Suchergebnisse

In this study, the economic development of Poland after the recession is discussed. The importance of maintaining macroeconomic policies and advancing growth-enhancing structural reforms are explained. Increase in labor participation and a reduction in product market rigidities are key to increase potential growth. Improvements of the balance of payments compilation system has been encouraged by the authorities. To strengthen the financial sector, increase the independence of financial supervision authority, develop a framework for coordinating policy responses to systemic risks, and strengthe

The first Annual Progress Report (APR) of Togo highlights many of the reforms implemented during the first year of the Poverty Reduction Strategy Paper (PRSP) while recognizing some weaknesses and implementation constraints. It draws attention to important advances in macrocritical structural reforms, notably in the areas of public financial management; fiscal governance; domestic arrears clearance to private suppliers; and banking sector restructuring. It also presents a macroeconomic framework consistent with the one agreed under the fifth Extended Credit Facility (ECF) review mission. It is

The performance of the Gambian economy has been strong in recent years. The authorities noted that in addition to providing financial resources, the program has helped to restore compliance with the rules on government borrowing from the Central Bank of The Gambia (CBG) following securitization arrangements between the government and the CBG, which allowed for CBG bridge financing in the absence of programmed EU budget support, and started TA in tax policy and administration, PFM, and liquidity forecasting. In the financial sector, progress has been made to preserve the solvency of banks

Le présent recueil de directives pratiques vise à faire mieux connaître les dangers et risques liés à l'agriculture ainsi que les moyens de les gérer et de les maîtriser efficacement; à prévenir les accidents du travail et les maladies professionnelles et à améliorer concrètement le milieu de travail; à encourager les gouvernements, les employeurs, les travailleurs et les autres parties prenantes à coopérer dans le domaine de la prévention des accidents et des maladies; et à faire évoluer positivement, dans l'ensemble du secteur, les mentalités et les comportements au sujet de la sécurité et d

This technical note focuses on the stress testing exercise in 2010 for the financial sector assessment program based on the existing approaches of the Central Bank of Russia, as well as a separate bottom-up exercise. The tests covered broad ranges of risk factors. The single factor tests examined instantaneous impact of credit, concentration, market, liquidity, and interbank contagion risks. The results of the stress tests suggested that the Russian banking system is, on the whole, resilient to a variety of macroeconomic and financial shocks

Non-oil growth in the CFA oil exporting countries has been lackluster despite their great natural resource wealth. In this paper we study the key determinants of non-oil growth and explore to what extent these countries differ from countries with comparable levels of development that do not depend on nonrenewable resources. Using a panel of 38 countries comprising LICs and CFA zone oil exporters, we find that while real exchange rate appreciation negatively impacted growth in all countries over the period 1985-2008, what distinguishes the oil producers of the CFA zone is the failure of public

This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend was partially reversed when oil prices went down in 2009. We also find evidence that fiscal policy has been procyclical and has hence exacerbated the fluctuations in economic activity. In addition, we estimate that a small reduction in oil prices could lead to very large financing needs in the near futu

This book outlines basic concepts such as the social protection floor and the social security staircase, analyses the affordability of various approaches, and examines the results of practices around the world, especially in low- and middle-income countries.

The October 2010 Regional Economic Outlook features: (i) an overview of economic developments and prospects in sub-Saharan Africa; (ii) an analytical assessment of how monetary policy changes are transmitted through the region's economies; and (iii) a study of why growth rates in the West African Economic and Monetary Union (WAEMU) have lagged behind other parts of sub-Saharan Africa. The overview highlights the broad-based economic recovery that is now under way in sub-Saharan Africa and projects growth of 5 percent in 2010 and 5½ percent in 2011. It explores the resilience of most economies

We study the impact of a minimum wage on business cycle volatility, depending upon its coverage and adjustment mechanism. As with other small open economies, Hong Kong SAR is vulnerable to external shocks, with its exchange rate regime precluding active monetary policy. Adjustment to past shocks has relied on flexible domestic prices. We find that a minimum wage affecting 20 percent of employees would amplify output volatility by 0.2 percent to 9.2 percent, and employment volatility by ?1.2 percent to 7.8 percent. A fixed wage or indexation to consumption price inflation increases volatility m

By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil