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With official development assistance (ODA) set to rise as countries strive to meet the Millennium Development Goals (MDGs), aid effectiveness remains an important area of development policy. An increasing number of studies support the notion that ODA can contribute to growth in a nonlinear relationship. In this paper, we investigate a new hypothesis regarding this relationship: that deeper financial markets in aid-recipient countries facilitate the management of aid flows, thereby enhancing aid effectiveness. An empirical analysis, using a panel data set, finds robust support for the hypothesis.

Economic assistance --- Poverty --- Exports and Imports --- Finance: General --- Foreign Exchange --- Foreign Aid --- Welfare, Well-Being, and Poverty: General --- Economic Growth and Aggregate Productivity: General --- Economywide Country Studies: General --- Financial Markets and the Macroeconomy --- International economics --- Finance --- Currency --- Foreign exchange --- Foreign aid --- Aid flows --- Financial sector development --- Real exchange rates --- Development assistance --- Financial markets --- International relief --- Financial services industry --- Uganda

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This paper reviews the experience of the IMF’s long-term engagement in Romania and options for future IMF involvement. The unfavorable growth performance also reflected adverse conditions for private sector development. Foreign investors have welcomed the more stable macroeconomic environment and the tax legislation overhaul under the recent Stand-By Arrangement. Although the overlap between Bank and IMF conditionality in the area of structural reforms was not conducive to reducing the number of conditions, it helped increase the pressure on the authorities to maintain the reform momentum.

Foreign exchange rates --- Economic assistance --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy --- International economic relations --- Conditionality (International relations) --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Romania --- Economic policy. --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Inflation --- Macroeconomics --- Industries: Energy --- Corporate Finance --- Institutions and the Macroeconomy --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Energy and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Current Account Adjustment --- Short-term Capital Movements --- Petroleum, oil & gas industries --- Banking --- International economics --- Public ownership --- nationalization --- Structural reforms --- Energy sector --- Macrostructural analysis --- Economic sectors --- Current account deficits --- Balance of payments --- Prices --- Energy industries --- Banks and banking --- Nationalization

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The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Dominica focuses on macroeconomic framework and fiscal policy. The program has been based on the expectation that Dominica will achieve a collaborative debt restructuring with its creditors that meets the residual near-term financing needs and ensures medium-term debt sustainability. The authorities continue to make progress in implementing the structural reform agenda, which aims to address the root causes of the macroeconomic imbalances and to remove impediments to growth.

Budgeting --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- National Budget --- Budget Systems --- Fiscal Policy --- Institutions and the Macroeconomy --- Finance --- Public finance & taxation --- International economics --- Budgeting & financial management --- Debt restructuring --- Public debt --- Arrears --- External debt --- Budget planning and preparation --- Asset and liability management --- Public financial management (PFM) --- Debts, External --- Debts, Public --- Budget --- Fiscal policy --- Dominica

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This report reviews Georgia's performance under the two IMF-supported programs, covering the period 1996–2003. It also discusses the key challenges that Georgia faces in realizing the goals of its recently finalized Economic Development and Poverty Reduction Program (EDPRP). Georgia has broadly maintained a liberal trade and payments system. The authorities have made substantial progress in implementing financial sector reforms.

Exports and Imports --- Macroeconomics --- Public Finance --- Industries: Energy --- Criminology --- Taxation, Subsidies, and Revenue: General --- Energy and the Macroeconomy --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Petroleum, oil & gas industries --- Corporate crime --- white-collar crime --- International economics --- Revenue administration --- Energy sector --- External debt --- Public financial management (PFM) --- Economic sectors --- Crime --- Revenue --- Energy industries --- Debts, External --- Finance, Public --- Georgia --- White-collar crime

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The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Banks and Banking --- Finance: General --- Foreign Exchange --- Macroeconomics --- Public Finance --- Fiscal Policy --- Labor Economics: General --- General Financial Markets: General (includes Measurement and Data) --- Financial Markets and the Macroeconomy --- Labour --- income economics --- Finance --- Currency --- Foreign exchange --- Economic growth --- Fiscal rules --- Labor --- Fiscal policy --- Emerging and frontier financial markets --- Financial sector development --- Financial markets --- Labor economics --- Financial services industry --- Business cycles --- China, People's Republic of --- Income economics