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Over the past decades, workers' remittances have grown to become one of the largest sources of financial flows to developing countries, often dwarfing other widely-studied sources such as private capital and official aid flows. While it is undeniable that remittances have poverty-alleviating and consumption-smoothing effects on recipient households, a key empirical question is whether they also serve to promote long-run economic growth. This study tackles this question and addresses the main shortcomings of previous empirical work, focusing on the appropriate measurement, and incorporating an instrument that is both correlated with remittances and would only be expected to affect growth through its effect on remittances. The results show that, at best, workers' remittances have no impact on economic growth.
Capital movements. --- Economic development. --- Emigrant remittances. --- Emigration and immigration -- Economic aspects. --- Econometrics --- Exports and Imports --- Investments: General --- Macroeconomics --- Remittances --- Aggregate Factor Income Distribution --- Estimation --- Investment --- Capital --- Intangible Capital --- Capacity --- International economics --- Econometrics & economic statistics --- Outward remittances --- Income --- Estimation techniques --- Capital accumulation --- International finance --- Emigrant remittances --- Econometric models --- Saving and investment --- United States
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Banks and Banking --- Investments: Energy --- Public Finance --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Energy: General --- Social Security and Public Pensions --- Aggregate Factor Income Distribution --- Banking --- Investment & securities --- Pensions --- Oil --- Commercial banks --- Bank deposits --- Pension spending --- Commodities --- Financial institutions --- Income --- National accounts --- Expenditure --- Financial services --- Banks and banking --- Petroleum industry and trade --- United Arab Emirates
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The Selected Issues paper for the Union of the Comoros describes an assessment of the external competitiveness. Comoros has been hard hit by negative terms-of-trade shocks that have weakened the external position. A trend decline in the world price of vanilla, its main export, has occurred parallel to unprecedented increases in international food and petroleum prices. Although export growth has slackened, imports have steadily grown driven by a surge in remittances and a steady real appreciation of the euro-pegged national currency.
Economic development. --- International finance. --- International Monetary Fund. --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Current Account Adjustment --- Short-term Capital Movements --- Aggregate Factor Income Distribution --- International economics --- Currency --- Foreign exchange --- Current account --- Real effective exchange rates --- Real exchange rates --- Current account deficits --- Income --- Balance of payments --- National accounts --- Comoros, Union of the
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América Central ha logrado importantes avances en los últimos años al impulsar reformas económicas y profundizar la integración regional y mundial. Como resultado de estos esfuerzos, la región ha logrado aumentar el crecimiento y las entradas de capitales y reducir en alguna medida las tasas de pobreza. No obstante, América Central se mantiene vulnerable a los shocks negativos y continúa atravesando una situación de pobreza generalizada. Si bien hoy en día América Central se encuentra en mejores condiciones para afrontar esos shocks, las turbulencias actuales en los mercados financieros internacionales podrían poner en riesgo los avances logrados con tanto esfuerzo en los últimos años. Frente a estos retos, las autoridades están siguiendo de cerca los acontecimientos y tomando medidas precautorias, pero también deben seguir realizando reformas que promuevan la productividad y aplicando medidas dirigidas a reducir la desigualdad del ingreso y la pobreza.
Exports and Imports --- Finance: General --- Investments: General --- Macroeconomics --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Aggregate Factor Income Distribution --- Trade Policy --- International Trade Organizations --- Fiscal Policy --- Investment & securities --- Finance --- International economics --- Income --- Securities --- Stock markets --- Customs unions --- Fiscal policy --- Financial instruments --- Stock exchanges --- Protectionism --- Costa Rica
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The paper investigates the determinants and the macroeconomic role of remittances in sub-Saharan Africa, assembling the most comprehensive dataset available so far on remittances in the region and incorporating data on the diaspora. It finds that remittances are larger for countries with a larger diaspora or when the diaspora is located in wealthier countries, and that they behave countercyclically, consistent with a role as a shock absorber. Although the effect of remittances in growth regressions is negative, countries with well functioning domestic institutions seem nevertheless to be better at unlocking the potential for remittances to contribute to faster economic growth.
Economic development --- Macroeconomics. --- Economics --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Exports and Imports --- Finance: General --- Foreign Exchange --- Macroeconomics --- Remittances --- Aggregate Factor Income Distribution --- Financial Markets and the Macroeconomy --- International economics --- Currency --- Foreign exchange --- Finance --- Income --- Real exchange rates --- Multiple currency practices --- Financial sector development --- International finance --- Financial services industry --- Cabo Verde
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The paper provides estimates of global relative poverty trends from 1970 onwards. Relative poverty is shown to have decreased significantly, but at the same time there has been a worsening poverty outcome among up to one billion of the world's poorest citizens. The paper also proposes a straightforward method for dividing an income distribution into classes of poor, rich, and middle-class.
Business & Economics --- Economic History --- Poverty. --- Income distribution. --- Distribution of income --- Income inequality --- Inequality of income --- Destitution --- Distribution (Economic theory) --- Disposable income --- Wealth --- Basic needs --- Begging --- Poor --- Subsistence economy --- Macroeconomics --- Demography --- Poverty and Homelessness --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Personal Income, Wealth, and Their Distributions --- Welfare, Well-Being, and Poverty: General --- Aggregate Factor Income Distribution --- Demographic Economics: General --- Poverty & precarity --- Population & demography --- Personal income --- Poverty --- Income distribution --- Population and demographics --- National accounts --- Income --- Population --- United States
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Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency.
Commerce --- Business & Economics --- International Commerce --- Globalization. --- Financial risk. --- Business risk (Finance) --- Money risk (Finance) --- Global cities --- Globalisation --- Internationalization --- Risk --- International relations --- Anti-globalization movement --- Finance: General --- Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Aggregate Factor Income Distribution --- Macroeconomics: Production --- General Financial Markets: General (includes Measurement and Data) --- Finance --- Consumption --- Income --- Production growth --- Private consumption --- Emerging and frontier financial markets --- Economics --- Production --- Economic theory --- Financial services industry --- Japan
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The paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework.
Business & Economics --- Industries --- Petroleum industry and trade --- Fiscal policy. --- Economic aspects. --- Tax policy --- Taxation --- Government policy --- Economic policy --- Finance, Public --- Energy industries --- Oil industries --- Investments: Energy --- Macroeconomics --- Fiscal Policy --- Energy: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Aggregate Factor Income Distribution --- Business Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- Investment & securities --- Public finance & taxation --- Oil --- Government consumption --- Income --- Oil, gas and mining taxes --- Oil prices --- Commodities --- National accounts --- Taxes --- Consumption --- Economics --- United States
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This 2009 Article IV Consultation highlights that despite initial resilience partly explained by high wage growth and accelerated government spending in Greece, growth slowed substantially in early 2009. The main driving forces were lower investment and exports, destocking, and a decline in private consumption. Executive Directors have welcomed the extended period of strong growth through 2008, which had significantly narrowed the gap in real per-capita income with the EU-15. Directors have also emphasized the need to implement a comprehensive plan for fiscal consolidation and structural reform.
Banks and Banking --- Exports and Imports --- Labor --- Macroeconomics --- Public Finance --- Taxation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Wages, Compensation, and Labor Costs: General --- Debt --- Debt Management --- Sovereign Debt --- Aggregate Factor Income Distribution --- National Government Expenditures and Related Policies: General --- Banking --- Public finance & taxation --- Labour --- income economics --- International economics --- Fiscal stance --- Public debt --- Wages --- Fiscal consolidation --- Expenditure --- Fiscal policy --- Income --- National accounts --- Banks and banking --- Debts, Public --- Expenditures, Public --- Greece
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With global financial turmoil increasingly spilling over into Serbia, the authorities have requested a 15-month Stand-By Arrangement (SBA), which they intend to treat as precautionary. The authorities’ program aims at safeguarding macroeconomic and financial stability, in view of the global financial turmoil. The authorities’ SBA-supported program responds to the abrupt deterioration in global financial sentiments. Safeguarding macroeconomic and financial stability are the primary objectives of the program, and the authorities recognize that policies will need to be strengthened across the board.
Economic development. --- International finance. --- International Monetary Fund -- Reform. --- International Monetary Fund. --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Finance: General --- International Lending and Debt Problems --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Aggregate Factor Income Distribution --- International economics --- Currency --- Foreign exchange --- Banking --- Finance --- External debt --- Fiscal stance --- Prices --- Fiscal policy --- Income --- National accounts --- Debts, External --- Banks and banking --- Serbia, Republic of
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