This paper estimates the impact of public capital on economic growth for forty-eight OECD and non-OECD countries during 1960 - 2001. Using the production function and its extensions, it finds a positive - but concave - elasticity of output with respect to public capital, which is robust to...

Ensuring stable growth in the postcrisis world economy will require a rebalancing of economic activity in several countries. In Asia’s export-dependent economies, this entails relying more on private domestic demand as a driver of growth. While some countries need to raise consumption,...

(CD), including technical assistance (TA) and training, is one of the three core pillars of the Fund's work. Its main objective is to help member countries build institutions and capacity necessary to formulate and implement sound economic and financial policies. The Institute for Capacity...

This paper assesses the adequacy of the Fund's facilities and financing framework for low-income countries (LICs) and proposes reform options. It is part of a broader review of all Fund financial instruments and is timely given the pressure the current global financial crisis is putting on LICs....

Two years ago, citizens in the Arab world—fired by their ideals and visions of a better life—ignited a social movement that inspired people around the globe. In Egypt, Jordan, Libya, Morocco, Tunisia, and Yemen—the so-called Arab countries in transition—people embraced change, ushering...

This paper suggests a conceptual framework that can serve as a basis for the design of growth-oriented adjustment programs. The two building blocks of the model are the well-known monetary approach to the balance of payments, and a variant of the open-economy neoclassical growth model. The...

The paper develops a small dynamic macroeconomic simulation model for a representative developing country which relies on familiar macroeconomic theory and in which expectations are formed rationally. The model is useful for the analysis and simulation of important policy questions in a...

This report responds to the February 2016 request from the G20. The report has been prepared in the framework of the Platform for Collaboration on Tax (the "PCT"), under the responsibility of the Secretariats and Staff of the four mandated organizations. The report reflects a broad consensus...