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International Trade in Services
This paper reviews the characteristics of international trade in services and of the World Trade Organization’s General Agreement on Trade in Services (GATS) framework, which was established to regulate it. Further liberalization of services trade in developing countries, as currently envisaged in the context of the WTO Doha Development Agenda, holds a number of potential benefits, such as underpinning the liberalization of goods trade, but it is also being resisted due to its potential adjustment costs. Two implications for IMF activities are examined: coherence among the three principal international economic institutions and sequencing with macroeconomic stabilization and regulatory reforms.
Oil Wealth in Central Africa
Despite its vast oil wealth, central Africa still struggles to sustain strong, inclusive economic growth and to generate sufficient employment opportunities, particularly for its fast-growing youth population. Drawing on new research, Oil Wealth in Central Africa lays out the macroeconomic and growth challenges facing the region; examines oil wealth management and its implications for poverty reduction; and includes four case studies that exemplify lessons learned.
Intrinsically Biocompatible Polymer Systems
Biocompatibility refers to the ability of a biomaterial to perform its desired function with respect to a medical therapy, without eliciting any undesirable local or systemic effects in the recipient or beneficiary of that therapy, but generating the most appropriate beneficial cellular or tissue response in that specific situation, and optimizing the clinically relevant performance of that therapy, which reflects current developments in the area of intrinsically biocompatible polymer systems. Polymeric biomaterials are presently used as, for example, long-term implantable medical devices, degradable implantable systems, transient invasive intravascular devices, and, recently, as tissue engineering scaffolds. This Special Issue welcomes full papers and short communications highlighting the aspects of the current trends in the area of intrinsically biocompatible polymer systems.
Financial Services and Preferential Trade Agreements
This book fills a large gap in the literature on trade in services. It focuses on the dynamics of trade and investment liberalization in a sector of considerable technical and regulatory complexity financial services. This volume chronicles the recent experiences of governments in Latin America that have successfully completed financial services negotiations through preferential trade agreements. One of the unique features of this book is the three in-depth country case studies Chile, Colombia, and Costa Rica all written by trade experts who led the negotiations of their respective countries in financial services. The authors offer analytical insights into the substantive content of the lega...
Regional Economic Outlook, October 2017, Sub-Saharan Africa
Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.
Regional Economic Outlook, October 2018, Sub-Saharan Africa
The macroeconomic outlook for sub-Saharan Africa continues to strengthen. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive external environment, including continued steady growth in the global economy, higher commodity prices, and accommodative external financing conditions. Inflation is abating; and fiscal imbalances are being contained in many countries. Over the medium term, and on current policies, growth is expected to accelerate to about 4 percent, too low to create the number of jobs needed to absorb anticipated new entrants into labor markets.
Modeling Inflation in Chad
This paper examines the determinants of inflation in Chad using quarterly data from 1983:Q1 to 2009:Q3. The analysis is based on a single-equation model, completed by a structural vector auto regression model to capture inflation persistence. The results show that the main determinants of inflation in Chad are rainfall, foreign prices, exchange rate movements, and public spending. The effects of rainfall shocks and changes in foreign prices on inflation persist during six quarters. Changes in public spending and the nominal exchange rate affect inflation during three and four quarters, respectively.
Can Fiscal Consolidation Announcements Help Anchor Inflation Expectations?
In this paper, we use quarterly data and a novel database on fiscal policy consolidation announcements, for a sample of advanced economies and emerging markets to quantify the effects of fiscal tightening on inflation expectations. We find that fiscal consolidation announcements reduce inflation expectations over the medium-term (three and five-years ahead), but not in the short-term (one-year ahead). There is also some evidence that consolidation announcements reduce “disagreement” about expected future inflation at longer horizons. The inflation anchoring role of consolidation announcements is enhanced by the strength of a country’s fiscal and monetary frameworks, and when fiscal and...
Services--the Export of the 21st Century
U.S. exports of financial, entertainment, architectural, accounting, computer, and other services have more than doubled in the last seven years. Specifically addressing the needs of service exporters, this book covers issues such as marketing services vs. merchandise, market research, export financing, international payments, breaking trade barriers, and more. Also included is a series of 20 industry-specific articles that give the how-to and where-to for exporting specific services.
International Economic Law and Monetary Measures
The 20072010 global financial crisis re-opened the debate on the reform of the international monetary and financial system. This well-argued book demonstrates the strategic role of international economic law (IEL) in ensuring international monetary stability and global financial stability. After discussing the current allocation of powers among IEL institutions, Annamaria Viterbo focuses on monetary measures: exchange restrictions, capital controls and exchange rate manipulations. These three fundamental topics are then examined through the lens of a multi-layered methodology, adopting perspectives from international monetary law, trade law and investment law. The author evaluates how the ho...
