The authorities’ program for 2003–05, supported by the previous Stand-By Arrangement (SBA), successfully stabilized the economy despite difficult conditions. A new economic program for 2006–08 is needed to consolidate macroeconomic stability, address remaining...

This Selected Issues paper looks at short-term inflation dynamics in the new member states (NMS) of the European Union, focusing on the role of monetary policy regimes. It models the determinants of inflation in the NMS and assesses how different theoretical frameworks best fit the data. The...

This note provides a set of high-level recommendations that can guide national regulatory and supervisory responses to the COVID-19 (coronavirus) pandemic and offers an overview of measures taken across jurisdictions to date. The banking sector plays a critical role in mitigating the...

This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning...

Several years of high inflation rates have negatively affected economic conditions in Angola. Macroeconomic stabilization in Angola entails strict control over central bank credit to the government, an ending of the quasi-fiscal expenditures, and a reduction of the national bank of...

This Selected Issues paper reviews Vietnam's inflation dynamics, trade regime, performance, and external competitiveness. It analyzes the policy issues associated with strengthening of the revenue base and the changing role of government-owned firms in the national economy. It examines the...

This Selected Issues paper and Statistical Appendix deals with the issue of low growth in Algeria. A growth-accounting exercise indicates that negative total factor productivity growth explains Algeria’s low growth rates. This paper highlights the sources of this low growth that mainly...

The analysis is structured around the standard taxonomy of transmission channels. A monetary tightening must limit banks' ability to supply loans by reducing bank reserves/bank credit. The direct interest rate channel is the strongest channel of the monetary policy transmission mechanism (MPTM),...

This Selected Issues paper and Statistical Appendix for Azerbaijan aims to provide a guide to the management of Azerbaijan’s expected natural resource-generated windfall. The paper provides information on Azerbaijan’s endowment of oil and gas deposits and the projected revenue...

This 2003 Article IV Consultation states that Belarus made noticeable progress in some areas of economic reform over the past several years, but overall macroeconomic performance in 2002 was mixed. Inflation in 2002 was the lowest since Belarus became independent, yet it remains the highest in...