This paper focuses on the private nonfinancial sectors of the affected economies, financial liberalization provided households and businesses with greater access to credit markets. This contributed to the long period of expansion during the 1980s. Partly as a result of major changes to the...

The economic and financial crisis that erupted in southeast Asia in July 1997 had continued to deepen and broaden as of December, and spillover effects from investor' deteriorating confidence in emerging market economies were being felt throughout the global financial system. This special...

These studies, prepared by the staff of the International Monetary Fund, comprise supporting material for the analyses and scenarios in the World Economic Outlook and provide a more detailed examination of the theory and evidence on some major issues affecting the global economy, commodity...

This paper reviews recent analytical and empirical research on the determination of employment, to provide a framework for evaluating the merits of alternative policies to cope with unemployment. Particular emphasis is placed on the mechanisms of employment and wage determination described in...

For the net administrative budget, the FY 16-18 medium-term budget (MTB) proposal includes: In FY 16, an unchanged budget envelope in real terms, for the fourth year in a row. To accommodate new and ongoing strategic priorities of the Fund within a flat envelope, efforts to reallocate resources...

The net administrative budget for FY2017 has been set at USD 1,072.5 million. After four years of zero real growth, the FY 2017 budget includes an increase of 1\2 percent in constant dollar terms to cover the institution's rising IT and physical security costs, as well as a small adjustment for...

Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. The more positive...

The Fund has been operating under a flat real resource envelope for the past six years. With continued efforts to maximize the use of available resources, spending in FY 17 is projected to reach 99 percent of the net administrative budget, and a low vacancy rate has helped stabilize overtime at...

This letter provides an assessment of recent macroeconomic developments in Benin and an update on the discussions of Fund staff with the Beninese authorities on macroeconomic policies and structural reforms that could form the basis for the authorities' request for a new arrangement under the...