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Middle East and Central Asia > Yemen, Republic of

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Cover IMF Staff Papers
IMF Staff papers: Volume 35 No. 1
International Monetary Fund. Research Dept.
A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt or taxation. This so-called Ricardian equivalence states that, for a given expenditure path, substitution of debt for taxes does not affect private sector wealth and consumption. This paper provides a model illustrating the implications of Ricardian equivalence, surveys the litera-ture, considers effects of relaxing the basic assumptions, provides a frame-work to study implications of various extensions, and critically reviews recent empirical work on Ricardian equivalence.
Keywords:
SP; primary-commodity-exporting country; commodity price; Kähkönen hold; liberalization program; Laursen-Metzler effect; Exchange rates; Real exchange rates; Consumption; Dollarization; Income tax systems; Middle East; Sub-Saharan Africa; Central America; North Africa; Southern Europe; Global; exchange rate variability
Cover IMF Staff Papers
IMF Staff papers: Volume 34 No. 4
International Monetary Fund. Research Dept.
The Mundell-Fleming model of international macroeconomic originated in the early 1960s and has been extended during the ensuing quarter century. This paper develops an exposition that integrates the various facets of the model and incorporates its extensions into a unified analytical framework. Attention is given to (1) the distinction between short-run and long-run effects of policies, (2) the implications of debt and tax financing of government expenditures, and (3) the role of the exchange rate regime in this regard. By identifying the key mechanisms operating in the model, the exposition clarifies the model’s limitations and facilitates comparison with other, more current approaches.
Keywords:
SP; exchange rate; supply function; interest rate differential; rank correlation coefficient; supply hypothesis; deutsche mark; Exchange rates; Real exchange rates; Capital controls; Inflation
Cover IMF Staff Papers
IMF Staff papers: Volume 27 No. 3
International Monetary Fund. Research Dept.
This paper analyzes the implications of credit policies for output and growth and how they relate to the development of the current account and overall balance of payments. The framework chosen for the analysis is one in which the availability of financing is a direct and major determinant of current and future production. The paper identifies three channels through which credit policies can affect production in the economy. The principal conclusions are that limiting the overall level of credit is not a panacea for balance of payments problems; considerations regarding the distribution and the use of credit are important; in the absence of distortions, the current account objectives are best served by permitting credit expansion and investment to take place in the sector with the highest productivity, independent of whether this sector produces traded goods or nontraded goods; and tight credit policies can endanger the current account objectives when prevailing distortions lead to a “crowding out” of productive uses of credit.
Keywords:
SP; deposit; economic rent; court; bank; insurance scheme; income elasticity; resource rent tax; credit policy; concentration ratio; money stock; U.S. dollar; Deposit insurance; Resource rent tax; Commercial banks; Demand for money; Credit; Middle East; Western Europe; Global; mineral taxation policy; fund agreement
Cover IMF Staff Papers
IMF Staff papers: Volume 22 No. 2
International Monetary Fund. Research Dept.
In this paper it is argued that in a system of widespread managed floating, as in a par value system with occasional floating, the problem of asymmetry of adjustment between the issuers of the principal intervention currencies and other countries and the problem of ensuring an effective international management of reserves remain to be solved. If the latter problem is less acute under a floating system, the former problem is potentially more acute than under par values. Although widespread floating would appear to offer no obstacle to the operation of a substitution account, its effect on the acceptability of asset settlement is debatable and it would add considerably to the difficulties of organizing multicurrency intervention. If politically acceptable, a system of guided intervention oriented to an established system of normal exchange rate zones would probably be superior to any other arrangement under floating for the purpose of promoting symmetry in adjustment, while permitting an adequate degree of exchange rate management and avoiding the anomaly of mutually offsetting intervention.
Keywords:
SP; currency; intervention currency; adjustment scheme; multiplier expression; value of the multiplier; monetary unit; Currencies; Personal income; Personal income tax; Income tax systems; Exchange rates; Global; Europe; Middle East; Western Europe; East Africa