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World Econonomic and Financial Surveys, 1988

World Econonomic and Financial Surveys, 1988
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 116
Release: 1988-01-01
Genre: Business & Economics
ISBN: 1451943679

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This paper examines the World Economic Outlook forecasting record for the principal performance indicators for the major industrial countries and corresponding aggregates and for groups of non-oil developing countries. Several criteria were used in evaluating the forecasts: the computation and evaluation of various summary statistics of forecast accuracy, bias, and efficiency; comparisons with alternative forecasts—naive forecasts and forecasts produced by the Organization for Economic Cooperation and Development (OECD) and by national forecasting agencies; the examination of turning-point errors and forecast performance in defined episodes; and, finally, some attempt to explain forecast error in terms of unanticipated developments in policy variables and oil prices. In judging the forecast performance of the World Economic Outlook, a number of points must be kept in mind. Most important, it has to be recognized that the period since the inception of the World Economic Outlook as a regular forecasting exercise has been extraordinarily rich in economic upheavals, which have made the odds against accurate forecasting formidable.


World Economic Outlook, April 1988

World Economic Outlook, April 1988
Author: International Monetary Fund
Publisher:
Total Pages: 0
Release: 1988
Genre: Economic forecasting
ISBN: 9781557750112

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World Economic Outlook

World Economic Outlook
Author: International Monetary Fund
Publisher:
Total Pages: 189
Release: 1988
Genre:
ISBN:

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World Economic Outlook, October 1988

World Economic Outlook, October 1988
Author: International Monetary Fund
Publisher:
Total Pages: 137
Release: 1988
Genre: Economic forecasting
ISBN: 9781557750334

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World Economic and Financial Surveys

World Economic and Financial Surveys
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 76
Release: 1990-01-01
Genre: Business & Economics
ISBN: 1451943814

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This paper discusses commodity prices might serve as a useful leading indicator of inflation, based on the relative importance of flexible auction markets for the determination of these prices. They thus may have a tendency to respond relatively quickly, especially in response to monetary disturbances. Estimation of alternative commodity-price indexes, in which the weights are chosen so as to minimize the residual variance in aggregate inflation regressions, was not fully successful. The commodity prices do have a useful role to play as an aid in predicting inflation, so long as one is careful to interpret the relationships qualitatively and in the context of more general macroeconomic developments. The ratio of consumer to commodity price movements’ changes over time, and the relative price of commodities undergoes long sustained swings; nonetheless, the qualitative linkages are quite evident in the data. Perhaps most importantly, turning points in commodity-price inflation frequently precede turning points in consumer-price inflation for the large industrial countries as a group.


World Economic and Financial Surveys, Primary Commodities, 1988

World Economic and Financial Surveys, Primary Commodities, 1988
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 116
Release: 1988-01-01
Genre: Business & Economics
ISBN: 1451943083

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This paper provides an analysis of recent developments relating to the major nonfuel primary commodities traded in international markets. Particular attention is given to market price movements and the factors underlying these movements. A number of adjustments in the international trading environment in which commodity prices are determined occurred in 1987, and even more significant changes are expected in the years ahead. Some of the adjustments in the past year affected only bilateral trading arrangements, while others, such as certain initiatives undertaken in the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) negotiations and those relating to some international commodity agreements were of a multilateral nature. The present round, the eighth in a series of GATT negotiations held since 1947, involves two elements that are of particular relevance to international trade in commodities. Although only small changes were made in 1987 in the various multilateral schemes that exist to compensate countries for export earnings shortfalls, a significant increase in such financing in 1987 had the effect of stabilizing many developing countries’ export earnings, thereby maintaining their capacity to import and buoying world trade.


1993 World Economic and Financial Surveys

1993 World Economic and Financial Surveys
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 120
Release: 1993-01-01
Genre: Business & Economics
ISBN: 145193890X

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This paper discusses systematic issues in international finance explained in the International Capital Markets report. The paper describes that the nature and extent of recent banking problems in several industrial countries along with the policy responses to those problems. It is observed that balance sheet problems in banking are widespread among the major industrial countries. The paper also analyses recent activity in the European currency unit bond and exchange markets, and reviews developments in the private financing of developing countries and discusses several issues raised by the recent experience, including the broadening of the investor base for developing country securities, the special role played by regional financial centers in East and Southeast Asia, and the systemic implications of the evolving pattern of developing country financing. A key influence on international capital movements in recent years was the rising international diversification of investment portfolios, which is generally believed to have increased in response to the liberalization of exchange and capital controls in many industrial countries in the 1970s and 1980s.


1989 World Economic and Financial Surveys

1989 World Economic and Financial Surveys
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 72
Release: 1989-01-01
Genre: Business & Economics
ISBN: 1451940432

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This paper summarizes major measures taken in the international exchange and trade systems in 1988 and developments in exchange arrangements and the evolution of exchange rates. The exchange arrangements adopted by members since 1973 cover a broad spectrum of degrees of flexibility, from single-currency pegs to a freely floating system. Most countries have adopted arrangements that fall clearly into one or another of the major categories of the present classification system adopted by the IMF in 1982, and countries with dual markets usually have one market that is clearly more important than the other, which allows accurate classification by major market. Changes in IMF members' arrangements for their currencies during this decade have shown a distinct tendency to move toward more flexible arrangements and away from single-currency pegs, continuing a trend that began in the mid-1970s. A qualitative sense of the significance of the trend toward more flexible arrangements can be conveyed by the degree that world trade is affected by countries adopting different arrangements.


1992 World Economic and Financial Surveys

1992 World Economic and Financial Surveys
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 188
Release: 1992-01-01
Genre: Business & Economics
ISBN: 145193954X

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This paper reviews major issues and developments in the trade area and outlines the challenges governments face as they seek to liberalize trade in the Uruguay Round of trade negotiations and address new trade issues. In industrial countries, the reorientation of policies was most apparent in steps taken to liberalize financial markets and foreign direct investment, privatize public enterprises, and deregulate services, particularly in the transportation and communication sectors. Among developing countries, a growing number recognized the merits of outward, market-oriented policies and took steps to liberalize their trade regimes and open their economies to international competition. By and large, the increased focus on market principles in industrial countries did not carry over to trade and industrial policies or, most notable, to the agricultural sector. Despite strong growth performance in 1983–1989, little progress was made in rolling back the protective barriers that had risen during the preceding recessionary period; protection persists in agriculture and declining sectors and has spread to newer high-tech areas.