United Arab Emirates 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For The United Arab Emirates

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498317715
Size: 66.38 MB
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This 2014 Article IV Consultation highlights that the United Arab Emirates has continued to benefit from its perceived safe-haven status amid regional instability. The economic recovery has been solid, supported by the tourism and hospitality sectors, and a rebounding real estate sector. Although growth in oil production moderated, public projects in Abu Dhabi and buoyant growth in Dubai’s service sectors continued to underpin growth, which reached 5.2 percent in 2013. The macroeconomic outlook is positive. Economic growth is expected at 4.8 percent in 2014 and about 4.5 percent in coming years, supported by a number of mega projects announced and the successful bid for the World Expo 2020.

How Large Are Global Energy Subsidies

Author: David Coady
Publisher: International Monetary Fund
ISBN: 1513560506
Size: 30.36 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: 20.42 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.

Trust Voice And Incentives

Author: Hana Brixi
Publisher: World Bank Publications
ISBN: 1464804575
Size: 72.87 MB
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This report examines the role of incentives, trust, and engagement as critical determinants of service delivery performance in MENA countries. Focusing on education and health, the report illustrates how the weak external and internal accountability undermines policy implementation and service delivery performance and how such a cycle of poor performance can be counteracted. Case studies of local success reveal the importance of both formal and informal accountability relationships and the role of local leadership in inspiring and institutionalizing incentives toward better service delivery performance. Enhancing services for MENA citizens requires forging a stronger social contract among public servants, citizens, and service providers while empowering communities and local leaders to find 'best fit' solutions. Learning from the variations within countries, especially the outstanding local successes, can serve as a solid basis for new ideas and inspiration for improving service delivery. Such learning may help the World Bank Group and other donors as well as national and local leaders and civil society, in developing ways to enhance the trust, voice, and incentives for service delivery to meet citizens’ needs and expectations.

Exchange Rate Assessments

Author: Mr. Jaewoo Lee
Publisher: International Monetary Fund
ISBN: 1451932316
Size: 18.63 MB
Format: PDF, ePub, Mobi
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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.

Imf Financial Operations 2014

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1484317440
Size: 67.31 MB
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IMF Financial Operations 2014 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF’s activities during the most recent financial year. This publication updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF’s structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including measures taken in response to the global financial crisis of 2007-09 and the institutional reforms aimed at ensuring that the IMF’s governance structure evolves in line with developments in the global economy, as well as reforms to the IMF’s income model.

Yemen In The 1990s

Author: K. Enders
Publisher: International Monetary Fund
ISBN: 9781589060425
Size: 43.16 MB
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The 1990s saw the unification of the two Yemens into one nation and a burgeoning of the country's oil sector. This paper examines the structural changes in the Yemeni economy brought about by these and other developments and identifies the reforms needed to move the country toward rapid and sustainable growth, effectively manage its oil wealth, and reduce the widespread poverty. The paper addresses the issue of poverty reduction by providing background and drawing lessons from Yemen's adjustment experience to date.

Safeguarding Financial Stability Theory And Practice

Author: Garry J. Schinasi
Publisher: International Monetary Fund
ISBN: 9781589064409
Size: 79.78 MB
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How is finance related to economic processes, and why should it be viewed as a public good requiring policy action? This book provides an answer. The book develops a practical framework for safeguarding financial stability, which encompasses both prevention and resolution of problems. It also examines on-going and future challenges to financial stability posed by globalization, a growing reliance on derivatives and their markets, and the capital market activities of insurers and reinsurers.

Managing Openness

Author: Mona Haddad
Publisher: World Bank Publications
ISBN: 0821386336
Size: 49.11 MB
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The global financial crisis triggered a broad reassessment of economic integration policies in developed and developing countries worldwide. The crisis-induced collapse in trade was the sharpest ever since World War II, affecting all countries and all product categories. A huge shock to the trading system, combined with severe macroeconomic instability, makes it natural for policymakers to call into question the basic underlying assumptions of trade liberalization and openness. In particular, outward-oriented or export-led growth strategies are being reassessed as openness is increasingly associated with greater volatility. However, it is crucial not to lose sight of the dynamic benefits that openness can offer. Examples include technology transfer, increased competitive pressure that reduces markups and improves efficiency, and economies of scale. The real question is how to manage outward-oriented strategies so as to maximize the benefits of openness while minimizing risks. This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment. It addresses critical policy issues revolving around the topic of outward-oriented growth strategy, including policy instruments that help manage risks associated with outward-orientation, lessons learned from the crisis for particular countries and regions, and how emerging trade policy issues such as climate change, commodities, global production networking, and migration affect the prospects for recovery and outward-oriented growth.

Sovereign Debt And The Financial Crisis

Author: Carlos A. Primo Braga
Publisher: World Bank Publications
ISBN: 9780821385432
Size: 37.75 MB
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The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.