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  1. Global trade and the dollar
    Author: Boz, Emine; Gopinath, Gita; Plagborg-Møller, Mikkel
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volume indices for more than 2,500 country pairs, we establish the following facts: 1) The dollar... more

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    We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volume indices for more than 2,500 country pairs, we establish the following facts: 1) The dollar exchange rate quantitatively dominates the bilateral exchange rate in price pass-through and trade elasticity regressions. U.S. monetary policy induced dollar fluctuations have high pass-through into bilateral import prices. 2) Bilateral non-commodities terms of trade are essentially uncorrelated with bilateral exchange rates. 3) The strength of the U.S. dollar is a key predictor of rest-of-world aggregate trade volume and consumer/producer price inflation. A 1 percent U.S. dollar appreciation against all other currencies in the world predicts a 0.6-0.8 percent decline within a year in the volume of total trade between countries in the rest of the world, controlling for the global business cycle. 4) Using a novel Bayesian semiparametric hierarchical panel data model, we estimate that the importing country's share of imports invoiced in dollars explains 15 percent of the variance of dollar pass-through/elasticity across country pairs. Our findings strongly support the dominant currency paradigm as opposed to the traditional Mundell-Fleming pricing paradigms

     
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  2. Potential growth in Colombia
    Author: Lanau, Sergi; Rodríguez-Delgado, José Daniel; Roldós, Jorge E.
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper uses a multivariate filter and a production function to project potential growth in Colombia, modeling in detail the impact of low oil prices on investment. The framework also captures the impact of current and planned policies on... more

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    This paper uses a multivariate filter and a production function to project potential growth in Colombia, modeling in detail the impact of low oil prices on investment. The framework also captures the impact of current and planned policies on potential growth, including the peace agreement with the FARC, the tax reform, and 4G infrastructure projects. The analysis suggests the growth acceleration of the 2000s is unlikely to repeat itself in a world of lower oil prices. Potential growth is likely to moderate to a range of 2.8 to 4.1 percent. The 4G infrastructure projects and the tax reform will increase investment, partly offsetting the sharp decline in oil investment. Improvements in productivity are essential to lift potential growth, as the large increases in the labor force observed in the last 15 years are unlikely to continue

     
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  3. Booms, crises, and recoveries
    a new paradigm of the business cycle and its policy implications
    Author: Cerra, Valerie; Saxena, Sweta Chaman
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new... more

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    All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for shifts in trend output and the puzzling inconsistency of output dynamics with other cyclical components of production. The 'output gap' can be ill-conceived, poorly measured, and inconsistent over time. Persistent losses require more buffers and crisis-avoidance policies, affecting tradeoffs in prudential, macroeconomic, and reserve management policies. The frequency and depth of crises are key determinants of long-term growth and drive a new stylized model of economic development

     
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  4. How should shale gas extraction be taxed?
    Author: Daniel, Philip; Krupnick, Alan J.; Matheson, Thornton; Mullins, Peter; Parry, Ian W. H.; Świstak, Artur
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper suggests that the environmental and commercial features of shale gas extraction do not warrant a significantly different fiscal regime than recommended for conventional gas. Fiscal policies may have a role in addressing some environmental... more

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    This paper suggests that the environmental and commercial features of shale gas extraction do not warrant a significantly different fiscal regime than recommended for conventional gas. Fiscal policies may have a role in addressing some environmental risks (e.g., greenhouse gases, scarce water, local air pollution) though in some cases their net benefits may be modest. Simulation analyses suggest, moreover, that special fiscal regimes are generally less important than other factors in determining shale gas investments (hence there appears little need for them), yet they forego significant revenues

     
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  5. Assessing China's residential real estate market
    Author: Ding, Ding; Huang, Xiaoyu; Jin, Tao; Lam, W. Raphael
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    China's real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown.... more

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    China's real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond 'fundamental' levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market

     
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  6. Dominant currency paradigm
    a new model for small open economies
    Author: Casas, Camila; Díez, Federico; Gopinath, Gita; Gourinchas, Pierre-Olivier
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer's currency or in local currency. We model instead a 'dominant currency paradigm' for small open economies... more

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    Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer's currency or in local currency. We model instead a 'dominant currency paradigm' for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm

     
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  7. External adjustment in a resource-rich economy
    the case of Papua New Guinea
    Author: Nakatani, Ryota
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    How should resource-rich economies handle the balance of payments adjustment required after commodity price declines? This paper addresses the question theoretically by developing a simple two-period multi-sector model based on Nakatani (2016) to... more

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    How should resource-rich economies handle the balance of payments adjustment required after commodity price declines? This paper addresses the question theoretically by developing a simple two-period multi-sector model based on Nakatani (2016) to compare different exchange rate policies, and empirically by estimating elasticities of imports and commodity exports with respect to exchange rates using Papua New Guinean data. In the empirical part, using various econometric methods, I find the statistically significant elasticities of commodity exports to real exchange rates. In the theoretical part, by introducing the notion of a shadow exchange rate premium, I show how the rationing of foreign exchange reduces consumer welfare. Using the estimated elasticities and theoretical outcomes, I further discuss policy implications for resource-rich countries with a focus on Papua New Guinea

     
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  8. International commodity prices and domestic bank lending in developing countries
    Author: Agarwal, Isha; Duttagupta, Rupa; Presbitero, Andrea
    Published: December 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the role of the bank-lending channel in propagating fluctuations in commodity prices to credit aggregates and economic activity in developing countries. We use data on more than 1,600 banks from 78 developing countries to analyze the... more

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    We study the role of the bank-lending channel in propagating fluctuations in commodity prices to credit aggregates and economic activity in developing countries. We use data on more than 1,600 banks from 78 developing countries to analyze the transmission of changes in international commodity prices to domestic bank lending. Identification relies on a bankspecific time-varying measure of bank sensitivity to changes in commodity prices, based on daily data on bank stock prices. We find that a fall in commodity prices reduces bank lending, although this effect is confined to low-income countries and driven by commodity price busts. Banks with relatively lower deposits and poor asset quality transmit commodity price changes to lending more aggressively, supporting the hypothesis that the overall credit response to commodity prices works also through the credit supply channel. Our results also show that there is no significant difference in the behavior of foreign and domestic banks in the transmission process, reflecting the regional footprint of foreign banks in developing countries

     
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  9. Settling the inflation targeting debate
    lights from a meta-regression analysis
    Author: Balima, Wenéyam Hippolyte; Kilama, Eric G.; Tapsoba, René
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequences remains inconclusive. This... more

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    Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequences remains inconclusive. This paper digs deeper into the issue through a meta-regression analysis (MRA) of the existing literature, making it the first application of a MRA to the macroeconomic effects of IT adoption. Building on 8,059 estimated coefficients from a very broad sample of 113 studies, the paper finds that the empirical literature suffers from two types of publication bias. First, authors, editors and reviewers prefer results featuring beneficial effects of IT adoption on inflation volatility, real GDP growth and fiscal performances; second, they promote results with estimated coefficients that are significantly different from zero. However, after filtering out the publication biases, we still find meaningful (genuine) effects of IT in reducing inflation and real GDP growth volatility, but no significant genuine effects on inflation volatility and the level of real GDP growth. Interestingly, the results indicate that the impact of IT varies systematically across studies, depending on the sample structure and composition, the time coverage, the estimation techniques, country-specific factors, IT implementation parameters, and publication characteristics

     
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  10. Uncertainty, financial frictions and nominal rigidities
    a quantitative investigation
    Author: Cesa-Bianchi, Ambrogio; Fernandez-Corugedo, Emilio
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Are uncertainty shocks a major source of business cycle fluctuations? This paper studies the effect of a mean preserving shock to the variance of aggregate total factor productivity (macro uncertainty) and to the dispersion of entrepreneurs'... more

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    Are uncertainty shocks a major source of business cycle fluctuations? This paper studies the effect of a mean preserving shock to the variance of aggregate total factor productivity (macro uncertainty) and to the dispersion of entrepreneurs' idiosyncratic productivity (micro uncertainty) in a financial accelerator DSGE model with sticky prices. It explores the different mechanisms through which uncertainty shocks are propagated and amplified. The time series properties of macro and micro uncertainty are estimated using U.S. aggregate and firm-level data, respectively. While surprise increases in micro uncertainty have a larger impact on output than macro uncertainty, these account for a small (non-trivial) share of output volatility

     
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  11. The macroeconomic (and distributional) effects of public investment in developing economies
    Author: Furceri, Davide; Li, Bin
    Published: October 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment, the paper finds that increased... more

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    This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment, the paper finds that increased public investment raises output in the short and medium term, with an average short-term fiscal multiplier of about 0.2. We find some evidence that the effects are larger: (i) during periods of slack; (ii) in economies operating with fixed exchange rate regimes; (iii) in more closed economies; (iv) in countries with lower public debt; and (v) in countries with higher investment efficiency. Finally, we show that increases in public investment tend to lower income inequality

     
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  12. Debt sustainability analyses for low-income countries
    an assessment of projection performance
    Author: Mooney, Henry; De Soyres, Constance
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt... more

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    This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with the highest incomes, prospects for market access, and at 'moderate' risk of debt distress. This was often driven by overly-ambitious fiscal and/or growth forecasts, and projected 'residuals'. When we control for unanticipated shocks, we find that biases remain evident, driven in part by optimism regarding government fiscal reaction functions and expected growth dividends from investment

     
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  13. Global liquidity transmission to emerging market economies, and their policy responses
    Author: Choi, Woon Gyu; Kang, Taesu; Kim, Geun Young; Lee, Byongju
    Published: October 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk averseness factors. Using a panel... more

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    This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk averseness factors. Using a panel factor-augmented VAR, we investigate responses of emerging market economies (EMEs) to GL shocks. A policy-driven liquidity increase boosts growth in EMEs, elevating stock prices and currency values, while a risk averseness rise has an opposite effect. A market-driven GL expansion boosts stock markets and lowers funding costs, promoting competitiveness and current account. Inflation targeting EMEs fare better than EMEs under alternative regimes with respect to macrofinancial volatility

     
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  14. Iraq
    2017 Article IV consultation, second review under the three-year stand-by arrangement, and requests for waivers of nonobservance and applicability of performance criteria, and modification of performance criteria : press release; staff report; and statement by the Executive Director for Iraq
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights a double shock facing Iraq as a result of the conflict with the Islamic State and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which... more

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    This 2017 Article IV Consultation highlights a double shock facing Iraq as a result of the conflict with the Islamic State and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was little affected by the conflict with the Islamic State. Falling oil prices have driven the decline in Iraq's international reserves from USD 54 billion at the end of 2015 to USD 45 billion at the end of 2016. Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform

     
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  15. People's Republic of China
    selected issues
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Selected Issues paper examines the drivers and prospects for high levels of savings in China. China has one of the highest levels of national savings in the world, which is at the heart of its external and internal imbalances. High and rising... more

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    This Selected Issues paper examines the drivers and prospects for high levels of savings in China. China has one of the highest levels of national savings in the world, which is at the heart of its external and internal imbalances. High and rising household savings have mainly resulted from demographic changes as a result of the one-child policy and the breakdown of the social safety net during the transition from a planned to a market economy. Demographic changes will put downward pressure on national savings. Policy efforts to strengthen the social safety net and reduce income inequality are also needed to reduce savings further and faster and to boost consumption

     
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  16. Dominican Republic
    2017 Article IV consultation : press release; staff report; and statement by the Executive Director for the Dominican Republic
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights the Dominican economy's strong growth momentum over the past three years, which is now beginning to taper off toward potential. Growth has averaged 7 percent since 2014, outperforming most emerging market... more

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    This 2017 Article IV Consultation highlights the Dominican economy's strong growth momentum over the past three years, which is now beginning to taper off toward potential. Growth has averaged 7 percent since 2014, outperforming most emerging market economies and all economies in the Americas, buoyed by domestic demand. Real GDP expanded by 6.6 percent in 2016. The economic outlook is favorable. Growth is expected to slow toward the potential rate of about 5 percent from 2017 onward, while the recent rise in fuel prices will push inflation to target and will widen the current account deficit moderately from 2017 onward. Risks around this baseline outlook are balanced

     
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  17. Luxembourg
    financial sector assessment program : technical note : macroprudential framework and policies
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a... more

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    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a significant share of GDP and is globally interconnected. The institutional arrangement is broadly appropriate for effective macroprudential policy, but some areas should be strengthened. The monitoring and analysis of systemic risks by the Banque Centrale du Luxembourg is appropriate and performed on a timely basis. The authorities are encouraged to continue to increase efforts to monitor risks related to the investment fund industry

     
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  18. Morocco
    ex post evaluation of exceptional access under the 2014 precautionary and liquidity line arrangement : press release; staff report; and statement by the Executive Director for Morocco
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper discusses Morocco's Ex Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line (PLL) Arrangement. The case of Morocco demonstrated that with strong ownership, parsimonious conditionality can be effective in... more

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    This paper discusses Morocco's Ex Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line (PLL) Arrangement. The case of Morocco demonstrated that with strong ownership, parsimonious conditionality can be effective in delivering on program commitments. The PLL arrangement with Morocco was successful in helping to reduce vulnerabilities. Fiscal balances improved, and the fiscal objective-a gradual reduction of the budget deficit to 3 percent of GDP by 2017-appropriately balanced the need to bring the debt-to-GDP ratio down closer to 60 percent in the medium term, while allowing for necessary investment and social spending. Going forward, to achieve higher and more inclusive growth, Morocco will require continued strong policies and accelerated fiscal and structural reforms

     
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  19. Arab Republic of Egypt
    first review under the extended arrangement under the extended fund facility and requests for waivers for nonobservance and applicability of performance criteria : press release; staff report; and statement by the Executive Director for the Arab Republic of Egypt
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper discusses Egypt's First Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Requests for Waivers for Nonobservance and Applicability of Performance Criteria (PCs). All quantitative PCs for December 2016 were... more

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    This paper discusses Egypt's First Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Requests for Waivers for Nonobservance and Applicability of Performance Criteria (PCs). All quantitative PCs for December 2016 were met, but a large depreciation of the pound is posing policy challenges. Because of higher costs of fuel products, the end-June targets for the fuel subsidy bill and the primary deficit are likely to have been missed. The authorities are taking corrective measures by implementing a stronger fiscal adjustment in the next two years, including through the fuel subsidy reform. The IMF staff supports the authorities' request for the completion of the first review under the Extended Arrangement under the EFF arrangement

     
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  20. Saudi Arabia
    2017 Article IV consultation : press release; and staff report
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights Saudi Arabia's launch of a bold reform program under Vision 2030, announced in 2016. The authorities have made considerable progress in initiating the implementation of their ambitious reform agenda.... more

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    This 2017 Article IV Consultation highlights Saudi Arabia's launch of a bold reform program under Vision 2030, announced in 2016. The authorities have made considerable progress in initiating the implementation of their ambitious reform agenda. Non-oil growth is projected to pick up to 1.7 percent in 2017. Growth is expected to strengthen over the medium term as structural reforms are implemented. Risks mainly come from uncertainties about future oil prices, as well as questions about how the ongoing reforms will affect the economy. Employment growth has weakened, and the unemployment rate among Saudi nationals has increased to 12.3 percent. The fiscal deficit is also projected to narrow substantially in the coming years

     
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  21. Saudi Arabia
    selected issues
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Selected Issues paper looks at the appropriate scope and pace of fiscal adjustment in Saudi Arabia. The economy of Saudi Arabia has started to feel the impact of the fiscal adjustment. The fiscal space analysis suggests that the authorities have... more

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    This Selected Issues paper looks at the appropriate scope and pace of fiscal adjustment in Saudi Arabia. The economy of Saudi Arabia has started to feel the impact of the fiscal adjustment. The fiscal space analysis suggests that the authorities have some space in the next few years to undertake a more gradual fiscal adjustment than set out in the IMF staff's baseline. Although faster fiscal adjustment may have advantages in terms of limiting the rundown in net assets and taking full advantage of the current pro-reform climate, it has disadvantages when it comes to the larger impact on growth and employment in the near term, which may ultimately undermine the sustainability of the reforms

     
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  22. Sweden
    financial sector assessment program : technical note : systemic risk oversight framework and management
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Sweden in the areas of the systemic risk oversight framework and management. To promote accountability, the law should clarify the... more

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    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Sweden in the areas of the systemic risk oversight framework and management. To promote accountability, the law should clarify the allocation of macroprudential powers between the government and the Finansinspektionen (Financial Supervisory Authority, FI) and grant the FI a clear legal mandate for macroprudential policy, with full operational independence. The Financial Stability Council, or a similar body-excluding the Ministry of Finance-should have the legal authority to issue recommendations, preferably with a 'comply or explain' approach. The law should also ensure that the Sveriges Riksbank's expertise in financial stability analysis finds a clear institutional role in the oversight of systemic risk

     
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  23. Uganda
    technical assistance report : report on the prices statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding finalizing the structure and weighting pattern of the export-import price indices (XMPI) and hotels and... more

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    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding finalizing the structure and weighting pattern of the export-import price indices (XMPI) and hotels and restaurants producer price index (H and R-PPI). In relation to the XMPI, the structure and weighting pattern for the import price index developed during the previous mission were reviewed and confirmed. Accordingly, plans were developed for an import price survey, including form design and the selection of a sample of importers. Work programs have been drafted and agreed on for (1) the development of the XMPI, (2) the completion of the PPI-manufacturing rebase, and (3) the completion of the H and R-PPI rebase

     
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  24. Uganda
    technical assistance report : report on the national accounts statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda about developing the estimates of GDP for expenditure components. The previous work undertaken to develop the... more

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    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda about developing the estimates of GDP for expenditure components. The previous work undertaken to develop the methodology and a compilation system for producing estimates of GDP based on expenditure components was reviewed. The IMF mission established a systematic basis for estimating household final consumption expenditures based on a constant price Commodity Flow Model (CFM). Together with the local counterpart staff, the IMF mission also developed a Microsoft Excel framework for producing the CFM. Whenever possible, links to existing workbooks were established, including those used to estimate gross output and intermediate consumption from GDP based on the production approach system

     
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  25. Uganda
    technical assistance report : report on the prices statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda in relation to developing export and import price indices and rebasing the construction industry price index and... more

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    This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda in relation to developing export and import price indices and rebasing the construction industry price index and hotels and restaurants producer price index. The survey methodology was determined covering the form design, selection of the sample of importers, conduct of the initialization interviews, and selection of samples of representative products for regular pricing. Detailed documentation was provided. A prototype of an Excel-based compilation system was prepared, which will form the basis for the development of an operational system of spreadsheets for the ongoing quarterly compilation of the import and export price indices

     
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