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The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.

Economic indicators. --- Agricultural Policy --- Agriculture & Food Policy --- Climate --- Debt burden --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Deflation --- Domestic debt --- Exports and Imports --- Food Policy --- Global Warming --- Government debt management --- Inflation --- International economics --- International Lending and Debt Problems --- Macroeconomics --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Poverty & precarity --- Poverty --- Price Level --- Prices --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Nigeria

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Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of our knowledge, one of the first attempts in the literature to quantify the costs of delaying fiscal consolidation in an EMC. In particular, using the IMF's Global Fiscal Model (GFM), we find that early consolidation through expenditure cuts would result in a substantial increase in Israel's long-term output growth relative to the case with delayed fiscal adjustment. Using an alternative fiscal instrument, we find that delaying tax cuts would result in cumulative real GDP that is much larger than otherwise.

Economic stabilization -- Israel. --- Electronic books. -- local. --- Fiscal policy -- Israel. --- Political Science --- Law, Politics & Government --- Public Finance --- Fiscal policy --- Economic stabilization --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Tax policy --- Taxation --- Government policy --- Economic policy --- Finance, Public --- Macroeconomics --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Public debt --- Fiscal consolidation --- Expenditure --- Government debt management --- Debts, Public --- Expenditures, Public --- Israel

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Albania’s macroeconomic performance over the past year has been good, with strong growth and a significant reduction in poverty under the Poverty Reduction and Growth Facility Arrangement. Executive Directors commended the new strategy for maintaining the macroeconomic stability, enhancement of the budget, and the credibility of the monetary framework. They emphasized the need to accelerate structural reforms, and appreciated the revised strategy for the electricity sector. They stressed the need to improve official statistics to serve as a reliable basis for policymaking and program design.

Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Social Services and Welfare --- Debt --- Debt Management --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public finance & taxation --- Monetary economics --- Finance --- Currency --- Foreign exchange --- Social welfare & social services --- Public debt --- Government debt management --- Revenue administration --- Credit --- Loans --- Public financial management (PFM) --- Money --- Financial institutions --- Debts, Public --- Revenue --- Albania

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This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, we find that the relationship holds strongly in indebted developing countries, weakly in other developing countries, but generally not in developed economies. These results are robust to the inclusion of other variables, corrections for endogeneity biases, and relaxation of common-slope restrictions and are invariant over sub-sample periods. We estimate a VAR to trace out the transmission channel and find the impulse responses consistent with the predictions of a forward-looking model of inflation. Wealth effects of public debt could also affect inflation, as posited by the fiscal theory of the price level, but we do not find supportive evidence. The results suggest that the risk of a debt-inflation trap is significant in highly indebted countries, and pure money-based stabilization is unlikely to be effective over the medium term. Our findings stress the importance of institutional and structural factors in the link between fiscal policy and inflation.

Debts, Public -- Econometric models. --- Electronic books. -- local. --- Inflation (Finance). --- Money supply. --- Political Science --- Law, Politics & Government --- Public Finance --- Debts, Public --- Inflation (Finance) --- Econometric models. --- Money stock --- Quantity of money --- Supply of money --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Finance --- Natural rate of unemployment --- Money --- Demand for money --- Monetary policy --- Debt --- Bonds --- Deficit financing --- Inflation --- Money and Monetary Policy --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Fiscal Policy --- Macroeconomics --- Public finance & taxation --- Monetary economics --- Monetary base --- Fiscal policy --- Government debt management --- Prices --- Money supply --- Jamaica

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This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central bank autonomy raises the issue of subjecting the monetary authorities to democratic control; this calls for additional research on the linkages between central bank autonomy and accountability and transparency. Additional empirical analysis on the relationship between the financial strength of the central bank and its de facto autonomy, and between its autonomy and financial stability, would also be desirable.

Banks and banking, Central -- Management -- Econometric models. --- Electronic books. -- local. --- Monetary policy -- Econometric models. --- Finance --- Business & Economics --- Banking --- Banks and banking, Central --- Monetary policy --- Management --- Econometric models. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Inflation --- Labor --- Macroeconomics --- Public Finance --- Price Level --- Deflation --- Taxation, Subsidies, and Revenue: General --- Wages, Compensation, and Labor Costs: Public Policy --- Debt --- Debt Management --- Sovereign Debt --- Central Banks and Their Policies --- Monetary Policy --- Public finance & taxation --- Labour --- income economics --- Legal support in revenue administration --- Price stabilization --- Wage bargaining --- Government debt management --- Prices --- Revenue administration --- Public financial management (PFM) --- Revenue --- Government policy --- Wages --- Debts, Public --- United States --- Income economics