This paper discusses a Request from Albania for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). This arrangement aims to prepare Albania for graduation from IMF-supported programs. If properly implemented, the policies it embodies will reduce vulnerabilities,...

What role does China play in Africa's development? What drives China's increasing economic involvement in the continent? This paper attempts to provide a quantified assessment of China's multifaceted influence as market, donor, financer and investor, and contractor and builder. Though in the...

This policy brief summarizes the findings of the Survey of Community Banks conducted by the Federal Reserve Bank of Boston in May 2010. This survey seeks to understand how the supply of, and demand for, bank business loans changed in the period following the financial crisis. The survey design...

We examine the effects of over 6,000 M&As involving more than 10,000 banks on small business lending. We are the first to decompose the impact of M&As into static effects associated with a simple melding of the antecedent institutions and dynamic effects associated with post-M&A refocusing of...

Financial innovation has been described as the “life blood of efficient and responsive capital markets.” Yet, there have been few quantitative investigations of financial innovation and the diffusion of these new technologies. Of the latter, there have been only three prior quantitative...

The Kyrgyz government faces challenges of political turmoil and inter-ethnic flare-ups. The fiscal policy response to the economic crisis is appropriate, but there are limits to the expansion. The balances between revenue and expenditure choices as well as a shortfall in donor budget financing...

Seychelles's strong stabilization efforts has helped the economy to overcome debt crisis and global recession under the Stand-By Arrangement (SBA). But the authorities need to address monetary policy trade-offs, and financial sector challenges exist. Executive Directors welcomed Seychelles's...

This 2008 Article IV Consultation highlights that over the last decade, Albania’s macroeconomic performance has generally been strong and per capita GDP in U.S. dollar terms more than doubled. Strong fiscal policy, largely based on major improvements in tax administration, lowered public...

This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Seychelles. The program is on track, and macroeconomic stabilization has advanced rapidly. The authorities continue to implement the program with a high degree of ownership and success. All quantitative...

The Kyrgyz authorities have maintained macroeconomic discipline in recent years, despite a challenging political environment. This 2006 Article IV Consultation highlights that the economic activity is rebounding in 2006, with year-over-year real GDP growth of 3.2 percent through September, after...