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Displaying results 1 to 25 of 81.

  1. Deregulation, market power, and prices
    evidence from the electricity sector
    Published: [2022]
    Publisher:  MIT Center for Energy and Environmental Policy Research, Cambridge, MA, USA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / MIT Center for Energy and Environmental Policy Research ; 2022, 008 (April 2022)
    Subjects: Deregulation; Market Power; Markups; Prices; Electricity
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  2. A medium-scale DSGE model for the integrated policy framework
    Published: 2022 JAN
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic... more

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    This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic general equilibrium (DSGE) model of the world economy, featuring a range of nominal and real rigidities, extensive macrofinancial linkages with endogenous risk, and diverse spillover transmission channels. In the pursuit of inflation and output stabilization objectives, it is optimal to adjust all policies in response to domestic and global financial cycle upturns and downturns when feasible-including foreign exchange intervention and capital flow management under some conditions-to widely varying degrees depending on the structural characteristics of the economy. The framework is applied empirically to four small open advanced and emerging market economies

     

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781616359706
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/22, 15
    Subjects: Monetary Policy; Fiscal Policy; Macroprudential Policy; Dynamic Stochastic General Equilibrium Model; Small Open Economy; Macroeconomic Policy and Macroeconomic Aspects of Public Finance; Monetary Policy, Central Banking, and the Supply of Money; Monetary Policy, Foreign Exchange Intervention and Fiscal Policy; Policy Transmission Mechanisms; Price Inflation; Prices, Business Fluctuations and Cycles; Foreign Exchange Intervention; Capital Flow Management; Industries: Financial Services; Exports and Imports; Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data); Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General; Banks; Depository Institutions; Micro Finance Institutions; Macroeconomics: Consumption; Saving; Wealth; Foreign Exchange; Price Level; Deflation; International Investment; Long-term Capital Movements; Economic & financial crises & disasters; Economics of specific sectors; Finance; Currency; Foreign exchange; International economics; Financial institutions; Consumption; National accounts; Macroeconomics; Inflation; Economics: General; Balance of payments; Currency crises; Informal sector; Economics; Mortgages; Consumption; Economics; Foreign exchange; Prices; Capital movements
    Scope: 1 Online-Ressource (circa 99 Seiten), Illustrationen
  3. Cars in Europe
    supply chains and spillovers during COVID-19 times
    Published: 2022 JAN
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of... more

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    The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of global pandemic-induced labor supply shocks-both directly and via supply chains-during the initial phase of the COVID-19 pandemic on the auto sector and aggregate activity in Europe. Our results suggest that these labor supply shocks would have a significant adverse impact on the major auto producers in Europe, with one-third of the decline in the value added of the car sector attributable to spillovers via supply chains within and across borders. Within borders, the pandemic-induced labor supply shocks in the services sector have a bigger adverse impact, reflecting their larger size and associated demand effects. Across borders, spillovers from the pandemic-induced labor supply shocks that originate in other European countries are larger than those that originate outside the region, though the latter are still sizable

     

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  4. Poverty measurement under income and price dispersions
    Published: [2022]
    Publisher:  [Aix-Marseille School of Economics], [Aix-en-Provence

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Working papers / AMSE, Aix-Marseille School of Economics ; WP 2022, nr 04
    Subjects: Poverty; Prices; Living Standards; Price Dispersion; Poverty Alleviation; Price Indices
    Scope: 1 Online-Ressource (circa 19 Seiten)
  5. People's Republic of China-Hong Kong Special Administrative Region
    2022 Article IV consultation discussions : press release; and staff report
    Published: March 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Hong Kong SAR's economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery... more

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    Hong Kong SAR's economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery remains uneven, with private consumption lagging, owing, in part, to a zero- COVID tolerance approach. The financial sector has remained resilient supported by significant buffers, strong institutional frameworks, and a well-functioning Linked Exchange Rate System (LERS). Increasing financial linkages with Mainland China bring both opportunities and challenges for growth and financial stability

     

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  6. West African Economic and Monetary Union
    staff report on common policies for member countries : press release; staff report; and statement by the Executive Director for the WAEMU
    Published: March 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to... more

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    The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook

     

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  7. Republic of Poland
    2021 Article IV consultation : press release; staff report; and statement by the Executive Director for the Republic of Poland
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy... more

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    The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of the pandemic

     

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  8. United Kingdom
    2021 Article IV consultation : press release; staff report; and statement by the Executive Director for the United Kingdom
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The UK's rapid vaccination campaign enabled it to start to reopen the economy in the Spring of 2021. With highly accommodative policies, the recovery has been faster than expected. However, capacity constraints and rising price pressures have emerged... more

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    The UK's rapid vaccination campaign enabled it to start to reopen the economy in the Spring of 2021. With highly accommodative policies, the recovery has been faster than expected. However, capacity constraints and rising price pressures have emerged while new Covid-19 variants have raised new uncertainties. The government has allowed all initial pandemic support programs to sunset but has loosened near-term fiscal policy while specifying a back-loaded medium-term consolidation plan. With continued above-target inflation readings, the BoE made a first move to raise the policy rate in December. Macroprudential policies are returning to more standard risk settings. The near-term growth outlook remains strong, but so too are price pressures, while the financial cycle remains ahead of the economic cycle. The pandemic and Brexit have magnified structural challenges. Real GDP would remain below its pre-pandemic trend by about 2-2 1/4 percent in the medium term. Risks are considerable in the period ahead, centering on new Covid-19 waves and spillovers from tensions in Eastern Europe

     

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  9. United Arab Emirates
    2021 Article IV consultation : press release; and staff report
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    A swift policy response helped mitigate the economic impact of the twin COVID-19 and oil price shocks and contain the initial spread of the virus. A gradual recovery driven by the non-oil sector is underway, following a deep recession in 2020. Fiscal... more

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    A swift policy response helped mitigate the economic impact of the twin COVID-19 and oil price shocks and contain the initial spread of the virus. A gradual recovery driven by the non-oil sector is underway, following a deep recession in 2020. Fiscal and external balances have improved with recent oil price increases. The UAE is among the world leaders in delivering vaccinations, with nearly 85 percent of the population fully vaccinated as of October 2021

     

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  10. Republic of Congo
    request for a three-year arrangement under the exted credit facility : press release; staff report; and statement by the Executive Director for the Republic of Congo
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    A new wave of the COVID-19 pandemic is creating headwinds for the nascent economic recovery from the deep recession spurred by the pandemic's onset and related oil price shocks. Over the medium term, reforms supporting improved governance, economic... more

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    A new wave of the COVID-19 pandemic is creating headwinds for the nascent economic recovery from the deep recession spurred by the pandemic's onset and related oil price shocks. Over the medium term, reforms supporting improved governance, economic diversification, and resilience will help confront challenges from climate change, and the global transition to low-carbon economies-gradually resulting in improved incomes, job creation, inequality, and exit from fragility. In the near term, fiscal space to address these challenges is limited. Although debt sustainability was recently restored, large liquidity risks and vulnerabilities remain. Due to arrears and on-going negotiations with an external commercial creditor, debt is classified as "in distress". The recent AIV consultation concluded on September 24, 2021

     

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  11. Spain
    2021 Article IV consultation : press release; staff report; and statement by the Executive Director for Spain
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on... more

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    The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is expected to return to its pre-pandemic level by the end of 2022. However, there is significant uncertainty around the recovery path related to the evolution of the pandemic and the duration of global supply bottlenecks. The pace of absorption and the effectiveness of use of Next Generation EU (NGEU) funds will also affect growth in the coming years. In the near term, the key policy challenge is to continue to provide targeted pandemic support while facilitating resource reallocation and a transformation to a greener and more inclusive economy

     

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  12. Republic of North Macedonia
    2021 Article IV consultation : press release; staff report; staff statement; and statement by the Executive Director for the Republic of North Macedonia
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The economy is rebounding. After a 6 percent drop in 2020, real GDP is projected to grow at 4 percent both in 2021 and 2022, reflecting improved mobility, a return of the diaspora, and continued policy support. With uncertainty remaining high,... more

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    The economy is rebounding. After a 6 percent drop in 2020, real GDP is projected to grow at 4 percent both in 2021 and 2022, reflecting improved mobility, a return of the diaspora, and continued policy support. With uncertainty remaining high, including about the course of the pandemic, policies need to be kept flexible. Emphasis should be on limiting the economic scars from the pandemic crisis while making progress on long-standing reform priorities such as further strengthening public financial management and revenue administration and buttressing the financial safety net

     

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  13. Jamaica
    2021 Article IV consultation : press release; staff report; staff statement; and statement by the Executive Director for Jamaica
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Jamaica was hit hard by the pandemic. An early lockdown in the Spring of 2020 helped contain the number of Covid-19 cases but the impact on the economy was severe, with real GDP shrinking by 10 percent. To counter the social and economic effects of... more

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    Jamaica was hit hard by the pandemic. An early lockdown in the Spring of 2020 helped contain the number of Covid-19 cases but the impact on the economy was severe, with real GDP shrinking by 10 percent. To counter the social and economic effects of the pandemic, the government temporarily reduced the fiscal balance target from +0.7 to -3 percent of GDP, increased spending on health and social protection and reduced the VAT rate. The central bank injected liquidity and encouraged loan moratoria to provide temporary support to the private sector. Growth is expected to rebound to 4.7 percent in 2021 and 4.3 percent in 2022. Downside risks to the outlook are significant, notably from Covid-19

     

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  14. South Africa
    2021 Article IV consultation : press release; staff report; and statement by the Executive Director for South Africa
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    South Africa's subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the... more

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    South Africa's subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The South African Reserve Bank (SARB) and the Prudential Authority (PA) preserved adequate liquidity conditions and financial-sector stability. The cyclical recovery from the deep contraction has been faster than expected but its strength is unlikely to be sustained. Benign global market conditions have supported asset performance, although term premia are elevated due to fiscal risks. Bank soundness indicators remain solid, but a deepening bank-sovereign nexus raises some concerns

     

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  15. Morocco
    2021 Article IV consultation : press release and staff report
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Thanks to a successful vaccination campaign, COVID19 cases have declined sharply in 2021, and the Moroccan economy is rebounding. Economic activity has recovered most of the ground lost with the severe recession of 2020 and is expected to grow at 6.3... more

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    Thanks to a successful vaccination campaign, COVID19 cases have declined sharply in 2021, and the Moroccan economy is rebounding. Economic activity has recovered most of the ground lost with the severe recession of 2020 and is expected to grow at 6.3 percent in 2021. Among the factors propelling the rebound are the exceptional harvest after two years of drought, continued fiscal and monetary stimulus, and the persistent buoyancy of remittances. Going forward, Morocco's growth is expected to remain at about 3 percent, assuming the acceleration of new cases in early 2022 proves transitory and the effects of the pandemic on activity gradually fade. Recent inflationary pressures remained manageable and are expected to wane in 2022, as cost pressures from global and domestic supply disruptions are reabsorbed. After its sharp contraction in 2020, the current account deficit is projected to widen in 2021 and over the medium term, but Morocco emerges from the pandemic with a much stronger international reserve position

     

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  16. Nigeria
    selected issues paper
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Selected Issues more

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    Selected Issues

     

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  17. Nigeria
    2021 Article IV consultation : press release; staff report; staff statement, and statement by the Executive Director for Nigeria
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance. Benefiting from the authorities' pro-active approach, COVID-19 infection rates and fatalities have been... more

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    E-Book International Monetary Fund
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    E_Book IMF
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    The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance. Benefiting from the authorities' pro-active approach, COVID-19 infection rates and fatalities have been contained. With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms. Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis

     

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  18. Euro area policies
    2021 Article IV consultation with member countries on common euro area policies : press release; staff report; and statement by the Executive Director for member countries
    Published: February 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and... more

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    E_Book IMF
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    Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and continued forceful policy support. Looking ahead, while supply chain disruptions, elevated energy prices, and resurgences of Covid-19 cases-including those related to the Omicron variant-are likely to pose near-term headwinds to growth, the recovery is set to continue in 2022 as the impact of the pandemic on economic activity continues to weaken over time and supply-side constraints ease. Medium-term output losses relative to pre-crisis trends will vary significantly across countries and sectors as will the extent of labor market scarring. Price pressures are building up as production bottlenecks are set to persist for a while. However, inflation-despite increasing significantly in recent months due to transitory factors-is projected to moderate during 2022 and remain below the ECB's inflation target over the medium term. Uncertainty surrounding the outlook remains high and largely related to pandemic dynamics and legacies, including induced behavioral and preference changes

     

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  19. Senegal
    2021 Article IV consultation, fourth review under the policy coordination instrument, first reviews under the stand-by arrangement and the arrangement under the standby credit facility, and request for modification of performance criteria and quantitative targets
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The COVID-19 pandemic interrupted a decade of high growth and development progress in Senegal. While a recession was avoided in 2020, the pandemic caused severe hardship and most households experienced income and job losses. A dynamic recovery is... more

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    E-Book Nationallizenz IMF
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    E-Book International Monetary Fund
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    e-Book International Monetary Fund eLibrary
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
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    The COVID-19 pandemic interrupted a decade of high growth and development progress in Senegal. While a recession was avoided in 2020, the pandemic caused severe hardship and most households experienced income and job losses. A dynamic recovery is underway since mid-2020, supported by expansionary fiscal policy. However, higher fiscal deficits and lower growth have resulted in a rapid increase of the debt-to-GDP ratio and fiscal space is narrowing. COVID-19 case numbers remain comparatively low and about 14 percent of the adult population is vaccinated. Recent pandemic waves had little impact on economic activity in the absence of new lockdowns or movement restrictions

     

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  20. Czech Republic
    2021 Article IV consultation : press release; staff report; supplementary information; and statement by the Executive Director for the Czech Republic
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The Czech Republic entered the pandemic on a strong economic footing. Amid another surge in virus infections, the outlook is for a continued rebound in activity. However, the risks are tilted to the downside. Inflation remained marginally above the... more

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    e-Book Nationallizenz
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    E-Book Nationallizenz IMF
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    E-Book International Monetary Fund
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    e-Book International Monetary Fund eLibrary
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
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    The Czech Republic entered the pandemic on a strong economic footing. Amid another surge in virus infections, the outlook is for a continued rebound in activity. However, the risks are tilted to the downside. Inflation remained marginally above the upper tolerance band in 2020 and increased substantially in late 2021. Pressures in the labor market remain. Macrofinancial vulnerabilities persist as house price growth has reached record highs amid significant risk-taking by lenders

     

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  21. France
    2021 Article IV consultation : press release; staff report; and statement by the Executive Director for France
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    A strong economic recovery is underway in France, bolstered by progress on vaccination, strong fiscal support and solid private sector led investment. Employment has recovered to above pre-crisis levels and unemployment is virtually stable. Inflation... more

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    E-Book Nationallizenz IMF
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    E-Book International Monetary Fund
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    e-Book International Monetary Fund eLibrary
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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
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    A strong economic recovery is underway in France, bolstered by progress on vaccination, strong fiscal support and solid private sector led investment. Employment has recovered to above pre-crisis levels and unemployment is virtually stable. Inflation is increasing, mainly driven by a rise in energy prices but also due to supply-chain disruptions. The public deficit and debt ratio surged in 2020, reflecting the large amount of emergency support deployed and the drop in activity

     

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  22. Uruguay
    2021 Article IV consultation : press release; staff report; and statement by the Executive Director for Uruguay
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Uruguay entered the pandemic with solid institutions and social cohesion but growing macroeconomic imbalances-especially slow economic growth and weak public finances-as the end of the last commodity price boom in 2014 uncovered structural... more

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    E_Book IMF
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    Uruguay entered the pandemic with solid institutions and social cohesion but growing macroeconomic imbalances-especially slow economic growth and weak public finances-as the end of the last commodity price boom in 2014 uncovered structural weaknesses. A new government came to power in March 2020 with a mandate to boost growth and restore fiscal sustainability. Legislation setting the foundations for many of the reforms has been passed and implementation is advancing--including on a new fiscal rule, and state-owned enterprise (SOE) and pension reforms

     

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  23. Uruguay
    selected issues
    Published: 25 Jan 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Selected Issues more

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    E_Book IMF
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    Selected Issues

     

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  24. Central African Economic and Monetary Community (CEMAC)
    Central African Economic and Monetary Community : common policies in support of member countries reform programs : press release, staff report, and statement by the Executive Director for the Central African Economic and Monetary Community
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Despite a more favorable external environment, marked by the rebound in global growth, fast-increasing oil prices, and unprecedented Fund financial support, CEMAC is ending 2021 in a fragile external position. Net external reserves fell throughout... more

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    E-Book Nationallizenz IMF
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    E-Book International Monetary Fund
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    e-Book International Monetary Fund eLibrary
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
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    Despite a more favorable external environment, marked by the rebound in global growth, fast-increasing oil prices, and unprecedented Fund financial support, CEMAC is ending 2021 in a fragile external position. Net external reserves fell throughout 2021 to reach their lowest level in decades, and gross reserves are just above three months of imports of goods and services. The launch of a second phase of the regional strategy at the August 2021 CEMAC Heads of States summit saw renewed commitments to accelerate structural, transparency, and governance reforms. The resumption of program engagements with the Fund, combined with high oil prices and significant fiscal adjustments in 2022, should allow for a turnaround, and the build-up in external reserves is expected to resume in 2022. Risks include possible adverse pandemic developments, oil price volatility, possible fiscal slippages, shortfall in external financing, and security issues

     

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  25. Angola
    2021 Article IV consultation and sixth review under the extended arrangement under the extended fund facility and request for a waiver of nonobservance of a performance criterion
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Policies since 2018 have stabilized the economy in a very difficult environment. Yet many challenges remain for sustainable development, especially high debt and oil dependency. The authorities remain committed to continued reforms more

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    Policies since 2018 have stabilized the economy in a very difficult environment. Yet many challenges remain for sustainable development, especially high debt and oil dependency. The authorities remain committed to continued reforms

     

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