IMF Policy Discussion Papers
1995
June 1, 1995
Discrepancies in Bilateral Trade Statistics: The Case of China
Description: Discrepancies in Bilateral Trade Statistics: The Case of China
June 1, 1995
Three Propositions on African Economic Growth
Description: This paper describes the African economic growth and asserts the establishment of a growth-conducive environment is the unifying purpose of the IMF’s extensive involvement in Africa. A major purpose of the IMF’s extensive involvement in Africa is to promote high quality growth. As to the specific basis for the IMF’s original perspective on growth, it may be found in the debate that followed the debt crisis of the 1980s, when the concrete relevance of growth as a determinant of the sustainability of balance-of-payments positions and of the viability of a country's payments system became evident. Although the elimination of financial instability is essential to remove trade restraints, and thereby to promote growth, growth in turn is necessary if trade restraints are to be averted. The point of anchoring the domestic system of relative prices to the international system through open trading and an equilibrium exchange rate is to provide signals that will guide the efficient utilization of domestic resources; the whole approach becomes pointless if these signals are blocked by domestic price regulation.
May 1, 1995
Commercial Bank Debt Restructuring: The Experience of Bulgaria
Description: This paper reviews commercial bank debt restructuring based on the recent experience of Bulgaria. While the deal is shown to have generated substantial debt relief at a remarkably low cost, several lessons are drawn that may be of broader relevance to countries restructuring bank debt. As, from time to time, it has been suggested that Bulgaria should have held out for more favorable treatment, or that it should now seek further debt reduction, the likely costs of these options are identified. Looking ahead, key policy issues are discussed that will determine growth prospects and debt sustainability over the medium term. It is argued that the deal’s success remains to be underpinned in particular by judicious fiscal and debt management policies.
April 1, 1995
Agricultural Growth in Sub-Saharan African Countries and China
Description: Agriculture remains the dominant sector in the economies of most Sub-Saharan African countries. However, the experience of agricultural growth in the region stands in sharp contrast to the robust performance of agriculture in many Asian countries, particularly China. In a number of African countries, labor productivity has fallen and land productivity has not risen significantly. In China, on the other hand, land and labor productivities have increased steadily over the past two decades. An examination of factors underlying the contrasting experiences of China and countries in Sub-Saharan Africa reveals important differences in the institutional and policy environments affecting the use of new and profitable technologies to raise land and labor productivities.
March 1, 1995
Non-G-10 Countries and the Basle Capital Rules: How Tough a Challenge is it to Join the Basle Club?
Description: The 1988 Basle Capital Accord has introduced the norm of a risk-based capital ratio of 8 percent. It was negotiated among the G-10 countries to strengthen their international banks’ capital base while simultaneously levelling the playing field for competition. Since 1988, a large number of non-G-10 countries, although not members of the “Basle Club,” have introduced similar risk-based capital ratios, hoping to achieve similar effects in terms of enhanced safety and competition in their banking markets. This paper explains why the endeavor failed in most cases and discusses what the required conditions would be for effective implementation of the Basle rules beyond the G-10 countries.
March 1, 1995
An Inflation Targeting Framework for Italy
Description: An Inflation Targeting Framework for Italy
February 1, 1995
When is a Fiscal Surplus Appropriate?
Description: When is a Fiscal Surplus Appropriate?
February 1, 1995
Social Safety Nets for Economic Transition - Options and Recent Experiences
Description: Social Safety Nets for Economic Transition - Options and Recent Experiences
Notes: Refers to the experience of Albania, Poland, Romania, Russia, Kazakstan, and Uzbekistan.
January 1, 1995
Unemployment in Ireland: A Survey of Features and Causes
Description: This paper examines the problem of unemployment in Ireland. A brief description of the main distinctive features of the structure of Irish unemployment is presented. Based on up to date literature, the possible causes behind unemployment are reviewed. Empirical studies that have quantified the contributions of different determinants to the increase in Irish unemployment are also surveyed. The paper concludes with some policy suggestions.
January 1, 1995
The New Monetary Policy Framework of the United Kingdom
Description: The New Monetary Policy Framework of the United Kingdom
Notes: Summarizes the United Kingdom's experience with the post-ERM monetary policy framework.