No. 2
International Monetary Fund. Research Dept.
This paper analyzes the types of fiscal performance clauses incorporated in the 105 arrangements, bearing in mind the policy and practice to avoid performance clauses relating to specific fiscal measures, such as changes in particular forms of taxation and changes in specific elements of government expenditure. The most usual fiscal performance clause in the ten years to 1978 continued to be a sub ceiling on domestic bank credit to the government. A ceiling on credit expansion to this sector has proved to be a helpful technique for national authorities in obtaining political support for adequate fiscal policy actions and in retaining such support over time. A number of cases were noted where arrears in government payments were built up during the program period, sometimes in an effort to observe, technically, the relevant credit ceilings. It could be argued that such a practice, while not in the spirit of the agreement, forces a diversion of financial resources away from the private sector to the government.
Keywords:
SP; mixed-citation publication-type; unit value; international monetary system; rate of inflation; money balance; special drawing rights; International monetary system; Inflation; Exports; Trade balance; Gasoline; West Africa; Global; Europe; Africa