The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to...

This paper provides an analysis of the developments in public health spending over the past 40 years, as well as projections of public health spending for 50 advanced and emerging countries over 2011-50. The paper also quantifies the effects of specific health reforms on the growth of public...

This supplement provides country case studies on public health care expenditures and reform experiences in eight advanced and six emerging market economies. The case studies for the advanced economies seek to highlight specific episodes of success in containing public health spending during the...

This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011-2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these...

The most recent decade has seen a growing presence of banks headquartered in advanced economies (AEs) expanding into emerging markets (EMs). These expansions have brought some benefits to both home and host countries, but the global financial crisis has also unmasked significant vulnerabilities...

This paper discusses tax and expenditure policy reforms to raise employment. Using data for 58 advanced and emerging economies, the paper provides a unified assessment of tax and expenditure measures that have usually been addressed separately. The focus is on incentives to increase labor demand...

The focus of the paper is on five key financial stability issues in Emerging market and developing economies (EMDEs), which have been selected on the basis of their degree of materiality for a reasonably broad range of EMDEs; their implications for regulatory, supervisory or other financial...

The IMF Executive Board has been considering reforms to strengthen the Fund's mandate to better equip the institution to safeguard global stability. Executive Directors have supported a range of reforms to modernize the Fund's surveillance mandate and modalities. This paper focuses on selected...

The paper presents a DGE model designed as a core projection tool to support monetary policy in inflation-targeting (IT) emerging market economies. The paper uses a particularly simple and flexible general equilibrium model structure that can be amended to account for various phenomena that...