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

Middle East and Central Asia > Qatar

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Current Account Adjustment; Short-term Capital Movements x
Clear All Modify Search
Cover IMF Working Papers
License to Spill: How Do We Discuss Spillovers in Article IV Staff Reports
Jelle Barkema
,
Mr. Mico Mrkaic
, and
Yuanchen Yang
This paper dives into the Fund’s historical coverage of cross-border spillovers in its surveillance. We use a state-of-the-art deep learning model to analyze the discussion of spillovers in all IMF Article IV staff reports between 2010 and 2019. We find that overall, while the discussion of spillovers decreased over time, it was pronounced in the staff reports of some systemically important economies and during periods of global spillover events. Spillover discussions were more prominent in staff reports covering advanced and emerging market economies, possibly reflecting their role as sources of global spillovers. The coverage of spillovers was higher in the context of the real, financial, and external sectors. Also, countries with larger economies, higher trade and capital account openess and lower inflation are more likely to discuss spillovers in their Article IV staff reports.
Keywords:
spillover discussion; model performance; discussion of spillover; General spillover pattern; spillover event; IMF staff calculation; Spillovers; Probit models; Machine learning; Capital account; Inflation; Global
Cover IMF Staff Country Reports
Qatar: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Qatar
International Monetary Fund. Middle East and Central Asia Dept.
KEY ISSUES Context. As the world’s largest exporter of liquefied natural gas (LNG), Qatar has turned into an important global financial investor, donor, and labor importer. Growth averaged 14 percent over the past decade and GDP per capita has reached $100,000, the highest in the world. Qatar remains insulated from sluggish global growth thanks to high hydrocarbon prices and a large public investment program to support economic diversification and prepare for the FIFA 2022 Championship. Outlook and risks. Macroeconomic performance is expected to remain strong, driven by the non-hydrocarbon sector which accounts for almost one-half of the economy. Potential challenges include the risk of over-heating in the near term and over-capacity in the medium term as a result of the large public investment program. The possibility of a sharp decline in oil and gas prices remains the main medium-term risk; however, the authorities have ample fiscal and external buffers to deal with contingencies. Risks from public investments. Policymakers need to remain vigilant about overheating risks. Capital spending should be smoothed if signs of overheating emerge, and liquidity withdrawal operations and further macroprudential measures deployed in case of excessive credit growth or risk-taking. A comprehensive public investment management framework would increase the efficiency of public spending and reduce the risk of overinvestment. Fiscal reforms. The authorities have appropriately been saving the large fiscal surpluses, and have started introducing a medium-term focus into the budget process by implementing a three-year budget framework and establishing performance measures. The framework should be accompanied by realistic hydrocarbon price assumptions and a more detailed multi-year expenditure plan. Financial sector. The authorities are implementing an ambitious financial regulatory agenda, including establishing an umbrella advisory committee and issuing a final Basel III circular. Banks remain well capitalized and liquid, but the authorities should continue carefully monitoring vulnerabilities through an enhanced early warning system. Diversification. The authorities are also supporting economic diversification through measures to further financial deepening and private sector development.
Keywords:
ISCR; CR; budget blueprint; staff appraisal; surplus; Qatar
Cover IMF Staff Country Reports
Qatar: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
This 2014 Article IV Consultation highlights that Qatar’s macroeconomic performance has remained strong. GDP growth slowed from 13 percent in 2011 to 6.2 percent in 2012, mostly owing to the self-imposed moratorium on additional hydrocarbon production from the North Field. Growth was 6.5 percent in 2013, driven by strong expansion in the nonhydrocarbon sector. The negative spillovers from sluggish global growth and financial market volatility have been limited. The baseline macroeconomic outlook is positive. GDP growth could stay at about 6 percent in 2014, with public investments keeping growth at about 6–7 percent over the medium term.
Keywords:
ISCR; CR; budget blueprint; staff appraisal; surplus; Qatar; barrel oil price; finance management information system; management framework; price pressure; Public investment spending; Public investment and public-private partnerships (PPP); Credit; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Qatar: 2009 Article IV Consultation-Staff Report; and Public Information Notice
International Monetary Fund
The staff report for Qatar’s 2009 Article IV Consultation describes economic development and policies. The underlying strength of the economy derived from  Qatar’s hydrocarbon  revenues, and timely and decisive intervention by the government in the banking system has helped to limit the impact of the global crisis and maintain financial stability. A cornerstone  of Qatar’s strategy is  commitment to diversify the economy by building related industries around the full liquefied natural gas value-chain and linking upstream, midstream, and downstream components.
Keywords:
ISCR; CR; Qatar; government; debt; price; Qatari riyal; growth strategy; financial asset; growth performance; labor market survey; GDDS summary table II; exchange rate; Commercial banks; Balance of payments statistics; Debt service; Global; Middle East; North Africa; East Africa
Cover IMF Working Papers
Today versus Tomorrow - The Sensitivity of the Non-Oil Current Account Balance to Permanent and Current Income
Mr. Alun H. Thomas
and
Mr. Tamim Bayoumi
This paper applies the Permanent Income Model to the non-oil current accounts of the major oil exporters to assess the extent to which national consumption decisions in these countries are made on the basis of permanent versus current income. A test of whether the return on oil wealth and oil balance coefficients sum to unity is accepted for all specifications that adjust the return on wealth for future population changes. For oil-exporting countries outside Africa, around half of the fluctuations in the private sector non-oil balance are driven by considerations of changes in permanent income (the return on oil wealth) rather than current income. By contrast, for the public sector and African countries permanent income has little or no effect.
Keywords:
WP; trade balance
Cover IMF Working Papers
Current Account and Precautionary Savings for Exporters of Exhaustible Resources
Mr. Rudolfs Bems
and
Mr. Irineu E de Carvalho Filho
Exporters of exhaustible resources have historically exhibited higher income volatility than other economies, suggesting a heightened role for precautionary savings. This paper uses a parameterized small open economy model to quantify the role of precautionary savings in economies with exhaustible resources, when the only source of uncertainty is the price of the exhaustible resource. Results show that the precautionary motive can generate sizable external sector savings. When aggregated over the sample countries, precautionary savings in 2006 add up to 3.2 percent of GDP. The quantitative importance of the precautionary motive varies considerably across the sample countries and is driven primarily by the weight of exhaustible resource revenues in future income. The parameterized model fares well at capturing current account balances in both cross-section and time-series data.
Keywords:
WP; precautionary saving; interest rate; open economy
Cover Regional Economic Outlook, October 2007, Middle East and Central Asia
Regional Economic Outlook, October 2007, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

The Middle East and Central Asia is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices. The report presents common economic trends and reviews prospects and policies for the coming year in light of the global economic environment. This latest REO includes boxes treating both regional topics--such as growth in the Maghreb countries; developments in the oil markets; the boom in the GCC countries, and the impact of the recent global credit squeeze on the region--and country-specific reviews, of Kazakhstan, Armenia, Egypt, Pakistan, and the UAE.

Keywords:
REO; country authorities; country; low-income country; oil exporter; country datum; current account; broad money; State oil company; Oil; Emerging and frontier financial markets; Oil prices; Inflation; Current account surpluses; Middle East and Central Asia; Global; Maghreb; Brent crude; credit market; poverty rate; IMF staff estimate; consumer goods; heightened market volatility; market valuation; headline inflation; double digit oil GDP growth; emerging market country; federal funds rate; equity price
Cover IMF Working Papers
External Stability Under Alternative Nominal Exchange Rate Anchors: An Application to the GCC Countries
Mr. Zubair Iqbal
and
Mr. S. Nuri Erbas
Import and export stability is examined under two alternative nominal exchange rate anchors, the U.S. dollar and the SDR. Stability under the two pegs depends critically on import and export elasticity with respect to exchange rates. The implications of import and export elasticity for an optimal currency basket are also explored. The elasticity estimates for the GCC countries suggest that the SDR peg may not outperform the dollar peg in improving external stability. Nevertheless, switching to some other nominal exchange rate anchor may improve external stability, a possibility that remains to be explored.
Keywords:
WP; SDR peg; dollar peg; SDR zone; SDR currency; dollar-denominated import; Imports; Exports; Currencies; Exchange rates; Trade balance
Cover Summary Proceedings of the Twenty-Seventh Annual Meeting of the Board of Governors 1972
Summary Proceedings of the Twenty-Seventh Annual Meeting of the Board of Governors 1972
International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; prefix; R. van S.; fund documents no; IBRD election; IMF election; van S.; International monetary system; Monetary systems; Currencies; International liquidity; Reserve assets; Global; Africa; Central America; Europe; Caribbean