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The Welfare Implications of Services Liberalization in a Developing Country: Evidence from Tunisia

by Nizar, Mr. Jouini & Nooman, Mr. Rebei

We propose an integrated method based on a two-sector small open economy dynamic and stochastic general equilibrium model to estimate non-tariff barriers and quantify the impact of services liberalization. The...


The Pacific Speed of Growth:  How Fast Can It Be and What Determines It?

by Yongzheng Yang & Hong Chen

This study aims to test within a relatively homogeneous group of small states what differentiates the growth performance of Pacific island countries (PICs) from their peers. We find that PICs are disadvantaged...


Philippines: 2013 Article IV Consultation

by International Monetary Fund. Asia Dept

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


New Zealand: 2013 Article IV Consultation

by International Monetary Fund. Asia Dept

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


Uruguay: Selected Issues

by International Monetary Fund. West Dept.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


Monetary Policy in Emerging Markets:  Taming the Cycle

by Donal, Mr. McGettigan & Kenji Moriyama

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference...


Survey of Reserve Managers: Lessons from the Crisis

by Aideen Morahan & Christian B., Mr. Mulder

This paper reports in detail on a survey that was circulated to reserve managing central banks of IMF member countries in April 2012. The survey aims to gain further insight into how reserve managers have reacted...


Regional Economic Outlook, May 2013: Western Hemisphere: Time to Rebuild Policy Space

by International Monetary Fund. West Dept.

Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions will remain...


International Evidence on Government Support and Risk Taking in the Banking Sector

by Luís Brandão, Mr. Marques & Ricardo, Mr. Correa

Government support to banks through the provision of explicit or implicit guarantees affects the willingness of banks to take on risk by reducing market discipline or by increasing charter value. We use an international...


Measuring Competitiveness: Trade in Goods or Tasks?

by Tamim, Mr. Bayoumi & Mika Saito

With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either in terms of “tasks” (Bems and Johnson, 2012), or goods,...


External Liabilities and Crises

by Luis, Mr. Catão & Gian-Maria, Mr. Milesi-Ferretti

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that...


Export Quality in Developing Countries

by Christian Henn & Chris Papageorgiou

This paper develops new, far more extensive estimates of export quality, covering 178 countries and hundreds of products over 1962–2010. Quality upgrading is particularly rapid during the early stages of development,...


Belgium: Financial System Stability Assessment

by International Monetary Fund. Department

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


Productivity or Employment: Is It a Choice?

by Andrea De, Ms. Michelis & Marcello M., Mr. Estevão

Traditionally, shocks to total factor productivity (TFP) are considered exogenous and the employment response depends on their effect on aggregate demand. We raise the possibility that in response to labor supply...


Mali: Poverty Reduction Strategy Paper-Joint Staff Advisory Note

by International Monetary Fund. Afri Dept.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


Republic of Estonia: 2013 Article IV Consultation

by International Monetary Fund. Euro Dept.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


What Is in Your Output Gap? Unified Framework & Decomposition Into Observables

by Michal Andrle

This paper discusses several popular methods to estimate the ‘output gap’. It provides a unified, natural concept for the analysis, and demonstrates how to decompose the output gap into contributions of...


Uruguay: 2012 Article IV Consultation

by International Monetary Fund. West Dept.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...


Perfect Little Ladies

by Abby Drake

Nobody knows that better than Elinor Young, one of the posh housewives of Westchester County. She's worked hard all her life to get where she is. With her perfect husband, gorgeous grown-up children, and a house...


The Bahamas: 2012 Article IV Consultation

by International Monetary Fund. West Dept.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after...