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Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A Note

Muñoz, Sònia - International Monetary Fund (IMF) - 2007

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....

Persistent link: https://www.econbiz.de/10005769073

Public Debt Markets in Central America, Panama, and the Dominican Republic

Jobst, Andreas; Valderrama, Laura; Guerra, Ivan; Shah, … - International Monetary Fund (IMF) - 2007

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons …. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure …

Persistent link: https://www.econbiz.de/10005825635

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity; The Main Considerations

Nyawata, Obert - International Monetary Fund (IMF) - 2012

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are...

Persistent link: https://www.econbiz.de/10009654145

Central Bank Boards Around the World; Why Does Membership Size Differ?

Berger, Helge; Lybek, Tonny; Nitsch, Volker - International Monetary Fund (IMF) - 2006

This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board's size. The empirical relevance of these factors is...

Persistent link: https://www.econbiz.de/10005768852

Monetary Policy in an Equilibrium Portfolio Balance Model

Kumhof, Michael; Nieuwerburgh, Stijn van - International Monetary Fund (IMF) - 2007

Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper shows that when fiscal policy is not sufficiently flexible in response to spending...

Persistent link: https://www.econbiz.de/10005248240

Fiscal Policy and Interest Rates; How Sustainable is the "New Economy"?

Kumar, Manmohan S.; Hauner, David - International Monetary Fund (IMF) - 2006

rate determination is elaborated and estimated for the G-7, with explicit emphasis on capital flows and public savings. The …

Persistent link: https://www.econbiz.de/10005248260

Determinants of Deflation in Hong Kong SAR

Papa M'B. P. N'Diaye - International Monetary Fund (IMF) - 2003

This paper presents a comprehensive econometric analysis of the determinants of deflation in Hong Kong SAR. The analysis helps to determine the relative contributions of factors such as increased productivity, scarce money supply, and excess capacity in determining deflation. The main conclusion...

Persistent link: https://www.econbiz.de/10005248268

Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt

Cosimano, Thomas F.; Gapen, Michael T. - International Monetary Fund (IMF) - 2003

This paper highlights the importance of debt composition in setting optimal fiscal and monetary policy over short-run business cycles and in the long run. Nominal debt as state-contingent debt can be a significant policy tool to reduce the volatility of distortionary government policy, thereby...

Persistent link: https://www.econbiz.de/10005263667

Sources of Inflation in Sub-Saharan Africa

Peiris, Shanaka J.; Barnichon, Régis - International Monetary Fund (IMF) - 2007

This paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating vectors for the production function and the real...

Persistent link: https://www.econbiz.de/10005263752

Central Bank Autonomy; Lessons From Global Trends

Laurens, Bernard; Sommer, Martin; Arnone, Marco; … - International Monetary Fund (IMF) - 2007

We calculate indexes of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indexes for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although...

Persistent link: https://www.econbiz.de/10005263819

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