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  • 1
    UID:
    almafu_9961112698002883
    Format: 1 online resource (24 pages)
    ISBN: 979-84-00-23962-5
    Series Statement: IMF Working Papers
    Content: The paper examines the usage of the Renminbi (RMB) as an international payment currency. Globally, the use of RMB remains small, accounting for 2 percent of total cross-border transactions. Using country-level transaction data from Swift** for 2010–21, we find significant regional variations in the use of RMB for cross-border payments. While RMB is little used in some regions, it has gained traction in others, and these cross-country differences have widened over the years. Such differences can be partly explained by an economy’s geographic distance, political distance, and trade linkages with China. However, it also reflects the impact of policy measures by the People’s Bank of China, including establishing bilateral swap lines and offshore clearing banks. Both policy measures helped to address offshore RMB liquidity shortages given China’s overall capital account restrictions, with the offshore clearing banks having a quantitatively larger impact. Our analysis contributes to a better understanding of the growing importance of RMB within the international monetary system.
    Additional Edition: ISBN 979-84-00-23555-9
    Language: English
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  • 2
    Online Resource
    Online Resource
    Washington, D.C. :International Monetary Fund,
    UID:
    almafu_9961112700302883
    Format: 1 online resource (28 pages)
    ISBN: 979-84-00-23908-3
    Series Statement: IMF Working Papers
    Content: While the global usage of currencies other than the U.S. dollar and the euro for cross-border payments remains limited, rapid technological (e.g. digital money) or geopolitical changes could accelerate a regime shift into a multipolar or more fragmented international monetary system. Using the rich Swift database of cross-border payments, we empirically estimate the importance of legal tender status, geopolitical distance, and other variables vis-à-vis the large inertia effects for currency usage, and perform several forecasting simulations to better understand the role of these variables in shaping the future payments landscape. While our results suggest a substantially more fragmented international monetary system would be unlikely in the short and medium term, the impact of new technologies remains highly uncertain, and much more rapid geopolitical developments than expected could accelerate the transformation of the international monetary system towards multipolarity.
    Additional Edition: ISBN 979-84-00-23537-5
    Language: English
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  • 3
    UID:
    almafu_9960178076102883
    Format: 1 online resource (58 pages)
    ISBN: 1-5135-4333-4
    Series Statement: Departmental Papers
    Content: The paper finds that supervisory stress tests are conducted in more than half of sub-Saharan African countries, particularly in western and southern Africa, and that the number of individual stress tests has grown exponentially since the early 2010s. By contrast, few central banks publish assessments of macro-financial linkages; the focus leans more toward discussing trends and weaknesses within the financial sector than on outside risks that may negatively affect its performance.
    Additional Edition: ISBN 1-5135-3291-X
    Language: English
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  • 4
    UID:
    almafu_9959745958202883
    Format: 1 online resource (38 pages)
    Edition: 1st ed.
    ISBN: 9781513511481 , 1513511483 , 9781513511504 , 1513511505
    Series Statement: IMF Working Papers
    Content: We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu et al. (2016) to quantify how changes in aggregate demand due to additional income from household’s remittances propagates through the network of input-output linkages in Sub-Saharan African countries. We first propose two network centrality measures to assess the role of some sectors as key input providers in the economy. Then, we use these measures to quantify the effect of sectoral linkages on sectoral and total output following an increase in remittances inflows. Our empirical results suggest that the effects of remittances on recipient economies increase with the degree of linkages across sectors, which is especially prominent in the case of the financial intermediation sector. Our paper contributes to the emerging macroeconomic literature on the propagation of shocks across sectors and the implications for the whole economy.
    Note: Intro -- Cover -- Contents -- 1 Introduction -- 2 Importance of remittances -- 2.1 Literature review -- 2.2 Recent trends in remittances -- 2.3 Remittances and economic growth -- 3 Model for remittances' impact -- 3.1 Definitions -- 3.2 Intuition of the result -- 4 Data -- 4.1 Eora Database -- 4.2 Remittances data -- 5 Empirical results -- 5.1 Centrality measures of the sectoral network of the economy -- 5.2 Importance of sectoral linkages in the economy -- 5.3 Effect of remittances on sectoral output growth across economic sectors -- 5.4 Importance of linkages in explaining sectoral growth -- 5.5 Effect of sectoral linkages on total output -- 6 Conclusion -- A Proof of Proposition 1 -- List of Figures -- 1 Remittances Inflows and Growth in SSA and the World, 1990-2018 -- 2 Remittances in SSA -- 3 Remittances and GDP Growth in SSA, 2010-18 -- 4 Simple Example of Changes in Demand and Sectoral Linkages (Three Sectors) -- 5 Sectors Included in the Eora MRIO Database -- 6 Structure of the Eora Database -- 7 Network Structure of Intersectoral Flows in SSA, 2011-15 -- 8 Correlation of the Two Network Measures Considered -- 9 Sectoral Linkages across Sectors (Bonacich Centrality) -- 10 Sectoral Linkages across Sectors (Weighted Outdegree) -- 11 R̃ Variable across Sectors -- 12 Changes in R̃ and Sectoral Output Growth (Weighted Outdegree) -- 13 Sectoral Linkages and Sectoral Output Growth (Weighted Outdegree) -- 14 Sectoral Linkages and Sectoral Output Growth (Bonacich Centrality) -- 15 Sectoral Linkages and Total Output Growth (Weighted Outdegree) -- 16 Sectoral Linkages and Total Output (Bonacich Centrality) -- List of Tables -- 1 Uses of Remittances Receipts in Selected African Countries, by Source -- 2 Effect of Remittances Inflows on the Economic Sectors (Output), by Country, Period 2011-15. , 3 Effect of a 5 Percent Remittances Inflows on the Economic Sectors (Output) by Country, Period 2011-15 -- 4 Relationship between Sectoral Linkages and Sectoral Output Growth (Weighted Outdegree) -- 5 Relationship between Sectoral Linkages and Sectoral Output Growth (Bonacich Centrality).
    Additional Edition: ISBN 9781498324489
    Additional Edition: ISBN 1498324487
    Language: English
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  • 5
    Online Resource
    Online Resource
    Washington, D.C. :International Monetary Fund,
    UID:
    almafu_9959745968702883
    Format: 1 online resource (30 pages) : , illustrations.
    ISBN: 1-4843-8937-9 , 1-4843-8939-5
    Series Statement: IMF Working Papers
    Content: In this paper we study how competition and financial soundness affect financial inclusion in Sub-Saharan Africa (SSA). We use detailed individual-level survey data, combined with key country-level indicators of bank competition and financial soundness, to study the effect on the adoption of several financial products (bank accounts, credit and debit cards, and bank loans). We find that more competition tends to increase the probability of access to these financial products. On the contrary, we do not find strong evidence of the effect of bank-balance sheet variables (i.e. capital adequacy or liquidity) on borrowing by individuals. Our results may help policy makers design regulations that could improve financial inclusion, which could potentially impact economic growth and long-term economic development.
    Additional Edition: ISBN 1-4843-8616-7
    Language: English
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  • 6
    Online Resource
    Online Resource
    Washington, D.C. :International Monetary Fund,
    UID:
    almafu_9961589562402883
    Format: 1 online resource (35 pages)
    ISBN: 979-84-00-25709-4
    Series Statement: IMF Working Papers
    Content: Failures in the crypto space—including the fall of Terra USD and the FTX debacle—have sparked calls for strengthening countries’ policy frameworks for crypto assets, including by enhanced regulation and supervision. How have these heightened concerns about crypto assets been picked up in systemic risk assessment, and what can be done going forward? In this paper, we introduce a conceptual macrofinancial framework to understand and track systemic risks stemming from crypto assets. Specifically, we propose a country-level Crypto-Risk Assessment Matrix (C-RAM) to summarize the main vulnerabilities, useful indicators, potential triggers and potential policy responses related to the crypto sector. We also discuss how experts and officials can weave in specific vulnerabilities stemming from crypto asset activity into their assessment of systemic risk, and how they can provide policy advice and take action to help contain systemic risks when needed.
    Additional Edition: ISBN 979-84-00-25508-3
    Language: English
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  • 7
    UID:
    almafu_9959310751002883
    Format: 1 online resource (33 pages).
    ISBN: 1-4983-1878-9 , 1-4983-1880-0
    Series Statement: IMF Working Papers
    Content: In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization in goods and services and is expected to eventually cover all African countries. Using a multi-country, multi-sector general equilibrium model based on Costinot and Rodriguez-Clare (2014), we estimate the welfare effects of the AfCFTA for 45 countries in Africa. Three different model specifications—comprising both perfect competition and monopolistic competition—are used. Simulations include full elimination of import tariffs and partial but substantial reduction in non-tariff barriers (NTBs). Results reveal significant potential welfare gains from trade liberalization in Africa. As intra-regional import tariffs in the continent are already low, the bulk of these gains come from lowering NTBs. Overall gains for the continent are broadly similar under the three model specifications used, with considerable variation of potential welfare gains across countries in all model structures.
    Additional Edition: ISBN 1-4983-1439-2
    Language: English
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  • 8
    UID:
    almafu_9960178439902883
    Format: 1 online resource (61 p.)
    ISBN: 1-4843-9945-5 , 1-4843-9947-1
    Series Statement: Departmental Papers
    Content: FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
    Additional Edition: ISBN 1-4843-8566-7
    Language: English
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  • 9
    UID:
    almafu_9960178430402883
    Format: 1 online resource (41 pages).
    ISBN: 1-5135-4399-7
    Series Statement: Staff Discussion Notes
    Content: Political momentum towards Africa-wide free trade has been intensifying. In March 2018, over 40 countries signed the African Continental Free Trade Area (AfCFTA) agreement. Once fully implemented, the AfCFTA is expected to cover all 55 African countries, with a combined GDP of about US$2.2 trillion. This SDN takes stock of recent trade developments in Sub-Saharan Africa and assesses the potential benefits and costs of the AfCFTA, as well as challenges to its successful implementation. In addition to increased trade flows both in existing and new products, the AfCFTA has the potential to generate substantial economic benefits for African countries. These benefits include higher income arising from increased efficiency and productivity from improved resource allocation, higher cross-border investment flows, and technology transfers. Besides lowering import tariffs, to ensure these benefits, African countries will need reduce other trade barriers by making more efficient their customs procedures, reducing their wide infrastructure gaps, and improving their business climates. At the same time, policy measures should be taken to mitigate the differential impact of trade liberalization on certain groups as resources are reallocated in the economy and activities migrate to locations with comparatively lower costs.
    Additional Edition: ISBN 1-5135-4237-0
    Language: English
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  • 10
    UID:
    gbv_1677984708
    Format: 1 Online-Ressource (circa 38 Seiten) , Illustrationen
    ISBN: 9781498324489
    Series Statement: IMF working paper WP/19, 175
    Content: We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu and others (2016) to quantify how changes in aggregate demand due to additional income from household's remittances propagates through the network of input-output linkages in Sub-Saharan African countries. We first propose two network centrality measures to assess the role of some sectors as key input providers in the economy. Then, we use these measures to quantify the effect of sectoral linkages on sectoral and total output following an increase in remittances inflows. Our empirical results suggest that the effects of remittances on recipient economies increase with the degree of linkages across sectors, which is especially prominent in the case of the financial intermediation sector. Our paper contributes to the emerging macroeconomic literature on the propagation of shocks across sectors and the implications for the whole economy
    Additional Edition: Erscheint auch als Druck-Ausgabe Perez-Saiz, Hector The Impact of Remittances on Economic Activity: The Importance of Sectoral Linkages Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498324489
    Language: English
    Keywords: Graue Literatur
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