Hong Kong Special Administrative Region: Macroeconomic Impact of an Aging Population in a Highly Open Economy
In: IMF Working Papers, p. 1-19
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In: IMF Working Papers, p. 1-19
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In: IMF Working Paper, p. 1-41
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In: IMF Working Paper, p. 1-58
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In: IMF Working Papers, p. 1-14
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In: Pacific economic review, Volume 14, Issue 3, p. 361-375
ISSN: 1468-0106
Abstract. Assessments of a country's real exchange rate relative to its 'equilibrium' value as suggested by 'fundamental' determinants have received increasing attention. Using China as an example, the present paper illustrates models commonly used to derive equilibrium real exchange rate estimates. The large variance in the estimates raises serious questions about the robustness of these results. The basic conclusion is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Therefore, such estimates should be treated with great caution.
In: IMF Working Paper, p. 1-15
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This book describes the reforms needed to move small middle-income countries in sub-Saharan Africa to advanced-economy status. The result of intense discussions with public officials in the countries covered, the book blends rigorous theory, econometrics, and practitioners' insights to come up with practical recommendations for policymakers. It spans topics from macroeconomic vulnerability and reserve adequacy to labor market institutions and financial inclusion. The book is a must-read for researchers interested in the economic issues facing developing countries in sub-Saharan Africa.
World Affairs Online
In: IMF Working Paper No. 18/195
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In: IMF Working Paper No. 15/2
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Working paper
In: IMF Working Papers v.Working Paper No. 15/2
Many small middle-income countries (SMICs) in sub-Saharan Africa (SSA) have experienced a moderation in growth in recent years. Although factor accumulation, most notably capital deepening, was crucial to the success of many SMICs historically, this growth model appears to have run its course. The analysis in this paper suggests that the decline in the contribution of total factor productivity (TFP) to growth is largely responsible for the slowdown in trend growth in many SMICs, which highlights the need for policy actions to reinvigorate productivity growth. This paper explores the question o