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In addition to transferring about 16 percent of GDP from exporters to importers, Uzbekistan’s quasi-fiscal multiple exchange rate regime generates identifiable welfare losses of 2-8 percent of GDP on import markets and up to 15 percent on export markets. These excess burdens have increased substantially with the growing difference of exchange rates. The welfare analysis allows some conclusions regarding the optimal reform strategy: (i) welfare losses will decline overproportionally as exchange rates unify; (ii) exchange rate unification should be supplemented by changing the explicit fiscal system; (iii) at a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime.
Banks and Banking --- Exports and Imports --- Foreign Exchange --- Taxation and Subsidies: Other --- Trade: General --- Central Banks and Their Policies --- Currency --- Foreign exchange --- International economics --- Banking --- Exchange rates --- Exports --- Market exchange rates --- Quasi-fiscal operations --- International trade --- Central banks --- Banks and banking, Central --- Uzbekistan, Republic of
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Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.
Accounting --- Banks and Banking --- Foreign Exchange --- Inflation --- Price Level --- Deflation --- Money Supply --- Credit --- Money Multipliers --- Central Banks and Their Policies --- National Deficit Surplus --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public Administration --- Public Sector Accounting and Audits --- Banking --- Currency --- Foreign exchange --- Financial reporting, financial statements --- Macroeconomics --- Open market operations --- Financial statements --- Quasi-fiscal operations --- Central banks --- Public financial management (PFM) --- Prices --- Banks and banking --- Finance, Public --- Banks and banking, Central --- Zimbabwe --- Inflation (Finance) --- Monetary policy --- Demand for money
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Africa lags behind other regions in attracting foreign direct investment (FDI). In some circumstances, there are obvious explanations for the absence of FDI, such as a high incidence of war. In this paper, we examine the role that monetary and exchange rate policy may have played in explaining this outcome. Specifically, we document the incidence of inflationary episodes and currency crashes in order to compare countries within the region as well as to make comparisons with other regions. Furthermore, since monetary policy can range from very transparent to very opaque, we assess Africa's track record with dual and parallel markets. We use the parallel market premia as an indicator of the degree of distortions and extent of transparency. Our findings suggest that this is a promising line of inquiry because Africa does stand apart from other regions in this measure of transparency. We also discuss some of the fiscal underpinnings of Africa's bouts with high inflation.
Banks and Banking --- Exports and Imports --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Price Level --- Deflation --- International Investment --- Long-term Capital Movements --- Central Banks and Their Policies --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Macroeconomics --- Finance --- Banking --- Monetary economics --- Currency --- Foreign exchange --- Foreign direct investment --- Quasi-fiscal operations --- Currencies --- Exchange rate arrangements --- Prices --- Balance of payments --- Central banks --- Money --- Investments, Foreign --- Banks and banking, Central --- United States
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Comparisons about the role of the government in an economy are usually made by reference to the share of tax revenue or of public expenditure in gross domestic product. However, governments often use other tools for pursuing their objectives. The paper discusses these other tools, shows the extent to which they can replace the traditional fiscal instruments, and assesses their quantitative importance. Various highly speculative hypotheses are advanced about the role of these other tools in countries at different levels of development.
Banks and Banking --- Foreign Exchange --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: General --- Central Banks and Their Policies --- Taxation, Subsidies, and Revenue: General --- Public Enterprises --- Public-Private Enterprises --- Public finance & taxation --- Banking --- Civil service & public sector --- Currency --- Foreign exchange --- Expenditure --- Quasi-fiscal operations --- Revenue administration --- Public sector --- Central banks --- Economic sectors --- Expenditures, Public --- Revenue --- Finance, Public --- Banks and banking, Central --- Congo, Democratic Republic of the
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This Selected Issues paper highlights the growth process in Belarus, seeking to identify its main sources and assess its sustainability. It complements the IMF staff report, which placed considerable emphasis on macroeconomic policies. It provides an overview of additional important factors underlying Belarus’s recent economic performance. It presents some further insights on the likely future path of main macroeconomic variables. The analysis suggests that, although several aspects of Belarus’s macroeconomic performance have been unusual, it is clear that domestic policies and favorable exogenous factors have combined to boost growth in recent years.
Banks and Banking --- Budgeting --- Macroeconomics --- Public Finance --- National Budget --- Budget Systems --- General Aggregative Models: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Public Administration --- Public Sector Accounting and Audits --- Banking --- Budgeting & financial management --- Public finance & taxation --- Budget planning and preparation --- National accounts --- Commercial banks --- Quasi-fiscal operations --- Contingent liabilities --- Public financial management (PFM) --- Central banks --- Financial institutions --- Budget --- National income --- Banks and banking --- Fiscal policy --- Banks and banking, Central --- Belarus, Republic of
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El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mundo; información sobre las operaciones, políticas, reformas y asistencia técnica del FMI; síntesis de las principales investigaciones económicas mundiales; datos fundamentales que no suelen estar disponibles en otras fuentes, e informes sobre debates económicos y financieros que tienen lugar dentro y fuera del FMI. Este boletín de 16 páginas, publicado 12 veces al año, está orientado a una vasta audiencia, que incluye autoridades de política económica, analistas, profesionales del mundo académico y de los medios de difusión y estudiantes. Disponible en inglés, español y francés.
Banks and Banking --- Exports and Imports --- Finance: General --- Labor --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- Central Banks and Their Policies --- Public Administration --- Public Sector Accounting and Audits --- Labour --- income economics --- Finance --- Public finance & taxation --- Banking --- International economics --- Commodity markets --- Wage bargaining --- Quasi-fiscal operations --- Contingent liabilities --- Tariffs --- Wages --- Commodity exchanges --- Fiscal policy --- Tariff --- Ghana
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En mettant l’accent sur le travail du FMI et sur les grandes questions macroéconomiques et financières internationales, le Bulletin du FMI présente une analyse des développements nationaux, régionaux et mondiaux, des informations sur le travail, les politiques, les réformes et les activités d'assistance technique du FMI, les conclusions d'études de calibre mondial, des données essentielles qui ne sont souvent pas disponibles ailleurs, ainsi que des rapports sur les discussions économiques et financières au sein du FMI et ailleurs. Publié douze fois par an, ce bulletin de seize pages s'adresse à un large public : dirigeants, analystes, chercheurs, étudiants et journalistes. Disponible en anglais, français et espagnol.
Banks and Banking --- Exports and Imports --- Finance: General --- Labor --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- Central Banks and Their Policies --- Public Administration --- Public Sector Accounting and Audits --- Labour --- income economics --- Finance --- Public finance & taxation --- Banking --- International economics --- Commodity markets --- Wage bargaining --- Quasi-fiscal operations --- Contingent liabilities --- Tariffs --- Wages --- Commodity exchanges --- Fiscal policy --- Tariff --- Ghana
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This paper discusses the project financed by the World Bank for controlling the flow of the Chao Phya River in Thailand. Chao Phya is the lifestream of the Thai people. However, this river, and its principal tributaries are, in their natural state, capricious rivers. In the early 1950s, the World Bank began assisting the Thai government in a series of projects designed to break this ancient tyranny of the rivers’ violent changes. The paper describes how the river is being tamed for irrigation and navigation, and how they are providing electric power and other benefits.
Banks and Banking --- Investments: Commodities --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Demography --- Trade: General --- Monetary Policy --- Central Banks and Their Policies --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banking --- International economics --- Currency --- Foreign exchange --- Monetary economics --- Investment & securities --- Multiple currency practices --- Exports --- Quasi-fiscal operations --- Reserve assets --- International trade --- Central banks --- Population and demographics --- Foreign exchange reserves --- Money --- Banks and banking, Central --- India
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Ce manuel fournit des orientations sur la mise en œuvre du code des bonnes pratiques en matière de transparence des finances publiques, en définissant de façon détaillée les principes et pratiques et en établissant des priorités d'amélioration de la transparence des finances publiques. Conçu comme un ouvrage de référence pour les économistes et les analystes financiers en ce qui concerne divers aspects de la transparence des finances publiques, le manuel comporte une rubrique sur les processus ouverts de préparation, d'exécution et d'information budgétaires, et présente les bonnes pratiques de l'OCDE en matière de transparence budgétaire.
Accounting --- Banks and Banking --- Budgeting --- Public Finance --- Statistics --- Public Administration --- Public Sector Accounting and Audits --- National Budget --- Budget Systems --- Central Banks and Their Policies --- Fiscal Policy --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Budgeting & financial management --- Public finance & taxation --- Public finance accounting --- Banking --- Macroeconomics --- Budget planning and preparation --- Contingent liabilities --- Fiscal transparency --- Fiscal accounting and reporting --- Quasi-fiscal operations --- Budget --- Fiscal policy --- Finance, Public --- Finance --- United States
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This 2018 Article IV Consultation highlights the important challenges Algeria continues to face as a result of the fall in oil prices four years ago. Despite sizable fiscal consolidation in 2017, the fiscal and current account deficits remain large. Real GDP growth slowed sharply, driven mainly by a contraction in hydrocarbon production, although growth in the nonhydrocarbon sector was stable. Unemployment increased to 11.7 percent in September 2017 from 10.5 in September 2016 and remains particularly high among youth and women. Average inflation declined from 6.4 percent in 2016 to 5.6 percent owing to slowing inflation for manufactured goods and services, and stood at 3.4 percent year over year in April 2018.
Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Algeria --- Economic conditions. --- Banks and Banking --- Macroeconomics --- Public Finance --- Statistics --- Taxation --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Energy: Demand and Supply --- Prices --- Central Banks and Their Policies --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Banking --- Public finance & taxation --- Econometrics & economic statistics --- Currency --- Foreign exchange --- Fiscal consolidation --- Oil prices --- Quasi-fiscal operations --- State-owned banks --- Fiscal policy --- Banks and banking --- Tax administration and procedure
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