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International Monetary Fund

probability 1 − γ j . We assume that physical proximity of the provider reduces the risk perception of the consumer. Hence the probability of a positive demand realisation is higher for an ofdi firm when compared with an exporting firm, i.e. γ X > γ I . Production involves fixed cost. The fixed cost of exporting in terms of labor F X includes production costs as well as advertisement and marketing cost. The fixed cost of operating abroad in terms of labor F I includes both a set up cost and production cost. The production function is defined as

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
The technical note on Mexico’s Financial Sector Assessment Program update analyzes that the private pension system’s regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin America, has adopted an individual capitalization pension system. The design of these pension reforms confers the administration of pension funds to private companies. Under these schemes, competition plays a key role, keeping prices low, a good quality of service, and an efficient investment allocation.
International Monetary Fund. African Dept.
This paper discusses Seychelles’ First Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets. All quantitative targets for end-December 2017, the program’s first review test date, were met. Although there are no structural reform targets due for the first review, the structural agenda for 2018 is proceeding in line with the program. Given the authorities’ strong program implementation and continued commitment to safeguarding macroeconomic stability, the IMF staff supports the authorities’ request for the completion of the first review under the PCI and the modification of the end-June 2018 and end-December 2018 quantitative targets for reserve money.
International Monetary Fund. African Dept.
Economic developments since the completion of the first review under the Policy Coordination Instrument (PCI) in June 2018 have been broadly in line with expectations. The program is largely on track. Staff received renewed assurance from President Faure that the large infrastructure projects announced in his State of the Nation Address (SONA) in March 2018 would be implemented within the fiscal targets under the PCI.
International Monetary Fund

Affiliate (Monthly) Figures 1. Market Size 2. Number of Sales-agents 3. Contributions Market Share/Affiliates Market Share 4. Marketing Cost Share/Commissions Income Share 5. Equivalent Fees Over Assets 6. Transfer of Affiliates Between Afores 7. Annual Equivalent Fee Over Fund Manager References

Mr. Ales Bulir

Developments, 1950–96 2. Cocoa Price Developments, 1950–95 Tables 1. Cocoa Sector: Producer Income, Marketing Cost, and Government Revenue, 1951–96 2. Projected and Actual Macroeconomic Developments, 1992/93–1994/95 3. Unit Root Tests, 1951–95 4. Cointegration Tests, 1951–95 5. Cocoa Supply Regression Results, 1951–95 References S ummary The paper examines the price-output relationship in Ghana’s cocoa sector during the 1950–95 period. In the early 1980s, the officially recorded production of cocoa was 60 percent lower than during its peak