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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Republic of Tajikistan: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
remittance inflow; Tajik remittance; growth-remittance spillover analysis; remittance determination; ruble-U.S. dollar exchange; Remittances; Oil prices; Exchange rates; Vector autoregression; Global
Cover IMF Staff Country Reports
Seychelles: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; Correlations Between FCIs; Seychelles; financial condition; constructed FCIs; VAR FCI; factor loading; increasing FCI; VAR approach; FCI of interest; financial conditions in Seychelles; common factor FCI; span 2007Q4-2018Q3; purged FCIs; derived FCI; PCA method; Financial conditions index; Credit gaps; Vector autoregression; Macroprudential policy; Post-clearance customs audit; Global; Europe
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on the Republic of Poland constructs a financial conditions index for Poland to explore the link between financial conditions and real economic activity. Measures to contain the fiscal deficit in the aftermath of the global financial crisis led to a reduction in the headline deficit from 7.9 percent of GDP in 2010 to 3.9 percent in 2012. The authorities plan to implement a permanent fiscal rule. This would complement existing public debt limits, which have proven useful but insufficient in the past. Regarding mechanism design, the authorities have expressed their preference for a simple expenditure rule, on grounds of transparency, predictability, and ease of implementation across budgetary units.
Keywords:
ISCR; CR; financial conditions index; output gap; GDP growth; correlation expenditure Policy Gap-output gap; GG expenditure; constructed FCI; FCI weight; forecasting property; Tax gap; Medium taxpayer office; Vector autoregression; Fiscal consolidation; Global; Europe
Cover IMF Staff Country Reports
New Zealand: Selected Issues Paper
International Monetary Fund
The Savings Working Group in New Zealand presented recommendations in February 2011, and suggested raising national saving by 2–3 percent of GDP. The increase in net public saving in the country explains part of the reason for lower net private saving in New Zealand. Net public saving of the country is about 3 percent of GDP above the average of advanced countries for the past 15 years. Financial liberalization also appears to have played a role in saving behavior.
Keywords:
ISCR; CR; Australia; saving; GDP; national saving; saving rate; commodity price; public saving; business cycle; Private savings; Spillovers; Terms of trade; Vector autoregression; Commodity prices; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Tunisia: Selected Issues
International Monetary Fund
Tunisia’s reliance on European countries for export earnings, tourism, remittances, and foreign direct investment inflows has remained high over the last decades. Remittances and tourism receipts have been broadly stable in percent of GDP, with somewhat more fluctuations in the latter caused in part by identifiable political events that harmed tourism in the region. Tunisia’s annual growth rate appears to have become increasingly synchronized over time with the annual growth rate of its main European trading partners.
Keywords:
ISCR; CR; Tunisia; FDI; trade openness; growth performance; recession; heightened degree; EU economy; FDI inflow; Tourism; Vector autoregression; Exports; Output gap; Agricultural sector; Europe
Cover IMF Staff Country Reports
France: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the performance of French banks and the financial support measures taken by the French government. France has a large and sophisticated financial system, which accounts for 10 percent of the global banking system and 5 percent of global capital markets. This paper presents an overview of the French banking and supervision structure. It conducts comparative analyses of profitability, asset quality, capital adequacy, leverage, quality of capital, funding profile, and liquidity of banks. The paper also analyzes business lines, potential spillovers, and market perceptions of risk.
Keywords:
ISCR; CR; stimulus package; expenditure multiplier; French bank; fiscal policy instrument; debt feedback; recession scenario; Fiscal stimulus; Fiscal multipliers; Structural vector autoregression; Global
Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund
This Selected Issues paper assesses Indonesia’s trade integration relative to underlying country characteristics. The paper analyzes Indonesia’s vulnerabilities, especially compared with the eve of the crisis in 1997. Various indicators suggest that the underlying fundamentals are significantly stronger. The paper examines key features of the financial safety net (FSN) in view of international standards and concludes that the current system is capable of timely addressing bank problems. It looks at determinants of, and constraints to, credit growth in recent years.
Keywords:
ISCR; CR; Indonesia; bank; spending; FDI inflow; priority spending; Indonesia's lack; chapter III; portfolio inflow; Credit; Fiscal space; Financial safety nets; Deposit insurance; Gravity models; Asia and Pacific; Global; East Asia; Southeast Asia
Cover IMF Staff Country Reports
Republic of Belarus: Selected Issues
International Monetary Fund
The analysis of inflation developments in Belarus is hampered by widespread price controls. Persistence of common inflation is generally higher than that of actual inflation. Factor analysis assumes that covariation among time series can be explained by a few unobserved shocks (factors). The dependent variable in our estimations is growth in real GDP per capita in purchasing power parity (PPP) terms, while the explanatory variable of interest is the annual rate of change in the terms of trade.
Keywords:
ISCR; CR; headline CPI inflation; terms-of-trade fluctuation; inflation forecast; inflation development; inflation process; inflation persistence; inflation variability; underlying inflation; Terms of trade; Inflation; Consumer price indexes; Price controls; Factor models; Central Asia; Eastern Europe; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Spain: Financial Sector Assessment Program: Technical Note: Nonfinancial Equity Investments of Spanish Credit Institutions
International Monetary Fund
This note assesses the risk profile of the nonfinancial equity investments of Spanish credit institutions (CIs), based on a market-risk approach. It assesses the main features of the situation and indicates the problems of CIs’ nonfinancial equity investments. It presents the evolution of nonfinancial equity investments, and their importance for the economy. It analyzes using the value-at-risk (VaR) approach and recommends enhancing of risk management practices and surveillance with regard to CIs with a significant nonfinancial equity investment, and encourages those CIs to adopt the market-based approach.
Keywords:
ISCR; CR; equity; equity investment; credit institution; savings bank; merchant banking activity; equity method; equity volatility; capital absorption; equity exposure; Basel II; Stocks; Commercial banks; Vector autoregression; Stock markets; Europe