This paper examines the economic and financial linkages between Morocco and Tunisia and their European partners. Using structural vector autoregressions, we find that growth shocks in European partner countries generate significant responses on growth in Morocco and Tunisia. For Tunisia, exports...

This 2004 Article IV Consultation highlights that the Libyan economy remains largely state controlled and heavily dependent on the oil sector. Since the lifting of the Libya-specific trade sanctions of the United Nation and United States in September 2003 and September 2004, respectively, the...

This 2005 Article IV Consultation highlights that Russia is in its seventh year of robust economic growth. This strong performance was ignited by the sharp depreciation in the wake of the 1998 crisis, and subsequently sustained by large terms-of-trade gains, in combination with increased...

This study identifies the main shocks that cause fluctuations in French output and their channels of transmission. It uses a large-dimensional structural approximate dynamic factor model. There are three main findings. First, common shocks, especially demand shocks, which seem to originate from...

This paper summarizes recent arguments/findings on two aspects of foreign direct investment (FDI): its correlation with economic growth and its determinants. The first part focuses on recent literature regarding positive spillovers from FDI while the second deals with the determinants of FDI....

Tariffs and other policy distortions typically lower real national income relative to what it otherwise would have been for any given rate of factor accumulation. Even while lowering real income, however, policy distortions may raise an economy's real measured growth rate and so, somewhat...

This paper examines the dynamic relationship between trade and income. While most economists agree that increased trade leads to an increase in average income, economic theory is ambiguous about the possible effects on the long-run growth rate of the economy. Using a dynamic panel data model,...

This paper examines the effect of the major Canada-U.S. trade agreements on the dynamics of business cycles and productivity in Canada. The North American Free Trade Agreement (NAFTA) and its predecessor, the Canada-U.S. Free Trade Agreement (CUSFTA), have led to a substantial expansion of trade...

This paper discusses key findings of the Ex Post Assessment of Longer-Term Program Engagement for Madagascar. The paper focuses on performance during the programs supported by the 1989 and 1996 Enhanced Structural Adjustment Facility programs, and the 2001 Poverty Reduction and Growth Facility....