Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper examines the role of monetary policy in fossil fuel exporters at different horizons. The main argument is that central banks in these economies need to look beyond the horizon of the business cycle. In the short run, (independent) monetary policy should flexibly target inflation. In the medium run, central banks need to coordinate with fiscal authorities to ensure that monetary policy operates around a credible and sustainable fiscal anchor. In the long run, central banks should beware of the existential threats posed by new risks related to stranded assets.

Commodity Exporters --- Energy --- Energy and Environment --- Energy Demand --- Finance and Financial Sector Development --- Financial Structures --- Inflation --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Monetary Policy --- Policy Coordination --- Stranded Assets

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper assesses the economic effects of climate policies on different regions and countries with a focus on external adjustment. The paper finds that various climate policies could have substantially different impacts on external balances over the next decade. A credible and globally coordinated carbon tax would decrease current account balances in greener advanced economies and increase current accounts in more fossil-fuel-dependent regions, reflecting a disproportionate decline in investment for the latter group. Green supply-side policies—green subsidy and infrastructure investment—would increase investment and saving but would have a more muted external sector impact because of the constrained pace of expansion for renewables or the symmetry of the infrastructure boost. Country characteristics, such as initial carbon intensity and net fossil fuel exports, ultimately determine the current account responses. For the global economy, a coordinated climate change mitigation policy package would shift capital towards advanced economies. Following an initial rise, the global interest rates would fall over time with increases in the carbon tax. These external sector effects, however, depend crucially on the degree of international policy coordination and credibility.

Climate --- Environmental Taxes and Subsidies --- Global Warming --- International Policy Coordination and Transmission --- Natural Disasters and Their Management --- Open Economy Macroeconomics --- Redistributive Effects --- Taxation and Subsidies: Externalities

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper makes use of the IMF’s Database for Monitoring Fund Arrangements (MONA) to investigate whether transition countries that more successfully implement the conditionality of IMF programs tend to show a better performance on recovery and growth. It is not possible to determine a clear-cut relationship between the index that determines the level of compliance with structural benchmarks in IMF programs and growth. However, the paper finds a definite, positive relationship between the index of compliance with performance criteria and growth, even after controlling for the extent of stabilization of the transition countries.

Macroeconomics --- Industries: Financial Services --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Socialist Systems and Transitional Economies: Performance and Prospects --- Institutions and the Macroeconomy --- Financial Institutions and Services: General --- Finance --- Structural reforms --- Multilateral development institutions --- Financial institutions --- Development banks --- Bulgaria

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The paper analyzes the scope and implications of greater economic integration in the Middle East and North Africa (MENA). After reviewing whether MENA satisfies the defining characteristics of a region, it documents the low level of regional economic interaction. It argues that gains from greater regional interactions will depend primarily on implementing domestic reform and external policies that, in any case, are needed for the region to benefit from the broader process of globalization of the world economy. It also discusses measures aimed directly at facilitating regional interaction.

Economic Integration --- Economic integration --- Exports and Imports --- Financial Aspects of Economic Integration --- Income economics --- International economic integration --- International economics --- International Policy Coordination and Transmission --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Regional integration --- Israel

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper estimates the exchange rate pass-through to consumer price inflation in Angola and Nigeria, with particular emphasis on the changes of the pass-through over time. Even though the two countries share smilar dependence on oil exports, this paper reveals different results. For Angola, the long-run exchange rate pass-through to prices is high, though it has weakened in recent years reflecting the de-dollarization of the economy. In Nigeria, there is no stable long-run relationship between the exchange rate and prices, and changes in the exchange rate do not have a significant pass-through effect on inflation. However, the passthrough effect on core inflation is significant.

Inflation (Finance) --- Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Monetary Policy --- International Policy Coordination and Transmission --- Currency --- Foreign exchange --- Import prices --- Exchange rate pass-through --- Consumer price indexes --- Exchange rates --- Prices --- Imports --- Price indexes --- Angola