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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
United States: Selected Issues
International Monetary Fund
The note delves on the U.S. housing market outlook, the potential benefits of mitigating distressed sales household deleveraging, and the recovery. Policies to facilitate labor market adjustment to reduce the large employment volatility without affecting efficient labor allocation could prevent problems. U.S. firms are hoarding money but it is likely to be spent to boost firms’ capital expenditure, rather than kept as precautionary balances. The note discusses commodity price shocks affecting Treasury inflation protected securities (TIPS), budget institutions for federal fiscal consolidation, and mortgage delinquencies in the United States.
Keywords:
ISCR; CR; price; mortgage; foreclosure; liquid asset; money holding; house price; inflation compensation; lender house price appreciation; nonpartisan Congressional Budget Office; Mortgages; Housing prices; Inflation; Demand for money; Loans
Cover IMF Staff Country Reports
Islamic Republic of Afghanistan: Request for an Extension of the Three-Year Arrangement Under the Extended Credit Facility
International Monetary Fund
The arrangement, for SDR 81 million (50 percent of quota), was approved on June 26, 2006. The Executive Board extended the arrangement until March 31, 2010, and rephased remaining disbursements to allow for a review. The authorities intend to frame the new homegrown program within a wider development agenda that they will announce at a donor conference in Kabul on July 20. The revenue target was exceeded by a large margin, yielding an increase in the tax-to-GDP ratio from 6.9 percent in 2008/09 to 8.9 percent in 2009/10.
Keywords:
ISCR; CR; ECF-supported program; agenda; money demand; extension of the arrangement; request; lapse-of-time basis; reform agenda; Demand for money; Fiscal sustainability; Public enterprises; Structural reforms; Currencies
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Selected Issues
International Monetary Fund
This Selected Issues paper examines the causes of recent inflation in Ethiopia and discusses possible policy responses. Inflation in Ethiopia has reached a historical peak. Following a drought-related surge of food prices in 2003, it receded to single digits but soon turned back up in 2004 and gradually increased. The paper provides an overview of recent inflation developments, and explores the factors contributing to recent inflation, based on fresh studies and the review of current monetary and external developments. The paper also lays out cross-country analysis with countries experiencing high inflation.
Keywords:
ISCR; CR; exchange rate; price; Ethiopia; single-digit inflation; inflation surge; broad money velocity; inflation expectation; double-digit inflation; lag inflation; Inflation; Real exchange rates; Imports; Exports; Demand for money; Africa; Global; undershot level
Cover IMF Staff Country Reports
Rwanda: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper for Rwanda reports the growth strategy described in the Poverty Reduction Strategy Paper (PRSP). The PRSP constitutes a critical effort aimed at generating poverty-reducing economic growth. Sustained growth in the primary sector serves as an engine of growth in the rural nontradable sector. The consequent rural employment generation provides income to the poorest among the rural poor. In generating an annual rural nonfarm growth rate of 6.7 percent, the PRSP assumes an elasticity of rural nonfarm activities with respect to farm growth.
Keywords:
ISCR; CR; export; Rwanda; price; bank; export volume; currency ratio; food crop; coffee export; asset quality; Agricultural commodities; Demand for money; Agroindustries; Exports; Export performance; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
This Selected Issues paper for the Russian Federation reviews trends in private capital flows to Russia by decomposing the flows into its subcomponents. Russia became a net lender to the international banking system, as a complement to the prolonged period of large current account surpluses. The nonbank corporate sector in Russia began to have better access to both bank and nonbank sources of external finance, with improving investor perceptions and a favorable external environment. The relatively lackluster performance of equity issuances and foreign direct investment has been an outcome of both global and local factors.
Keywords:
ISCR; CR; Russia; tax; position vis-à-vis nonbank sector; vis-à-vis Russia; carry trade; position vis-à-vis banking sector; ruble broad money; demand function; broad money growth; Monetary base; Inflation; Foreign banks; Commercial banks; Demand for money; Global; Europe; North America
Cover IMF Staff Country Reports
Azerbaijan Republic: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix for Azerbaijan aims to provide a guide to the management of Azerbaijan’s expected natural resource-generated windfall. The paper provides information on Azerbaijan’s endowment of oil and gas deposits and the projected revenue stream, and highlights the common characteristics of policies leading to the mismanagement of natural resource wealth in natural resource-abundant countries. It also outlines a medium- and long-term policy strategy for oil wealth management in Azerbaijan.
Keywords:
ISCR; CR; manat; tax rate; Azerbaijan; Azerbaijan State statistics committee; manat broad money; gas revenue; oil GDP; oil revenue; Oil; gas and mining taxes; Natural resources; Demand for money; Baltics; Eastern Europe; Asia and Pacific; Global
Cover IMF Staff Country Reports
Republic of Belarus: Selected Issues
International Monetary Fund
This Selected Issues paper reviews developments during 2001–02 in the Belarusian pension system, and discusses potential short- and medium-term reforms needed to put pension system finances on a sustainable path. The paper presents a short overview of demographic trends and developments in Belarus and their impact on the pension system. It discusses the financial difficulties of early 2002 and the policy measures the authorities took to deal with them. A critical review of the methodology used in preparing annual Social Protection Fund budgets is also presented.
Keywords:
ISCR; CR; core inflation; state; broad money; headline inflation; Belarusian authorities; core inflation series; Russia's agreement; union State; B. core inflation; Pension spending; Inflation; Demand for money; Monetary unions; Public expenditure review; Western Europe
Cover IMF Staff Country Reports
Algeria: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix deals with the issue of low growth in Algeria. A growth-accounting exercise indicates that negative total factor productivity growth explains Algeria’s low growth rates. This paper highlights the sources of this low growth that mainly consist of incomplete structural reforms and the weaknesses of Algeria’s institutions. It describes policy recommendations, focusing on the institutional reforms required to improve the business environment. The paper also analyzes Algeria’s monetary policy in the context of volatile hydrocarbon revenues.
Keywords:
ISCR; CR; fiscal policy; oil price shock; employment opportunity; Algeria; economic recovery plan; Algeria's monetary policy; growth performance; Employment; Monetary base; Unemployment; Demand for money; Money markets; North Africa; Middle East; East Africa; Europe; Maghreb