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2009 (29)

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Book
Do Workers’ Remittances Promote Economic Growth?
Authors: --- --- --- ---
ISBN: 1462363849 1452747040 1282448382 145199026X 9786613821577 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
United Arab Emirates : Statistical Appendix.
Authors: ---
ISBN: 1455221937 1452786852 1280883774 9786613725080 1451876343 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Union of the Comoros : Selected Issues and Statistical Appendix.
Authors: ---
ISBN: 1462305067 1452747474 1280887613 1451878737 9786613728920 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
América Central : Progreso económico y reformas
Authors: ---
ISBN: 145527111X 1452795770 1589067975 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa
Authors: --- ---
ISBN: 1462373925 1452724830 1282844210 9786612844218 1451873638 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Global Relative Poverty
Author:
ISBN: 1451916752 1282843133 1451872402 145270063X 9786612843136 1462374948 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
International Risk Sharing During the Globalization Era
Authors: --- --- ---
ISBN: 1451917783 1451873565 1452771251 9786612844157 1282844156 1462371906 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Fiscal Policy Rules for Oil-Producing Countries : A Welfare-Based Assessment
Author:
ISBN: 1451917023 1282843400 9786612843402 1451872739 1451992319 1462346693 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Greece : 2009 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Greece.
Authors: ---
ISBN: 1462307035 1452717184 1280884355 9786613725660 1451881142 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Republic of Serbia : Request for Stand-By Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Serbia.
Authors: ---
ISBN: 1462303897 1452739307 1283569663 145188771X 9786613882110 Year: 2009 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.

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