Download or read book High Inflation in the Baltics Disentangling Inflation Dynamics and Its Impact on Competitiveness written by Alice Fan and published by International Monetary Fund. This book was released on 2024-03-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies and quantifies the drivers of inflation dynamics in the three Baltic economies and assesses the effectiveness of fiscal policy in fighting inflation. It also analyzes the macroeconomic impact of inflation on competitiveness by focusing on the relationship between wages and productivity in the tradeable sector. The results reveal that inflation in the Baltics is largely driven by global factors, but domestic demand matters as well, suggesting that fiscal policy can play a role in containing inflation. Also, there is robust evidence of a long-run (cointegration) relationship between (real) wages in the tradeable (manufacturing) sector and productivity in the Baltics with short-term deviations self-correcting in Estonia and Lithuania only.
Download or read book Republic of Latvia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-09-15 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latvia is facing an inflation shock, slow growth, and geopolitical challenges, while the long-term policy concern is to sustain the income convergence process. Headline inflation has surged over the past year in Latvia, measuring 12.3 percent y/y in May, while core inflation increased to 12.4 percent y/y in May. The new government, which took office in December 2022, will also have to continue to deal with the spillovers in the Baltic region from the Russian invasion of Ukraine and the impact of sanctions imposed on Russia and Belarus, the cost-of-living crisis, energy security, and the expected slowdown in growth. To secure high long-term growth in a low-inflation environment, Latvia needs to address three structural issues: (i) low productivity, (ii) low investment, and (iii) skilled labor shortages.
Download or read book Republic of Estonia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-07-28 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estonia has made remarkable progress over the past two decades, achieving steady convergence towards more advanced EU economies. However, signs of erosion in external performance have emerged in recent years, reflecting rapid growth in unit labor cost and real exchange rate appreciation. Russia’s invasion of Ukraine triggered a large rise in inflation, supply chain disruptions and slower growth in key trading partners in the Baltic region. In Estonia, these developments, combined with fiscal tightening in 2022, have led to a sharp economic downturn, while deceleration in productivity has exacerbated competitiveness erosion.
Download or read book Republic of Lithuania written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-09-05 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strong post-pandemic recovery led to demand driven inflationary pressures. Supply side bottlenecks and large increases in commodity prices after Russia’s invasion of Ukraine compounded these pressures and resulted in high and persistent inflation. The negative impact on disposable income, higher interest rates and weaker external demand have led to a deterioration of economic activity. If high inflation becomes entrenched, it will erode competitiveness and slow the successful convergence process. The financial system has ample liquidity and capital buffers to address the weakening economic cycle. Higher interest rates have boosted banks’ profitability, but they also bring significant risks.
Download or read book Euro Area Policies written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-07-19 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro area (EA) bank resolution and crisis management arrangements have been strengthened considerably over recent years, but work remains to complete and unify the regime. The adoption of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR), and the establishment of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) provide a foundation to deal with problem banks. The authorities remain committed to completing the banking union through the establishment of a backstop for the Single Resolution Fund (SRF) and a European deposit insurance scheme (EDIS) and other measures, many of which are in line with recommendations in this report.
Download or read book Global Economic Prospects 2010 written by World Bank and published by World Bank Publications. This book was released on 2010-02-12 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The crisis has deeply impacted virtually every economy in the world, and although growth has returned, much progress in the fight against poverty has been lost. More difficult international conditions in the years to come will mean that developing countries will have to place even more emphasis on improving domestic economic conditions to achieve the kind of growth that can durably eradicate poverty.� —Justin Yifu Lin, Chief Economist and Senior Vice President The World Bank 'Global Economic Prospects 2010: Crisis, Finance, and Growth' explores both the short- and medium-term impacts of the financial crisis on developing countries. Although global growth has resumed, the recovery is fragile, and unless business and consumer demand strengthen, the world economy could slow down again. Even if, as appears likely, a double-dip recession is avoided, the recovery is expected to be slow. High unemployment and widespread restructuring will continue to characterize the global economy for the next several years. Already, the crisis has provoked large-scale human suffering. Some 64 million more people around the world are expected to be living on less than a $1.25 per day by the end of 2010, and between 30,000 and 50,000 more infants may have died of malnutrition in 2009 in Sub-Saharan Africa, than would have been the case if the crisis had not occurred. Over the medium term, economic growth is expected to recover. But increased risk aversion, a necessary and desirable tightening of financial regulations in high-income countries, and measures to reduce the exposure of developing economies to external shocks are likely to make finance scarcer and more costly than it was during the boom period. As a result, just as the ample liquidity of the early 2000s prompted an investment boom and an acceleration in developing-country potential output, higher costs will likely yield a slowing in developing-country potential growth rates of between 0.2 and 0.7 percentage points, and as much as an 8 percent decline in potential output over the medium term. In the longer term, however, developing countries can more than offset the implications of more expensive international finance by reducing the cost of capital channeled through their domestic financial markets. For more information, please visit www.worldbank.org/gep2010. To access Prospects for the Global Economy, an online companion publication, please visit www.worldbank.org/globaloutlook.
Download or read book Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Economic Prospects 2007 written by World Bank and published by World Bank Publications. This book was released on 2006 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the next 25 years developing countries will move to center stage in the global economy. Global Economic Prospects 2007 analyzes the opportunities - and stresses - this will create. While rich and poor countries alike stand to benefit, the integration process will make more acute stresses already apparent today - in income inequality, in labor markets, and in the environment. Over the next 25 years, rapid technological progress, burgeoning trade in goods and services, and integration of financial markets create the opportunity for faster long-term growth. However, some regions, notably Africa, are at risk of being left behind. The coming globalization will also see intensified stresses on the "global commons." Addressing global warming, preserving marine fisheries, and containing infectious diseases will require effective multilateral collaboration to ensure that economic growth and poverty reduction proceed without causing irreparable harm to future generations."
Download or read book Structural Features of Distributive Trades and Their Impact on Prices in the Euro Area written by European System of Central Banks. Monetary Policy Committee and published by . This book was released on 2011 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: The distributive trades sector, which is primarily accounted for by wholesale and retail trade, is not only economically important in its own right, but also relevant to monetary policy. Ultimately, it is retailers who set the actual prices of most consumer goods. They are the main interface between producers of consumer goods and consumers, with around half of private consumption accounted for by retail trade. The "value added" of this intermediation service can be substantial, as this accounts for, on average, about 25% of consumer prices. The purpose of this report is to analyse the structural features of the distributive trades sector and the developments within it, as well as how these may infl uence prices and price dynamics. Several aspects are relevant.^From a monetary policy point of view, increasing the degree of competition in the distributive trades sector may have effects not only on price levels, but also on price dynamics, via a reduction in mark-ups, an increase in price fl exibility and a greater and more rapid pass-through of changes in costs to prices. Structural developments, such as the increasing market penetration of hard discounters, online trade and private label brands, the role of buying groups and the relative bargaining power between producers and retailers are of great importance to consumers and price determination. In addition, these may have implications for the measurement of consumer prices and inflation.^More generally, the distributive trades sector plays an important role in determining cross-country differentials in productivity growth, both within and outside Europe: the sector has accounted for over one-third of the widening gap in aggregate productivity between the euro area and the United States since the mid-1990s. A specifi c contribution of this report is the use of a wide range of data sources, including a unique dataset on the location of over 100,000 individual grocery stores across most of the euro area, to investigate how to better measure the degree of competition and concentration in this sector, and to compare sector developments from a national, regional and local perspective.
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Download or read book The Global Competitiveness Report 2008 2009 written by Klaus Schwab and published by World Economic Forum. This book was released on 2008 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Commodity Price Dynamics written by Craig Pirrong and published by Cambridge University Press. This book was released on 2011-10-31 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
Download or read book The Direct Employment Impact of Public Investment written by Marian Moszoro and published by International Monetary Fund. This book was released on 2021-05-06 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the direct employment effect of the public investment in key infrastructure—electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that US$1 million of public spending in infrastructure create 3–7 jobs in advanced economies, 10–17 jobs in emerging market economies, and 16–30 jobs in low-income developing countries. As a comparison, US$1 million public spending on R&D yields 5–11 jobs in R&D in OECD countries. Green investment and investment with a larger R&D component deliver higher employment effect. Overall, we estimate that one percent of global GDP in public investment can create more than seven million jobs worldwide through its direct employment effects alone.
Download or read book Special Economic Zones in Africa written by Thomas Farole and published by World Bank Publications. This book was released on 2011-01-01 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book, designed for policymakers, academics and researchers, and SEZ program practitioners, provides the first systematic and comprehensive analysis of SEZ programs in Sub-Saharan Africa. It is the result of detailed surveys and case studies conducted during 2009 in ten developing countries, including six in Sub-Saharan Africa. The book provides quantitative evidence of the performance of SEZs, and of the factors which contribute to that performance, highlighting the critical importance not just of the SEZ itself but of the wider national investment climate in which it functions. It also provides a comprehensive guide to the key policy questions that confront governments establishing SEZ programs, including: if and when to launch an SEZ program, what form of SEZ is most appropriate, and how to go about implementing it. Among the most important findings from the study that is stressed in the book is the shift from traditional enclave models of zones to SEZs that are integrated ? with national trade and industrial strategies, with core trade and social infrastructure, with domestic suppliers, and with local labor markets.Although the book focuses primarily on the experience of Sub-Saharan Africa, its lessons will be applicable to developing countries around the world."
Download or read book Global Financial Stability Report April 2012 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-04-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Download or read book The Search for Europe written by Daron Acemoglu and published by La fabrica. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is now the eighth in the annual series sponsored by BBVA as part of its OpenMind initiative, which is devoted to disseminating knowledge on key issues of our time. The Search for Europe analyses the present and future of the old continent and its integration project, surely the most ambitious political and economic integration project ever attempted in history, a benchmark for similar processes in other regions. The book is divided into three main sections: "The economic foundations of the European project", "Europe and its nations: Politics, society and culture", and "The unresolved Limits of Europe and the new global powers". It features pieces written by international experts such as Javier Solana, Barry Eichengreen, Philip Cooke, Bichara Khader, Vivien Ann Schmidt, John Peet and Thomas Christiansen, among others.
Download or read book British Humanities Index written by and published by . This book was released on 2005 with total page 1222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
