On the Accuracy and Efficiency of IMF Forecasts: A Survey
... and Development (OECD), national central banks or treasuries, and private sector bodies.
Such comparisons usually employ measures such as the mean absolute error, mean square
error, or the root mean square error, and can provide useful indicators of which forecasts are
most accurate at the time they ...
Purchasing Power Parities and Real Expenditures
... The International Comparison Program (ICP) is a global statistical initiative set up on the recommendation
of the United Nations Statistical Commission to enable comparisons of economic aggregates. From a modest
beginning with just 10 economies participating in 1970, the ICP has expanded to cover 19 ...
Inflation Inertia in Egypt and its Policy Implications
... lower domestic savings by deeply negative real interest rates, lower capital accumulation due
to increased uncertainty, and real appreciation of the exchange rate reflecting widened
inflation differentials against trade partners. While it is important for a central bank to keep
inflation low and sta ...
Transition Report 2007: People in transition
... continuing to meet the twin objectives
of access for all and affordability.
Private funding can be made available
at both centralised and local levels
but what can be achieved depends
crucially on the quality of the legal
and political frameworks.
Good procurement processes need to
be in place to re ...
Workers` Remittances and Borrowing Constraints in Recipient
... These currency transfers sent by migrants to their family stayed in the home country are exponentially growing and have reached significant levels, particularly at the scale of GDP in
developing countries. According to Chami and Fullenkamp (2013) , remittances represented
in 2011 more than 1% of ...
The Effect of IMF Programs on Inequal
... In the empirical part of the paper I focus on the loan programs administered by the IMF to test
these hypotheses. The IMF is often considered “the most powerful international institution in
history” (Stone 2002, 1). It has vast financial resources at its disposal and its loan arrangements
can make ...
IMF Reform Is Waiting on the United States
... The vital role played by the IMF in
stabilizing the world economy and
financial system is in serious jeopardy.
national security interests, for example, in Korea in 1997–98,
in Ukraine today, and potentially in Egypt and other countries
where US interests are at stake.
Third, as the principal founde ...
55838_Ch 07_Executive Board Summary.indd
... fiscal adjustment. However, high public and private
debt levels continue to pose headwinds to growth and
debt sustainability in some advanced economies. In
addition, inflation is below target by a large margin
in many countries, making the task of reducing high
public debt levels more difficult. Gro ...
Does the shift of FDI from manufacturing to services accelerate
... because of its anticipated spillovers on economic growth, which make it a stable
development engine. Growth oriented governments of emerging economies and
developing countries have been competing to entice foreign capital with various
attractive schemes. Now FDI stands as the most important foreign ...
This PDF is a selection from a published volume from
... been positive. Average inflation in both emerging markets and developed economies is substantially lower after the adoption of the inflationtargeting regime than immediately before its adoption (Figure I).1
However, emerging market economies (EMEs) have had a relatively
worse performance. In these c ...
hep03-baten 222864 en
... market disequilibria could lead to higher incomes of some social groups with better skills or
more direct access to profitable information (for example, the inhabitants of the capital could
be better informed). We will therefore put the hypothesis to the empirical test, controlling for
as much other ...
II. IMF Macroeconomic Policy Advice in the Financial Crisis
... policy, irrespective of its ability to maintain low interest rates or raise asset prices. By
contrast, a large body of analysis, including from the IMF itself, indicated that fiscal
multipliers would be elevated following the crisis, pointing to the enhanced power relative to
the pre-crisis environm ...
Standing in the way of development?
... US$ 17 billion in 2014. These sums represent
sizeable increases from its total lending
commitments of US$1.6 billion in 2008 (IMF
2009a, p. 6).3
This projected expansion departs from a
previously downward trend in the LIC use of
IMF facilities, as cumulative disbursements
(through all facilities) to ...
Emigrants` remittances and economic growth in small transition
... to decline as a percentage of GDP (Luecke et.al., 2009: 5). They fell even more in
2009, during the global economic crisis.
Comparing the size of remittances between the two countries, it is quite clear that
Moldova is more dependent on remittances, since they have reached up to 34% of
its GDP, alth ...
Preferences, Purchasing Power Parity, and
... There are several reasons for the divergence between the market exchange rates and the PPP
rates (however measured). The short term factors include the capital movements between
countries, interest rate movements, speculation in foreign exchange markets, etc. The longer
term factors include the fact ...
Effects of Corruption on FDI Inflow in Asian Economies - S
... increase and leads to a reduction of the incremental output capital ratio
of the activity or sector. Consequently, an increase in corruption lowers
the efficiency of investment (Mauro 1995).
The volume and productivity of investment increase when corruption
is reduced. Resources spent on this area c ...
Afghanistan in Transiition.pdf
... been truer than now. The withdrawal of most international troops by 2014 will
have a profound and lasting effect on the country’s economic and development
fabric. This study explores some of those effects.
This book, which was originally issued as a World Bank report in May 2012,1
provides the analy ...
Trade and Development Report, 2012
... Real GDP growth and contributions of net exports and domestic demand,
selected country groups, 2006–2012............................................................................................. 18
Current-account balances, selected countries and country groups, 2005–2012....................... ...
Interlinkages between Growth, Distribution and Re
... Economists and political leaders alike have been sounding alarm bells over rising income
inequality across economies, their fear only worsened by the 2008 financial crisis. While many
analysts still hold that economic weakness caused by income inequality led to the crisis, the issue
of the relations ...
The Diffusion of Privatization in the Developing World
... the inevitable result of the hegemonic power of capital and the United States. For both,
countries that have not marketized are not particularly interesting because, in time, they too
will join the bandwagon.
Most political scientists and sociologists, in contrast, are concerned to look for more
Prof. Eytan Sheshinski
... Privatization has been a key component of structural reform programs in both developed and
developing economies. The aim of such programs is to achieve higher microeconomic efficiency
and foster economic growth, as well as reduce public sector borrowing requirements through the
elimination of unnece ...
Vote of confidence in the promise of ASEAN www.pwc.com/apec The ASEAN cut
... ongoing negotiations to promote free trade and economic integration between economies and trade blocs did not seem
to impress as many business leaders in the 7 APEC economies in ASEAN, a signal to governments that they do not
foresee the red tapes and policy hindrances which still persist in limitin ...
Price level targeting, the zero bound on the nominal interest rate and
... understand the implications of this regime and form their expectations accordingly.
This assumption, however, may be particularly weak during the transition to a new
policy regime since it is not unreasonable to think that private agents may take
time to adjust their behavior. Walsh (2010), for inst ...
A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital. The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects.The transition process is usually characterized by the changing and creating of institutions, particularly private enterprises; changes in the role of the state, thereby, the creation of fundamentally different governmental institutions and the promotion of private-owned enterprises, markets and independent financial institutions. In essence, one transition mode is the functional restructuring of state institutions from being a provider of growth to an enabler, with the private sector its engine. Another transition mode is change the way that economy grows and practice mode. The relationships between these two transition modes are micro and macro, partial and whole. The truly transition economics should include both the micro transition and macro transition. Due to the different initial conditions during the emerging process of the transition from planned economics to market economics, countries uses different transition model. Countries like P.R.China and Vietnam adopted a gradual transition mode, however Russia and some other East-European countries, such as the former Socialist Republic of Yugoslavia, used a more aggressive and quicker paced model of transition.The term transition period is often used to describe the process of transition from capitalism to socialism, preceding the establishment of fully developed socialism.