This paper discusses structure, impact, costs, and efficiency of renewable energy supply in the eight largest advanced economies (the G-7 plus Spain), with focus on Germany. Renewables production costs are compared to benefits, defined as reductions in net carbon emissions; technological...

Laws governing the foreclosure process can have direct consequences on the costs of foreclosure and could therefore affect lending decisions. We exploit the heterogeneity in the judicial requirements across U.S. states to examine their impact on banks’ lending decisions in a sample of...

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...

This paper discusses Ukraine’s 2013 Article IV Consultation and First Post-Program Monitoring. The Ukrainian economy has been in recession since mid-2012, and the outlook remains challenging. In January–September 2013, GDP contracted by 1¼ percent year-over-year, reflecting...

Belarus’s economy has performed well owing to its strong macroeconomic policies, which facilitated rapid real income growth, near-full employment, and a reduction in poverty to the lowest level in the Commonwealth of Independent States (CIS). Executive Directors welcomed the disciplined...

This paper discusses how financial innovation turned U.S. mortgages into an asset class with worldwide investor appeal. It suggests that U.S. financial markets have been skilful in developing tools that have helped households exploit favorable global financing conditions to boost home ownership...

This Selected Issues paper discusses the economics of energy price reform in the Islamic Republic of Iran. Economic policies in Iran have traditionally relied on the abundant availability of energy at a low price to finance the country’s economic development. Low domestic energy prices...

This paper reports on progress made on Nicaragua’s National Human Development Plan as of 2010. The operational goal for Nicaragua’s National Human Development Plan is economic growth with increased employment and reduced inequality and poverty. The results for 2007–10...

Tanzania’s economy experienced adverse supply shocks in 2011. The Fourth Review under the policy support instrument (PSI) discusses that tighter fiscal and monetary policies are addressing the inflationary impact of the drought/energy shock. Performance under the PSI-supported program has...

This paper focuses on Togo’s Poverty Reduction Strategy. The Interim Poverty Reduction Strategy Paper adopted by the government in March 2008 has allowed Togo once again to benefit from international financial cooperation. With a view to improving political and economic governance, the...