Author/Editor: Adolfo Barajas, Woon Gyu Choi, Ken Zhi Gan, Pierre Gu�rin, Samuel Mann, Manchun Wang, Yizhi Xu.

Release Date:August, 2021

After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during the COVID-19 on the back of easy financial conditions induced by unprecedented more...

Author/Editor: Jochen R Andritzky, Zsuzsa Munkacsi, Ke Wang.

Release Date:May, 2021

Mobile money services have rapidly expanded across emerging and developing economies and enabled new ways through which households and firms can conduct payments, save and send remittances. We more...

Author/Editor: Kevin Clinton, R S Craig, Douglas Laxton, Hou Wang.

Release Date:May, 2019

Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging more...

Author/Editor: Arnold McIntyre, Mike Xin Li, Ke Wang, Hanlei Yun.

Release Date:April, 2018

The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small more...

Author/Editor: Prakash Loungani, Saurabh Mishra, Chris Papageorgiou, Ke Wang.

Release Date:March, 2017

Using a newly constructed dataset on trade in services for 192 countries from 1970 to 2014, this paper shows that services currently constitute one-fourth of world trade and an more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Hou Wang, Fan Zhang.

Release Date:February, 2017

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Pranav Gupta, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Rafael Portillo, Hou Wang, Fan Zhang.

Release Date:February, 2017

This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for more...

Author/Editor: Kevin Clinton, Tibor Hlédik, Tomás Holub, Douglas Laxton, Hou Wang.

Release Date:January, 2017

This paper describes the CNB’s experience implementing an inflation-forecast targeting (IFT) regime, and the building of a system for providing the economic information that policymakers need to more...

Author/Editor: Vitor Gaspar, Maurice Obstfeld, Ratna Sahay, Douglas Laxton, Dennis P Botman, Kevin Clinton, Romain A Duval, Kotaro Ishi, Zoltan Jakab, Laura Jaramillo, Constant A Lonkeng Ngouana, Tommaso Mancini Griffoli, Joannes Mongardini, Susanna Mursula, Erlend Nier, Yulia Ustyugova, Hou Wang, Oliver Wuensch.

Release Date:September, 2016

The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run out of space or lack the power to raise growth or more...

Author/Editor: Maurice Obstfeld, Kevin Clinton, Ondra Kamenik, Douglas Laxton, Yulia Ustyugova, Hou Wang.

Release Date:September, 2016

Routine publication of the forecast path for the policy interest rate (i.e. “conventional forward guidance”) would improve the transparency of monetary policy. It would also improve policy more...