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International Monetary Fund European Department

Overview
Works: 719 works in 1,502 publications in 1 language and 49,927 library holdings
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Most widely held works by International Monetary Fund
Barriers to retail competition and prices : evidence from Spain by Alexander W Hoffmaister( Book )

7 editions published in 2006 in English and held by 15 WorldCat member libraries worldwide

Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in regional barriers to entry in retail distribution. This paper develops a Cournot-Nash model of imperfect competition to illustrate the effect of barriers on prices. A unique data set-derived from an extensive analysis of competition policies in Spain- provides evidence that barriers to entry increase regional prices. The evidence also suggests that, consistent with the model's predictions, barriers to entry raise prices up to a point, and thus indicate that barriers have a threshold effect on prices
Reforming employment protection legislation in France by Jianping Zhou( Book )

6 editions published in 2006 in English and held by 14 WorldCat member libraries worldwide

Over the last 15 years, the reforms of employment protection legislation (EPL) in European countries have mainly eased hiring and firing restrictions for temporary employment while leaving the strict EPL provisions for regular or permanent contracts unchanged. Recent reforms in France follow this pattern. Using a search-matching model, we argue that this type of partial reform is inefficient: easing restrictions on temporary jobs fosters both job creation and job destruction, but strict EPL discourages both. The overall impact on equilibrium unemployment is thus ambiguous, depending on the characteristics of the specific labor market. Simulations of the model, calibrated for the French labor market, suggest that the job destruction effect is stronger, thus raising the unemployment rate
The utilization-adjusted output gap : is the Russian economy overheating? by Nienke Oomes( Book )

6 editions published in 2006 in English and held by 13 WorldCat member libraries worldwide

This paper estimates the output gap in Russia using a utilization-adjusted production function approach, which we argue is preferable to traditional output gap methods. The approach amounts to (1) using available surveys to estimate the "natural rates" of capacity and labor utilization above which inflation begins to accelerate; (2) estimating a production function with utilization-adjusted capital and labor inputs; and (3) defining potential output as the level of output obtained when both capital and labor are at their estimated natural rates. The results suggest that the output gap in Russia was negative between 1999 and 2003, but may have recently become positive, thus contributing to inflationary pressures
Enforcement and the stability and growth pact : how fiscal policy did and did not change under Europe's fiscal framework by Anthony Annett( Book )

6 editions published in 2006 in English and held by 13 WorldCat member libraries worldwide

The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework
Options for fiscal consolidation in the United Kingdom by Dennis Botman( Book )

5 editions published in 2006 in English and held by 13 WorldCat member libraries worldwide

This paper examines the macroeconomic effects of different timing and composition of fiscal adjustment in the United Kingdom using the IMF's Global Fiscal Model. Early consolidation dampens aggregate demand in the short term, but increases output in the long term as smaller primary surpluses are needed as a result of lower interest payments. Reducing government transfers or current government spending provides larger gains than increasing taxes, in particular compared to raising corporate or personal income taxes. We show that these conclusions are robust under alternative behavioral assumptions and parameterizations. A reduction in global saving would make early consolidation more urgent from both cyclical and long-term perspectives. Finally, we show that tax reform aimed at increasing incentives to save could provide support to fiscal consolidation measures
The size of government and U.S.-European differences in economic performance by Gerwin Bell( Book )

3 editions published in 2009 in English and held by 10 WorldCat member libraries worldwide

An influential strand of recent research has claimed that large governments in European countries explain their weaker long-term economic performance compared to the U.S. On the other hand, despite these alleged costs, large governments have been popular with electorates. This paper seeks to shed light on this apparent inconsistency; it confirms an adverse effect of taxes on labor supply, but also finds evidence of efficiency-increasing government intervention. However, and especially in the core ""Rhineland-model"" European countries, actual government policies often depart from such efficien
Fiscal stimulus with spending reversals by Giancarlo Corsetti( Book )

3 editions published in 2009 in English and held by 9 WorldCat member libraries worldwide

The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that links current stimulus to a subsequent period of spending restraint. Accounting for such spending reversals brings an otherwise standard new Keynesian model in line with the stylized facts of fiscal transmission, including the crowding-in of consumption and the 'puzzle' of real exchange rate depreciation. Time series evidence f
Decoupling from the east toward the west? : analyses of spillovers to the Baltic countries by Kingsley I Obiora( Book )

3 editions published in 2009 in English and held by 8 WorldCat member libraries worldwide

This paper uses VAR models to examine the magnitude and sources of growth spillovers to the Baltics from key trading partners, as well asfrom the real effective exchange rate (REER). Our results show there are significant cross-country spillovers to the Baltics with those from the EU outweighing spillovers from Russia. Shocks to the REER generally depress growth in the Baltics, and this intensifies over time. We also find that financial and trade channels dominate the transmission of spillovers to the region which partly explains the realization of downside risks to the Baltics from the global slowdown
Optimal monetary and fiscal policy with limited asset market participation by Sven Jari Stehn( Book )

2 editions published in 2009 in English and held by 7 WorldCat member libraries worldwide

This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the interest rate to stabilise cost-push shocks and government expenditure is not changed. When asset market participation is limited, there is a case for fiscal stabilisation policy. Active use of public spending raises aggregate welfare because it enables a more balanced distribution of the stabilisatio
Forces driving inflation in the new EU10 members by Emil Stavrev( Book )

5 editions published in 2009 in English and held by 6 WorldCat member libraries worldwide

The paper analyzes the forces driving inflation in the new EU10 member countries. A significant part of headline inflation in these countries is due to common factors, such as price level convergence and EU integration. However, idiosyncratic factors have also played a role in the inflation process. These factors are related to the country-specific financial conditions, pass-through from foreign prices, and demand-supply situation in each country, although administered price adjustments and increases of indirect taxes associated with EU accession are also likely to have played a role
Romania by International Monetary Fund. Fiscal Affairs Dept.( )

4 editions published in 2013 in English and held by 5 WorldCat member libraries worldwide

This paper discusses Romania's Request for a Stand-By Arrangement (SBA). Since the 2008 global financial crisis, Romania has made significant progress in reducing macroeconomic imbalances and rebuilding fiscal and financial buffers. However, Romania remains vulnerable to external shocks, in particular uncertainties in the euro area as well as global volatility in capital flows to emerging markets. The new SBA would provide a valuable policy anchor and support Romania's comprehensive economic program for 2013-2015 to maintain sound macroeconomic policies and financial sector stability and continue structural reforms to enhance growth prospects. The IMF staff supports the authorities' request for a new SBA
French banks amid the global financial crisis by Yingbin Xiao( Book )

4 editions published in 2009 in English and held by 5 WorldCat member libraries worldwide

This paper runs the gamut of qualitative and quantitative analyses to examine the performance of French banks during 2006-2008 and the financial support measures taken by the French government. French banks were not immune but proved relatively resilient to the global financial crisis reflecting their business and supervision features. An event study of the impact of government measures on CDS, debt, and equity markets points to the reduction of credit risk and financing cost as well as the redistribution of resources. With the crisis still unfolding, uncertainties remain and challenges lie ahead, calling for continued vigilance and enhanced risk management
Panacea, curse or nonevent? unconventional monetary policy in the United Kingdom by Andre Meier( Book )

5 editions published in 2009 in English and held by 5 WorldCat member libraries worldwide

The Bank of England's current ""quantitative easing"" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although t
Turkey : selected issues paper by International Monetary Fund( )

1 edition published in 2008 in English and held by 0 WorldCat member libraries worldwide

7. Recent Evolution of Banking Sector Profitability8. Containing Wholesale Foreign Exchange Funding in the Banking Sector; D. Structural Policies-Boost Productivity and Raise Private Sector Savings; STAFF APPRAISAL; TABLES; 1. Selected Economic Indicators, 2009-15; 2. Medium-Term Scenario, 2009-19; 3. Summary of Balance of Payments, 2009-19; 4. External Financing Requirements and Sources, 2009-19; 5. Public Sector Finances, 2009-19; 6a.Banking System at a Glance, 2009-14; 6b.Banking System at a Glance, 2009-14; FIGURES; 1. Recent Developments; 2. Monetary Policy and Financial Markets
Albania: 2013 Article IV Consultation and Request for Extended Arrangement by International Monetary Fund( )

4 editions published in 2014 in English and held by 0 WorldCat member libraries worldwide

This 2013 Article IV Consultation for Albania focuses on economic developments and policies that have led to weakening and imbalance of the economy. It highlights that high nonperforming loans (NPLs) are constraining credit growth, and weak external drivers are preventing a sustained reduction in external imbalances. Reduction in NPLs would safeguard financial stability and help release credit supply constraints by lowering bank risk aversion. The authorities have requested a three-year arrangement with proposed access equivalent to SDR 295.42 million
 
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Alternative Names

controlled identityInternational Monetary Fund

controlled identityInternational Monetary Fund. European I Department

controlled identityInternational Monetary Fund. European II Department

EUR

EUR (International Monetary Fund. European Department)

European Department.

IMF's European Department

International Monetary Fund. European Department.

International Monetary Fund. European Dept.

Languages
English (64)