Infrastructure is a critical policy area affecting investment, productivity and equity within the aggregate strategy for attaining sustainable growth and development. A study by World Bank indicates a need between $38 to 48 billion for the Philippines to meet the country’s investment...

This paper analyzes the role of communication between firms in an infinitely repeated Bertrand game in which firms receive an imperfect private signal of a common value i.i.d. demand shock. It is shown that firms can use stochastic, inter-temporal market sharing as a perfect substitute for...

Efficient regulatory mechanisms that induce innovation, co-operation and deter competition law infringements have recently been the subject of growing attention. Competition is essential to the innovation process which in general terms enables entrepreneurship. But so too is co-operation between...

Efficient regulatory mechanisms that induce innovation, co-operation and deter competition law infringements have recently been the subject of growing attention. Competition is essential to the innovation process which in general terms enables entrepreneurship. But so too is co-operation between...

This paper studies the potential for the export sector to play a more important role in promoting growth in Central America, Panama, and the Dominican Republic (CAPDR) through deeper intra-regional and global trade integration. CAPDR countries have enacted many free trade agreements and other...

South Africa showed strong macroeconomic performance owing to its sound policies, which aimed at raising economic growth and reducing poverty, within a stable macroeconomic, social, and political environment. Executive Directors commended the strong economic performance, sustainable fiscal...

Lebanon recovered from the financial shock triggered by Prime Minister Hariri’s assassination. Executive Directors supported the strategy of debt reduction through sustained fiscal adjustment. They welcomed the proactive stance of banking sector supervision and encouraged adoption of a...

The euro area recovered from the economic doldrums. Executive Directors welcomed the recovery, supported by strong financial conditions, global growth, and improved financial positions. They encouraged the reformed Stability and Growth Pact over fiscal policies, and underscored the need for...

This 2009 Article IV Consultation highlights that Malaysia has been hit hard by the global downturn. The economy is set to contract for the first time in 10 years. Global turbulence has spilled into the domestic financial markets. Executive Directors have commended the Malaysian authorities for...

This paper analyzes the implications of global rebalancing in the post-crisis period for Korea and how high leverage in the household and SMEs sectors could affect this process. The first section of the paper discusses implications of global rebalancing for Korea using simulations from the...