This paper presents four studies on selected issues of the Chilean economy. The new framework for fiscal policy represented by the authorities' target of a central government structural surplus of 1 percent of GDP is also discussed. This study examines whether the variance of the cyclical...

This Selected Issues paper reviews how Australia’s economy has adapted to a flexible Australian Dollar. The paper provides a background on the float and the initial policy challenges. It discusses the main elements of the Future Fund proposal, and estimates how much Australia and other...

This paper analyzes whether the lower increase in wages was a factor in the labor productivity and employment developments in the Netherlands. It argues that there is indeed such a link: rapid wage growth leads to a substitution of capital for labor, and hence to less labor-intensive production;...

This Selected Issues paper highlights that over the past decade, the Netherlands has undergone a remarkable fiscal adjustment, with the deficit, the tax burden, and the expenditure-to-GDP ratio falling significantly. The switch from a deficit-target-based to an expenditure-target-based fiscal...

This technical note explores the reasons for a comparatively high interest rate spread in Kazakhstan in the context of competition in the banking sector. In spite of significant gains in efficiency made in recent years, operational costs and provisioning for loan losses remain high compared with...

This Report on the Observance of Standards and Codes provides a review of Turkey’s data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) complemented by an in-depth assessment of the quality of the national accounts, consumer and producer price...

This paper examines economic developments in Malawi during 1993–97. Following a short recovery in 1993, Malawi’s financial situation deteriorated significantly in early 1994 as increasing problems of expenditure control ahead of its first multiparty elections and administrative...

This Selected Issues paper and Statistical Appendix assesses Switzerland’s recent real GDP performance in terms of underlying movements in potential output and the cyclical output gap. The paper highlights that Swiss real GDP has been stagnant since 1990, after expanding at an average...

This report on Kenya’s Observance of Standards and Codes presents Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. With regard to serviceability, Kenya either meets or exceeds the General Data Dissemination System...

Mali has been implementing reforms supported by the IMF through the Enhanced Structural Adjustment Facility (ESAF) and Poverty Reduction and Growth Facility (PRGF) arrangements. Executive Directors commended the macroeconomic management, poverty reduction, and structural reforms, and emphasized...