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Mr. Peter J Montiel, Mr. Antonio Spilimbergo, and Ms. Prachi Mishra
This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in LICs relative to advanced and emerging economies. Given the weak institutional frameworks, reduced role of securities markets, imperfect competition in the banking sector and the resulting high cost of bank lending to private firms, the traditional channels (interest rate, bank lending, and asset price) are impaired in LICs. The exchange rate channel is also undermined by central bank intervention in the foreign exchange market. These conclusions are supported by review of the institutional frameworks, statistical analysis, and previous literature.
Olatundun Janet Adelegan
This paper examines the impact of regional cross-listing on stock prices. The sample consists of sub- Saharan African firms that have cross-listed during the period 1992-2008. Using event study methodology, the study finds positive abnormal returns around the date of the regional cross-listing of stocks. The positive announcement period effect, together with the normal post cross-listing performance, shows that regional cross-listing increases firm value. Overall, this provides evidence that firms benefit from listing outside their home market and need to be taken into consideration by SSA country authorities as they seek a regional approach to stock market development. Thus, policy makers of both the countries of primary listing (home country) and secondary listing (host country) need the right policy handles to conceptualize, facilitate and steer regional cross-listing efforts by firms. Through complementary policy-based efforts, policy makers can set the stage for regional cross-listings and harness the numerous related benefits.
International Monetary Fund
The current high Southern African Customs Unions revenues should be used to implement fiscal measures to secure fiscal sustainability and support economic growth. The government should formulate a financial sector strategy that addresses Swaziland’s twin challenges of enhancing financial development and ensuring financial stability. Compounding the threat to exports of sugar and textiles is the looming issue of remaining competitive in a quickly changing global environment. The statistics on export and import, gross domestic product, assets and liabilities, and other such data have also been provided.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund

Abstract

A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. the Guide is designed to assist balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionnaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

International Monetary Fund

Abstract

A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. The Guide is designed to assist experienced and aspiring balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

International Monetary Fund

Abstract

A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. The Guide is designed to assist experienced and aspiring balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

International Monetary Fund

Abstract

Como complemento de la quinta edición del Manual de Balanza de Pagos, la Guía de Compilación de la Balanza de Pagos muestra cómo puede aplicarse en la práctica el marco conceptual descrito en dicho Manual. El principal objetivo de esta Guía es proporcionar orientación práctica para el uso de las fuentes y métodos de compilación de estadísticas sobre la balanza de pagos y la posición de inversión internacional. Esta Guía se ha diseñado para ayudar a los compiladores de la balanza de pagos y a los estadísticos a comprender las ventajas y desventajas de los diversos enfoques. El material refleja la aparición de nuevas fuentes de datos y las adaptaciones en la aplicación de las metodologías estadísticas ante los cambios del entorno. En esta Guía se analizan todas las tareas que normalmente realiza el compilador de la balanza de pagos. Los apéndices contienen un conjunto de cuestionarios modelo sobre la balanza de pagos y un conjunto de cuadros modelo de publicación de la balanza de pagos. También se abordan las relaciones entre las estadísticas de balanza de pagos y los aspectos pertinentes de las cuentas nacionales.

International Monetary Fund

Abstract

A companion document to the fifth edition of the Balance of Payments Manual, the Balance of Payments Compilation Guide shows how the conceptual framework described in the Manual may be implemented in practice. The primary purpose of the Guide is to provide practical guidance for using sources and methods to compile statistics on the balance of payments and the international investment position. the Guide is designed to assist balance of payments compilers and statisticians in understanding the relative strengths and weaknesses of various approaches. The material reflects the emergence of new data sources and adaptations in the application of statistical methodologies to changing circumstances. Discussed in the Guide are all of the tasks that a BOP compiler normally performs. Appendices contain a set of model BOP questionnaires and a set of model BOP publication tables. Relationships between the balance of payments statistics and relevant aspects of national accounts are covered as well.

International Monetary Fund

Abstract

Document d'accompagnement de la cinquième édition du Manuel de la balance des paiements, le Guide pour l’établissement des statistiques de balance des paiements explique comment mettre en œuvre concrètement le cadre conceptuel décrit dans le manuel.. Le but premier de ce guide est de fournir des indications pratiques sur l’utilisation de sources et de méthodes pour établir des statistiques sur la balance des paiements et la position extérieure globale. Il est conçu pour aider les statisticiens, spécialistes de la balance des paiements ou non, à comprendre les atouts et les inconvénients des différentes approches. Le document tient compte de l’émergence de nouvelles sources de données et des adaptations dans l’application des méthodes statistiques aux circonstances changeantes. Le guide aborde toutes les tâches normalement effectuées pour établir les statistiques de balance des paiements. Les annexes contiennent des modèles de questionnaires sur la BDP et des modèles de tableaux de publication de données relatives à la BDP. Les relations entre les statistiques de la balance des paiements et les aspects pertinents des comptes nationaux sont également couvertes.