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When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks differ on how aggressively they typically react to relative price shocks, reflecting differences in resilience of underlying inflation to such shocks. An examination of individual policy decisions reveals the importance of the broader econ

Cross-country panel data are used to assess the effect of free-trade agreements on flows of Foreign Direct Investment (FDI). Free-trade agreements are found to have a significant positive effect on FDI flows, and free-trade agreements are found to matter more for the smaller members of the agreement. For example, the North American Free-Trade Agreement's (NAFTA) effect on FDI flows into Mexico is much larger than its effect on flows into the United States. These cross country results are used to assess NAFTA's effect on FDI flows into Mexico. After controlling for a set of other factors such as an increase in worldwide FDI flows the trade agreement is found to generate FDI flows nearly 60 percent higher than they would have been without the agreement.

Cover -- Table of Contents -- A. Overview -- B. Brazil's Pension and Health Systems -- C. Challenges from Aging Population -- D. Reform Options -- E. Concluding Comments -- Boxes -- 1. Recent Changes in Retirement Incentives -- 2. Realism of Baseline Pension Expenditure Projections -- 3. Pension Reform Proposals Under Discussion -- Figures -- 1. Demographic Indicators, 1960-2014 -- 2. Pension Expenditure and Share of Elderly -- 3. Health Expenditure, 2013 -- 4. Projected Fertility and Mortality Rates -- 5. Population Projections -- 6. Decomposition of Pension Expenditure -- 7. Pension Expenditure Projections, 2015-21 -- 8. Pension and Health Spending Under the Baseline Scenario -- 9. Gains from Policies Raising Labor Force Participation -- 10. Reform Options to Stabilize Pension Spending, 2015-30 -- 11. Estimated Impact of Various Pension Reform Options -- 12. Impact of Health Reforms -- Tables -- 1. Key Parameters of the Brazilian Pension System, 2015 -- 2. Benchmarks of Key Indicators -- 3. Determinants of Health Spending -- References.

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The increased budget deficit caused by the privatization of a public pension plan does not imply a relaxation of the stance of fiscal policy. The reform's impact on the fiscal stance and national saving depends primarily on its effect on the sum of explicit and implicit public debt and on the postreform payroll tax and private system contribution rates. Its impact also depends on the difference between the rate of interest on implicit and that on explicit public debt, among other influences. Pension privatization, if not offset by fiscal consolidation, can loosen the fiscal stance in some circumstances.

The Southern African Customs Union (SACU) is the oldest customs union in the world, with significant opportunities ahead for creating higher economic growth and increased welfare benefits to the people of the region, by fulfilling its vision to become an economic community with a common market and monetary union. This volume describes policy options to address the barriers to equitable and sustainable development in the region and outlines a plan for deeper regional integration.