This paper shows how growth and demography, two important determinants of the savings rate in the life-cycle approach, explain a large part of the diversity in savings behavior in Asia across eight countries as well as over time. Inflation and adverse movements in the terms of trade are found to...

The paper analyzes the development of government social expenditure during the economic stabilization period, with specific reference to the changing needs for such expenditure arising from the change in Israel’s demographic structure. The results reveal a real cut in direct services. The...

This paper reviews the financial implications of aging for the pension system in Belgium during 1995-2050. Our simulations indicate a strong rise in pension expenditure over the next half century, as is the case in other industrialized countries. In Belgium, the problem is particularly acute in...

In the last decade Cape Verde has experienced a strong accumulation of emigrant deposits. These deposits have provided much needed foreign exchange to the country, adding support to the exchange rate peg. This paper studies the long-run determinants of emigrant deposits with respect to risk,...

Dieser Bericht begleitet die für die einzelnen Republiken vom IMF erstellten Wirtschaftsberichte. Zwei Hauptbereiche werden behandelt: Zuerst eine Übersicht über die Reformen und gemeinsame Politikinhalte, vor denen die einzelnen Republiken nun stehen und zweitens eine Diskussion über die...

The global crisis has underscored the need for effective global financial safety nets to protect countries with sound policy frameworks from adverse outcomes. Complementing the traditional crisis resolution role of the IMF, which has been instrumental during the recent crisis and is expected to...

This three-volume study of the Soviet economy presents the detailed information, analysis, and recommendations for the summary report presented to the Group of Seven industrial countries in December 1990. The study was prepared by staff members of the IMF, the World Bank, the OECD, and the EBRD

The output contractions during the initial transition stages in the Baltics and in Russia and the other CIS countries are examined across several dimensions, and the reliability of the available official statistics evaluated. The depth, length and breadth of the contractions are studied and set...