This paper is an analysis of Japan’s credit channel. The economic condition has no hindrance, but credit demand showed an inert performance. The state’s policies have helped the flow of finance and prevent bankruptcy, but several other aspects act as an impediment to credit...

This Selected Issues paper on the Republic of Congo analyzes the challenges of sustainable growth in the Republic of Congo. The paper highlights that it is paramount for the authorities to avoid repeating the experience of the 1980s, particularly in light of the projected decline in oil...

Paraguay’s economy recently experienced particularly large output swings. Economic policies will play a critical role in raising investment by making sure that macroeconomic stability is maintained. The spillovers from the agricultural sector to the rest of the economy are limited. The...

The 2012 Article IV Consultation with France discusses the financial and economic conditions of the country. Although France weathered the 2008 financial and subsequent euro area crises relatively well compared with other advanced countries, its recovery has been sluggish. France has become a...

This paper estimates the extent of spare capacity in the U.K. economy using a range of methodologies pointing to an output gap and the behavior of inflation during large output gaps. The usefulness of fiscal rules in supporting fiscal consolidation is generally positive, and a more permanent...

The paper identifies France’s structural reforms that would yield the largest competitiveness gains based on macro-empirical evidence, and reviews signs of potential gains from a deregulation of the services sector. It is expected that completing deregulation in the services sector would...