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Africa > Madagascar, Republic of

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Cover Technical Notes and Manuals
Internal Evaluation of External Sector Statistics Capacity Development in Select African Countries
Mr. Rodolfo Maino
,
Theodore Pierre Bikoi
,
Mr. Marcelo Dinenzon
,
Dilek Goncalves
, and
Nelnan Fidèle Koumtingué
This technical note provides an assessment of how external sector statistics capacity development has improved the availability of balance of payments and international investment position data in select countries of sub-Saharan Africa over the period FY2015–22. All countries assessed have made strides to sustain the benefits of capacity development despite continuing challenges.
Keywords:
external sector statistics; capacity development; OECD Development Assistance Committee criteria; balance of payments and international investment position; IMF country team; IMF surveillance; ESS CD essential; IMF capacity development; evaluation team; IMF Library; Balance of payments statistics; International investment position; Data collection; Special Data Dissemination Standard (SDDS); Africa; Sub-Saharan Africa
Cover IMF Working Papers
How do Climate Shocks Affect the Impact of FDI, ODA and Remittances on Economic Growth?
Alassane Drabo
The three main financial inflows to developing countries have largely increased during the last two decades, despite the large debate in the literature regarding their effects on economic growth which is not yet clear-cut. An emerging literature investigates the dependence of their effects on some country characteristics such as human and physical capital constraint, macroeconomic policy and institutional capacity. This paper extends the literature by arguing that climate shocks may undermine the effect of Foreign Direct Investment (FDI), official development assistance (ODA) and migrants’ remittances on economic expansion. Based on neoclassical growth framework, the theoretical model indicates that FDI, ODA, and remittances improve economic growth, and the size of the effect increases with good absorptive capacity. However, climate shocks reduce this positive effect of financial flows in developing countries. Using a sample of low and middle-income countries from 1995 to 2018, the empirical investigation confirms the theoretical conclusions. Developing countries should build strong resilience to climate change. Actions are also needed at global level to reduce greenhouse gases emissions, and build strong structural resilience to climate shocks especially in developing countries.
Keywords:
inflows-economic growth nexus; effect of ODA; income group; role of Climate; effect of foreign direct investment; Climate change; Absorptive capacity; Foreign direct investment; Human capital; Middle East; East Asia; Asia and Pacific; North Africa; South Asia; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report—Report on Technical Assistance Mission in External Sector Statistics (July 2-13, 2018)
International Monetary Fund. Statistics Dept.
This Technical Assistance report highlights that the mission visited Madagascar to aid in the external sector statistics (ESS), including the balance of payments and international investment position (IIP). The mission focused on assisting improving the coverage of IIP by better using the administrative sources or by identifying new data sources for private sector. A more sustained effort must be applied to the collection system to ensure the timelier submission of data of adequate quality. The compilation of the quarterly ESS, which is one of the main ESS objectives, requires both an increase in the number of compilers and a change of approach in the collection of source data. The quarterly data are compiled on the basis of the ESRI and should be supplemented by the collection of quarterly data using a simple survey of major public and private enterprises. The mission recommended a detailed one-year action plan with a set of priority recommendations carrying particular weight to make headway in improving the ESS.
Keywords:
ISCR; CR; data; balance of payments; BFM; transaction; balance of payments transaction; ESS data sets; goods data; reserve assets transaction; accounts receivable; import transaction; investment project; BFM survey form; account transactions; External sector statistics; Data collection; Balance of payments statistics; International investment position; Foreign direct investment
Cover IMF Working Papers
The Equilibrium Real Exchange Rate of the Malagasy Franc: Estimation and Assessment
Mr. John Cady
Employing cointegration techniques, the long-run determinants of Madagascar's real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of the long-run equilibrium real exchange rate is developed to assess the degree of misalignment. The general conclusions are that the Malagasy franc has experienced significant misalignment in the past, but that the recent appreciation of the real effective exchange rate is consistent with changes in the fundamentals, particularly anticipated improvements in the net foreign assets position stemming from Madagascar's eligibility for assistance under the enhanced HIPC Initiative.
Keywords:
WP; estimation; coefficient; Madagascar; vector; real exchange rate; cointegration; exchange rate misalignment; coefficient estimate; Engle-granger estimation technique; Johansen estimation technique; integration vector; cointigration estimation technique; Johansen method estimate; estimation period; test statistics; Real exchange rates; Real effective exchange rates; Terms of trade; Estimation techniques; Foreign assets
Cover IMF Staff Country Reports
Madagascar: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper analyzes recent economic developments and policies in Madagascar. Real GDP growth in 2001 was 6 percent, continuing the trend of sustained increase in per capita real GDP that began during the period 1997–2000. The secondary and tertiary sectors were the main sources of growth. The value added of the secondary sector, which accounts for only 13.3 percent of output, increased by 7.6 percent in 2001, following an annual average increase of 5 percent in 1997–2000.
Keywords:
ISCR; CR; government; firm; Madagascar; tertiary sector; country; EPZ firm; primary sector; Malagasy authorities; state petroleum company; telecommunication company; market share; EPZ regime; factor cost; Exports; Export performance; Real exchange rates; Foreign direct investment; Real effective exchange rates; Southern Africa; East Africa
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