This paper proposes to postpone the next review of the PRGT interest rate structure to end-July 2025, given the desirability to consider all policies regarding low-income country facilities-including those related to PRGT interest rates-at once in the context of 2024/25 Review of the Fund's...

Interest income from foreign reserves is one of the main revenue sources for most emerging market central banks. For central banks in the Western Balkan region, the low global interest rates during 2008-2021 negatively affected their revenues, and the impact was more pronounced for central banks...

Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote...

Recommended readings (Machine generated): 1. James E. Meade (1958), 'Is the National Debt a Burden?', Oxford Economic Papers, 10 (2), June, 163-83 -- 2. Franco Modigliani (1961), 'Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt', Economic Journal, 71...

This paper assesses the state and resilience of corporate and banking sectors in the Middle East and North Africa (MENA) in a "higher-for-longer" interest rate environment using granular micro data to conduct the first cross-country corporate and banking sector stress tests for the MENA region....

The extent to which changes in monetary policy rates lead to changes in loan and deposit rates for households and firms, referred to as 'pass-through', is an important ingredient of monetary policy transmission to output and prices. Using data on seven different bank interest rates in 30...

The fall in the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974 is often attributed to high rates of economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged interest rates before the Fed-Treasury Accord of 1951....