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Stabilization Policies And Structural Reforms In Albania Since 1997
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Book Synopsis Stabilization Policies and Structural Reforms in Albania Since 1997 by : Mr.Volker Treichel
Download or read book Stabilization Policies and Structural Reforms in Albania Since 1997 written by Mr.Volker Treichel and published by International Monetary Fund. This book was released on 2002-02-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the effectiveness of stabilization policies and structural reforms in Albania since 1997 and seeks to identify the remaining key challenges in various policy areas. It also draws lessons for other transition economies from the recent Albanian experience. While progress has been made toward macroeconomic stability and the establishment of a modern institutional framework, much remains to be done to enhance the sustainability of the recent favorable macroeconomic performance and reduce unemployment and poverty. Crucial areas of reform are the creation of functioning institutions, notably in the judicial field, and the establishment of a reliable supply of electricity, which has recently become an obstacle for rapid growth.
Book Synopsis On Eagle's Wings by : Dirk J. Bezemer
Download or read book On Eagle's Wings written by Dirk J. Bezemer and published by Nova Publishers. This book was released on 2006 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a contribution by a diverse group of authors from the academic, business and policy advice communities to our understanding of recent social and economic developments in Albania. The motivation for this book is that there are lessons of wider importance to be learnt from the fascinating story of recent Albanian developments. Michael Kaser opens the book with a recounting of the country's history and political economy before and during transition. He brings to the job nearly six decades of professional experience as a diplomat and academic and an intimate knowledge of Albania. This chapter provides a detailed political history during transition up to late 2004. Dirk Bezemer contributes an analysis of the collapse in early 1997 of the economy and society brought about by Ponzi schemes. He links the lack of productivity growth and the growth of a 'virtual' financial sector to policy practice focusing on macro stability and state abstinence from interfering in sectoral issues - policies which are still common in many transition and developing economies. Albania has implemented tight monetary policy, stabilised the exchange rate, implemented prudent fiscal polices, and achieved a significant reduction in domestic borrowing, all contributing to the decline of the overall deficit. Based on his expertise as an IMF analyst, Treichel discusses Albania's macroeconomic prospects. Nevila Konica documents the large Albanian emigration flows during transition, leading to an estimated ten percent of the population working outside Albanian territory. Based on her large primary survey data set, she explores personal attributes that characterise emigrants, as well as the extent of the 'brain drain'. She finds that remittances from emigration have been vitally important to Albania's economy by contributing to household incomes and reducing domestic unemployment. Klarita Gerxhani delves deeper into the nature of the informal economy and presents key insights from her original academic research based on fieldwork in Tirana. In her study of the street vending sector she traces its emergence to clear 'push' and 'pull' factors. emigration issue in the broader context of labour market developments. They analyse the large regional differences in unemployment rate, the large share of long-term unemployment and the persistently higher-than-average unemployment rate and falling participation rate for women. They also conclude that emigration reduced the pressure of unemployment in the labour market and on the government's budget, and contributed to financing imports, consumption and investments through remittances. Gloria La Cava uses her research experience as World Bank Senior Social Scientist specialising in the region to address, jointly with co-author Rafaella Nanetti, the changing socio-economic conditions that Albanians face. They focus on the nature of people's vulnerability resulting from a loss of social support during the transformation years, and on social programs addressing new needs. World Bank analyst Malcolm Childress discusses the 'unfinished business of land and property reform' in Albania. emergence of a dynamic land market and the sustained supply response which was expected. Urban property privatisation has fostered a construction boom in Tirana and along the coast and the creation of large areas of informal settlement on the outskirts of Tirana and Durres. Childress provides an insightful discussion of possible consequences. In the final chapter on agriculture, Pasquale Pazienza highlight key problems of land fragmentation and under-investment (particularly in the irrigation system), illuminating the current situation with the post-war history of agricultural and land reforms. He explores the determinants of productivity in a production function framework taking a long-term view, and draws out implication for what is still the largest sector in Albania's economy.
Book Synopsis Structural Reforms and Economic Performance in Advanced and Developing Countries by : Mr.Jonathan David Ostry
Download or read book Structural Reforms and Economic Performance in Advanced and Developing Countries written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2009-10-15 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.
Book Synopsis Europe's Troubled Region by : William Bartlett
Download or read book Europe's Troubled Region written by William Bartlett and published by Routledge. This book was released on 2007-12-21 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: The breaking up of Yugoslavia hasn't been an efficient clean process to say the least. This book presents a sober comparative analysis of the economic development of the newly formed states since the break up.
Book Synopsis The Rise and Fall of the Pyramid Schemes in Albania by : Mr. Christopher J. Jarvis
Download or read book The Rise and Fall of the Pyramid Schemes in Albania written by Mr. Christopher J. Jarvis and published by International Monetary Fund. This book was released on 1999-07-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: What lessons can be drawn from the unprecedented growth and spectacular collapse of financial pyramid schemes in Albania? This paper discusses the origins of the pyramid schemes and the way the authorities handled them. It also analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes’ collapse their direct effects on the economy are difficult to specify and appear to have been limited. Finally, the paper argues that prevention of pyramid schemes is better than cure, and that governments and international financial institutions should be vigilant in clamping down on frauds.
Book Synopsis When Small Countries Crash by : Scott B. MacDonald
Download or read book When Small Countries Crash written by Scott B. MacDonald and published by Routledge. This book was released on 2017-07-28 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: The public is fascinated with financial crashes. Historians portray the roar of an angry mob toppling presidents or prime ministers and destroying the property of those who are regarded as malefactors. And certainly, financial crisis is often a factor in political change. It is often overlooked, but nonetheless significant that one of the major causes for the French Revolution was the poor state of finances, with the nation coming to bankruptcy. Large systemic financial crises create history. Various actors, big and small, become caught in the drama, contributing to it in their own special way. When Small Countries Crash seeks to capture some of the drama of financial collapses and their impact on small countries, which the authors define as populations under 10 million, generally 5-6 million. MacDonald and Novo have selected countries that have had a financial crisis in the national economy; that included key actors; and where access to reliable data is available. As the authors demonstrate, the story of small countries suffering the costs of financial missteps is long and painful. They argue that smaller economies tend to be more vulnerable to economic shocks, many of which are externally generated. Small economies confront particular challenges in terms of economies of scale, diversification, and depth of expertise and workforce. The chapters in this absorbing book focus on Iceland, Latvia, Ireland, the Caribbean, Scotland, Finland, and Albania. This in-depth study is unique in its close look at financial disasters in countries that have, until now, been overlooked.
Book Synopsis Tearing Down Walls by : Mr.James M. Boughton
Download or read book Tearing Down Walls written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 2012-03-05 with total page 1036 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume--the fifth in a series of histories of the International Monetary Fund--examines the 1990s, a tumultuous decade in which the IMF faced difficult challenges and took on new and expanded roles. Among these were assisting countries that had long operated under central planning to manage transitions toward market economies, helping countries in financial crisis after sudden loss of support from private financial markets, adapting surveillance to reflect the growing acceptance of international standards for economic and financial policies, helping low-income countries grow and begin to eradicate poverty while staying within its mandate as a monetary institution, and providing adequate financial assistance to members in an age of limited official resources. The IMF's successes and setbacks in facing these challenges provide valuable lessons for an uncertain future.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484379098 Total Pages :41 pages Book Rating :4.4/5 (843 download)
Book Synopsis Albania by : International Monetary Fund. European Dept.
Download or read book Albania written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-06-09 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to determine how much of the economic slowdown of Albania is owing to cyclical conditions and how much to a reduction in potential growth. The analysis shows that average growth in 2009–14 dropped by 3.2 percentage points relative to 1997–2008, of which 2.8 percentage points are due to lower potential growth. Albania has significant potential to improve its export competitiveness. However, Albania’s competitiveness has shown narrow improvements over the past five years, with weak productivity growth and continued concentration in low-skilled labor-intensive sectors with limited value added. This paper also explores the factors underpinning Albania’s relatively low level of general government revenues.
Book Synopsis The Development of the Financial Sector in Southeast Europe by : Ingrid Matthäus-Maier
Download or read book The Development of the Financial Sector in Southeast Europe written by Ingrid Matthäus-Maier and published by Springer Science & Business Media. This book was released on 2013-03-19 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: KfW has been assigned responsibility by the German government and several other donors for projects designed to reconstruct the financial landscapes of Southeast Europe. These activities are recognized as quite successful in building sustainable financial institutions that serve the small end of the market, with special emphasis on microenterprise and small business. The KfW-managed projects have contributed to the overall stability of financial sectors and to economic recovery and growth through employment creation and investment. This book reviews experience gained and analyses the reasons for the successes achieved, options for further improvement, and scope for replicability in other transition and developing economies. A particularly interesting feature is that relatively small amounts of public funds can catalyse financial markets in volatile environments.
Book Synopsis Albania : from isolation toward reform by : Mario I. Blejer
Download or read book Albania : from isolation toward reform written by Mario I. Blejer and published by . This book was released on 1992 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis The Romanian Economic Reform Program by : Mr.Dimitri G. Demekas
Download or read book The Romanian Economic Reform Program written by Mr.Dimitri G. Demekas and published by International Monetary Fund. This book was released on 1991-08-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the start of the process of its transition to a market economy in early 1990, Romania joined the ranks of other reforming Eastern European countries. At the starting point of its reform program, however, Romania was in a deep economic and institutional crisis and had no experience in even modest attempts to reform its economy. This paper outlines the main characteristics of the Romanian economic system before the reform, and presents the evolution of the reform program, as well as its achievements in the first year or so since it was launched.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis The Egyptian Stabilization Experience by : Mr. Arvind Subramanian
Download or read book The Egyptian Stabilization Experience written by Mr. Arvind Subramanian and published by International Monetary Fund. This book was released on 1997-09-01 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the successful Egyptian stabilization experience during the 1990s, focusing on its distinctive features and contrasting them with the recent experiences of other developing countries. The key policy elements were a large fiscal adjustment, use of an exchange rate anchor that has endured for over six years, supported by prudent monetary policies, and early moves to liberalize interest and exchange markets. The outcomes included the avoidance of an output collapse despite the magnitude of fiscal adjustment; avoidance of stresses on the financial system; reversal of endemic dollarization; financial deepening at the expense of the banking system; and maintenance of external viability despite a lackluster export performance.
Book Synopsis Publications Catalog by : International Monetary Fund
Download or read book Publications Catalog written by International Monetary Fund and published by . This book was released on 2004 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Political Competition, Economic Reform and Growth by : Ivan Pavletic
Download or read book Political Competition, Economic Reform and Growth written by Ivan Pavletic and published by vdf Hochschulverlag AG. This book was released on 2010 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Which political and institutional factors trigger reforms that enable the poor to benefit from the process of economic growth? How can the incentives of policy makers be influenced in order to achieve such a dynamic? These are the questions this study seeks to address by examining the transition process in post-communist countries. The author argues that political competition within an accepted and respected institutional environment has been a driving force in shaping the direction and success of transition reforms. Evidence shows that in countries with a sufficient degree of political competition, citizens responded to economic crises by calling for economic liberalization. Economic liberalization removed existing distortions, increased economic efficiency and raised public welfare. This activated a dynamic, self-enforcing reform process that also strengthened the political and economic power of the poor. In the absence of political competition, such a process failed to emerge, thereby contributing to the persistence of poverty. Based on these findings, there is good reason to postulate that some level of political competition is essential for transition reforms to improve economic efficiency and public welfare in a sustainable manner.
