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Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia
Book/Monograph, Created By International Monetary Fund in ENGLISH language
Inflation followed a strikingly uniform pattern in all countries of the Middle East, North Africa, and Central Asia during the period 1996-2009, falling until about 2000 and then rising. International fuel prices do not help explain this pattern. This conclusion is robust even when different cross sections of countries are tested or when different regression variables are included. The pattern of inflation is explained mainly by past inflation, the strength of the US dollar, US inflation, and depending on the subset of countries analyzed monetary and exchan...
FDI Flows to Low-Income Countries : Global Drivers and Growth Implications
Book/Monograph, Created By International Monetary Fund in ENGLISH language
What accounts for variations in FDI flows from advanced to developing countries? How have FDI inflows explained cross-country growth experiences? In this paper we tackle both these questions empirically for a large sample of middle and low-income countries. Two key results emerge: (i) lower borrowing costs and positive real-side external factors were increasingly important drivers of FDI outflows to low-income countries in the pre-crisis period; (ii) economic fundamentals, the strength of economic reforms, and commitment to macroeconomic discipline are crucial determinants of ...
FDI Flows to Low-Income Countries : Global Drivers and Growth Implications
Book/Monograph, Created By International Monetary Fund in ENGLISH language
What accounts for variations in FDI flows from advanced to developing countries? How have FDI inflows explained cross-country growth experiences? In this paper we tackle both these questions empirically for a large sample of middle and low-income countries. Two key results emerge: (i) lower borrowing costs and positive real-side external factors were increasingly important drivers of FDI outflows to low-income countries in the pre-crisis period; (ii) economic fundamentals, the strength of economic reforms, and commitment to macroeconomic discipline are crucial determinants of ...
Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia
Book/Monograph, Created By International Monetary Fund in ENGLISH language
Inflation followed a strikingly uniform pattern in all countries of the Middle East, North Africa, and Central Asia during the period 1996-2009, falling until about 2000 and then rising. International fuel prices do not help explain this pattern. This conclusion is robust even when different cross sections of countries are tested or when different regression variables are included. The pattern of inflation is explained mainly by past inflation, the strength of the US dollar, US inflation, and depending on the subset of countries analyzed monetary and exchan...
The Credit Boom in the EU New Member States : Bad Luck or Bad Policies?
Book/Monograph, Created By International Monetary Fund in ENGLISH language
In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region ( bad luck ). Rapid credit growth followed from a high liquidity in global markets and the particular attractiveness of new Europe for capital flows, while the end of the credit cycle was brought about by a global crisis. However, the fact that some countries managed to avoid most of the excesses, including as...
Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia
Book/Monograph, Created By International Monetary Fund in ENGLISH language
Inflation followed a strikingly uniform pattern in all countries of the Middle East, North Africa, and Central Asia during the period 1996-2009, falling until about 2000 and then rising. International fuel prices do not help explain this pattern. This conclusion is robust even when different cross sections of countries are tested or when different regression variables are included. The pattern of inflation is explained mainly by past inflation, the strength of the US dollar, US inflation, and depending on the subset of countries analyzed monetary and exchan...
The Credit Boom in the EU New Member States : Bad Luck or Bad Policies?
Book/Monograph, Created By International Monetary Fund in ENGLISH language
In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region ( bad luck ). Rapid credit growth followed from a high liquidity in global markets and the particular attractiveness of new Europe for capital flows, while the end of the credit cycle was brought about by a global crisis. However, the fact that some countries managed to avoid most of the excesses, including as...
The Credit Boom in the EU New Member States : Bad Luck or Bad Policies?
Book/Monograph, Created By International Monetary Fund in ENGLISH language
In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region ( bad luck ). Rapid credit growth followed from a high liquidity in global markets and the particular attractiveness of new Europe for capital flows, while the end of the credit cycle was brought about by a global crisis. However, the fact that some countries managed to avoid most of the excesses, including as...
Fiscal Policy and the Current Account
Book/Monograph, Created By International Monetary Fund in ENGLISH language
This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2 0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is ...
Fiscal Policy and the Current Account
Book/Monograph, Created By International Monetary Fund in ENGLISH language
This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2 0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is ...