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 > Montenegro

You are looking at 21 - 30 of 85 items for :

  • Type: Journal Issue x
  • International Economics x
Clear All Modify Search
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Convenio Constitutivo
Convenio Constitutivo
International Monetary Fund

Abstract

Convenio Constitutivo

Keywords:
AA; Fund; agreement
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

This paper discusses the Second Amendment of the IMF’s Articles of Agreement. The drafting of the Second Amendment of the Articles of Agreement was a more prolonged and more complicated task than the preparation of the First Amendment. One characteristic of the Second Amendment is the transformation into law, by incorporation in the Articles, of policies that the IMF had adopted over the years. The provisions of the Second Amendment that deal with repurchase obligations, the selection of currencies for use in purchases and repurchases, and stand-by arrangements are among the many examples that are sometimes referred to as constituting the modernization of the IMF.

Keywords:
AA; Fund; agreement; purposes of the fund; public international organizations; transactions in special drawing rights; general international organization; fund's holding; Currencies; Freely usable currencies; International monetary system; Bank liquidation; Global; Africa
Cover IMF Staff Country Reports
Montenegro: Selected Issues
International Monetary Fund. European Dept.
This paper focuses on Montenegro’s export sector performance and challenges. Montenegro has run a persistent trade deficit since its independence. Montenegro’s goods exports have decreased, while goods imports have been more or less stable. A comparison reveals a relatively weak recovery of goods exports for Montenegro. Montenegro’s goods exports to the euro area have declined over time despite euroization. Foreign demand explains services exports well, but less so goods exports. Business climate surveys indicate high nonprice barriers in Montenegro’s export sector. The share of high-value-added export goods has been diminishing over time. Services exports also signal narrow productivity gains. Weak productivity growth may hinder the export sector.
Keywords:
ISCR; CR; goods export; goods; Montenegro; export destination; demand model; export sector; export demand equation; export share; export goods; exports goods value; Exports; Service exports; Personal income; Export performance; Global
Cover IMF Working Papers
Does A Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation
Mr. Kangni R Kpodar
and
Patrick A. Imam
This paper assesses how regional trade agreements (RTAs) impact growth volatility on a worldwide sample of 170 countries with data spanning the period 1978-2012. Notwithstanding concerns that trade openness through RTAs can heighten exposure to shocks, in particular when it leads to increased product specialization, RTAs through enhanced policy credibility, improved policy coordination, and reduced risk of conflicts can ease growth volatility. Empirical estimations suggest the benefits outweigh the costs as RTAs are consistently associated with lower growth volatility, after controlling for trade openness and other determinants of growth volatility. Furthermore, regression results also suggest that countries that are more prone to shocks are more likely to join a RTA, in particular with countries with relatively less volatile growth, additionally enhancing the stabilization effect.
Keywords:
WP; growth volatility; regional trade agreement; trade openness; RTA member; trade partner; standard deviation; mega-RTAs agreement; growth rate; RTA dummy variable; affect growth volatility; trade creation; RTA member country; Regional trade; Exports; Imports; Trade agreements; Terms of trade; West Africa; Global
Cover Regional Economic Issues, April 2015, Europe
Regional Economic Issues, April 2015, Europe
The Western Balkans: 15 Years of Economic Transition
International Monetary Fund. European Dept.

Abstract

This report analyses the main economic developments and achievements in the Western Balkan countries, and lays out the key macroeconomic policy challenges for the future.

Keywords:
REO; western Balkan countries; Balkans; country; economy; economic growth; IMF staff estimate; foreign exchange; fiscal policy; IMF assistance; Balkan economy; private sector; Credit; Labor markets; Capital inflows; Credit booms; Inflation; Global; Europe; Baltics
Cover IMF Staff Country Reports
Montenegro: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
KEY ISSUES Context: Moderate growth is continuing; however credit and wage growth are weak. The level of nonperforming loans (NPLs) remains high and public debt has risen sharply in recent years. Fiscal policy: Medium-term funding needs to roll over existing debt and to fund budget deficits are large. A new highway, budgeted to cost about one quarter of GDP, will cause deficits to widen and add to public debt. The draft 2015 budget shows appropriate restraint on other spending, but a long period of strong fiscal discipline will be needed to manage fiscal risks. Laying out clear long-term plans for managing the public finances would boost credibility and reduce risks to market access. Fundamental expenditure reform, especially of the pension system and the public sector wage bill, would be an essential part of such plans. Financial sector: The banking system’s liquidity appears comfortable; however, profitability is low and lending spreads are high. Regulatory provisioning is set higher than that reported under international accounting standards, but a wide range of provisioning levels across banks and weak incentives to take losses remain concerns. A more transparent and comprehensive reporting environment would be beneficial. Reforms to ensure better enforcement of contracts and collateral would help bring down structural lending risk premia. Structural reform: Higher levels of labor participation and employment are needed to boost potential growth and safeguard the public finances. Ensuring that wages adjust in line with productivity alongside reforms to achieve better employment outcomes and boost productivity would enhance the economy’s ability to respond to macroeconomic shocks, and are even more important in a country that lacks its own currency and with decreasing fiscal buffers.
Keywords:
ISCR; CR; authority; growth potential; public-sector wage bill; growth; banking system health indicator; Montenegrin authority; credit condition; financial asset; Loans; Current account balance; Income; Personal income; Global; Eastern Europe