A second-generation model of currency crises is combined with a standard model ofbanks as providers of insurance against liquidity risk. In a pegged exchange rateregime, after funds have been committed to the banks, news arrives about the qualityof the banks’ assets and about the exchange rate...

The fall 2021 issue of the Iraq Economic Monitor provides an in-depth review of the latest macroeconomic and policy developments amidst a global recovery in international oil markets and as COVID-19 restrictions begin to ease. As a result, the monitor finds that the economic prospects for Iraq...

Following the surge in COVID-19 infections in Q3 2021, Malaysia is gradually emerging from the worst wave of the pandemic. As a result, the Malaysian economy is expected to be on a recovery path next year. In the near-term, it is key to ensure that targeted support measures remain in place. The...

Iran's economy is gradually recovering following a lost decade (2011-2020) of negligible economic growth. Less stringent COVID-19 restrictions, adaptation to the new normal - reflected in a recovery in consumption, and more favorable oil sector conditions have driven a four-quarter rebound after...

After several months of low COVID-19 case numbers, Malawi is facing a fourth wave. While an increasing share of the global population is protected by vaccines, only about 6.5 percent of the population is vaccinated in Malawi, increasing the country's vulnerability to the virus. The Government...

The Lebanon financial and economic crisis is likely to rank in the top 10, possibly top three, most severe crises episodes globally since the mid-nineteenth century. This is a conclusion of the Spring 2021 Lebanon economic monitor (LEM) in which the Lebanon crisis is contrasted with the most...

This Algeria Economic Monitor provides an update on key recent economic developments and policies. It places them in a longer-term and global context and assesses the implications these developments and changes in policies have on the outlook for Algeria. This Monitor's coverageranges from the...

Successive waves of COVID-19 disrupted the Thai economy in the first half of 2021, but their impact was mitigated by recovering global demand and substantial fiscal support. After a second wave of COVID-19 infections began in late 2020, the government strengthened public health and social...

In recent months, there has been a steep increase in the number of daily new cases and, more disturbingly, in the number of deaths. While it took almost one year for Malaysia to record its first 100,000 cases, the increase in the number of new cases between April to May 2021 alone amounted to...

Morocco stands out as a country that has seized the COVID-19 (coronavirus) crisis as an opportunity to launch an ambitious program of transformative reforms. After its initial efforts to mitigate the immediate effects of the pandemic on households and firms, the authorities have launched various...