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Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
This Article IV Consultation reports that Switzerland’s exchange rate floor, seen as credible by the markets, has halted appreciation and helped shore up the economy. Once growth recovers and inflation reaches more comfortable levels, maintaining the exchange rate commitment risks stoking...
Persistent link: https://www.econbiz.de/10011242558
This Selected Issues paper quantifies the macroeconomic effects of fiscal policy in Spain, focusing on the external sector. It describes the stylized facts of the Spanish economy and presents an econometric analysis. It examines Spain’s growth and productivity performance in relation to a...
Persistent link: https://www.econbiz.de/10011242957
The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies. In this study, the ex post evaluation (EPE) of Mongolia’s experience is reviewed. The EPE focused on program design and...
Persistent link: https://www.econbiz.de/10011243630
Owing to severe fiscal and external imbalances, the Maldives government adopted an IMF program in 2009. Despite some crucial initial actions, fiscal slippages and political polarization have undermined the restoration of sustainability. The key policy challenge is to prevent a fiscal crisis,...
Persistent link: https://www.econbiz.de/10011244716
advice. Furthermore, aggregate statistical measures of competitiveness in terms of exchange rate misalignment can be biased … trajectory, which can be related to exchange rate misalignment. Second, it develops a disaggregated statistical approach for …
Persistent link: https://www.econbiz.de/10011242314
This study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes. The study assesses the relationship between (i) growth and various...
Persistent link: https://www.econbiz.de/10010790391
Non-oil growth in the CFA oil exporting countries has been lackluster despite their great natural resource wealth. In this paper we study the key determinants of non-oil growth and explore to what extent these countries differ from countries with comparable levels of development that do not...
Persistent link: https://www.econbiz.de/10009369444
The paper employs a heuristic comparative approach suggested by Ismail (2009) to search for evidence of Dutch disease in oil-rich countries of the Central African Economic and Monetary Community (CEMAC). While these countries have benefitted from high international oil prices in recent years,...
Persistent link: https://www.econbiz.de/10009370557
The analysis is structured around the standard taxonomy of transmission channels. A monetary tightening must limit banks' ability to supply loans by reducing bank reserves/bank credit. The direct interest rate channel is the strongest channel of the monetary policy transmission mechanism (MPTM),...
Persistent link: https://www.econbiz.de/10005591123