This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

The paper examines the implications of lower trade barriers for sectoral diversification and macroeconomic stability in developing economies with a large primary goods sector. It shows that lower trade barriers can have ambiguous effects on macroeconomic stability. It shows also that...

Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping...

A conservative minority government took office in October 2013, ending eight years of Labor party-led governments. No major policy shift has taken place so far, but the government’s economic policy platform emphasizes lower taxes, more infrastructure investment, greater private ownership,...

This 2013 Article IV Consultation highlights that Norwegian economy has been performing well, with mainland GDP growing steadily. However, the continuing buildup of assets in the sovereign wealth fund and the increasing share of the mainland economy that is supplying goods and services to the...

This staff report on People’s Republic of China 2013 Article IV Consultation highlights macroeconomic developments and outlook. China has maintained robust growth since the global crisis, but the heavy reliance on credit and investment to sustain activity is raising vulnerabilities. The...

This Paper discusses Pakistan’s Third Review Under the Extended Arrangement and Request for Waiver of Nonobservance of Performance Criterion (PC).The economy is showing signs of improvement. The FY2013/14 growth projection has been revised upward from 3.1 percent to 3.3 percent, as...

This 2013 Article IV Consultation highlights that recent economic developments in Myanmar have been positive. Growth is estimated to have risen to 6½ percent in FY2012/13 (April–May), driven by gas production, construction and services while inflation climbed to 4.7 percent in March...