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The paper evaluates whether a monetary aggregate can serve as a useful predictor of inflation, using recent developments in the principle of cointegrated variables. M2 but not M1 is cointegrated with relevant price, transactions, and rate of return variables. However, deviations of M2 from its...
Persistent link: https://www.econbiz.de/10014395786
This paper considers the demand for various monetary aggregates with a view to assessing their potential roles as intermediate variables for monetary policy. Illustrative estimates using a generalized autoregressive distributed lag model are presented. For M1, the results support an “error...
Persistent link: https://www.econbiz.de/10014396094
This 2009 Article IV Consultation highlights that the global financial crisis and the contraction of world trade have pulled the French economy into a severe recession and put its financial sector under strain. Structural features combined with early policy action have helped soften the...
Persistent link: https://www.econbiz.de/10011245061
The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue decline from the downturn in commodity and asset prices, are leading to sharp...
Persistent link: https://www.econbiz.de/10010790494
The German economy has made major strides, helped by wide-ranging reforms. Greater transparency and stronger incentives for prudent action will support crisis prevention and management. The immediate priorities are preserving the integrity of the financial system and maintaining economic...
Persistent link: https://www.econbiz.de/10011242796
This 2004 Article IV Consultation highlights that Zimbabwe’s real GDP declined by 9.3 percent in 2003, and an …
Persistent link: https://www.econbiz.de/10014402781
Economic and social indicators in Zimbabwe worsened significantly in 2008. Real GDP is estimated to have fallen by …
Persistent link: https://www.econbiz.de/10014403483
curtailed access to foreign financing in Zimbabwe. The new economic team has taken steps in devaluing the currency and raising … strong policies, backed by a broad domestic consensus, will help restore Zimbabwe's status as an anchor of stability and …
Persistent link: https://www.econbiz.de/10014398957
nascent economic recovery in Zimbabwe. Executive Directors welcomed this, and urged authorities to take advantage of the …
Persistent link: https://www.econbiz.de/10014399022
This paper examines the challenges and policy options after hyperinflation in Zimbabwe. The paper reviews the pros and … cons of alternative monetary regimes for Zimbabwe to succeed the current multicurrency system, which the authorities …. The paper also assesses competitiveness and external sustainability in debt-distressed Zimbabwe. It also makes a case for …
Persistent link: https://www.econbiz.de/10014401597