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The Slovak Republic’s 2005 Article IV Consultation reports that sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms. Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the...
Persistent link: https://www.econbiz.de/10011244180
Despite the negative impact of the severe winter on agriculture, other indicators are pointing to a strong recovery. Exports are growing rapidly, fueled by the rebound in copper prices and a rapid growth in coal exports. Rephasing of purchases by combining the fifth and sixth reviews is...
Persistent link: https://www.econbiz.de/10011244274
The global financial crisis had a much more pronounced impact on South Africa relative to some other large emerging markets. The overriding economic policy challenge is to reduce unemployment and inequality through higher economic growth. Unemployment is a key policy focus; and a wage subsidy...
Persistent link: https://www.econbiz.de/10011244306
This Selected Issues paper examines the acceleration of inflation over the past year in Chile, identifying domestic shocks to food and energy prices as main drivers. The paper uses the Jeanne-Rancière model to calculate Chile’s optimal ratio of international reserves to GDP. It analyzes the...
Persistent link: https://www.econbiz.de/10011244342
This Selected Issues paper discusses the policy response by a sample of central banks to the ongoing oil and food price shocks in South Africa, drawing some lessons, which can help put in context developments in the country. The paper discusses first- and second-round effects of “supply...
Persistent link: https://www.econbiz.de/10011244349
Poland’s macroeconomic performance was strong during the global crisis, supported by sound economic policies. The previous Flexible Credit Line (FCL) arrangements served the Polish economy well and provided adequate insurance against negative spillover risks. Executive Directors...
Persistent link: https://www.econbiz.de/10011244361
Uruguay’s inflation and inflation expectations exceed the inflation target, and the gap has been widening in recent years. To help bring it to the mid-point of the target, Banco Central del Uruguay (BCU) needs to maintain a tightening bias in addition to strengthening its communication....
Persistent link: https://www.econbiz.de/10011244441
Increases in core inflation owing to the VAT hike were smaller than expected, initially constituting a puzzle and leading to speculation about delayed increases or competitive pressures. Given Germany’s large size and openness, spillover interactions appear to have increased over time. In...
Persistent link: https://www.econbiz.de/10011244476
The Lebanese authorities have requested follow-up Emergency Post-Conflict Assistance with an access of 12.5 percent of quota to support their economic program. The 2006 war with Israel led to a political stalemate and repeated outbreaks of domestic fighting until the formation of a national...
Persistent link: https://www.econbiz.de/10011244535
This paper presents a simple structural model of inflation adapted for Nigeria based on the methodology of Berg, Karam, and Laxton. This approach allows different policy options to be considered systematically in a baseline forecasting exercise. The development and calibration of this model are...
Persistent link: https://www.econbiz.de/10011244544