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  • Stabi Berlin  (9)
  • Akademie d. Wiss.
  • Klein, Nir  (9)
  • Open access  (9)
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  • Stabi Berlin  (9)
  • Akademie d. Wiss.
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  • Open access  (9)
  • 1
    Online Resource
    Online Resource
    The Linkage between the Oil and Non-oil Sectors : A Panel VAR Approach (2010)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_84590048X
    Format: Online-Ressource (25 p)
    Edition: Online-Ausg.
    ISBN: 1455200778 , 9781455200771
    Series Statement: IMF Working Papers Working Paper No. 10/118
    Content: Recent empirical studies have shown an inverse relation between natural resource intensity and long-term growth, implying that the natural resources generally impede economic growth through various channels (the “natural resource curse”). This paper departs from these studies by exploring the intersectoral linkages between oil and non-oil sectors in a cross-country perspective. The paper shows that the applicability of “natural resource curse” across oilbased economies should be treated with caution as the externalities of the oil sector highly depend on the countries’ degree of oil-intensity. In particular, the results show that, in low oil-intensity economies, the incentives to strengthen both fiscal and private sector institutions lead to positive inter-sectoral externalities. In contrast, weaker incentives in high oil-intensity economies adversely affect fiscal and private sector institutions and consequently lead to negative inter-sectoral externalities
    Language: English
    DOI: 10.5089/9781455200771.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Non-Performing Loans in CESEE : Determinants and Impact on Macroeconomic Performance (2013)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845819178
    Format: Online-Ressource (27 p)
    Edition: Online-Ausg.
    ISBN: 1484318528 , 9781484318522
    Series Statement: IMF Working Papers Working Paper No. 13/72
    Content: The paper investigates the non-performing loans (NPLs) in Central, Eastern and South-Eastern Europe (CESEE) in the period of 1998–2011. The paper finds that the level of NPLs can be attributed to both macroeconomic conditions and banks’ specific factors, though the latter set of factors was found to have a relatively low explanatory power. The examination of the feedback effects broadly confirms the strong macro-financial linkages in the region. While NPLs were found to respond to macroeconomic conditions, such as GDP growth, unemployment, and inflation, the analysis also indicates that there are strong feedback effects from the banking system to the real economy, thus suggesting that the high NPLs that many CESEE countries currently face adversely affect the pace economic recovery
    Language: English
    DOI: 10.5089/9781484318522.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 3
    Online Resource
    Online Resource
    Estimating the Implicit Inflation Target of the South African Reserve Bank (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845823779
    Format: Online-Ressource (16 p)
    Edition: Online-Ausg.
    ISBN: 1475505256 , 9781475505252
    Series Statement: IMF Working Papers Working Paper No. 12/177
    Content: This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in practice, the SARB seems to have aimed for the upper segment of the band (41.2 .6 percent) for most of the period, despite the substantial variation of the output gap. Second, the estimation results show that the implicit inflation target varied over time, and in recent years it has shifted toward the upper limit of the inflation target range. This perhaps suggests that since the outbreak of the financial crisis in 2008, the SARB's tolerance for higher inflation has somewhat increased to better support economic activity
    Language: English
    DOI: 10.5089/9781475505252.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 4
    Online Resource
    Online Resource
    South Africa : The Cyclical Behavior of the Markups and its Implications for Monetary Policy (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845850490
    Format: Online-Ressource (22 p)
    Edition: Online-Ausg.
    ISBN: 1463902158 , 9781463902155
    Series Statement: IMF Working Papers Working Paper No. 11/204
    Content: The study looks at the cyclical behavior of the markups and assesses its impact on inflation dynamics. The analysis finds that the aggregate level of the private sector''s markup is relatively high, thus pointing to the lack of strong competition in South Africa''s product markets. Additionally, the results suggest that the markups tend to move in a countercyclical manner, with a short-term positive impact on inflation. This implies that the countercyclical pattern of the markups is one factor among others that contribute to the relatively weak output gap-inflation co-movement. In the context of South Africa''s inflation targeting framework, the counter-cyclical markups may also generate an asymmetric response of monetary policy to the fluctuations in economic activity
    Language: English
    DOI: 10.5089/9781463902155.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 5
    Online Resource
    Online Resource
    Real Wage, Labor Productivity, and Employment Trends in South Africa : A Closer Look (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_84583360X
    Format: Online-Ressource (28 p)
    Edition: Online-Ausg.
    ISBN: 1475502826 , 9781475502824
    Series Statement: IMF Working Papers Working Paper No. 12/92
    Content: The paper looks at the dynamics of employment in South Africa and examines the factors that contributed to the job-shedding observed during the recent financial crisis. The paper finds that the rapid growth of the real wage, which outpaced the labor productivity growth in most sectors, played an important role in suppressing employment creation. The paper also finds that while there is a co-integrating link between the real wage and labor productivity, the deviations from equilibrium are persistent and thus contribute to a weak link between real wage growth and labor productivity growth in the short term. This finding is also supported by a cross-country analysis, which shows that in South Africa the link between the real wage and labor productivity is substantially weaker than in other emerging markets, even after controlling for labor market tightness indicators
    Language: English
    DOI: 10.5089/9781475502824.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 6
    Online Resource
    Online Resource
    Small and Medium Size Enterprises, Credit Supply Shocks, and Economic Recovery in Europe (2014)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845951114
    Format: Online-Ressource (27 p)
    Edition: Online-Ausg.
    ISBN: 1498303595 , 9781498303590
    Series Statement: IMF Working Papers Working Paper No. 14/98
    Content: The limited access to bank credit in recent years has increased the pressure on small and medium size enterprises (SMEs), forcing them to scale down investment plans and production. This paper, which explores the macroeconomic implications of this channel, finds evidence that countries with high prevalence of SMEs tended to recover more slowly from the global financial crisis than their peers, implying that the interaction of the economic structure and access to bank financing plays a critical role in episodes of economic recovery. This conclusion is reinforced by a VAR estimation, which demonstrates that a negative credit supply shock applied to SMEs has an adverse effect on economic activity, and this impact is amplified in countries that have a high share of SMEs
    Language: English
    DOI: 10.5089/9781498303590.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 7
    Online Resource
    Online Resource
    A financial conditions index for South Africa (2012)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845823930
    Format: Online-Ressource (20 p)
    Edition: Online-Ausg.
    ISBN: 1475505450 , 9781475505450
    Series Statement: IMF Working Papers Working Paper No. 12/196
    Content: The main purpose of this paper is to construct a financial conditions index (FCI) for South Africa. The analysis extracts the index by applying two alternative approaches (principal component analysis and Kalman filter), which identify an unobservable common factor from a group of external and domestic financial indicators. The alternative estimated FCIs, which share a similar trajectory over time, seem to have a powerful predictive information for the near-term GDP growth (up to four quarters), and they outperform the South African Reserve Bank’s (SARB) leading indicator as well as individual financial variables. Their recent dynamics suggest that following a strong recovery in late-2009 and 2010, reflecting in part domestic factors such as systematic reductions in the policy rate, the rebound in real economic activity, and a benign inflationary environment, the financial conditions have deteriorated in recent months, though not as sharply as in end-2008. Given their relatively high predictive power regarding GDP growth, a further deterioration may imply that economic activity is likely to slow in the period ahead
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781475505450.001
    URL: kostenfrei
    URL: Volltext  (IMF e-Library)
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    Stabi Berlin
  • 8
    Online Resource
    Online Resource
    Understanding Inflation Inertia in angola (2009)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845893041
    Format: Online-Ressource (19 p)
    Edition: Online-Ausg.
    ISBN: 1451872453 , 9781451872453
    Series Statement: IMF Working Papers Working Paper No. 09/98
    Content: In recent years, the decline in inflation in Angola has stalled and further steps may be needed to attain the authorities'' medium term goal of meeting the Southern African Development Community (SADC) convergence criteria of a low single digit inflation rate. A Vector Error Correction (VEC) model, which analyzes the factors that affect the inflationary process in Angola, suggests that the inflation path has been largely affected by exchange rate movements. This implies that greater exchange rate flexibility that facilitates a gradual appreciation would be instrumental to moderate price growth through reducing the price of imports and limiting liquidity injection by the National Bank of Angola (BNA). Additionally, the analysis shows that excess liquidity, which is measured by positive deviations of M2 from its equilibrium level, adds to demand pressures, and contributes to inflation with a lag. This underlines the importance of closely monitoring the growth of monetary aggregates as well as improving liquidity management
    Language: English
    DOI: 10.5089/9781451872453.001
    URL: kostenfrei
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    Stabi Berlin
  • 9
    Online Resource
    Online Resource
    Corporate sector vulnerabilities in Ireland (2016)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_897199855
    Format: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    ISBN: 9781475552171
    Series Statement: IMF working paper WP/16, 211
    Content: The paper uses both macro- and micro-level data to assess how has the financial health of the Irish non-financial corporate (NFC) sector changed in the post financial crisis period. The analysis suggests that vulnerabilities have generally declined in recent years, but the NFC sector and especially smaller domestic firms remain vulnerable. A sensitivity analysis indicates that a non-extreme shock, which comprises a decline in profitability and an increase in interest rates, is likely to push many firms into a vulnerable state and that the share of firms with interest cover ratio of lower than one would triple to nearly fifty percent, largely reflecting the deterioration in the financial health of small firms. In such a scenario, the share of risky debt would increase to the level observed during the financial crisis, resulting in a significant increase in new corporate defaults
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781475552171.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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    Stabi Berlin
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