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Applying a consumption-smoothing model to five ASEAN countries reveals that excessive private consumption has not tended to characterize their widening external imbalances in recent years, except to a small degree in Indonesia and Malaysia. Beyond consumption smoothing, however, a number of factors influence the desirability of running large external deficits, including the level and composition of external liabilities, the flexibility of macroeconomic policies, and the health of banking systems. Even when the current account deficit appears sustainable, there is a case to reduce them in order to lower the risks arising from such factors.

Exports and Imports --- Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Economywide Country Studies: Asia including Middle East --- Aggregate Factor Income Distribution --- International economics --- Current account --- Current account deficits --- Consumption --- Current account balance --- Consumption distribution --- Balance of payments --- National accounts --- Economics --- Income distribution --- Malaysia

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Japan’s weak economic performance in the 1990s has had implications not only for its own people, but for the world economy more generally, given Japan’s importance as a trading partner and supplier of capital. Therefore, it is essential that Japan unlock its growth potential. The IMF has worked with the Japanese authorities to identify the policies needed to bring Japan’s economy out of its recent slump. This book contributes to this ongoing debate, whose major topics include the need for an integrated policy strategy based on the decisive restructuring of the banking and corporate sectors, combined with macroeconomic policies designed to bring an end to deflation.

International finance --- Fiscal policy --- Monetary policy --- Foreign exchange rates --- Politique fiscale --- Politique monétaire --- Taux de change --- International Monetary Fund --- Japan --- Japon --- Economic policy --- Politique économique --- 338.22 <520> --- -Monetary policy --- -Foreign exchange rates --- -JP / Japan - Japon --- 331.30 --- 336.61 --- 333.820 --- -330.952 --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Monetary management --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Economische organisatieleer. Economisch beleid. Economische politiek--Japan --- Economische toestand. --- Financieel beleid. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Rates --- Government policy --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- -Electronic books. -- local. --- Fiscal policy -- Japan. --- Foreign exchange rates -- Japan. --- International Monetary Fund. --- Japan -- Economic policy -- 1989-. --- Monetary policy -- Japan. --- Business & Economics --- Economic History --- 338.22 <520> Economische organisatieleer. Economisch beleid. Economische politiek--Japan --- -338.22 <520> --- Electronic books. -- local. --- Internationaal monetair fonds --- International monetary fund --- -International finance --- -Fiscal policy --- Politique monétaire --- Politique économique --- Nihon --- Nippon --- Iapōnia --- Zhāpān --- I︠A︡ponii︠a︡ --- Yapan --- Japão --- Japam --- Mư̄ang Yīpun --- Prathēt Yīpun --- Yīpun --- Jih-pen --- Riben --- Government of Japan --- 日本 --- 日本国 --- Nipponkoku --- Nippon-koku --- Nihonkoku --- Nihon-koku --- State of Japan --- Япония --- Japani --- اليابان --- al-Yābān --- يابان --- Yābān --- Japonsko --- Giappone --- Japonia --- Japonya --- IMF --- Economische toestand --- Financieel beleid --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Jepun --- Yapon --- Yapon Ulus --- I︠A︡pon --- Япон --- I︠A︡pon Uls --- Япон Улс --- -IMF --- Banks and Banking --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Demography --- Labor --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Monetary Policy --- Price Level --- Inflation --- Deflation --- Nonwage Labor Costs and Benefits --- Private Pensions --- Finance --- Monetary economics --- Macroeconomics --- Population & demography --- Banking --- Pensions --- Aging --- Inflation targeting --- Bank credit --- Population and demographics --- Loans --- Financial institutions --- Money --- Nonperforming loans --- Banks and banking --- Population aging --- Credit

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A consistent set of disaggregated industrial output data for four Eastern European countries is examined In order to determine the extent to which structural adjustment has taken place since the initiation of market-oriented reform. The latter created a massive relative price shock whose affects on the structure of the industrial sectors of these economies is shown to have been relatively small, at least one to two years after the reforms. An implication is that one argument in favor of more gradualist reform—based on the premise that more gradualism implies a smaller output cost in the short run—is questionable. By and large in these economies, the output cost associated with the removal of relative price distortions may still have to be faced.

Business Fluctuations --- Comparative Studies of Particular Economies --- Cycles --- Deflation --- Economic sectors --- Energy prices --- Energy: Demand and Supply --- Fiscal policy --- General Aggregative Models: General --- Industrial Organization: General --- Industrial sector --- Industries --- Industries: General --- Inflation --- Macroeconomic risks --- Macroeconomics --- Macroeconomics: Production --- National accounts --- National income --- Price Level --- Prices --- Public Administration --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Public Sector Accounting and Audits --- Studies of Particular Policy Episodes --- Hungary

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The household saving ratio in France has undergone very sharp changes over the past two decades, falling dramatically in the first part of the 1980s before rising in more recent years. This paper emphasizes two factors in the evolution of private saving in France. The first relates to perceptions of household income growth and uncertainty, which are likely to have been affected by deteriorating labor market conditions, and which may therefore help to account for the recent increase in saving. The second factor relates to financial deregulation which may have lowered saving and increased its sensitivity to interest rate changes. It is argued that both factors have played some role in the evolution of French household saving.

Banks and Banking --- Derivative securities --- Finance --- Financial institutions --- Financial Instruments --- Financial services --- Futures --- Income economics --- Income --- Institutional Investors --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Investments: Futures --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Macroeconomics: Consumption --- National accounts --- Non-bank Financial Institutions --- Pension Funds --- Personal income --- Personal Income, Wealth, and Their Distributions --- Precautionary savings --- Real interest rates --- Saving and investment --- Saving --- Wealth --- France

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This paper proposes a methodology for testing whether capital flows to developing countries are determined by economic fundamentals or by purely speculative forces. We use the intertemporal optimizing approach to current account determination as our benchmark for judging the behavior of capital flows. According to this approach, capital flows should act as a buffer to smooth consumption in the face of temporary shocks to national cash flow, defined as output less investment less government expenditures. The results are encouraging. For a large sample of developing countries, economic fundamentals are indeed found to be the most important determinant of capital flows.

Aggregate Factor Income Distribution --- Balance of payments --- Capital flows --- Capital movements --- Consumption distribution --- Consumption --- Currencies --- Current Account Adjustment --- Current account --- Economics --- Exports and Imports --- Government and the Monetary System --- Income distribution --- International economics --- International Investment --- Long-term Capital Movements --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Macroeconomics --- Macroeconomics: Consumption --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- National accounts --- Open Economy Macroeconomics --- Payment Systems --- Regimes --- Saving --- Short-term Capital Movements --- Standards --- Wealth --- Papua New Guinea