Republic Of Azerbaijan 2014 Article Iv Consultation Staff Report Press Release

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498308422
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This 2014 Article IV Consultation highlights that recent economic developments in Azerbaijan have been favorable. In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent. Inflation remained low, averaging 2.4 percent, restrained by soft food prices and a stable exchange rate. The impact of regional market turbulence in early 2014 has been limited, with few signs of lower manat demand or capital flight. Economic prospects over the near and medium term are positive, if underpinned by fiscal consolidation and supported by reforms to spur non-oil private sector activity.

How Large Are Global Energy Subsidies

Author: David Coady
Publisher: International Monetary Fund
ISBN: 1513560506
Size: 63.48 MB
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This paper provides a comprehensive, updated picture of energy subsidies at the global and regional levels. It focuses on the broad notion of post-tax energy subsidies, which arise when consumer prices are below supply costs plus a tax to reflect environmental damage and an additional tax applied to all consumption goods to raise government revenues. Post-tax energy subsidies are dramatically higher than previously estimated, and are projected to remain high. These subsidies primarily reflect under-pricing from a domestic (rather than global) perspective, so even unilateral price reform is in countries’ own interests. The potential fiscal, environmental and welfare impacts of energy subsidy reform are substantial.

Breaking The Oil Spell

Author: Reda Cherif
Publisher: International Monetary Fund
ISBN: 1484317785
Size: 22.18 MB
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The “Gulf Falcons”—the countries of the Gulf Cooperation Council—have high living standards as a result of large income flows from oil. The decline of oil prices between summer 2014 and fall 2015 underscores the urgency for the Gulf Falcons to diversify away from their current heavy reliance on oil exports. This book discusses attempts at diversification in the Middle East and North Africa and the complex choices policymakers face. It brings together the views of academics and policymakers to offer practical advice for future efforts to increase productivity growth.

Capital Flow Deflection

Author: Paolo Giordani
Publisher: International Monetary Fund
ISBN: 1498317499
Size: 36.91 MB
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This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort international capital flows to other countries and that, in turn, such capital flow deflection may lead to a policy response. We then test the theory using data on inflow restrictions and gross capital inflows for a large sample of developing countries between 1995 and 2009. Our estimation yields strong evidence that capital controls deflect capital flows to other borrowing countries with similar economic characteristics. Notwithstanding these strong cross-border spillover effects, we do not find evidence of a policy response.

Fiscal Policy Formulation And Implementation In Oil Producing Countries

Author: Mr. Jeffrey M. Davis
Publisher: International Monetary Fund
ISBN: 1452746311
Size: 46.77 MB
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Countries with large oil resources can benefit substantially from them. However, despite their huge natural resources, many oil producers have had disappointing growth, widespread poverty, and continuing vulnerability to oil price and other external shocks. Fiscal policy can play a central role indetermining the extent to which a country benefits from its oil wealth. This book brings together studies that provide analysis and findings on fiscal policy issues in oil-producing countries from a diverse international perspective. A key focus for the authors is how to manage oil resources in a way that contributes to a stable macroeconomic environment, sustainable growth, and poverty reduction.

Exchange Rate Assessments

Author: Mr. Jaewoo Lee
Publisher: International Monetary Fund
ISBN: 1451932316
Size: 19.84 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.

Yes Africa Can

Author: Punam Chuhan-Pole
Publisher: World Bank Publications
ISBN: 0821387456
Size: 61.46 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.

Fiscal Risks

Author: Aliona Cebotari
Publisher: Intl Monetary Fund
ISBN:
Size: 27.11 MB
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This paper analyzes the main sources of fiscal risks, including from unexpected changes in macroeconomic variables and banking crises, which can have major consequences for countries' fiscal and public debt sustainability. It builds on an overview of existing practices in a wide range of countries to provide practical suggestions on how to promote disclosure of such risks and on risk mitigation and management. It also includes an example of a possible statement of fiscal risks. The paper was written in response to requests from IMF member countries for advice on this subject. .--Publisher's description.

Government Finance Statistics Yearbook 2015

Author:
Publisher: International Monetary Fund
ISBN: 1484375602
Size: 59.28 MB
Format: PDF
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This annual publication provides detailed data on transactions in revenue, expense, net acquisition of assets and liabilities, other economic flows, and balances of assets and liabilities of general government and its subsectors. The data are compiled according to the framework of the 2014 Government Finance Statistics Manual, which provides for several summary measures of government fiscal performance.

Financial Integration In Latin America

Author: Mr.Charles Enoch
Publisher: International Monetary Fund
ISBN: 1475577133
Size: 41.96 MB
Format: PDF
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With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to stimulate growth are needed. This book examines the financial landscapes of seven Latin American economies—Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay—and makes a case for them to pursue regional financial integration. Chapters set out the benefits to the region of financial integration, the barriers to cross-border activity in banks, insurance companies, pension funds, and capital markets, as well as recommendations to address these barriers. Finally, the volume makes the case that regional integration now could be a step toward global integration in the short term.