Mr.Robert Tchaidze

Mr.Amat Adarov

Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this paper helps identify factors that explain this phenomenon. We find that the observed differences cannot be explained by macroeconomic variables only, but incorporating indicators of institutional development and external funding eliminates the gap in the case of the equity and private credit markets. However, for the private bond market a significant gap remains even after accounting for these factors.

the Case of the CE4 Countries

Development of Financial Markets in Central Europe

Ms.Kalpana Kochhar

Ms.Catherine A Pattillo

Ms.Yan M Sun

Mrs.Nujin Suphaphiphat

Mr.Andrew J Swiston

Mr.Benedict J. Clements

Ms.Stefania Fabrizio

Valentina Flamini

Ms.Laure Redifer

Mr.Harald Finger

This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instruments. Water subsidies provided through public utilities are estimated at about $456 billion or 0.6 percent of global GDP in 2012. The paper suggests that getting economic incentives right, notably by reforming water pricing, can go a long way towards encouraging more efficient water use and supporting needed investment, while enabling policies that protect the poor. It also discusses pricing reform options and emphasizes an integrated and holistic approach to manage water, going beyond the water sector itself. The IMF can play a helpful role in ensuring that macroeconomic policies are conducive to sound water management.

Issues in Managing Water Challenges and Policy Instruments

Is the Glass Half Empty Or Half Full?

Mr.Robert Tchaidze

Books

Your next favorite book is out there