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Private consumption has been a key driver of growth in Brazil for more than a decade. Over this time, Brazilian consumers have benefited from a favorable policy environment, a rapid phase of development—dramatically increasing economic, financial and social inclusion— and a supportive external environment. Meanwhile, infrastructure gaps have widened and investment and productivity levels have fallen behind. The consumption-led growth model now appears to have run its course. The prospect of a period of macroeconomic adjustment presents an opportunity to adjust policy settings to ensure stronger, more balanced and sustainable growth over the medium term.

Consumption (Economics) --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Demand (Economic theory) --- Banks and Banking --- Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- Macroeconomic Analyses of Economic Development --- Personal Income, Wealth, and Their Distributions --- Aggregate Factor Income Distribution --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- Consumption --- Disposable income --- Income --- Real interest rates --- Private consumption --- National accounts --- Financial services --- Economics --- National income --- Interest rates --- Brazil

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This Selected Issues Paper evaluates Kazakhstan’s oil rules, current fiscal stance, and long-term sustainability. The sharp and sustained drop in oil prices since 2014 has reduced the value of Kazakhstan’s oil wealth. Kazakhstan’s non-oil deficit path has been higher than suggested by long-term benchmarks, and adjustment is needed in the coming years to avoid fiscal sustainability risks and to promote intergenerational equity. Price-based fiscal rules can help anchor short- and medium-term fiscal policy. The non-oil deficit path introduced in the new National Fund of the Republic of Kazakhstan concept is broadly consistent with the proposed approach and should be followed by timely and decisive implementation of revenue and expenditure measures.

Kazakhstan --- Economic conditions. --- Economic policy. --- Banks and Banking --- Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Energy: Demand and Supply --- Prices --- Fiscal Policy --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Currency --- Foreign exchange --- Finance --- Investment & securities --- Banking --- Labour --- income economics --- Financial services --- Fiscal policy --- Oil prices --- Exchange rates --- Exchange rate pass-through --- Real interest rates --- Fiscal stance --- Interest rates --- Production --- Economic theory --- Kazakhstan, Republic of --- Income economics

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This Selected Issues paper presents an overview of inter-sectoral exposures in Uruguay. The Uruguayan financial system has been characterized by solid balance sheets, a low level of credit, and continued high dollarization since the crisis in 2002. However, pockets of vulnerability remain, especially after the recent slowdown in economic growth. Nonfinancial public sector (NFPS) gross debt is fairly high at 48 percent of GDP. The NFPS as well as the public sector as a whole have a net open foreign currency position. The nonbank financial system also has a large exposure to government debt.

Inflation (Finance) --- Finance --- Natural rate of unemployment --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Labor --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Interest Rates: Determination, Term Structure, and Effects --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Aggregate Factor Income Distribution --- Social Security and Public Pensions --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Banking --- Labour --- income economics --- Pensions --- Pension spending --- Real interest rates --- Foreign exchange --- Income distribution --- Expenditure --- Financial services --- Credit --- Money --- National accounts --- Interest rates --- Banks and banking --- Uruguay --- Income economics

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From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world's most difficult problemsThe world is drowning in cash-and it's making us poorer and less safe. In The Curse of Cash, acclaimed economist Kenneth Rogoff explores the past, present, and future of currency, from ancient China to today's cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the world's most difficult problems.Cash is becoming increasingly marginalized in the legal economy, but there is a record amount of it in circulation-

Currency question. --- Interest rates. --- Monetary policy. --- Money. --- Paper money. --- Account (accountancy). --- Alternative currency. --- Alternative payments. --- Bank account. --- Bank of England. --- Bank of Japan. --- Bank run. --- Bank. --- Banknote. --- Ben Bernanke. --- Bitcoin. --- Black market. --- Cash register. --- Cash. --- Central bank. --- Chief economist. --- Consumer. --- Corruption. --- Counterfeit. --- Credit card. --- Cryptocurrency. --- Currency In Circulation. --- Currency. --- Customer. --- Debit card. --- Debt. --- Deflation. --- Deposit account. --- Developed country. --- Digital currency. --- Discounts and allowances. --- Economist. --- Economy. --- Electronic money. --- Employment. --- Euro banknotes. --- European Central Bank. --- Eurozone. --- Exchange rate. --- Federal Reserve Bank. --- Fiat money. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial inclusion. --- Financial institution. --- Financial services. --- Financial transaction. --- Fiscal policy. --- Government bond. --- Government debt. --- Helicopter money. --- Illegal immigration. --- Income. --- Inflation targeting. --- Inflation. --- Interest rate. --- Internal Revenue Service. --- International Monetary Fund. --- John Maynard Keynes. --- Liquidity trap. --- Long run and short run. --- Macroeconomic model. --- Macroeconomics. --- Market liquidity. --- Medium of exchange. --- Monetary authority. --- Money laundering. --- Money supply. --- Nominal interest rate. --- Payment. --- Phase Out. --- Poverty. --- Precious metal. --- Price level. --- Private sector. --- Public finance. --- Quantitative easing. --- Rates (tax). --- Real interest rate. --- Recession. --- Retail. --- Revenue. --- Securitization. --- Seigniorage. --- Stabilization policy. --- Supply (economics). --- Tax evasion. --- Tax rate. --- Tax revenue. --- Tax. --- Taylor rule. --- Technology. --- Treasury Bill. --- Uncertainty. --- Unemployment. --- Unit of account. --- United States dollar. --- Value (economics). --- Virtual currency.