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Social Science > Poverty and Homelessness

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Portfolio Choice; Investment Decisions x
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Cover IMF Staff Country Reports
Panama: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper assesses the effectiveness of Panama's fiscal framework. The fiscal framework of Panama has played an important role in enhancing fiscal discipline since its establishment in 2009. Since the current fiscal framework went into effect in 2009, the primary balance and debt-to-GDP ratio of the nonfinancial public sector have improved significantly on average compared with those in 2000–08. The fiscal impulse given the output gap also shows that fiscal policy was less procyclical in 2009–15 than in 2001–08. However, there are options to better align the framework with best practice, including reducing unintended procyclicality, increasing transparency, and improving accountability.
Keywords:
ISCR; CR; Panama; bank; liquidity; poverty rate; income; transportation cost; growth performance; deficit ceiling; banking center; shipping industry; Offshore financial centers; Liquidity requirements; Fiscal governance; Global; Caribbean; Europe
Cover IMF Staff Papers
Lessons from Empirical Models of Exchange Rates: Volume 34 No. 1
International Monetary Fund. Research Dept.
This paper finds scope for some optimism that the empirical modeling of exchange rates will someday lead to significantly better-than-random explanations. The first part of the paper focuses on the relationships among exchange rates, national price levels, interest rates, and international balances of payments and provides perspectives on some elements of truth about these relationships that are consistent with the past decade of modeling failures. The lessons emphasize the importance of analyzing exchange rates within complete macroeconomic frameworks and of assuming that expectations are formed in ways consistent with the structural models or with information that can be easily extracted from time series of relevant variables. The open issues include the questions of whether it is adequate or appropriate to treat assets as perfect substitutes or, equivalently, to use the uncovered interest rate parity hypothesis. To the extent that efforts are devoted to modeling exchange rates in general equilibrium frameworks that do not treat assets as perfect substitutes, a second open issue is how to distinguish assets and to specify a basis for portfolio preferences that has solid microeconomic foundations.
Keywords:
export restraint agreement; tariff rate; transactions price; price effect; government growth; Tariffs; Exchange rates; Personal income; Export restrictions; Europe; Global; Africa