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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of...
Persistent link: https://www.econbiz.de/10014401884
The choice of assigning monetary or fiscal policy to external balance is complicated when the authorities are concerned with both the current account balance and the exchange rate. A strategy of using monetary policy to control the current account via the exchange rate may fail, because the...
Persistent link: https://www.econbiz.de/10014396345
of inflation variability, as predicted by the fiscal theory of the price level … sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the … dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries …
Persistent link: https://www.econbiz.de/10014401393
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014395951
This paper focuses on the role of debt maturity in managing the government’s incentives to use opportunistic inflation … powerful instrument to affect the time profile of the inflation tax base and, hence, to mitigate the distortions introduced by …
Persistent link: https://www.econbiz.de/10014395780
The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization … the time inflation targeting was introduced and reduced levels of dollarization were observed. Results from introducing a …
Persistent link: https://www.econbiz.de/10014403230
estimate a New Keynesian Phillips curve for Armenia, suggesting a significant role of the output gap and inflation expectations … in determining current inflation. Finally, the underlying fiscal stance over the period 2000-09 is assessed by estimating …
Persistent link: https://www.econbiz.de/10014398416
Cape Verde’s economic outlook and policy performance remain favorable. The government should complete implementation of the Public Investment Program (PIP), while reducing external debt. Executive Directors support efforts to rationalize and simplify the tax system and improve tax...
Persistent link: https://www.econbiz.de/10014398569
This Selected Issues paper provides background information for the 1998 Article IV Consultation with Bosnia and Herzegovina. The paper contains an overview of economic and political developments. It describes the establishment of the Central Bank of Bosnia and Herzegovina, developments in the...
Persistent link: https://www.econbiz.de/10014398623
Kazakhstan’s economic recovery and unemployment rate and other issues are discussed in this paper. The banking and corporate sectors have not recovered from the crisis despite strong economic growth. Ownership and partial financing of the envisaged centralized distressed asset fund by the...
Persistent link: https://www.econbiz.de/10014399055