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The economies of the Middle East and Central Asia proved resilient in 2022, despite a series of global shocks. However, this year—and potentially next—growth is expected to slow in the Middle East and North Africa as tight policies to fight inflation, reduce vulnerabilities, and rebuild buffers start to dent economic activity in many countries, and agreed oil production cuts curb growth in oil exporters. Inflation is projected to remain persistent. The outlook for Caucasus and Central Asia countries depends heavily on external factors, namely the impact of monetary tightening, and growth in their main trading partners, the pace of private transfers, and inflows of migrants from Russia. Uncertainty is high, and risks to the baseline are tilted to the downside amid financial stability concerns, particularly in advanced economies amid contagion fears. Policy trade-offs are even more complex, and policymakers will need to calibrate the policy mix carefully to reduce core inflation without triggering financial stress and excessive tightening and continue to provide targeted fiscal support to vulnerable groups while preserving debt sustainability and financial stability. Tight monetary and fiscal policies across the region amid tight global financial conditions call for accelerating structural reforms to bolster potential growth and enhance resilience.

International Economics --- Macroeconomics --- Debt --- Debt Management --- Sovereign Debt --- Financial Economics: General --- International institutions --- Economic & financial crises & disasters --- International organization --- Financial crises --- International agencies --- Currency crises

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The System of National Accounts 1993 (1993 SNA) provided new standards for the statistical treatment of financial derivatives. Subsequently, financial derivative markets have evolved, and there have been requests from national statisticians for clarification and amplification of the recommendations in the 1993 SNA and the fifth edition of the IMF’s Balance of Payments Manual (BPM5). Meeting this need is the main purpose of this working paper. Its recommendations have been widely discussed in international meetings and have been approved by bodies that effect changes in the 1993 SNA and BPM5.

Finance: General --- Investments: Options --- Investments: Derivatives --- Macroeconomics --- Money and Monetary Policy --- Economic Methodology --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Financial Markets and the Macroeconomy --- International Economics: General --- Financial Economics: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Aggregative Models: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Finance --- Monetary economics --- Financial derivatives --- Financial instruments --- National accounts --- Currencies --- Options --- Financial institutions --- Money --- Derivative securities --- National income --- United States

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In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system. This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.

Finance --- Funding --- Funds --- Economics --- Currency question --- Exports and Imports --- Industries: Financial Services --- Financial Economics: General --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Taxation, Subsidies, and Revenue: General --- Remittances --- Computer applications in industry & technology --- Distributed ledgers --- International economics --- Fintech --- Mobile banking --- Central Bank digital currencies --- Digital currencies --- Technology --- Balance of payments --- Financial services industry --- Technological innovations --- Banks and banking, Mobile --- International finance --- Mexico

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Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model the common characteristics of historical bubble episodes and offer insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in to squash them. The latest U.S. real estate bubble is described in the context of this literature.

Financial crises. --- Arbitrage. --- Arbitrage --- Securities --- Speculation --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Law and legislation --- Financial crises --- E-books --- Financial Risk Management --- Inflation --- Macroeconomics --- Real Estate --- Investments: Stocks --- Financial Economics: General --- Financial Crises --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Deflation --- Housing Supply and Markets --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Economic & financial crises & disasters --- Property & real estate --- Investment & securities --- Asset bubbles --- Asset prices --- Housing prices --- Real estate prices --- Prices --- Stocks --- Financial institutions --- Housing --- United States

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China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index.

Macroeconomics --- Economics: General --- Finance: General --- Investments: Stocks --- Corporate Finance --- International Monetary Arrangements and Institutions --- Financial Economics: General --- Financial Crises --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Capital Budgeting --- Fixed Investment and Inventory Studies --- General Financial Markets: General (includes Measurement and Data) --- Multinational Firms --- International Business --- Financial Markets and the Macroeconomy --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Investment & securities --- Multinationals --- Stock markets --- Financial markets --- Stocks --- Financial institutions --- Foreign corporations --- Economic sectors --- Emerging and frontier financial markets --- Market capitalization --- Currency crises --- Informal sector --- Economics --- Stock exchanges --- Financial services industry --- China, People's Republic of