WorldCat Identities

International Monetary Fund African Department

Works: 947 works in 2,287 publications in 1 language and 61,562 library holdings
Roles: Author, Other
Publication Timeline
Most widely held works by International Monetary Fund
Rwanda : First Review Under the Policy Support Instrument-Staff Report ; and Press Release by International Monetary Fund( Book )

33 editions published between 2005 and 2015 in English and held by 26 WorldCat member libraries worldwide

This paper discusses Rwanda's Third Review Under the Policy Support Instrument (PSI). Rwanda's performance under the PSI has been satisfactory. The authorities are to be commended for meeting all quantitative assessment criteria. The performance on indicative targets and structural benchmarks was uneven, and it will be important to maintain the momentum of reforms, including on revenue mobilization while strengthening project implementation. Growth in 2015 is expected to remain strong, while the outlook is stable. The cautious fiscal stance and monetary policy are consistent with the need to preserve policy buffers
Habit formation and persistence in individual asset portfolio holdings : the case of Italy by Sònia Muñoz( Book )

9 editions published in 2006 in English and held by 20 WorldCat member libraries worldwide

This paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternatives, and I model the problem in a multinomial framework. I focus on a particularly important feature of household portfolio behavior: the infrequency of portfolio allocation changes. I find evidence of strong unobserved heterogeneity through time-varying error components, which I interpret as taste persistence in both the risky and safe asset participation decisions. I estimate the model using the method of maximum smoothly simulated likelihood
World crude oil markets : monetary policy and the recent oil shock by Noureddine Krichene( Book )

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

This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low interest rates led to high oil price volatility in 2005. Data shows that world economic growth and price stability require stable oil markets and therefore more prudent monetary policies
Excess liquidity and effectiveness of monetary policy : evidence from Sub-Saharan Africa by Magnus Saxegaard( Book )

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

This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy
Bank efficiency in Sub-Saharan African middle-income countries by Chuling Chen( Book )

4 editions published in 2009 in English and held by 14 WorldCat member libraries worldwide

We use bank level data to study the efficiency of banks in Sub-Saharan African middle-income countries and provide possible explanations for the difference in the efficiency levels of banks. We find that banks, on average, could save 20-30 percent of their total costs if they were operating efficiently, and that foreign banks are more efficient than public banks and domestic private banks. Among the factors that could affect the efficiency levels are macroeconomic stability, depth of financial development, the degree of market competition, strong legal rights and contract laws, and better governance, including political stability and government effectiveness. Our findings point to the importance of policies that aim to build stronger institutions, promote more competition, and improve governance
Zimbabwe's export performance : the impact of the parallel market and governance factors by Sònia Muñoz( Book )

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

This paper analyzes Zimbabwe's export performance in recent years and identifies the factors that could improve export performance, from both a quantitative and qualitative perspective. Improving export performance is critical to a turnaround in Zimbabwe's economic situation. The growth rate of total exports declined dramatically in the early 2000s, following a large real appreciation of the currency and the introduction of the fast-track land reform program. An important finding of the paper is that policies that reduce (eliminate) the parallel market premium and lower ethnic tensions would be key to promoting export growth
Distributional effects of oil price changes on household expenditures : evidence from Mali by Kangni Kpodar( Book )

6 editions published in 2006 in English and held by 12 WorldCat member libraries worldwide

Using an input-output approach, this paper assesses the distributional effects of a rise in various petroleum product prices in Mali. The results show that, although rising gasoline and diesel prices affect mainly nonpoor households, rising kerosene prices are most harmful to the poor. Overall, the impact of fuel prices on household budgets displays a U-shaped relationship with expenditure per capita. Regardless of the oil product considered, highincome households would benefit disproportionately from oil price subsidies. This suggests that a petroleum price subsidy is an ineffective mechanism for protecting the income of poor households compared with a targeted subsidy
Exchange rate misalignment : an application of the behavioral equilibrium exchange rate (BEER) to Botswana by Atsushi Iimi( Book )

7 editions published in 2006 in English and held by 12 WorldCat member libraries worldwide

Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes the behavior of the real exchange rate for the period 1985-2004. It finds that the pula was undervalued in the later 1980s but overvalued in recent years. Some policy lessons from experiences in other countries with crawling peg arrangements are therefore considered in the context of Botswana
Sub-Saharan Africa's integration in the global financial markets by Corinne Deléchat( Book )

6 editions published in 2009 in English and held by 11 WorldCat member libraries worldwide

The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic res
Exchange rate pass-through in Sub-Saharan African economies and its determinants by Ivohasina F Razafimahefa( Book )

3 editions published in 2012 in English and held by 1 WorldCat member library worldwide

This paper analyzes the exchange rate pass-through to domestic prices and its determinants in sub-Saharan African countries. It finds that the pass-through is incomplete. The pass-through is larger following a depreciation than after an appreciation of the local currency. The average elasticity is estimated at about 0.4. It is lower in countries with more flexible exchange rate regimes and in countries with a higher income. A low inflation environment, a prudent monetary policy, and a sustainable fiscal policy are associated with a lower pass-through. The degree of pass-through has declined in the SSA region since the mid-1990s following marked improvements in macroeconomic and political environments
Estimating the implicit inflation target of the South African reserve bank (pdf download) by Nir Klein( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

Rwanda : 2012 article IV consultation and fifth review under the policy support instrument and request for modification of assessment criteria -staff report; staff supplement; public information notice and press release on the Executive Board discussion; and statement by the Executive Director for Rwanda by International Monetary Fund( )

1 edition published in 2013 in English and held by 0 WorldCat member libraries worldwide

The article summarizes the positive economic development of Rwanda and its internal and external policies. Rwanda's economy is referred to as a success story, but it also faces certain challenges. The country is focused on maintaining macroeconomic stability, sustaining sturdy growth, and reducing poverty without foreign dependence. Fiscal and monetary policies have played key roles in economic growth. External stability is manageable, as it has significant profit in the global market. The authorities review this remarkable success of Rwanda's economy as a great achievement
Nigeria : publication of financial sector assessment program documentationdetailed assessment of implementation of iosco objectives and principles by International Monetary Fund( )

2 editions published in 2013 in English and held by 0 WorldCat member libraries worldwide

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries
Mali : first and second reviews under the extended credit facility arrangement, request for waiver of performance criteria, and request for modification of performance criteria-staff report, press release, and statement by the executive director for Mali by International Monetary Fund( )

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

This paper discusses Mali's First and Second Reviews Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criteria (PC), and Request for Modification of PC. Economic recovery is under way but remains fragile. The buildup of the large-scale donor support has been hampered by serious lapses in public financial management (PFM), which raised governance concerns. With remedial measures now in place to address the PFM weaknesses, the program remains on track. The authorities are requesting waivers for PC on: tax revenue and nonconcessional borrowing. The IMF staff recom
Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters by Alun H Thomas( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

The paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity conditions. Results indicate that the exchange rates have responded significantly to changes in the US Treasury bill rate and to the EMBI spread in recent years. The effects are more important for countries with open capital accounts. On the other hand the paper does not provide any support for the interest rate parity theory because domestic interest rates have no bearing on exchange rate movements
Financial Conditions Index for South Africa by Nombulelo Gumata( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

"The main purpose of this paper is to construct a financial conditions index (FCI) for South Africa. The analysis extracts the index by applying two alternative approaches (principal component analysis and Kalman filter), which identify an unobservable common factor from a group of external and domestic financial indicators. The alternative estimated FCIs, which share a similar trajectory over time, seem to have a powerful predictive information for the near-term GDP growth (up to four quarters), and they outperform the South African Reserve Bank's (SARB) leading indicator as well as individual financial variables. Their recent dynamics suggest that following a strong recovery in late-2009 and 2010, reflecting in part domestic factors such as systematic reductions in the policy rate, the rebound in real economic activity, and a benign inflationary environment, the financial conditions have deteriorated in recent months, though not as sharply as in end-2008. Given their relatively high predictive power regarding GDP growth, a further deterioration may imply that economic activity is likely to slow in the period ahead"--Page [1]
Rwanda: 2014 Article IV Consultation and Second Review Under the Policy Support Instrument-Staff Report; Press Release by International Monetary Fund( )

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

This 2014 Article IV Consultation and Second Review Under the Policy Support Instrument highlights that Rwanda's economic performance since the turn of the century has been remarkable. Strong policies have played a key role in maintaining real GDP growth at 7.8 percent on average since 2000, with significant poverty reduction. The economy is recovering from the disruptions induced by aid suspension through mid-2013, with growth bouncing back in the first half of 2014 and inflation well contained. Growth in 2014 is expected to be about 6 percent, rising to the longer-term growth rate of 7.5 pe
The East African Community: Prospects for Sustained Growth by Catherine McAuliffe( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

"The East African Community (EAC) has been among the fastest growing regions in sub-Saharan Africa in the past decade or so. Nonetheless, the recent growth path will not be enough to achieve middle-income status and substantial poverty reduction by the end of the decade -- the ambition of most countries in the region. This paper builds on methodologies established in the growth literature to identify a group of countries that achieved growth accelerations and sustained growth to use as benchmarks to evaluate the prospects, and potential constraints, for EAC countries to translate their recent growth upturn into sustained high growth. We find that EAC countries compare favorably to the group of sustained growth countries -- macroeconomic and government stability, favorable business climate, and strong institutions -- but important differences remain. EAC countries have a smaller share of exports, lower degree of financial deepening, lower levels of domestic savings, higher reliance on donor aid, and limited physical infrastructure and human capital. Policy choices to address some of these shortcomings could make a difference in whether the EAC follows the path of sustained growth or follows other countries where growth upturns later fizzled out"--Abstract
Financing Growth in the WAEMU Through the Regional Securities Market: Past Successes and Current Challenges: by Mame Astou Diouf( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market?using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses
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Alternative Names

controlled identityInternational Monetary Fund

African Department.

IMF. African Department.

International Monetary Fund. African Department.

International Monetary Fund. African Dept.

English (114)