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Staff Discussion Notes



Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues.


2014

Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries

Staff Discussion Notes No. 14/10
Subject(s): Public investment ; Middle East and Central Asia ; North Africa ; Central Asia and the Caucasus ; Expenditure efficiency ; Infrastructure ; Transportation ; Oil exporting countries


Emerging Market Volatility: Lessons from The Taper Tantrum

Staff Discussion Notes No. 14/9
Subject(s): Emerging markets ; International capital market volatility ; Capital flows ; Monetary policy ; Macroprudential Policy ; United States ; Developed countries


Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies

Staff Discussion Notes No. 14/7
Subject(s): Current account deficits ; Euro Area ; European Economic and Monetary Union ; Export performance ; Demand ; Export competitiveness ; Price adjustments ; Fiscal reforms ; Economic integration


Emerging Markets in Transition: Growth Prospects and Challenges

Staff Discussion Notes No. 14/6
Subject(s): Emerging markets ; Economic growth ; Demand ; Productivity ; Fiscal reforms


Direct Distribution of Resource Revenues: Worth Considering?

Staff Discussion Notes No. 14/5
Subject(s): Natural resources ; Revenues ; Income distribution ; Fiscal policy


Inequality and Unsustainable Growth: Two Sides of the Same Coin?

Staff Discussion Notes No. 11/8
Subject(s): Income distribution ; Developed countries ; Developing countries ; Economic growth ; Emerging markets ; Poverty reduction


Bank Size and Systemic Risk

Staff Discussion Notes No. 14/4
Subject(s): Systemic risk ; Systemic risk assessment ; Too-big-too-fail ; Bank capital ; Bank regulations ; Corporate governance ; Financial crisis ; Bank financing ; Bank deposits


Monetary Policy in the New Normal

Staff Discussion Notes No. 14/3
Subject(s): Monetary policy ; Central banks ; Central bank autonomy ; Macroprudential Policy ; Financial stability ; Cross country analysis


Macroprudential Policy in the GCC Countries

Staff Discussion Notes No. 14/1
Subject(s): Macroprudential Policy ; Cooperation Council for the Arab States of the Gulf ; Financial sector ; Financial risk ; Risk management ; Fiscal policy


Redistribution, Inequality, and Growth

Staff Discussion Notes No. 14/2
Subject(s): Income distribution ; Economic growth ; Government expenditures ; Political economy
Notes: Link to data appendix for this title, (765 kb)



2013

Obstacles to International Policy Coordination, and How to Overcome Them

Staff Discussion Notes No. 13/11
Subject(s): Economic policy ; International cooperation ; Welfare


Anchoring Growth: The Importance of Productivity-Enhancing Reforms in Emerging Market and Developing Economies

Staff Discussion Notes No. 13/8
Subject(s): Fiscal reforms ; Economic growth ; Labor productivity ; Services sector ; Manufacturing sector ; Agricultural sector ; Labor markets ; Emerging markets ; Developing countries
Notes: Technical Note


Toward A Fiscal Union for the Euro Area

Staff Discussion Notes No. 13/9
Subject(s): Fiscal policy ; Euro Area ; Economic integration ; European Economic and Monetary Union
Notes: Technical Note


Dealing with High Debt in an Era of Low Growth

Staff Discussion Notes No. 13/7
Subject(s): Public debt ; Fiscal policy ; Privatization ; Fiscal reforms ; Monetary policy ; Developed countries ; Debt strategy ; Debt reduction


Women, Work, and the Economy:Macroeconomic Gains from Gender Equity

Staff Discussion Notes No. 13/10
Subject(s): Women ; Labor markets ; Gender equality ; Employment ; Fiscal policy ; Developed countries ; Emerging markets
Notes: Full text also available in Arabic, Chinese, Japanese, Russian, and Spanish, Executive summary also available in French.



2014

Macroprudential and Microprudential Policies

Staff Discussion Notes No. 13/5
Subject(s): Macroprudential Policy ; Financial systems ; Financial institutions ; Banks ; Bank supervision ; Financial stability ; Business cycles



2013

Creating a Safer Financial System: Will the Volcker, Vickers, and Liikanen Structural Measures Help?

Staff Discussion Notes No. 13/4
Subject(s): Banking sector ; Bank resolution ; Bank supervision ; Bank reforms ; Risk management ; International financial system



2014

Rethinking Macro Policy II

Staff Discussion Notes No. 13/3
Subject(s): Monetary policy ; Central banks ; Inflation targeting ; Liquidity ; Interest rates ; Capital flows ; Fiscal policy ; Public debt ; Fiscal consolidation ; Macroprudential Policy ; Stabilization measures



2013

Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession

Staff Discussion Notes No. 13/2
Subject(s): Labor market policy ; Developed countries ; Economic recession ; Unemployment ; Minimum wage ; Wage bargaining ; Technical Assistance ; Fund role


A Banking Union for the Euro Area

Staff Discussion Notes No. 13/1
Subject(s): Banking systems ; Europe ; Euro Area ; Bank supervision ; Bank regulations ; Bank resolution ; Deposit insurance ; Financial safety nets ; Monetary unions
Notes: Technical Notes



2012

Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications

Staff Discussion Notes No. 12/13
Subject(s): Low-income developing countries ; Tanzania ; Bangladesh ; Vietnam ; Malaysia ; Trade ; Exports ; Economic growth ; Economic stabilization ; Cross country analysis


Shadow Banking: Economics and Policy

Staff Discussion Notes No. 12/12
Subject(s): Banking ; Asset management ; Shadow economy ; Monetary policy ; Risk management


Income Inequality and Fiscal Policy (2nd Edition)

Staff Discussion Notes No. 12/8R
Subject(s): Developed countries ; Developing countries ; Fiscal consolidation ; Government expenditures ; Income distribution ; Taxation ; Unemployment


Estimating the Costs of Financial Regulation

Staff Discussion Notes No. 12/11
Subject(s): Financial institutions ; Capital markets ; Banks ; Bank reforms ; Bank supervision



2014

Multilateral Aspects of Managing the Capital Account

Staff Discussion Notes No. 12/10
Subject(s): Capital flows ; Capital controls ; Capital account ; Emerging markets
Notes: Read the blog: "Capital Controls: When Are Multilateral Considerations of the Essence?



2012

What Lies Beneath: The Statistical Definition of Public Sector Debt

Staff Discussion Notes No. 12/09
Subject(s): Public debt ; Financial statistics ; Fiscal analysis ; Public sector
Notes: Online appendix


Income Inequality and Fiscal Policy

Staff Discussion Notes No. 12/8
Subject(s): Developed countries ; Developing countries ; Fiscal consolidation ; Government expenditures ; Income distribution ; Taxation ; Unemployment
Notes: Revised version also available


Fostering Growth in Europe Now

Staff Discussion Notes No. 12/7
Subject(s): Banking sector ; Europe ; Euro Area ; Economic growth ; Fiscal consolidation ; Fiscal reforms ; Labor market reforms ; Global competitiveness ; Macroprudential Policy ; Monetary policy


Externalities and Macroprudential Policy

Staff Discussion Notes No. 12/5
Subject(s): Macroprudential Policy ; Financial systems ; Banks ; Capital markets ; Financial risk ; Financial stability ; Risk management


Policies for Macrofinancial Stability: How to Deal with Credit Booms

Staff Discussion Notes No. 12/6
Subject(s): Financial stability ; Credit expansion


Fiscal Frameworks for Resource Rich Developing Countries

Staff Discussion Notes No. 12/4
Subject(s): Natural resources ; Developing countries ; Fiscal sustainability



2014

Fiscal Frameworks for Resource Rich Developing Countries

Staff Discussion Notes No. 12/4
Subject(s): Natural resources ; Developing countries ; Fiscal sustainability



2012

From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions

Staff Discussion Notes No. 12/3
Subject(s): Banking crisis ; Banks ; Debt restructuring ; Financial institutions ; Financial risk ; Financial stability ; Intervention


Accounting Devices and Fiscal Illusions

Staff Discussion Notes No. 12/2
Subject(s): Fiscal consolidation ; Budget deficits ; Public finance


Two Targets, Two Instruments

Staff Discussion Notes No. 12/1
Subject(s): Monetary policy ; Inflation targeting ; Exchange rate policy ; Central banks ; Emerging markets
Notes: Online Appendix



2011

Institutional Models for Macroprudential Policy

Staff Discussion Notes No. 11/18
Subject(s): Macroprudential Policy ; Financial risk ; Monetary policy ; Risk management ; Central bank role


Financial Deepening and International Monetary Stability

Staff Discussion Notes No. 11/16
Subject(s): International monetary system ; Emerging markets ; Capital flows ; Capital markets ; Financial stability


Internationalization of Emerging Market Currencies--A Balance Between Risks and Rewards

Staff Discussion Notes No. 11/17
Subject(s): Currencies ; Emerging markets ; International monetary system ; Financial stability


What Happens to Social Spending in IMF-Supported Programs?

Staff Discussion Notes No. 11/15
Subject(s): Fund-supported adjustment programs ; Low-income developing countries ; Government expenditures ; Education ; Health care
Notes: Link to data for this title, (zip file, size is 557 KB)


The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows

Staff Discussion Notes No. 11/14
Subject(s): Capital controls ; Capital inflows ; Exchange rate appreciation ; Credit expansion ; Macroprudential Policy ; Risk management ; Emerging markets ; Cross country analysis



2014

The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows

Staff Discussion Notes No. 11/14
Subject(s): Capital controls ; Capital inflows ; Exchange rate appreciation ; Credit expansion ; Macroprudential Policy ; Risk management ; Emerging markets ; Cross country analysis



2011

Monetary Policy and Bank Risk-Taking

Staff Position Note No. 2010/9
Subject(s): Bank credit ; Credit risk


Raising the Consumption Tax in Japan: Why, When, How?

Staff Discussion Notes No. 11/13
Subject(s): Value added tax ; Japan ; Tax revenues ; Consumption taxes ; Tax increases ; Revenue measures


The Too-Important-to-Fail Conundrum: Impossible to Ignore and Difficult to Resolve

Staff Discussion Notes No. 11/12
Subject(s): Financial institutions ; Financial systems ; International financial system ; Banking sector ; Nonbank financial sector ; Moral hazard ; Financial stability ; Risk management


Tax Biases to Debt Finance: Assessing the Problem, Finding Solutions

Staff Discussion Notes No. 11/11
Subject(s): Tax systems ; Debt ; Corporate sector ; Tax policy


Policy Responses to Capital Flows in Emerging Markets

Staff Discussion Notes No. 11/10
Subject(s): ¬


A Fiscal Indicator for Assessing First and Second Pillar Pension Reforms

Staff Discussion Notes No. 11/9
Subject(s): Economic indicators ; Fiscal policy ; Pensions ; Government expenditures ; Pension reforms ; Public finance


Inequality and Unsustainable Growth

Staff Discussion Notes No. 11/8
Subject(s): Income distribution ; Developed countries ; Developing countries ; Economic growth ; Emerging markets ; Poverty reduction



2014

Inequality and Unsustainable Growth

Staff Discussion Notes No. 11/8
Subject(s): Income distribution ; Developed countries ; Developing countries ; Economic growth ; Emerging markets ; Poverty reduction



2011

Managing Abundance to Avoid a Bust in Latin America

Staff Discussion Notes No. 11/7
Subject(s): Capital inflows ; Capital controls ; Latin America ; Commodity prices ; Current account deficits ; Flexible exchange rate policy ; Macroprudential Policy ; Terms of trade
Notes: Full text also available in Spanish


Managing Capital Inflows

Staff Discussion Notes No. 11/6
Subject(s): Capital inflows ; Capital controls ; Debt sustainability ; Financial stability ; Macroprudential Policy



2014

Managing Capital Inflows

Staff Discussion Notes No. 11/6
Subject(s): Capital inflows ; Capital controls ; Debt sustainability ; Financial stability ; Macroprudential Policy



2011

Crisis Management and Resolution: Early Lessons from the Financial Crisis

Staff Discussion Notes No. 11/5
Subject(s): Moral hazard ; Burden sharing ; Financial stability ; Bank resolution ; Banks ; Economic conditions ; Financial institutions ; Nonbank financial sector ; Risk management


(Why) Should Current Account Balances Be Reduced?

Staff Discussion Notes No. 11/3
Subject(s): Current account ; Exchange rates ; Export growth ; Spillovers


Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms

Staff Discussion Notes No. 11/2
Subject(s): Bank supervision ; Banking sector ; Credit expansion ; Economic models ; Financial stability ; Housing prices ; Property taxes ; Real estate prices


Subsidiaries or Branches

Staff Discussion Notes No. 11/4
Subject(s): Financial stability ; Bank supervision ; Banks ; International banking



2014

Subsidiaries or Branches

Staff Discussion Notes No. 11/4
Subject(s): Financial stability ; Bank supervision ; Banks ; International banking



2011

Contingent Capital: Economic Rationale and Design Features

Staff Discussion Notes No. 11/1
Subject(s): Moral hazard ; Banks ; Bonds ; Financial institutions ; Financial instruments ; Risk management



2010

Lifting Euro Area Growth: Priorities for Structural Reforms and Governance

Staff Position Note SPN10/9
Subject(s): Labor markets ; Governance ; Economic growth ; Financial sector ; Fiscal reforms ; Labor market reforms ; Services sector


Cross-Cutting Themes in Employment Experiences during the Crisis

Staff Position Note No. 2010/18
Subject(s): Employment ; Labor markets ; Economic recession ; External shocks ; Global Financial Crisis 2008-2009 ; Labor market policy


The Human Cost of Recessions: Assessing It, Reducing It

Staff Position Note No. 2010/17
Subject(s): Unemployment ; Labor markets ; Developed countries ; Economic recession ; Emerging markets ; Fiscal consolidation ; Human capital ; Wage policy


Impact of Regulatory Reforms on Large and Complex Financial Institutions

Staff Position Note No. 2010/16
Subject(s): Bank reforms ; Bank supervision ; Banking ; Basel Core Principles ; Capital controls ; Liquidity controls


Shaping the New Financial System

Staff Position Note No. 2010/15
Subject(s): Banks ; Bank reforms ; Bank resolution ; Bank supervision ; Banking sector ; Credit risk ; Financial risk ; Financial stability ; Global Financial Crisis 2008-2009 ; Nonbank financial sector


Reaching the MDGs: An Action Plan for Trade

Staff Position Note No. 2010/14
Subject(s): Developed countries ; Emerging markets ; Export competitiveness ; Low-income developing countries ; Millennium Development Goals ; Tariff reforms ; Tax reforms ; Trade integration ; Trade policy


Long-Term Trends in Public Finances in the G-7 Economies

Staff Position Note No. 2010/13
Subject(s): Public debt ; Fiscal consolidation ; Aging ; Developed countries ; Global Financial Crisis 2008-2009 ; Government expenditures ; Group of seven ; Public finance ; Tax revenues ; Taxation


Default in Today's Advanced Economies: Unnecessary, Undesirable, and Unlikely

Staff Position Note No. 2010/12
Subject(s): Budget deficits ; Debt restructuring ; Developed countries ; Exchange rate adjustments ; Interest rates ; Public debt ; Public finance ; Sovereign debt


Fiscal Space

Staff Position Note No. 2010/11
Subject(s): Fiscal sustainability ; Debt management ; Developed countries ; Public debt


Redesigning the Contours of the Future Financial System

Staff Position Note No. 2010/10
Subject(s): Banks ; Bank supervision ; Financial institutions ; Financial instruments ; Fund role ; Global Financial Crisis 2008-2009 ; Multilateral surveillance ; Nonbank financial sector ; Risk management


Monetary Policy and Bank Risk-Taking

Staff Position Note No. 2010/9
Subject(s): Monetary policy ; United States ; Macroprudential Policy ; Banks ; Profits ; Asset prices ; Interest rates



2011

Monetary Policy and Bank Risk-Taking

Staff Position Note No. 2010/9
Subject(s): Monetary policy ; United States ; Macroprudential Policy ; Banks ; Profits ; Asset prices ; Interest rates



2010

The Making of Good Supervision: Learning to Say "No"

Staff Position Note No. 2010/8
Subject(s): Bank supervision ; Banks ; Basel Core Principles ; Credit risk ; Financial sector ; Global Financial Crisis 2008-2009 ; Insurance supervision ; Risk management ; Securities regulations
Notes: See Also: Intensity and Effectiveness of SIFI Supervision: Recommendations for enhanced supervision


Trade and the Crisis: Protect or Recover

Staff Position Note No. 2010/7
Subject(s): Global Financial Crisis 2008-2009 ; Protectionism ; Trade policy ; Trade restrictions ; Unemployment ; World Trade Organization


Financing the Response to Climate Change

Staff Position Note No. 2010/06
Subject(s): Climatic changes ; Developing countries ; Environment ; External financing ; Resource mobilization


Petroleum Product Subsidies: Costly, Inequitable, and On the Rise

Staff Position Note No. 2010/5
Subject(s): Subsidies ; Taxes ; Commodity price fluctuations ; Fiscal reforms ; Governance ; Oil exporting countries ; Oil product prices ; Oil subsidies ; Price stabilization
Notes: Link to data for this title, (csv file, size is 27 KB)


Capital Inflows

Staff Position Note No. 2010/4
Subject(s): Banking sector ; Capital controls ; Capital inflows ; Exchange rate appreciation ; Global Financial Crisis 2008-2009 ; Reserves accumulation


Rethinking Macroeconomic Policy

Staff Position Note No. 2010/3
Subject(s): Bank credit ; Bank supervision ; Central bank role ; Financial intermediation ; Global Financial Crisis 2008-2009 ; Inflation targeting ; Liquidity management


Approaches to Corporate Debt Restructuring in the Wake of Financial Crises

Staff Position Note No. 2010/02
Subject(s): Asset management ; Bank restructuring ; Banking sector ; Bankruptcy ; Corporate governance ; Corporate sector ; Debt restructuring ; Debt strategy ; External debt ; Financial crisis ; Global Financial Crisis 2008-2009 ; Intervention ; Legislation


U.S. Consumption after the 2008 Crisis

Staff Position Note No. 2010/01
Subject(s): Demand ; Economic forecasting ; Economic models ; Financial crisis ; Global Financial Crisis 2008-2009 ; Household credit ; Private consumption ; Private savings ; Private sector ; United States



2009

Global Imbalances: In Midstream?

Staff Position Note No. 2009/29
Subject(s): Asset prices ; Capital flows ; Capital markets ; Cross country analysis ; Current account deficits ; Current account surpluses ; Financial crisis ; Fiscal policy ; Global Financial Crisis 2008-2009 ; International financial system ; Private investment ; Private savings


Climate Policy and the Recovery

Staff Position Note No. 2009/28
Subject(s): Climatic changes ; Economic recovery ; Emerging markets ; Energy prices ; Energy pricing policy ; Energy sector ; Environment ; Fiscal policy ; Governance ; Government expenditures ; Low-income developing countries ; Public finance


The Debate on the International Monetary System

Staff Position Note No. 2009/26
Subject(s): Access to Fund general resources ; Emerging markets ; Exchange rate regimes ; External shocks ; Flexible Credit Line ; Fund role ; Insurance ; International financial system ; Reserve currencies ; Reserve positions ; SDRs


Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies

Staff Position Note No. 2009/27
Subject(s): Central banks ; Credit controls ; Developed countries ; Financial crisis ; Global Financial Crisis 2008-2009 ; Interest rate policy ; International financial system ; Liquidity management ; Monetary policy ; Stabilization measures


The State of Public Finances Cross-Country Fiscal Monitor: November 2009

Staff Position Note No. 2009/25
Subject(s): Budget deficits ; Cross country analysis ; Debt sustainability ; Developed countries ; Financial crisis ; Financial sector ; Fiscal policy ; Fiscal sustainability ; Global Financial Crisis 2008-2009 ; Group of Twenty ; Public debt ; Public finance


Policies to Address Banking Sector Weakness: Evolution of Financial Markets and Institutional Indicators

Staff Position Note No. 2009/24
Subject(s): Bank credit ; Bank reforms ; Bank restructuring ; Bank supervision ; Banking sector ; Capital markets ; Central bank policy ; Credit controls ; Cross country analysis ; Financial crisis ; Financial institutions ; Financial instruments ; Liquidity management ; Securities markets


Automatic Fiscal Stabilizers

Staff Position Note No. 2009/23
Subject(s): Budgets ; Business cycles ; Corporate sector ; Fiscal management ; Fiscal policy ; Fiscal stability ; Government expenditures ; Income taxes ; Private sector ; Progressive taxation ; Stabilization measures ; Tax policy


A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies

Staff Position Note No. 2009/22
Subject(s): Central banks ; Debt sustainability ; Developed countries ; Economic growth ; Economic recovery ; Financial crisis ; Financial sector ; Fiscal policy ; Fiscal sustainability ; Inflation ; Liquidity management ; Monetary policy ; Public debt


The State of Public Finances: A Cross-Country Fiscal Monitor

Staff Position Note No. 2009/21
Subject(s): Cross country analysis ; Debt sustainability ; External debt ; Financial crisis ; Fiscal analysis ; Fiscal management ; Fiscal policy ; Fiscal sustainability ; Group of Twenty ; Public finance ; Stabilization measures


The International Financial Crisis and Global Recession: Impact on the CEMAC Region and Policy Considerations

Staff Position Note No. 2009/20
Subject(s): Bank supervision ; Budget deficits ; Central Africa ; Commodity price fluctuations ; Cross country analysis ; Economic recession ; External shocks ; Financial crisis ; Financial sector ; Fiscal policy ; Fiscal reforms ; Monetary policy ; Monetary unions ; Oil revenues
Notes: Full text also available in French.


Global Financial Regulatory Reform: Implications for Latin America and the Caribbean (LAC)

Staff Position Note No. 2009/19
Subject(s): Bank reforms ; Bank supervision ; Banking sector ; Basel Core Principles ; Financial institutions ; Financial systems ; Governance ; Latin America ; Nonbank financial sector


Disclosing Fiscal Risks in the Post-Crisis World

Staff Position Note No. 2009/18
Subject(s): External shocks ; Financial risk ; Financial sector ; Financial systems ; Fiscal policy ; Fiscal sector ; Public debt ; Transparency


Collecting Taxes During an Economic Crisis: Challenges and Policy Options

Staff Position Note No. 2009/17
Subject(s): Corporate sector ; Financial crisis ; Fiscal policy ; Tax administration ; Tax collection ; Tax revenues ; Taxes ; Value added tax


Principles of Household Debt Restructuring

Staff Position Note No. 2009/15
Subject(s): Bankruptcy ; Credit expansion ; Credit risk ; Cross country analysis ; Debt ; Debt restructuring ; Debt sustainability ; Financial crisis ; Financial sector ; Fiscal policy ; Household credit ; Housing prices ; Intervention ; Loans


The Southern African Development Community's Macroeconomic Convergence Program: Initial Performance

Staff Position Note No. 2009/14
Subject(s): Cross country analysis ; Current account balances ; Economic growth ; Economic integration ; Fiscal management ; Fiscal sustainability ; Inflation ; Monetary unions ; Public debt ; Southern Africa


Fiscal Implications of the Global Economic and Financial Crisis

Staff Position Note No. 2009/13
Subject(s): Asset management ; Cross country analysis ; Developed countries ; Economic recession ; Emerging markets ; Financial crisis ; Financial risk ; Financial sector ; Pension funds ; Public debt ; Public finance ; Revenue measures ; World Economic Outlook


The Economics of Bank Restructuring: Understanding the Options

Staff Position Note No. 2009/12
Subject(s): Asset liquidation ; Asset management ; Asset prices ; Bank resolution ; Bank restructuring ; Banking sector ; Banks ; Cross country analysis ; Debt restructuring ; Economic models ; Switzerland ; United Kingdom ; United States


Fiscal Multipliers

Staff Position Note No. 2009/11
Subject(s): Budget deficits ; Capital markets ; Consumption ; Cross country analysis ; Fiscal policy ; Fiscal sustainability ; Government expenditures ; Interest rates ; Private savings ; Taxes


Fiscal Policy in Sub-Saharan Africa in Response to the Impact of the Global Crisis

Staff Position Note No. 2009/10
Subject(s): Commodities ; Commodity price fluctuations ; Cross country analysis ; Developing countries ; Emerging markets ; Financial crisis ; Fiscal policy ; Government expenditures ; Infrastructure ; Oil exporting countries ; Oil exports ; Revenue measures ; Social safety nets ; Tax policy


Policies to Mitigate Procyclicality

Staff Position Note No. 2009/09
Subject(s): Banking sector ; Business cycles ; Capital ; Credit risk ; Deposit insurance ; Financial crisis ; Financial systems ; Liquidity management ; Monetary policy ; Nonbank financial sector ; Private sector ; Risk management


Coping with the Crisis: Policy Options for Emerging Market Countries

Staff Position Note No. 2009/08
Subject(s): Access to Fund general resources ; Capital controls ; Capital inflows ; Demand ; Emerging markets ; Exchange rate depreciation ; Exports ; External financing ; External shocks ; Financial crisis ; Fiscal policy ; Interest rate increases ; Monetary policy ; Stabilization measures


The Perimeter of Financial Regulation

Staff Position Note No. 2009/07
Subject(s): Bank regulations ; Bank supervision ; Capital markets ; Crisis prevention ; Financial crisis ; Financial institutions ; Financial instruments ; Financial risk ; Financial systems ; Nonbank financial sector ; Risk management ; Securities regulations


Addressing Information Gaps

Staff Position Note No. 2009/06
Subject(s): Capital markets ; Credit risk ; Data analysis ; Data quality assessment framework ; Economic indicators ; Economic models ; Financial crisis ; Financial institutions ; Financial instruments ; Financial sector ; Nonbank financial sector ; Statistics


The Global Financial Crisis: Impact on WAEMU Member Countries and Policy Options

Staff Position Note No. 2009/16
Subject(s): Aid flows ; Bank supervision ; Banking sector ; Credit risk ; Current account deficits ; External shocks ; Financial crisis ; Fiscal policy ; Inflation ; Liquidity management ; Monetary policy ; Monetary unions ; Terms of trade ; West Africa


Why Has Japan Been Hit So Hard by the Global Recession?

Staff Position Note No. 2009/05
Subject(s): Consumer goods ; Consumption ; Demand ; Domestic investment ; Exports ; Financial crisis ; Industrial sector ; International trade ; Manufacturing sector ; Private sector ; Spillovers


Financial Crises and Emerging Market Trade

Staff Position Note No. 2009/04
Subject(s): Capital flows ; Economic models ; Emerging markets ; Export credits ; Exports ; Financial crisis ; Imports ; International trade ; Trade models


The Case for Global Fiscal Stimulus

Staff Position Note No. 2009/03
Subject(s): Central banks ; Cross country analysis ; Economic growth ; Economic models ; Financial crisis ; Financial sector ; Fiscal policy ; Monetary policy ; Spillovers ; Stabilization measures


Foreclosure Mitigation Efforts in the United States: Approaches and Challenges

Staff Position Note No. 2009/02
Subject(s): Debt restructuring ; Financial risk ; Financial safety nets ; Financial sector ; Fiscal reforms ; Housing ; Housing prices ; Private sector ; Public sector ; Risk management


Gauging Risks for Deflation

Staff Position Note No. 2009/01
Subject(s): Central banks ; Credit controls ; Cross country analysis ; Deflation ; Economic growth ; Financial sector ; Fiscal policy ; Inflation ; Monetary policy ; Price stabilization ; Risk management


Fiscal Policy for the Crisis

Staff Position Note No. 2008/01
Subject(s): Consumer goods ; Consumption ; Financial crisis ; Fiscal policy ; Fiscal sustainability ; Government expenditures ; Private sector ; Public sector ; Services sector ; Stabilization measures