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This Selected Issues paper examines the main factors explaining Ukraine’s growth performance so far, assesses whether the recent recovery is sustainable, and provides a quantitative analysis of long-term growth prospects. It finds that the recent recovery is not yet self-sustaining and estimates that long-term per capita GDP growth of 4–5 percent per year would be possible only if structural reforms are accelerated. The paper also discusses how the shadow economy has been measured in Ukraine and compares the results with studies of other transition economies.

Exports and Imports --- Money and Monetary Policy --- Public Finance --- Taxation --- Economics: General --- Taxation, Subsidies, and Revenue: General --- Trade Policy --- International Trade Organizations --- Trade: General --- Informal Economy --- Underground Econom --- Monetary Policy --- Public finance & taxation --- International economics --- Economics of specific sectors --- Monetary economics --- Revenue administration --- Tariffs --- Exports --- Informal economy --- Inflation targeting --- Taxes --- Economic sectors --- International trade --- Monetary policy --- Revenue --- Tariff --- Informal sector --- Economics --- Ukraine

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The persistence in Guyana of a substantial underground economy is an important consequence of economic and social policy over 1964-2000. The paper attempts to estimate the magnitude of, and changes to the underground economy in Guyana, as well as its adverse effect on tax collection, during this period.

Macroeconomics --- Money and Monetary Policy --- Taxation --- Economics: General --- Economywide Country Studies: Latin America --- Caribbean --- Informal Economy --- Underground Econom --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Taxation, Subsidies, and Revenue: General --- Personal Income, Wealth, and Their Distributions --- Tax Evasion and Avoidance --- Economics of specific sectors --- Monetary economics --- Public finance & taxation --- Informal economy --- Currencies --- Average effective tax rate --- Personal income --- Tax evasion --- Economic sectors --- Money --- Tax policy --- National accounts --- Revenue administration --- Informal sector --- Economics --- Tax administration and procedure --- Income --- Guyana

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Examina el papel de la economía sumergida, o economía subterránea. Analiza la forma de medirla, la relación entre la economía sumergida y la economía formal, las razones por las cuales está creciendo en tamaño, y sus efectos en el crecimiento económico general. ¿Cómo pueden los Estados medir la economía sumergida, y es importante su existencia?.

Labor --- Macroeconomics --- Taxation --- Economics: General --- Criminology --- Informal Economy --- Underground Econom --- Labor Economics: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Labor Force and Employment, Size, and Structure --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economics of specific sectors --- Labour --- income economics --- Welfare & benefit systems --- Corporate crime --- white-collar crime --- Informal economy --- Social security contributions --- Labor force --- Informal sector --- Economics --- Labor economics --- Social security --- Labor market --- United States

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This paper analyzes the price stabilizing properties of puttable and extendible bonds, their potential to help develop interest-rate derivative markets, and their use by governments. Their stabilizing properties imply that, when bond prices fall, prices for puttable and extendible bonds fall by less. Their embedded options work as a cushion and replicate the trading gains from hedging long-term bonds with interest rate derivatives. These bonds can help develop interest-rate derivative markets in developing countries and eventually increase demand for long-term government bonds. Informal evidence from OECD countries suggests that these bonds were useful in the 1980s, when interest rates were volatile.

Interest rates. --- Interest rate futures --- Bonds --- Derivative securities. --- Derivative financial instruments --- Derivative financial products --- Derivative instruments --- Derivatives (Finance) --- Financial derivatives --- Securities --- Structured notes (Securities) --- Bond issues --- Debentures --- Negotiable instruments --- Debts, Public --- Stocks --- Futures, Interest rate --- Financial futures --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Econometric models. --- Macroeconomics --- Economics: General --- International Economics --- Investments: Bonds --- Investments: Options --- Banks and Banking --- Foreign Exchange --- Informal Economy --- Underground Econom --- Contingent Pricing --- Futures Pricing --- option pricing --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Price Level --- Inflation --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Economic & financial crises & disasters --- Economics of specific sectors --- Investment & securities --- Finance --- Financial crises --- Economic sectors --- Financial institutions --- Options --- Asset prices --- Prices --- Sovereign bonds --- Short term interest rates --- Financial services --- Currency crises --- Informal sector --- Economics --- Derivative securities --- Interest rates --- Brazil