🍂 Autumn reading time! Let our AI Librarian find your perfect cozy read 🫖
Explore the literary world of this author
This note raises the IMF’s profile on a number of issues related to inequality, unemployment, governance, etc. It builds on earlier empirical work t...
We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that sp...
The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed...
We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both...
The Roles of GDP-Linked Debt and Longer Maturities
Can debt management policy provide a way to increase fiscal space for a given path of primary fiscal balances? This note explores the role of two such...
A Reassessment
This paper revisits the bipolar prescription for exchange rate regime choice and asks two questions: are the poles of hard pegs and pure floats still ...
Can Money Provide a Nominal Anchor?
This paper examines the issue of whether the money supply can serve as a nominal anchor for the domestic price level under real exchange rate targetin...
What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), sh...
Revisiting the Trilemma in Emerging Market Economies
This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financi...
Uncertainty about the export earnings accruing to a country (sometimes referred to as export instability) is an important source of macroeconomic unce...
The effect of the exchange rate regime on inflation and growth is examined. The 30-year data set includes over 100 countries and nine regime types. Pe...
What Tools to Use?
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit co...
Monetary and Exchange Rate Policies in Emerging Market Economies
Stochastic Income and Financial Deregulation
The household saving ratio in France has undergone very sharp changes over the past two decades, falling dramatically in the first part of the 1980s b...
New Mechanisms, New Evidence
While progress has been made in increasing female labor force participation (FLFP) in the last 20 years, large gaps remain. The latest Fund research s...
Are Temporary Trade Barriers (TTBs) introduced for strategic reasons? To answer this question, we construct a novel sectoral measure of retaliation us...
The Covid-19 pandemic has disrupted global supply chains, leading to shipment delays and soaring shipping costs. We study the impact of shocks to glob...
This paper proposes a methodology for testing whether capital flows to developing countries are determined by economic fundamentals or by purely specu...
The relationship between current account developments and changes in the macroeconomic environment remains a key issue in open economy macroeconomics....
In bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the ...
This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high freque...
A consistent set of disaggregated industrial output data for four Eastern European countries is examined In order to determine the extent to which str...
It is often argued that the parallel market premium is a useful indicator of real exchange rate misalignment in developing countries. The empirical ev...
This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the...
How Do Emerging Markets Respond to Capital Flows?
This paper examines whether—and how—emerging market economies (EMEs) respond to capital flows to mitigate their untoward consequences. Based on a ...
This paper shows that the response of inflation to external shocks is very different when the authorities target the real exchange rate than when they...
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. E...
This paper examines the effects of quantitative easing implemented by the Bank of Japan (BoJ) since early 2001, looking specifically at the impact on ...
Evidence From Developing Countries
This paper examines the relationship between temporary terms of trade shocks and household saving in developing countries. It is first shown that, fro...
Implications for Optimum Currency Arrangements
Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper look...
The Cases of Bulgaria, Czechoslovakia, and Romania
This paper analyzes the declines in economic activity experienced by Bulgaria, the Czech and Slovak Federal Republic (CSFR), and Romania in the period...
This paper examines empirically the determinants of COVID-19 vaccine rollouts and their effects on health outcomes. We assemble a comprehensive and no...
The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exch...
1990-91
This paper addresses two questions relating to the output decline in Poland since the initiation of market-oriented reforms at the beginning of 1990. ...
Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's
Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current...
Using a simple dependent - economy framework, this paper outlines the links between the equilibrium real exchange rate and some of its fundamental exo...
A Comparison
The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a finan...
CGER Methodologies
The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade...