This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a...

This Report on the Observance of Standards and Codes data module provides a review of Azerbaijan’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer price...

This report on the Observance of Standards and Codes on Data Module for Indonesia highlights that the Indonesian statistical system is undergoing fundamental transition. The statistical agencies are dealing with important challenges. They are at various stages of adopting and implementing...

This Report on the Observance of Standards and Codes (ROSC) on the Data Module on El Salvador reviews summary assessment of data quality. Dissemination of data subject to the IMF’s Special Data Dissemination Standard (SDDS) is in observance of all SDDS specifications, including data...

This Report on the Observance of Standards and Codes (ROSC) provides a review of Georgia’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer price index,...

The empirical analysis in "International R&D Spillovers" (Coe and Helpman, 1995) is first revisited by applying modern panel cointegration estimation techniques to an expanded data set that we have constructed for the purpose of this study. The new estimates confirm the key results reported in...

This Report of the Observance of Standards and Codes (ROSC) Data Module provides an assessment of Tajikistan’s macroeconomic statistics against the recommendations of the General Data Dissemination System (GDDS), complemented by an assessment of data quality based on the IMF’s Data...

After the large exchange rate depreciations following the 1997 East Asian crisis, export volumes from East Asian countries responded with a notable lag. Two main explanations for this lag have been proposed: that the policy of high interest rates limited access to domestic credit and hence...

Data published in IMF country staff reports and International Financial Statistics (IFS) may differ for identical variables and, at times, users may be unaware of the reasons for these differences and lack the information needed to permit reconciliation. Such discrepancies stem principally from...

Numerous reports have noted that the IMF's medium-term growth projections are overly optimistic, raising questions as to how these can be improved. To this end, we estimate a growth model and examine its out-of-sample forecasting properties relative to those of IMF projections. The model's...