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U.S. Fiscal Policies and Priorities for Long-Run Sustainability
Mühleisen, Martin; Towe, Christopher M. - International Monetary Fund (IMF) - 2004
This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...
Persistent link: https://www.econbiz.de/10005824863
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Governance and Fund Management in the Chinese Pension System
Hu, Yu-Wei; Impavido, Gregorio; Li, Xiaohong - International Monetary Fund (IMF) - 2009
The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the...
Persistent link: https://www.econbiz.de/10008540915
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What's Driving Private Investment in Malaysia? Aggregate Trends and Firm-Level Evidence
Unteroberdoerster, Olaf; Guimarães, Roberto Pereira - International Monetary Fund (IMF) - 2006
Private sector investment has been a key source of growth in Malaysia over the last three decades, but after an unprecedented decline in the wake of the Asian crisis it has remained sluggish in recent years. Using aggregate and firm-level data, this paper aims to explain these trends and their...
Persistent link: https://www.econbiz.de/10005599324
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The Volatility Trap; Precautionary Saving, Investment, and Aggregate Risk
Cherif, Reda; Hasanov, Fuad - International Monetary Fund (IMF) - 2012
We study the effects of permanent and temporary income shocks on precautionary saving and investment in a "store-or-sow" model of growth. High volatility of permanent shocks results in high precautionary saving in the safe asset and low investment, or a "volatility trap." Namely, big savers...
Persistent link: https://www.econbiz.de/10011242299
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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
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....
Persistent link: https://www.econbiz.de/10011245902
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Financial Integration and Macroeconomic Volatility
Terrones, Marco; Prasad, Eswar; Kose, M. Ayhan - International Monetary Fund (IMF) - 2003
This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s...
Persistent link: https://www.econbiz.de/10005263967
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Financial Globalization, Portfolio Diversification, and the Pattern of International Trade
Koren, Miklós - International Monetary Fund (IMF) - 2003
industrial specialization and low international trade. As international portfolio diversification is limited and productivity is … advantage. Financial globalization then induces more specialization and more trade. The present framework yields explicit closed …-form solutions for the volume and the structure of trade. Empirical results support the implications of the theory. Trade in …
Persistent link: https://www.econbiz.de/10005599412
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People’s Republic of China; Hong Kong Special Administrative Region: 2007 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion...
International Monetary Fund (IMF); International … - 2008
Hong Kong has grown strongly as a result of its successful transformation from a manufacturing presence to a services hub over past decades. Executive Directors support the government’s commitment for the Linked Exchange Rate System. Hong Kong’s future as a financial center is...
Persistent link: https://www.econbiz.de/10011245140
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Former Yugoslav Republic of Macedonia; 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Direc...
International Monetary Fund (IMF); International … - 2009
The staff report for the 2008 Article IV Consultation of the Former Yugoslav Republic of Macedonia discusses economic developments and policies. The new government’s economic program aims to raise growth further, but does not address these vulnerabilities. Plans to increase the central...
Persistent link: https://www.econbiz.de/10011245331
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The Second Transition; Eastern Europe in Perspective
Leigh, Daniel; Fabrizio, Stefania; Mody, Ashoka - International Monetary Fund (IMF) - 2009
The countries of Eastern Europe achieved two remarkable transitions in the short period of the last two decades: from plan to market and, then, in the run-up to and entry into the European Union, they rode a wave of global trade and financial market integration. Focusing on the second...
Persistent link: https://www.econbiz.de/10005826579