Nepal 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Nepal

Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1498316360
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KEY ISSUES Context: Successful elections for a new Constituent Assembly and formation of a new government have stabilized the political situation. Macroeconomic situation and outlook: Nepal’s macroeconomic situation remains broadly favorable. Growth is projected to recover in 2013/14 owing to good monsoons, robust growth in services, and increased public spending. Inflation is moderating, in line with developments in India. High remittance inflows are supporting a strong external position, as well as high reserve money growth. Risks to the outlook are slightly tilted to the downside, involving slower-than-expected growth in countries hosting Nepali workers and domestic financial sector risks. Medium term prospects: While remittances are expected to continue to support the external position, the outlook for growth depends on improving the environment for private investment. This requires a decisive boost in public capital spending, and structural reforms in key areas. Financial sector: Despite progress, significant vulnerabilities remain. The recent assessment under the FSAP, Nepal’s first, raised concerns about asset quality and interconnectedness, as well as financial sector infrastructure—including the legal framework—and supervision and crisis preparedness. At the same time, a largely unsupervised cooperatives sector is growing rapidly. Key policy recommendations: Monetary policy should aim at controlling the volatility and level of excess reserves in the financial system, implying a modest tightening of monetary conditions. The exchange rate peg to the Indian rupee provides a useful nominal anchor for the economy, and the real exchange rate is broadly in line with fundamentals. Capital spending needs to be boosted to provide key infrastructure, and reforms implemented to support private investment, which will help generate sustained economic growth and employment opportunities. In the financial sector, further reforms to bolster regulation and supervision, and improve financial infrastructure are needed to reduce risk and increase access to finance.

Nepal

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455207802
Size: 55.78 MB
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After years of macroeconomic stability, the global crisis is having a substantial, albeit somewhat delayed, impact on Nepal’s economy and exposing its structural weaknesses. Although the Nepalese rupee appears modestly overvalued, maintaining the peg should remain a key near-term policy objective. Risks in the financial sector are coming to a head and need to be addressed urgently. The Nepal Rastra Bank (NRB)’s recent directives are welcome, but enforcement is crucial to their effectiveness. Bank licensing policy needs to be tightened, banking sector consolidation incentivized, and state-controlled bank reform tackled.

Does Inflation Slow Long Run Growth In India

Author: Mr. Kamiar Mohaddes
Publisher: International Monetary Fund
ISBN: 1498312365
Size: 22.23 MB
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This paper examines the long-run relationship between consumer price index industrial workers (CPI-IW) inflation and GDP growth in India. We collect data on a sample of 14 Indian states over the period 1989–2013, and use the cross-sectionally augmented distributed lag (CSDL) approach of Chudik et al. (2013) as well as the standard panel ARDL method for estimation—to account for cross-state heterogeneity and dependence, dynamics and feedback effects. Our findings suggest that, on average, there is a negative long-run relationship between inflation and economic growth in India. We also find statistically-significant inflation-growth threshold effects in the case of states with persistently-elevated inflation rates of above 5.5 percent. This suggest the need for the Reserve Bank of India to balance the short-term growthinflation trade-off, in light of the long-term negative effects on growth of persistently-high inflation.

Statistical Capacity Building

Author: Mr. Thomas K. Morrison
Publisher: International Monetary Fund
ISBN: 9781451980059
Size: 12.42 MB
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IMF technical assistance provided by the Statistics Department--toward assisting IMF member countries in developing the ability to provide reliable and comparable economic and financial data on a timely basis to policymakers and markets--has increased more than fourfold over the past decade. This assistance has proven critical in countries' building their statistical capacity so as to come into line with international data standards in an increasingly globalized and electronically interconnected world. Statistical Capacity Building: Case Studies and Lessons Learned presents four case studies drawn from experience in three countries in transition to the market, two of which were also in postconflict situations, in the 1990s and early 2000s: Cambodia, Bosnia and Herzegovina, and Ukraine. Issues of setting, institutional and statistical arrangements, strategies, and implementation are examined, and lessons learned.

Exchange Rate Assessments

Author: Mr. Jaewoo Lee
Publisher: International Monetary Fund
ISBN: 1451932316
Size: 20.51 MB
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The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on multilateral surveillance, macro-financial linkages, and the implications of globalization. The IMF's Consultative Group on Exchange Rate Issues (CGER)--formed in the mid-1990s to provide exchange rate assessments for a number of advanced economies from a multilateral perspective--has therefore broadened its mandate to cover both key advanced economies and major emerging market economies. This Occasional Paper summarizes the methodologies that underpin the expanded analysis.

From Poverty To Power

Author: Duncan Green
Publisher: Oxfam
ISBN: 0855985933
Size: 12.20 MB
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Offers a look at the causes and effects of poverty and inequality, as well as the possible solutions. This title features research, human stories, statistics, and compelling arguments. It discusses about the world we live in and how we can make it a better place.

Slow Professor

Author: Maggie Berg
Publisher: University of Toronto Press
ISBN: 1442663103
Size: 35.41 MB
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If there is one sector of society that should be cultivating deep thought in itself and others, it is academia. Yet the corporatisation of the contemporary university has sped up the clock, demanding increased speed and efficiency from faculty regardless of the consequences for education and scholarship. In The Slow Professor, Maggie Berg and Barbara K. Seeber discuss how adopting the principles of the Slow movement in academic life can counter this erosion of humanistic education. Focusing on the individual faculty member and his or her own professional practice, Berg and Seeber present both an analysis of the culture of speed in the academy and ways of alleviating stress while improving teaching, research, and collegiality. The Slow Professor will be a must-read for anyone in academia concerned about the frantic pace of contemporary university life.

Yes Africa Can

Author: Punam Chuhan-Pole
Publisher: World Bank Publications
ISBN: 0821387456
Size: 27.16 MB
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Takes an in-depth look at twenty-six economic and social development successes in Sub-Saharan African countries, and addresses how these countries have overcome major developmental challenges.