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To better respond to the unprecedented demand from the membership for financing and crisis support in response to the covid-19 pandemic, there is a temporary postponement of staff's work on Article IV consultations and mandatory Financial Stability Assessments. To ensure the postponement has no...
Persistent link: https://www.econbiz.de/10014408792
Persistent link: https://www.econbiz.de/10009423201
This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...
Persistent link: https://www.econbiz.de/10014402377
As a companion piece to the Board paper on Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund, this paper presents a selection of case studies on the structural reform experiences of member countries. These papers update the Board on work since the Triennial...
Persistent link: https://www.econbiz.de/10014408645
This paper provides background to the Board paper on Macro Policy Lessons for a Sound Design of Fiscal Decentralization. It summarizes the findings and recommendations of the Fiscal Affairs Department (FAD) for ten countries to which it provided advice on fiscal decentralization. The selected...
Persistent link: https://www.econbiz.de/10014410070
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including … managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of …Part I. The frontiers of monetary policymaking. 1. An overview of inflation-forecast targeting -- Part II. Principles …
Persistent link: https://www.econbiz.de/10011874333
This paper analyzes the main conceptual issues that arise in assessing external sustainability with a view toward developing operational criteria for the purposes of multilateral surveillance. The main contribution of the analysis is to show how conditional forecasts of external imbalance may be...
Persistent link: https://www.econbiz.de/10014396367
real exchange rate, the trade balance, and the level of output. Three different data sets are found to be consistent with … the hypothesis that tariffs have no statistically significant impact on the trade balance, the real exchange rate, or the …
Persistent link: https://www.econbiz.de/10014396243
How should possible policy reforms and projects be assessed when prices give misleading signals? Revenues and costs at market prices then give distorted measures of social gains and losses and our appraisal should use social opportunity costs, or correctly defined, shadow prices. We show how...
Persistent link: https://www.econbiz.de/10014396134
Islam proposes the replacement of an interest-based financial system with one which operates on the basis of risk and profit sharing. Using a general equilibrium model, this paper investigates some open-economy implications of the adoption of Islamic banking for growth and stabilization of the...
Persistent link: https://www.econbiz.de/10014396001