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This paper builds on the methodology developed by Chudik and Mongardini (2007) to estimate the relationship between grants and remittances and the equilibrium real exchange rate in Sub-Saharan African (SSA) countries using panel techniques. The results indicate that grants and remittances are not associated, in the long run, with an appreciation of the real effective exchange in SSA and are therefore not likely to give rise to Dutch disease effects. These findings suggest that grants and remittances may be serving to ease supply constraints or boost productivity in the non-tradable sector in the recipient economies.

Emigrant remittances -- Africa, Sub-Saharan. --- Foreign exchange rates -- Africa, Sub-Saharan. --- Grants-in-aid -- Africa, Sub-Saharan. --- Business & Economics --- Economic History --- Subsidies --- Foreign exchange rates --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Business subsidies --- Corporate subsidies --- Corporate welfare --- Government subsidies --- Grants --- Subventions --- Vouchers (Subsidies) --- Welfare, Corporate --- Rates --- Government aid --- Foreign trade promotion --- Trade adjustment assistance --- Exports and Imports --- Foreign Exchange --- Foreign Aid --- Remittances --- Currency --- International economics --- Real exchange rates --- Balance of payments --- International finance --- Tanzania, United Republic of

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Currency substitution is now a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic by including a ratchet variable in the model specification. The main conclusion of the paper is that, while some degree of persistence is present in the allocation of bank deposit, currency substitution in the economy at large has not yet reached a point where reversing it would be difficult. In this regard, there is still room for monetary policy to influence currency allocation in the private sector.

Inflation --- Investments: General --- Money and Monetary Policy --- Banks and Banking --- Demand for Money --- Monetary Policy --- Foreign Exchange --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment --- Capital --- Intangible Capital --- Capacity --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Macroeconomics --- Banking --- Currencies --- Dollarization --- Depreciation --- Demand for money --- Money --- Monetary policy --- National accounts --- Prices --- Commercial banks --- Financial institutions --- Saving and investment --- Banks and banking --- Kyrgyz Republic

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Global smartphone sales may have peaked. After reaching nearly 1.5 billion units in 2016, global smartphone sales have since declined, contributing negatively to world trade in 2019 and suggesting that the global market may now be saturated. This paper develops a simple model to forecast smartphone sales, which shows that sales are likely to decline further. As tech companies shift to embedded services (cloud computing, content subscriptions, and financial services), the impact on global trade may also be shifting in favor of services exports mostly from advanced economies.

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This paper assesses the macroeconomic implications of scaling up aid for Benin in line with the Gleneagles commitment to double aid to poor countries over the next three years to reach $85 per capita by 2010 and keep it at that level thereafter. The analysis suggests that the additional aid inflows can be accommodated under Fund-supported programs without major disruptions to macroeconomic stability, provided the inflows are highly concessional and used effectively. There are, however, significant risks that the impact on growth and poverty reduction of the additional aid inflows could fall short of expectations, given Benin's limited absorptive and administrative capacity.

Business & Economics --- Economic History --- Economic assistance --- Benin --- Economic conditions. --- 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) --- Exports and Imports --- Foreign Exchange --- Public Finance --- International Investment --- Long-term Capital Movements --- Foreign Aid --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Government Expenditures and Related Policies: General --- International economics --- Currency --- Foreign exchange --- Public finance & taxation --- Real exchange rates --- Absorptive capacity --- Foreign aid --- Public investment spending --- Expenditure --- Capital movements --- International relief --- Public investments --- Expenditures, Public

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Output gap estimates are widely used to inform macroeconomic policy decisions, including in Korea. The main determinant of these estimates is the measure of labor market slack. The traditional measure of unemployment in Korea yields an incomplete estimate of labor market slack, given that many workers prefer involuntary part-time jobs or leaving the labor force rather than registering as unemployed. This paper discusses a way in which the measure of unemployment can be broadened to yield a more accurate measure of labor market slack. This broader measure is then used to estimate the output gap using a multivariate filter, yielding a more meaningful measure of the output gap.

Labor --- Macroeconomics --- Production and Operations Management --- Model Construction and Estimation --- Price Level --- Inflation --- Deflation --- Monetary Policy --- Macroeconomics: Production --- Demand and Supply of Labor: General --- Unemployment: Models, Duration, Incidence, and Job Search --- Labor Economics: General --- Labour --- income economics --- Output gap --- Labor markets --- Unemployment --- Capacity utilization --- Production --- Potential output --- Economic theory --- Labor market --- Industrial capacity --- Labor economics --- Korea, Republic of