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Africa > Madagascar, Republic of

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Cover IMF Staff Papers
IMF Staff papers: Volume 20 No. 2
International Monetary Fund. Research Dept.
Stock and bond issues and capital markets in less developed countries (LDCs) have recently received increasing attention from policymakers, and this preliminary study provides a cross-country survey of the actual experience of LDCs in this respect. Capital markets in LDCs are markedly underdeveloped, reflecting a combination of historical circumstances, current level of economic and financial development, and government policy—including inflation and low interest rates on government debt. Through its regulatory powers, the government can do much to reduce uncertainty (and, hence, risk). Supervising capital markets has several dimensions: preventing fraud; improving information; reducing transactions costs; and developing capital market techniques and institutions. Information on the Brazilian experience includes the fact that a strong, self-sustained capital market has not yet been established, despite the gains made. Tax incentives do provide a way of promoting capital market development, but the benefits of initial development must be judged in terms of the cost of tax receipts forgone.
Keywords:
SP; company; EEC-AAC arrangement; EEC country; central bank; minor export; rate of interest; Exports; Value-added tax; Capital markets; Foreign direct investment; Imports; West Africa; Western Europe; Europe; Africa; Asia and Pacific
Cover IMF Staff Papers
IMF Staff papers: Volume 16 No. 2
International Monetary Fund. Research Dept.
This paper shows how to utilize the data on trade structure to achieve the best possible estimates of the effects of price changes, given any reasonable array of elasticity estimates. The credibility of estimates of price effects depends on thorough and systematic use of these data, as well as on the statistical credentials of the elasticities assumed. The observations show that the impact of a given price change on a country's exports will be greater, the more that country's exports are concentrated in markets in which substitution elasticities are high, and vice versa, but for most countries strong correlations of this kind are not probable. The general conclusion to be drawn from the paper would seem to be that the information implicit in the base-period matrix is not enough to yield results in which a high degree of confidence can be placed. It remains essential to employ substitution elasticities that are supported by the historical record. Nevertheless, the role of trade structure is vitally important.
Keywords:
SP; investment; price change; income velocity; CFA country; credit model; balance of payments position; dinero más cuasi-dinero; Personal income; Exports; Imports; Agricultural commodities; Capital spending; Global; West Africa; Africa; South America