Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Iceland

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • IMF Staff Papers x
Clear All Modify Search
Cover IMF Staff Papers
IMF Staff Papers, Volume 56, No. 3
International Monetary Fund. Research Dept.
Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.
Keywords:
SP; asset-price shock; consumption growth; net capital flow; current account sustainability; current account position; Current account; Capital flows; Consumption; Current account deficits; Emerging and frontier financial markets; Global; Asia and Pacific; Middle East; Africa; Caribbean
Cover IMF Staff Papers
IMF Staff Papers, Volume 50, No. 3
Mr. Robert P Flood
This paper analyzes the issue of purchasing power parity using real effective exchange rate (REER) data for 20 industrial countries in the post-Bretton Woods period. The serial correlation-robust median-unbiased estimator yields a cross-country average of half-lives of deviations from parity of about eight years, with the REER of several countries displaying permanent deviations from parity. The paper analyzes integration of Africa into world trade. The high-yield spread as a predictor of real economic activity is also examined.
Keywords:
SP; quota license; trade; stabilization policy; quota price; cost allocation; government cost; Real exchange rates; Purchasing power parity; Currency crises; Real effective exchange rates; Privatization; Africa; East Asia; Global; Sub-Saharan Africa; Europe
Cover IMF Staff Papers
IMF Staff papers: Volume 37 No. 4
International Monetary Fund. Research Dept.
The transition strategy from administratively set interest rates to market rates is discussed. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable any interest rate level that is market determined. The paper suggests some helpful indicators to assess the adequacy of interest rates and discusses factors that contribute to a smooth liberalization process. The main conclusion is that interest rate liberalization is not synonymous with laissez-faire policies, but requires the replacement of the administratively set interest rates by indirect monetary management techniques that operate through the market.
Keywords:
SP; interest rate equation; interest rate; deficit; deficit variable; expenditure competition strategy; yield differential; effects of deficit; Demand for money; Consumption; Exchange rates; Interest rate policy; Labor markets; Europe; Sub-Saharan Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 33 No. 1
International Monetary Fund. Research Dept.
This paper begins by describing the basic concepts of Islamic banking, focusing on the issue of elimination of the rate of interest from the system. Islam expressly prohibits a fixed or predetermined return on financial transactions but allows uncertain rates of return deriving from risk-taking activities. Consequently, a banking structure in which the return for the use of money fluctuates according to actual profits made from such use would be consistent with the precepts of Islam. The paper concludes that from an economic standpoint the principal difference between the Islamic and the traditional banking systems is not that one allows interest payments and the other does not. The more relevant distinction is that the Islamic system treats deposits as shares and accordingly does not guarantee their nominal value, whereas in the traditional system such deposits are guaranteed either by the banks or by the government.
Keywords:
SP; export earnings; commodity price; indexation rule; traded goods; price level; Export earnings; Commodity prices; Real exchange rates; Commodity price fluctuations; Deposit rates; Global; West Africa; Europe