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IFC Press Releases

IFC Invests in Tcell to Expand Access to Mobile Services in Tajikistan

5 days 5 hours ago
Tajikistan, Dushanbe, July 23, 2014—IFC, a member of the World Bank Group, is providing a $30 million loan to support Tcell’s plans to expand its network and improve connectivity for its subscribers across Tajikistan. With more than 3.3 million subscribers, Tcell is the largest mobile phone

IFC and Kenya’s National Cement Company Team Up to Develop Africa’s Infrastructure

5 days 5 hours ago
Nairobi, July 23, 2014—IFC, a member of the World Bank Group, is providing up to $70 million to Kenya’s National Cement Company Ltd. to expand the company’s operations, increase the local supply of cement and promote infrastructure development in Africa.   IFC will provide up to $55 millio

IFC’s First Agribusiness Investment in DRC Supports Local Maize Production

5 days 5 hours ago
Lubumbashi, Democratic Republic of Congo, July 25, 2014 — IFC, a member of the World Bank Group, today announced a loan of $18 million to Terra and African Milling Company Congo, to help the company expand its maize farm and mill in Katanga, Democratic Republic of Congo (DRC). By increasing pr

Le premier investissement dans l’agro-alimentaire d'IFC en RDC soutient la production locale de maïs

5 days 5 hours ago
Lubumbashi, République Démocratique du Congo, 25 juillet 2014 - IFC, un membre du Groupe de la Banque mondiale, a annoncé aujourd'hui l’octroi d’un prêt de 18 millions d'USD à Terra et à African Milling Company Congo, afin d'aider les sociétés à agrandir leurs exploitation de maïs et moulin à

IFC and the Global Environment Facility (GEF) bolster investment in IHS Fund II to promote sustainable housing in South Africa

5 days 5 hours ago
Johannesburg, South Africa, July 24, 2014 -- IFC, a member of the World Bank Group, announced it would invest an additional $10 million for International Housing Solutions’ IHS Fund II, drawing from Global Environment Facility (GEF) funding to support the development of affordable “green” hous

IFC, Bladex Expand Commodity Finance to Support Agribusinesses in Latin America

5 days 18 hours ago
Panama City, Republic of Panama, July 21, 2014— IFC, a member of the World Bank Group, and Banco Latinoamericano de Comercio Exterior, S.A., or Bladex, signed a risk-sharing facility of up to $350 million to expand access to trade finance for agribusinesses in Latin America and contribute to r

IFC y Bladex amplían el financiamiento de productos agropecuarios para apoyar los agronegocios en América Latina

5 days 18 hours ago
Ciudad de Panamá, República de Panamá, 21 de julio de 2014 - La Corporación Financiera Internacional (IFC, por sus siglas en inglés), miembro del Grupo del Banco Mundial, y el Banco Latinoamericano de Comercio Exterior, S.A. (o “Bladex”), firmaron un acuerdo de riesgo compartido de hasta US$35

IFC and the Global Environment Facility (GEF) bolster investment in IHS Fund II to promote sustainable housing in South Africa

6 days 1 hour ago
Johannesburg, South Africa, July 24, 2014 -- IFC, a member of the World Bank Group, announced it would invest an additional $10 million for International Housing Solutions’ IHS Fund II, drawing from Global Environment Facility (GEF) funding to support the development of affordable “green” hous

IFC Invests in Aihuishou to Support the Reuse and Recycling of Electronic Devices in China

6 days 23 hours ago
Beijing, July 18,  2014—IFC, a member of the World Bank Group, has invested $5 million in Aihuishou International Co., Ltd., China’s largest secondhand electronic device reuse and recycling platform, to help the company expand its business in China. The investment is part of IFC’s effort to su

IFC 投资爱回收,支持中国电子设备回收再利用

6 days 23 hours ago
2014年7月18日,北京—世界银行集团成员IFC近日向爱回收国际有限公司投资500万美元,用于支持这家中国最大的二手电子产品回收平台扩大在华业务。IFC支持在 新兴市场推广创新和环境友好业务的公司,此次投资正是这一战略的体现。 爱回收通过搭建网上定价和招标平台,提供上门回收服务,设立线下服务站等措施,让用户以环境友好的方式出售和循环利用手中的智能手机、平板电脑和其他旧有电子产品。不能继 续重复使用的破损设备则送至由环保部门监测认可的回收中心。 IFC创业投资部全球负责人金倪坤表示:“爱回收利用互联网的力量,帮助人们在中国以一种对环境负责的方式处理电子设备。IFC乐于投资

IFC, Natixis and Standard Bank Group participate in a Trade facility that supports petroleum imports in Ethiopia

1 week 1 day ago
Addis Ababa, July 17, 2014—IFC, a member of the World Bank Group, Natixis and Standard Bank Group today announced that they have participated in a $500 million trade finance facility, arranged and lead by Natixis, to finance Ethiopia’s import of refined petroleum products. The facility support

World Bank Group Helps India Develop Buddhist Circuit, Foster Tourism-led Inclusive Growth

1 week 4 days ago
New Delhi, India, July 17, 2014—The World Bank Group is supporting India’s Ministry of Tourism and state tourism departments of Bihar and Uttar Pradesh on the government’s priority program to develop the Buddhist Circuit, foster tourism-led growth, expand economic opportunities and create jobs

IFC Supports Expansion of BIDCO, Kenya’s Leading Agribusiness & Consumer Goods Company

1 week 4 days ago
Nairobi, July 17, 2014—IFC, a member of the World Bank Group, is  lending $36.5 million in BIDCO  to support expansion of the company’s consumer goods operations into new market categories and create more opportunities for small farmers to enhance productivity and earn better incomes. BIDC

IFC, Australian Government Boost Hydropower Risk Management in Lao PDR’s Mekong Region

1 week 6 days ago
Vientiane, Lao PDR, July 16 2014—IFC, a member of the World Bank Group, and the Australian government have agreed to strengthen environmental and social risk management in Lao People’s Democratic Republic with a $5.4 million grant meant to encourage sustainable hydropower and safeguard river h

IFC Partners with Central Bank of Algeria to Help Expand Access to Finance for SMEs

1 week 6 days ago
Algiers, Algeria, July 9, 2014—IFC, a member of the World Bank Group, has joined forces with the Central Bank of Algeria to help improve access to finance and growth opportunities for small and medium enterprises (SMEs). IFC held a conference and workshops in partnership with the Bank of Alg

IFC et la Banque d’Algérie s’associent pour développer l’accès au financement des PME

1 week 6 days ago
Alger, le 9 juillet 2014— IFC, un membre du Groupe de la Banque mondiale, a organisé en partenariat avec la Banque d’Algérie une rencontre sur la modernisation de l’infrastructure financière et l’amélioration de l’accès au financement des PME en vue de faciliter leur développement et la créati

IFC Supports Financial Infrastructure Reforms to Benefit Small Business in Morocco

2 weeks 9 hours ago
Rabat, Morocco, July 8, 2014—IFC, a member of the World Bank Group, is helping Bank Al-Maghrib, the Central Bank of Morocco, to develop new legislation on sharing credit information, which will help micro, small and medium enterprises (MSMEs) access finance and contribute to economic growth.

IFC soutient les réformes de l’infrastructure financière marocaine pour aider les petites entreprises

2 weeks 1 day ago
Rabat, Maroc, le 8 juillet 2014 - IFC, un membre du Groupe de la Banque mondiale, accompagne Bank Al-Maghrib, la Banque centrale du Maroc, dans l’élaboration d’une nouvelle législation sur le partage des données sur la solvabilité dans le but d’aider les micro, petites et moyennes entreprises

IMF News

Coordinated Direct Investment Survey (CDIS): Project on Bilateral Asymmetries

0 sec ago

Cyprus: 2014 Article IV Consultation Concluding Statement of the IMF Mission

52 min 41 sec ago

Sri Lanka: IMF Executive Board Concludes 2014 Article IV Consultation and Second Post Program Monitoring Discussion

14 hours 30 min ago

Guinea-Bissau: Statement at the end of an IMF Staff Visit

16 hours 25 min ago

IMF Survey: Changing Growth Trends Carry New Global Spillovers

19 hours 19 min ago

IMF Survey: New External Assessments Reveal a Mixed Picture

20 hours 48 min ago

United Kingdom: Transcript of Conference Call on the 2014 Article IV Consultation

21 hours 17 min ago

2014 Pilot External Sector Report - Individual Economy Assessments

21 hours 47 min ago
IMF Policy Paper

2014 Pilot External Sector Report

21 hours 48 min ago
IMF Policy Paper

2014 Spillover Report

21 hours 50 min ago

IMF Financial Activities -- Update July 24, 2014

1 day 1 hour ago

Morocco: IMF Executive Board Approves US$5-Billion Arrangement Under the Precautionary and Liquidity Line

1 day 14 hours ago

Press Release: IMF Executive Board Discusses Sudan’s Progress Under Staff-Monitored Program

1 day 14 hours ago

IMF Video: IMF 2014 Review of the UK Economy

1 day 23 hours ago

United Kingdom: IMF Executive Board Concludes 2014 Article IV Consultation

1 day 23 hours ago

United Kingdom: Selected Issues

1 day 23 hours ago
Country Report No. 14/234

United Kingdom: 2014 Article IV Consultation--Staff Report; Press Release; and Statement by the Executive Director for the United Kingdom

1 day 23 hours ago
Country Report No. 14/233

IMF Survey: UK Economy Rebounding Strongly

1 day 23 hours ago

Real and Financial Vulnerabilities from Crossborder Banking Linkages

4 days 19 hours ago
Working Paper No. 14/136

Former Yugoslav Republic of Macedonia: 2014 Article IV Consultation and Third Post-Program Monitoring Discussions - Staff Report; Press Release; and Statement by the Executive Director for the Former Yugoslav Republic of Macedonia

4 days 22 hours ago
Country Report No. 14/231

Former Yugoslav Republic of Macedonia: Selected Issues

4 days 22 hours ago
Country Report No. 14/232

Former Yugoslav Republic of Macedonia: IMF Executive Board Concludes 2014 Article IV Consultation and Third Post-Program Monitoring Review

4 days 22 hours ago

Republic of Belarus: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Belarus

4 days 23 hours ago
Country Report No. 14/226

Republic of Belarus: Selected Issues

4 days 23 hours ago
Country Report No. 14/227

Republic of Belarus: IMF Executive Board Concludes Article IV Consultation

4 days 23 hours ago

Burkina Faso: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, June 17, 2014

4 days 23 hours ago

Middle East Transitions: A Long, Hard Road

4 days 23 hours ago
Working Paper No. 14/135

Statement by the European Commission, ECB and IMF on the Fifth Review Mission to Cyprus

5 days 2 hours ago

IMF Executive Board Concludes 2014 Article IV Consultation with the People’s Republic of China – Macao Special Administrative Region

5 days 13 hours ago

IMF Video: Press Briefing on World Economic Outlook Update, July 2014

5 days 15 hours ago

Tanzania: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, June 27, 2014

5 days 15 hours ago

United Republic of Tanzania: Request for a Three-Year Policy Support Instrument-Staff Report and Press Release

5 days 15 hours ago
Country Report No. 14/228

IMF Announces Finalists for Student Essay Contest: “How to Build a Better Future for Latin America”

5 days 15 hours ago

Burkina Faso: Selected Issues

5 days 15 hours ago
Country Report No. 14/230

Transcript of a Press Briefing by William Murray, Adviser, Communications Department, International Monetary Fund, Washington, D.C.

5 days 17 hours ago

IMF Survey: Slow but Steady Global Recovery in Need of Strong Policy Support

5 days 17 hours ago

Togo: Poverty Reduction Strategy Paper-Joint Staff Advisory Note

5 days 19 hours ago
Country Report No. 14/225

Togo: Poverty Reduction Strategy Paper

5 days 19 hours ago
Country Report No. 14/225

IMF Video: Press Briefing by William Murray, Deputy Spokesman, Communications Department, IMF

5 days 19 hours ago

IMF Video: IMF Says Global Recovery in Need of Policy Support

5 days 22 hours ago

Mauritius The Drivers of Growth—Can the Past be Extended?

6 days 18 hours ago
Working Paper No. 14/134

IMF Survey: Concerted Efforts Needed to Boost U.S. Long-term Growth and Reduce Poverty

6 days 22 hours ago

IMF Video: Concerted efforts needed to boost long-term growth in the U.S.

6 days 22 hours ago

United States: IMF Executive Board Concludes 2014 Article IV Consultation

6 days 22 hours ago
Press Release

United States: 2014 Article IV Consultation-Staff Report

6 days 22 hours ago
Country Report No. 14/221

Kingdom of Swaziland: 2014 Article IV Consultation-Staff Report; and Press Release

6 days 22 hours ago
Country Report No. 14/223

Macroprudential Solvency Stress Testing of the Insurance Sector

1 week 16 hours ago
Working Paper No. 14/133

Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead

1 week 17 hours ago
Working Paper No. 14/132

Press Release: The IMF, CIES, and Pontifical Catholic University of Peru Hold Student Event in Lima on Future of Latin America

1 week 17 hours ago

Progress Towards External Adjustment in the Euro Area Periphery and the Baltics

1 week 19 hours ago
Working Paper No. 14/131

Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies

1 week 22 hours ago
Staff Discussion Notes No. 14/7

Chile: IMF Executive Board Concludes 2014 Article IV Consultation

1 week 23 hours ago
Press Release

Chile: Selected Issues

1 week 23 hours ago
Country Report No. 14/219

Chile: 2014 Article IV Consultation

1 week 23 hours ago
Country Report No. 14/218: Staff Report; Press Release; and Statement by the Executive Director for Chile

Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments

1 week 23 hours ago
Working Paper No. 14/130

Burkina Faso: Staff Report for 2014 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Waiver and Modification of Performance Criteria-Staff Report; Press Release; and Statement by th

1 week 1 day ago
Country Report No. 14/215

Liquidity Trap and Excessive Leverage

1 week 1 day ago
Working Paper No. 14/129

IMF Concludes Review of Flexible Credit Line, Precautionary and Liquidity Line, and Rapid Financing Instrument

1 week 1 day ago
Press Release

Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument - Specific Proposals

1 week 1 day ago
IMF Policy Paper

Saudi Arabia: IMF Executive Board Concludes 2014 Article IV Consultation

1 week 1 day ago

Germany: Selected Issues

1 week 1 day ago
Country Report No. 14/217

Germany: IMF Executive Board Concludes Article IV Consultation

1 week 1 day ago

Germany: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Germany

1 week 1 day ago
Country Report No. 14/216

IMF Financial Activities -- Update July 17, 2014

1 week 2 days ago

Mozambique Rising: Building a New Tomorrow

1 week 4 days ago
African Departmental Paper

Bahamas: Statement at the Conclusion of an IMF Staff Visit

1 week 4 days ago

First-Time International Bond Issuance—New Opportunities and Emerging Risks

1 week 4 days ago
Working Paper No. 14/127

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

1 week 4 days ago
Working Paper No. 14/128

Swaziland: IMF Executive Board Concludes 2014 Article IV Consultation

1 week 4 days ago

Nepal: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Nepal

1 week 4 days ago
Country Report No. 14/214

IMF Survey: Infrastructure Plan Leads Cameroon's Drive for Growth

1 week 5 days ago

Supporting the European Recovery in a Rapidly Changing World, By Christine Lagarde, Managing Director, International Monetary Fund

1 week 5 days ago

Ukraine: IMF Announces Staff Level Agreement with Ukraine on First Review under SBA

1 week 5 days ago

Cameroon: 2014 Article IV Consultation

1 week 5 days ago
Country Report No. 14/212

Cameroon: Selected Issues

1 week 5 days ago
Country Report No. 14/213

Transcript of a Conference Call on the Staff Report of the 2014 Article IV Consultation with the Euro Area

1 week 5 days ago

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Stress Testing the Banking Sector-Technical Note

1 week 6 days ago
Country Report No. 14/210

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Crisis Management and Bank Resolution Framework-Technical Note

1 week 6 days ago
Country Report No. 14/209

Statement by IMF Managing Director Christine Lagarde on the BRICS Summit

1 week 6 days ago

Future of Asia’s Finance: How Can it Meet Challenges of Demographic Change and Infrastructure Needs?

1 week 6 days ago
Working Paper No. 14/126

Nepal: IMF Executive Board Concludes 2014 Article IV Consultation

1 week 6 days ago

Debt, Growth and Natural Disasters A Caribbean Trilogy

1 week 6 days ago
Working Paper No. 14/125

Albania: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria

1 week 6 days ago
Country Report No. 14/211: Staff Report; and Press Release

Albania: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding

1 week 6 days ago
Country's Policy Intentions Documents

Tunisia: IMF Announces Staff-Level Agreement on the Fourth Review of the Stand-By Arrangement

1 week 6 days ago

Greece: Statement by the European Commission, the ECB and the IMF

1 week 6 days ago

OECD News - Corruption

Finance and enterprise affairs: Call for papers

0 sec ago
We are looking for new and interesting thinking on how policy options in the areas of competition, corporate governance, capital markets and financial services, international investment and foreign bribery can have an impact on our well-being as defined by the OECD's Better Life Initiative.

OECD News - Development

Latin American Competition Forum

0 sec ago
The 2014 OECD-IDB Latin American Competition Forum takes place in Montevideo, Uruguay, on 16-17 September. Discussions will focus on electricity markets in Latin America, a peer review of Costa Rica's competition law and policy and mainstreaming competition policy with key policy makers.

Japan’s aid guided by clear vision and priorities but should focus on countries and people most in need

1 week 6 days ago
Japan has increased its spending on overseas development assistance (ODA) and is showing more global leadership, but needs to pay more attention to where it is spending the money and increase its focus on results and transparency.

OECD-AfDB seminar on addressing policy impediments to private investment in African infrastructure

2 weeks 22 hours ago
This seminar investigated how changes made in key policy areas at national, regional and international levels can help generate more and better private investment in Africa’s infrastructure.

OECD News - Economy

US long term interest rates and capital flows to emerging economies

21 hours 25 min ago
This paper studies the association between US long term interest rates and cycles of capital flows to emerging market economies (EMEs). It finds that, indeed, cycles in capital flows to EMEs are linked to global conditions, including global risk aversion and long term interest rates in the United States.

Productivity measurement with natural capital and bad outputs

21 hours 47 min ago
This paper presents a productivity growth measure that explicitly accounts for natural capital as an input factor and for undesirable goods, or “bads”, as an output of the production process.

Reducing income inequality and poverty and promoting social mobility in Korea

22 hours 18 min ago
To strengthen social cohesion, a top government priority, it is essential to address the labour market roots of inequality by breaking down dualism to reduce the share of non-regular workers and to boost the employment ratio toward the government’s 70% target.

Fostering a creative economy to drive Korean growth

23 hours 3 min ago
A creative economy requires innovation-friendly conditions. Korea’s innovation system should be improved by upgrading universities and expanding their role in business R&D, while increasing international collaboration in R&D from its current low level.

Consumer Prices, OECD - Updated: 29 July 2014

1 day 5 hours ago
OECD annual inflation stable at 2.1% in June 2014

Taxing the rent of non-renewable resource sectors: a theoretical note

6 days 6 hours ago
This study analyses the economic rent generated by the exploitation of a non-renewable resource, and the taxation of this rent.

Health, work and working conditions: a review of the European economic literature

6 days 6 hours ago
Economists have traditionally been very cautious when studying the interaction between employment and health because of the two-way causal relationship between these two variables: health status influences the probability of being employed and, at the same time, working affects the health status.

Economic uncertainties and their impact on activity in Greece compared with Ireland and Portugal

6 days 6 hours ago
Uncertainty faced by households and firms affects economic activity. The rise in uncertainty since the beginning of the sovereign debt crisis in Greece could be one factor that has contributed to the steep and long-lasting recession. This paper presents a brief empirical analysis quantifying this phenomenon and compares it with developments in Ireland and Portugal.

Workplace stress in the United States: issues and policies

6 days 6 hours ago
Despite relative affluence, workplace stress is a prominent feature of the US labour market. To the extent that job stress causes poor health outcomes – either directly through increased blood ressure, fatigue, muscle pain, etc. or indirectly through increased rates of cigarette smoking – policy to lessen job stress may be appropriate.

Deconstructing Canada’s housing markets: finance, affordability and urban sprawl

6 days 6 hours ago
House prices have increased significantly in Canada over the past decade, driving household debt and residential construction activity to historical highs.

Improving well-being in the United States

6 days 6 hours ago
Life is quite good in the United States compared to other OECD countries, thanks to strong economic growth and technological progress having lifted average income to high levels. Nonetheless, there is evidence that the benefits from growth have not been sufficiently broad based.

Making the best of new energy resources in the United States

6 days 6 hours ago
Since around 2007, the country has been enjoying an “energy renaissance” thanks to its abundant stocks of shale oil and gas. The resurgence in oil and gas production is beginning to create discernible economic impacts and has changed the landscape for natural gas prices in the United States, boosting competitiveness.

The demand for skills 1995-2008: a global supply chain perspective

1 week 6 days ago
Demand for jobs, characterized by skill type and industry of employment, is driven by changes in technology, trade and consumption. Using structural decomposition analysis, we study the relative importance of these drivers for the period 1995-2008.

International migration: the relationship with economic and policy factors in the home and destination country

1 week 6 days ago
Unfavourable demographic trends in many OECD countries threaten the sustainability of potential labour resources, GDP growth and fiscal positions. One factor that is expected to mitigate these trends is continued inflows of migrant workers from low income economies.

Gross earning inequalities in OECD countries and major non-member economies: determinants and future scenarios

1 week 6 days ago
Income and earning inequality has been on the rise in most of the OECD and in many emerging economies since the 1980s. This paper estimates a model of earnings inequality across OECD countries that incorporates determinants of relative demand and supply of more and less-skilled labour.

Women’s role in the Swiss economy

1 week 6 days ago
Swiss women are now as well educated as their male counterparts. However, progress remains to be made in the job market where both the supply and price of female labour are below that of men.

Overcoming skills shortages in Canada

1 week 6 days ago
Skills shortages have developed in certain fields and regions in recent years. Earnings premiums for people in some professions, notably health, engineering and skilled trades have increased.

Vulnerability of social institutions: lessons from the recent crisis and historical episodes

2 weeks 20 hours ago
The recent economic crisis has provided a stress test for the vulnerability of social institutions. This paper assesses the vulnerability of social institutions in light of the current crisis, and surveys past episodes, when social institutions faced similar challenges.

Overcoming vulnerabilities of pension systems

2 weeks 20 hours ago
Demographic developments are unfavourable for the financing of pension schemes in most OECD countries, implying continued growth in pension expenditure in virtually all OECD countries. This paper examines the vulnerability of pension systems, with an emphasis on financial sustainability and adequacy.

Overcoming vulnerabilities of unemployment insurance schemes

2 weeks 20 hours ago
Unemployment insurance is a key tool for risk sharing and redistribution and also a prominent automatic stabiliser. It is a volatile spending item by design, which can lead to vulnerabilities. This paper explores various shocks and sources of vulnerability of the unemployment insurance schemes of OECD and BRIICS countries.

Overcoming vulnerabilities of health care systems

2 weeks 20 hours ago
This paper investigates the vulnerabilities of health care systems in OECD and BRIICS countries to adverse secular trends and large macroeconomic shocks.

OECD News - Finance

Finance and enterprise affairs: Call for papers

0 sec ago
We are looking for new and interesting thinking on how policy options in the areas of competition, corporate governance, capital markets and financial services, international investment and foreign bribery can have an impact on our well-being as defined by the OECD's Better Life Initiative.

US long term interest rates and capital flows to emerging economies

21 hours 25 min ago
This paper studies the association between US long term interest rates and cycles of capital flows to emerging market economies (EMEs). It finds that, indeed, cycles in capital flows to EMEs are linked to global conditions, including global risk aversion and long term interest rates in the United States.

Deconstructing Canada’s housing markets: finance, affordability and urban sprawl

6 days 6 hours ago
House prices have increased significantly in Canada over the past decade, driving household debt and residential construction activity to historical highs.

The World Bank - Governance

Evolving wage cyclicality in Latin America

1 week 11 hours ago
A vector autoregression model with time-varying coefficients is used to examine the evolution of wage cyclicality in four Latin American economies: Brazil, Chile, Colombia and Mexico, during the period 1980-2010. Wages are highly pro-cyclical in all countries up to the mid-1990s except in Chile. Wage cyclicality declines thereafter, especially in Brazil and Colombia. This decline in wage cyclicality is in accordance with declining real-wage flexibility in a low-inflation environment. Controlling for compositional effects caused by changes in labor force participation along the business cycle does not alter these results.

Evidence of development impact from institutional change : a review of the evidence on open budgeting

1 week 2 days ago
Despite the growing body of literature examining the effectiveness of transparency and accountability initiatives, there remains limited substantiation for whether and how open budgeting contributes to reductions in poverty and improvements in the lives of the poor. This paper reviews available evidence and conclude that institutional changes can contribute to higher-level outcomes in certain contexts. The approach first draws from existing studies of transparency and accountability initiatives and then follows their references to broaden the evidence base. The findings highlight the importance of measuring budget transparency, accountability, and participation and tracing their outcomes along an incremental, nonlinear results chain. Logical links or ongoing loops in this sequence include the interplay or interdependency among these three dimensions; the subsequent achievement of key, often mutually reinforcing, intermediate development outcomes; and ultimately, improved program or service delivery as the key lever for influencing development impact. Rather than establishing standard indicators, the process begins to identify which aspects of the institutional change are valid for measurement and what contextual factors to consider. Overall, this review serves as a starting point and underscores the need for further investigation to establish effective measurement practices of institutional change and build an evidence base for understanding the relative robustness of institutional change paths and the context in which they are likely to matter.

The World Bank - Law and Development

Trade flows and trade disputes

2 days 11 hours ago
This paper introduces a new data set and establishes a set of basic facts and patterns regarding the trade that countries fight about under World Trade Organization (WTO) dispute settlement. The paper characterizes the scope of products, as well as the levels of and changes to the trade values, market shares, volumes, and prices for those goods that eventually become subject to WTO litigation. The first result is striking heterogeneity in the level of market access at stake across disputes: for example, 14 percent of cases over disputed import products feature bilateral trade that is less than $1 million per year and another 15 percent feature bilateral trade that is more than $1 billion per year. Nevertheless, some strong patterns emerge from a more detailed examination of the data. Both high- and low-income complainants tend to suffer important losses in foreign market access in the products that ultimately become subject to dispute. Furthermore, although the respondent's imposition of an allegedly WTO-inconsistent policy is associated with reductions, on average, in trade values, volumes, and exporter-received prices, there is some evidence of differences in the size of these changes across the different types of policies under dispute and the potential exporter country litigants. Finally, these different types of policies under dispute can have dissimilar trade effects for the complainant relative to other (non-complainant) exporters of the disputed product and this is likely to affect the litigation allegiance of third countries.

How useful is inequality of opportunity as a policy construct ?

2 days 11 hours ago
The academic literature on equality of opportunity has burgeoned. The concepts and measures have begun to be used by policy institutions, including in specific sectors such as health and education. It is argued that one advantage of focusing on equality of opportunity is that policy makers are more responsive to that discourse than to equality of outcomes per se. This paper presents a critique of equality of opportunity in the policy context. Although the empirical analysis to which the literature has given rise is useful and is to be welcomed, current methods for quantifying and implementing the concept with a view to informing the policy discourse face a series of fundamental questions that remain unanswered. Without a full appreciation of these difficulties, the methods may prove to be misleading in the policy context.

The World Bank - Porverty Reduction

How useful is inequality of opportunity as a policy construct ?

2 days 11 hours ago
The academic literature on equality of opportunity has burgeoned. The concepts and measures have begun to be used by policy institutions, including in specific sectors such as health and education. It is argued that one advantage of focusing on equality of opportunity is that policy makers are more responsive to that discourse than to equality of outcomes per se. This paper presents a critique of equality of opportunity in the policy context. Although the empirical analysis to which the literature has given rise is useful and is to be welcomed, current methods for quantifying and implementing the concept with a view to informing the policy discourse face a series of fundamental questions that remain unanswered. Without a full appreciation of these difficulties, the methods may prove to be misleading in the policy context.

The return of "patrimonial capitalism" : review of Thomas Piketty's capital in the 21st century

1 week 1 day ago
The paper provides a detailed review of Thomas Piketty's book "Capital in the 21st century." It focuses on the new contributions of the book, and in particular on its unified treatment of economic growth, functional income distribution, and concentration of personal income. It concludes that Piketty's reinvigoration of classical and empircally-drven approach is likely to have a profound impact on economics.

Can service be a growth escalator in low-income countries ?

1 week 1 day ago
Several high-level reports have raised the concern that low-income countries, especially in Africa, are experiencing premature de-industrialization. The concern is that they are growing without transforming. Have the latecomers to development missed the boat? Although these concerns are well placed, Africa's growth seems to be benefitting from a structural transformation of a different kind. The manufacturing sector as a share of gross domestic product has shrunk, but countries have benefitted from the third industrial revolution with globalization of services being at the forefront of this technological revolution. As services produced and traded across the world expand with globalization, the possibilities for low-income countries to develop based on their comparative advantage expand. That comparative advantage can just as easily be in services as in manufacturing. Comparative advantage need not be a one-trick pony.

World Trade Organization - News

Azevêdo reports “very good level of engagement” on Doha Round work programme

4 days 22 hours ago
Director-General Roberto Azevêdo, in his report to the General Council on 25 July as chair of the Trade Negotiations Committee, said that there had been “a very good level of engagement” in recent consultations conducted by him and the chairs of the negotiating groups on the key areas of agriculture, industrial goods and services. “How we move forward now is in your hands”, he said.

General Council: Proposed agenda

5 days 22 hours ago

Azevêdo says trade must play a central role in the Post-2015 Development Agenda

5 days 22 hours ago
Director-General Roberto Azevêdo told the General Council on 24 July that he has been actively engaged in ensuring that trade is given a central role in the Post-2015 Development Agenda, which is being discussed at the United Nations. He said that the draft goals include a significant increase in exports of developing countries, including doubling by 2020 the share of global exports of least-developed countries. He added that the WTO Public Forum in October will be dedicating a full day to analysing trade in Africa.

Trade is a major driver for economic development in Guinea, says Trade Minister

5 days 22 hours ago
On his visit on 24 July 2014 to meet the Executive Director of the Executive Secretariat for the Enhanced Integrated Framework (EIF), Mr Ratnakar Adhikari, H.E. Mr Marc Yombouno conveyed the Government’s strong appreciation of the EIF Programme in Guinea and expressed its commitment to continue with effective programme implementation.

WTO Advanced Trade Policy Course concludes in Geneva

5 days 22 hours ago
Twenty government officials from developing countries and a least developed country concluded the two-month intensive training course on 24 July 2014 at the WTO.

Agriculture negotiators edge into substantive discussion for post-Bali work programme

6 days 22 hours ago
WTO members started to exchange views on the contents of a work programme for concluding the Doha Round agriculture negotiations when they met on 23 July 2014, although they said more details are necessary if new approaches are to be considered as they work to meet the year-end deadline.

Trade Policy Review: Panama

1 week 1 hour ago
The second review of the trade policies and practices of Panama takes place on 23 and 25 July 2014. The basis for the review is a report by the WTO Secretariat and a report by the Government of Panama.

Azevêdo launches new WTO Facility to deliver support to LDCs and developing countries

1 week 22 hours ago
A new initiative unveiled at the WTO on 22 July 2014 will help developing countries and least-developed countries reap the benefits of the WTO’s new Trade Facilitation Agreement, which was agreed at the Bali Ministerial Conference in December 2013.

Items proposed for consideration at the next meeting of Dispute Settlement Body

1 week 22 hours ago
The WTO Secretariat has circulated a meeting notice and list of items proposed for the next meeting, on 22 July 2014, of the Dispute Settlement Body, which consists of all WTO members and oversees legal disputes among them. The meeting notice is circulated in the form of a document officially called an “airgram”.

Two panels established on disputes between the EU and Russia

1 week 22 hours ago
The Dispute Settlement Body, on 22 July, established two panels: on the Russian Federation’s complaint against anti-dumping measures by the European Union on imports from Russia, and on EU’s complaint against Russia’s measures on the importation of live pigs, pork and other pig products from the EU.

Bali can herald a new era in the WTO — Azevêdo

1 week 5 days ago
Director-General Roberto Azevêdo, in a speech at the Crawford School of Public Policy, Australian National University in Canberra on 17 July, said: “Bali has created the opportunity to herald a new era in the WTO. But whether we take this opportunity is up to the members. It will be a question of political will.” He said he has no doubt that “Australia will play an important role — including this year during its G20 presidency” in helping to conclude the Doha Round.

Founded in 2000, the Parliamentary Network is an independent, non-governmental organization that provides a platform for Parliamentarians from over 140 countries to advocate for increased accountability and transparency in development cooperation. Alain Destexhe is the current Chair of the Parliamentary Network.

 

The Network – via its international secretariat, regional chapters and country chapters – reaches over 1500 Parliamentarians in Africa, Asia, Europe and the Americas. It strives to increase transparency and accountability in the development cooperation process by fostering the oversight role of parliaments and civil society. The Network has a specific focus on multilateral aid and a sub-focus on the work and modus operandi of the World Bank Group and the International Monetary Fund (IMF), the world’s largest multilateral funders.

 

It provides a platform for MPs and civil society to hold to account their own governments, as well as International Financial Institutions (IFIs), for development outcomes.

Membership is free of charge and open to elected parliamentarians who currently hold a mandate. As a member, you will receive The Parliamentary Network on the World Bank and International Monetary Fund’s policy materials, including the quarterly Network Review publication and the Parliamentarians and Development series.

You will also be eligible to attend the Annual Conference and participate in discussions with senior World Bank and IMF leadership. You can also be invited to take part in the Parliamentarians in the Field country visit programme.
In addition, the The Parliamentary Network on the World Bank and International Monetary Fund often invites partner organizations to join its activities.
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