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IMF Staff papers, Volume 37 No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1990-01-01

Total Pages: 292

ISBN-13: 1451973063

This paper analyzes macroeconomic effects of projected population aging in industrial countries. The effects of population aging are examined with a theoretical model and simulations of the IMF’s multiregion econometric model (MULTIMOD). The study highlights that an older population will consume more of aggregate disposable income, require higher government expenditure, and decrease labor supply. These effects should raise real interest rates and lower capital stock and output. Effects on current balances will depend on the relative speed and extent of aging.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1966-01-01

Total Pages: 169

ISBN-13: 1451969104

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This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in individual countries to domestic and external objectives of economic policy and the attitudes toward the use of various policy instruments remain unchanged, desired reserves would tend to rise chiefly as a result of the increase in the size of expected payments fluctuations. International reserves of all 65 countries of the study rose over the period studied by 2.5 per cent a year. This low rate of increase reflects, however, the large reduction in US reserves. For all countries of the study excluding the United States, the reserves grew by 6.0 per cent a year. Leaving aside the loss of reserves by the United States, reserves of all countries appear, therefore, to have grown roughly in proportion to the value of trade and to the size of payments imbalances.

IMF Staff papers, Volume 37 No. 1

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1990-01-01

Total Pages: 204

ISBN-13: 145195686X

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This paper examines factors affecting saving, policy tools, and tax reform. The literature on factors affecting saving and capital formation in industrialized countries is reviewed, and measurement problems are examined. The effect on the saving rate of real rates of return, income redistribution, allocation of saving between corporations and individuals, growth of public and private pension plans, tax incentives, the bequest motive, energy prices, and inflation is considered. The limited tools available to policymakers to affect savings are discussed.

IMF Staff Papers, Vol. 49

Author: International Monetary Fund

Publisher:

Published: 2002

Total Pages:

ISBN-13:

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IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1954-01-01

Total Pages: 136

ISBN-13: 1451960115

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This paper presents a study on economic development with stability in India. While the Five-Year Plan occupies the central position as the means through which the Government of India proposes to deal with the basic economic problem, it must be implemented by many specific economic and social measures. It is of the utmost importance that the measures taken in various fields should not only contribute to the fulfilment of the Five-Year Plan but that they should form part of a consistent economic and social policy. Apart from the change in total foreign investment, the composition of foreign investment in India now includes a larger proportion of direct and a smaller proportion of fixed interest obligations than before the war. While India's official sterling debt has been practically wiped out, the Government of India has incurred new obligations in dollars. If India could meet its pre-war obligations on foreign investment without any great strain on its balance of payments, it should be able to meet future obligations, resulting from any new debts, provided its balance of payments position in the future is not materially worse than in the past.

IMF Staff papers, Volume 43 No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1996-01-01

Total Pages: 188

ISBN-13: 1451973446

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This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the volatility of emerging markets may have fallen rather than risen on average. Also, although the autocorrelations in emerging market returns appear to turn negative at horizons of a year or more, the magnitude of these return reversals is not that much larger than reversals in some mature markets. One interpretation of the results would be that emerging markets have not consistently been subject to fads or bubbles, or at least no more so than in some industrial countries.

IMF Staff Papers, Volume 54, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2007-05-30

Total Pages: 212

ISBN-13: 1589066510

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This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.

IMF Staff Papers, Volume 49, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2002-09-23

Total Pages: 260

ISBN-13: 9781589061224

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This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1958-01-01

Total Pages: 181

ISBN-13: 1451968655

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This paper explores wage-price link in a prolonged inflation. A fixed tie between wages and prices must have significant effects in any economy. A wage-price link of the type discussed in this paper assumes that wages will be adjusted for any rise in consumer prices, subject to certain safeguards. This will protect wage earners against any significant fall in real wages arising from investment inflation. For a free economy, in which economic adjustments are induced by changes in prices and wages, the imposition of the degree of rigidity implied by this association is of far-reaching importance. in several countries, the use of wage-price links is a consequence of the fear of labor that real wages will be adversely affected by inflation. Although the basic causes of inflation vary widely in different countries and at different times, the process of inflation always shows similar characteristics. In an economy which is functioning properly, the distribution and use of the gross national product should result in an aggregate demand for goods and services that tend to equal the available supply of goods and services at approximately stable prices.

IMF Staff Papers, Volume 53, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2006-12-15

Total Pages: 183

ISBN-13: 1589065816

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This is the final issue for 2006 (Volume 53), and contains another paper in the occasional Special Data Section that seeks to measure financial development in the Middle East and North Africa by utilizing a new database. The issue also contains a comment from Jacques J. Polak on parity reversion in real exchange rates.