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International Monetary Fund. European Dept.

increased by about 50 percent—or 200,000 inhabitants. In addition, 45 percent of the labor force (about 180,000 workers) are cross-border commuters. This creates a large latent demand which contributes to sustaining high residential real estate prices. Transactions have risen steadily since the global financial crisis, pushing up prices both for houses and apartments. Figure 2. Demand Pressures and Transactions C. Are Residential Real Estate Prices Aligned with Fundamentals? 5. We develop a dynamic empirical model of RRE prices that aims at capturing

International Monetary Fund. Middle East and Central Asia Dept.

assets. Conventional banks have not yet started to offer IB products, although the law permits Islamic windows. 22. The industry is poised for further growth, though the cash culture is a lingering constraint . Latent demand for Islamic financial services, low levels of financial inclusion, facilitative regulatory support and cross border flows particularly from war torn countries such as Yemen and Somalia have been driving the growth of the industry. Although Djibouti’s population is less than a million, about 96 percent of the population are Muslim, less than 20

International Monetary Fund. European Dept.

magnet for neighboring countries and beyond, but some bottlenecks have emerged at the margin . Since the global financial crisis, almost half of new jobs went to cross-border workers who produce an increasing share of value added, resulting in a widening gap between GDP and GNI. Meanwhile, housing has become less affordable, reflecting supply constraints and a large latent demand from cross-border workers, while unemployment is stabilizing at a level suggestive of skills mismatches and unemployment traps for local workers. Luxembourg Labor Force Structure, 2017Q3

Mr. Karl F Habermeier and Mr. Andrei A Kirilenko
This paper argues that securities transaction taxes "throw sand" not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context of four questions. How important is trading? What causes price volatility? How are prices formed? How valuable is the volume of transactions? The paper concludes that transaction taxes or such equivalents as capital controls can have negative effects on price discovery, volatility, and liquidity and lead to a reduction in the informational efficiency of markets.