In April 2011, Executive Directors held a preliminary discussion on the use of the profits of SDR 6.85 billion from the Fund's limited gold sale. They noted their expectation that at least SDR 4.4 billion of the profits would be placed in an endowment within the Investment Account, and affirmed...

The paper describes the evolution of the corporate stock and bond markets in Korea and the Government’s role in this evolution and its policy with regard to internationalization of the capital market. The paper analyzes problems encountered in gradually opening the Korean capital market to...

When the exchange rate fluctuates and the market exhibits hysteresis, planning horizons of domestic and foreign competitors will matter in determining pass-through as well as relative market shares of these firms. Using the Cournot duopoly model, it is shown that if the foreign exporter is a...

Using domestic and export price data and a framework of markup over cost, pricing behavior of U.S. and Japanese manufacturers is compared. Major export industries in Japan have higher productivity growth and lower pass-through coefficients than American exporters, who tend to price to domestic...

This paper on Senegal’s Poverty Reduction Strategy Paper discusses the economic, social, and environmental performance of policies, the political and institutional environment, and the constraints weighing on its growth as well as the challenges to be addressed. The shortage of basic...

This paper discusses Ukraine’s Request for Extended Arrangement Under the Extended Fund Facility (EFF) and Cancellation of Stand-by Arrangement (SBA). Despite tangible progress under the SBA, the crisis in Ukraine has increased its balance of payments and adjustment needs beyond what can...

This paper reviews Mali’s 2012–2017 Poverty Reduction and Growth Strategy Paper. Mali’s GDP was CFAF 1,741.89 billion in 2012; real growth was ?1.2 percent, that is, excluding inflation (2.7 percent in 2011). The decline of 3.9 points in growth between 2011 and 2012 was finally...

Following the 2008/9 financial crisis and deep recession, a cyclical recovery took hold in Ukraine, supported by a stronger external environment. Efforts to consolidate public finances and repair the banking system began strengthening Ukraine’s resilience to external shocks. More...

This Selected Issues paper examines the implications of lower crude oil prices on Malaysia’s economy. Although Malaysia’s net oil exports are now very small as a share of GDP, its gas exports are sizeable. The paper provides some background on the structure of energy production and...