How should possible policy reforms and projects be assessed when prices give misleading signals? Revenues and costs at market prices then give distorted measures of social gains and losses and our appraisal should use social opportunity costs, or correctly defined, shadow prices. We show how...

An empirical study that shows that countries’ reserve holdings are sensitive to the rates at which they can borrow on international financial markets, this analysis confirms the view that holding major currencies as reserve assets has costs that are frequently unrecognized. Between 1978-82 for...

This paper analyses the economic costs of current agricultural policies in Turkmenistan. It argues that the opportunity cost of continuing with these policies is very high for the budget, the average farmer, and the economy as a whole. The paper calls for the development of nontraditional...

This paper discusses key findings of the Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for Tanzania. Economic growth, inflation, and the external position have evolved in a manner consistent with program objectives, and the program has...

This technical note describes the stress testing exercises carried out for the Danish commercial banking system and the insurance sector. The tests were conducted as part of the Financial Sector Assessment Program for Denmark and were developed in collaboration with the Danish Financial...

This technical note analyzes the competition in the banking sector in Denmark. It reveals that Denmark has a fairly competitive and efficient banking sector. Measured by various indicators, efficiency of banking intermediation has been improving in recent years. The banking sector has become...

The Poverty Reduction Strategy Paper (PRSP) prepared by the Burkinabè government forms the principal benchmark for all development actors, and reaffirms the urgency of attacking poverty from a structural perspective. It is the primary tool for coordination of all interventions and of public aid...

The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline...

The growth rate of agriculture in Cameroon was estimated at 3.3 percent in 2006, compared with 2.7 percent in 2005. This is owing to increased activity in the food agriculture sector (4.3 percent) and in forestry and logging (4.0 percent). Livestock farming and fisheries, on the one hand, grew...