This paper investigates the medium- and long-term growth effects of the global financial crises on Low-Income Countries (LICs). Using several methodological approaches, including impulse response function analysis, growth spells techniques and panel regressions, we show that external demand (ED)...

The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented...

The scramble to expand deposit guarantees in Europe in response to recent financial turmoil confirms that the on-going integration of European financial markets requires closer coordination of prudential policies and financial safety nets. We study the optimal design of prudential supervision...

This Selected Issues paper provides updates on Greece’s financial stability framework. The paper highlights that the Bank of Greece (BoG) has strengthened the financial stability framework over recent years. In addition to the liquidity provided by the euro system through its regular...

This Selected Issues paper for Algeria analyzes the potential economic impact of Algeria’s Association Agreement with the European Union (AAEU). The paper lays out the major elements of Algeria’s AAEU and makes a comparison with other AAEUs. It discusses the potential economic...

This paper describes determinants of Japan’s productivity growth, reform outputs, and speculation on future potential growth. It investigates the macroeconomic implications of alternative fiscal strategies; examines the issues surrounding the Bank of Japan’s understanding of price...

Japan showed strong economic recovery from the crisis. Executive Directors welcomed the development and stressed the need for a strong monetary framework, well-designed fiscal consolidation, and structural reforms. Directors agreed that the Bank of Japan’s monetary framework is well...

This Selected Issues Paper presents an analysis of Belarus-specific conditions and cross-country research, and proposes a roadmap for real-sector reforms. It highlights distortions resulting from the government’s interference in the economy, and presents an overview of economic benefits...

This study relates Australian household saving more closely to movements in asset market using event study analysis and econometric analysis. In this study, the policy challenges for Australia from rebalancing in China, a temporary growth slowdown in China, and a recession in advanced countries...

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these...