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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 10 of 45 items for :

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Cover IMF Working Papers
Uphill Capital Flows and the International Monetary System
Mr. Balazs Csonto
and
Mr. Camilo E Tovar Mora
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points.
Keywords:
WP; Treasuries; term premium; premium; Uphill capital flows; yield curve; U.S. Treasuries; reserve accumulation; foreign holdings; Treasury securities; yield dynamics; foreign exchange; Capital flows; Securities; Reserves accumulation; International reserves; Global
Cover Policy Papers
Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers
International Monetary Fund
This paper proposes a temporary modification of the current guidelines for allocation of currencies used for transfers in the Financial Transactions Plan (FTP). This temporary modification is designed to promote fair burden sharing between NAB participants that have bilateral borrowing agreements or note purchase agreements (hereafter referred to as “bilateral agreements”) and participants that do not have such agreements, and would result in a change from the current approach only for those FTP members that are NAB participants. It is proposed that the current guidelines for allocation of currencies used for transfers be reinstated automatically for all FTP members when all pre-NAB bilateral agreements have been terminated and when any imbalances in NAB positions resulting from the folding in of claims under bilateral agreements have been eliminated, or at an earlier date as decided by the Executive Board.
Keywords:
PP; NAB participant; New Arrangement to Borrow; fund; holding; currency; credit arrangement; NAB position; NAB borrowing; FTP member; Currencies; Credit; Reserve positions
Cover IMF Staff Country Reports
Guinée: Première revue de l’accord triennal au titre de la Facilité pour la réduction de la pauvreté et pour la croissance, et demande de dérogation pour non observation de critères de réalisation, de modification de critères de réalisation, et d’augmentation du niveau d’accès et revue des assurances de financement — Rapport des services du FMI; Déclaration des services du FMI; Communiqué de presse sur les délibérations du Conseil d’administration; et Déclaration de l’Administrateur pour la Guinée
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; PRGF; twelve-month inflation rate; PC secretariat; staff appraisal; authority
Cover IMF Staff Country Reports
Guinea: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances Review: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea
International Monetary Fund
This paper discusses key findings of the First Review Under the Poverty Reduction and Growth Facility (PRGF) for Guinea. All but two quantitative performance criteria (PC) were met. IMF staff supports the authorities’ requests for waivers of nonobservance, based on their remedial actions. Progress of structural reforms was broadly satisfactory and all structural PCs and benchmarks for end-December 2007 were met. However, several quantitative indicative targets for end-March 2008 were missed, in part on account of a delayed response to the financial pressures arising from higher fuel prices.
Keywords:
ISCR; CR; PRGF; twelve-month inflation rate; PC secretariat; staff appraisal; authority; Guinean authorities; financing policy; adverse opinion; Debt relief; International reserves; Mining sector; Monetary base; Global; Sub-Saharan Africa
Cover IMF Working Papers
International Reserves—Too Much of a Zipf’s Thing
Mariusz A. Sumlinski
Concentrated distribution of international reserves is puzzling. I show that the growth rates of international reserves bear only a very weak relationship to their initial stocks (scaled by GDP or in absolute terms), and that, by implication, the cross-sectional distribution of reserves conforms to Zipf's law. The law states that the size of reserves is inversely related to their ranking. Evidence in favor of the law is strong and time robust. I compare the crosssection distribution of international reserves embedded in the WEO projections to that implied by Zipf's law and find that international reserves are much less concentrated in the WEO projections than implied by Zipf's law.
Keywords:
WP; law influence; growth rate; reserve
Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
International Monetary Fund

Abstract

This volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

Keywords:
SELD; sc; fund; usable currency; paragraph l; capital transfer; decision No. 1238; abandonment of restriction; Currencies; Credit; Financial Sector Assessment Program; Arrears; Multiple currency practices; Global; Africa; Loans
Cover IMF Working Papers
Data Consistency in IMF Publications: Country Staff Reports Versus International Financial Statistics
Mr. John Cady
and
Mr. Anthony J. Pellechio
Data published in IMF country staff reports and International Financial Statistics (IFS) may differ for identical variables and, at times, users may be unaware of the reasons for these differences and lack the information needed to permit reconciliation. Such discrepancies stem principally from differences in the objectives of IMF country staff reports and their data requirements, on the one hand, and IFS, on the other. This paper presents the results of a study of the consistency of annual data on core statistical indicators required for Fund surveillance presented in the IMF's IFS and a sample of recently published Article IV consultation reports. The paper finds a significant incidence of apparent discrepancies for similarly defined variables.
Keywords:
WP; information; country; staff report; government; nominal GDP
Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
International Monetary Fund

Abstract

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

Keywords:
SELD; sc; selected document; fund; resolutions of the board of governors; No. 6-8; allocations of special drawing rights; United Nations General Assembly 377; Currencies; Multiple currency practices; Credit; Financial Sector Assessment Program; Arrears; Global; Africa; Baltics; Central and Eastern Europe; Eastern Europe; capital transfer; decision No. 1238; Loans
Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
International Monetary Fund

Abstract

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

Keywords:
SELD; sc; fund; No. 6-8; allocations of special drawing rights; United Nations General Assembly 377; capital transfer; decision No. 1238; Currencies; Credit; Multiple currency practices; Loans; Arrears; Global; Africa; Central and Eastern Europe; Eastern Europe
Cover Financial Organization and Operations of the IMF
Financial Organization and Operations of the IMF
International Monetary Fund

Abstract

This pamphlet describes the financial structure and operations of the IMF, as well as the sources of IMF financing, the policies associated with the use of IMF resources, the role of the IMF as trustee to various accounts that are administered by it, and the safeguards established for protecting the IMF's resources. Published in 1990. Extensively revised in 2001 (sixth edition).

Keywords:
PAM; paper gold; currency; financing; arrears; Uses of SDRs