This paper describes that publications of the IMF are one way in which this responsibility is discharged. Through the publication of Staff Papers, the IMF is making available some of the work of members of its staff. The IMF believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the IMF. The selected references presented in this bibliography cover books, pamphlets, reports, and periodical articles that describe the functions, organization, and activities of the IMF. Publications on the various aspects of international economics are included only when they contain material relating specifically to the IMF.

This paper analyzes long-term exchange rate modeling. The paper reviews the literature that tests for a unit root in real exchange rates and the closely related work on testing for a unit root in the residual from a regression of the nominal exchange rate on relative prices. It argues that the balance of evidence is supportive of the existence of some form of long-term exchange rate relationship. The paper highlights that the form of this relationship, however, does not accord exactly with a traditional representation of the long-term exchange rate.

Austria entered the crisis from a strong position. Prudent policies prior to the pandemic provided significant policy space. Several lockdowns helped contain the virus but significantly impaired the economy. Real GDP contracted by 6.3 percent in 2020 and declined further in early 2021. The 2021 recovery is expected to be modest; the tourism and hospitality sectors will continue to be affected. Over the medium term, growth will accelerate in 2022 and then stabilize at potential, but the output level will remain somewhat below the pre-COVID trend. Uncertainty remains high.

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

This supplement aims to assess the economic impact of the Fund’s support through its facilities for low-income countries (LICs). It relies on two complementary econometric analyses: the first investigates the longer-term impact of Fund engagement—primarily through successive medium-term programs under the Extended Credit Facility (ECF) and its predecessors (and more recently the Policy Support Instrument (PSI))—on economic growth and a range of other indicators and socio-economic outcomes; the second focuses on the role of IMF shock-related financing—through augmentations of ECF arrangements and short-term and emergency financing instruments—on short-term macroeconomic performance. The empirical results shed some light on two channels through which different Fund facilities may have helped LICs respond to the global financial crisis—(i) by supporting a gradual buildup of macroeconomic buffers in the decades prior to the crisis and (ii) by providing liquidity support at the height of the crisis. The combination of strong pre-crisis buffers and crisis financing allowed LICs to pursue counter-cyclical policy responses that preserved spending and facilitated a rapid recovery.

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Food and nutrition security is a major concern for Saudi Arabia and the surrounding regions due to the range of challenges they face. These challenges include limited agricultural resources, low self-sufficiency in key food staples, climate change, and high levels of food loss and waste. This book aims to evaluate and analyze the current situation and future prospects of food and nutrition security in Saudi Arabia. Additionally, it seeks to analyze and assess the roles and functions of various institutions related to food security, providing a deeper understanding of the complex problems associated with it. Furthermore, this book aligns with Kingdom Vision 2030, which includes a set of strategies and programs focused on agriculture, food, and water security. It also aligns with the institutional identity of King Faisal University's "Food Security and Environmental Sustainability". The book consists of four volumes. Volume 2 is entitled "Macroeconomic Policy Implications on Food and Nutrition Security". It covers various areas, including food price, loss and waste, processing, finance, trade, investment, quality and safety, consumption patterns, climate change, early warning systems, nutrition institutions, oil revenue, and the significance of date palm and Hassawi rice, genetically modified food, and edible insects in ensuring food and nutritional security. This book is highly significant for professionals, researchers, policymakers, and entrepreneurs involved in food and nutrition security in Saudi Arabia, the Gulf Cooperation Council, and various national and international organizations. It offers a comprehensive analysis of the obstacles and possibilities in ensuring food and nutrition security, as well as presenting practical approaches to address these issues. Additionally, graduate students studying in fields related to food and nutrition security will benefit from this book.

Economic activity was buoyant in Niger thanks to a new oil project, contributing to a strengthened external account and a rebound in agricultural production. Economic developments, however, remained vulnerable to climatic shocks and the fragile security situation in the region. Fiscal developments were affected by shortfalls in oil and customs revenue credit to the private sector. The government budget has been made with the objective of maintaining macroeconomic stability while advancing development. The implementation of the financial sector development strategy and poverty reduction strategy is required.

This paper evaluates the Kyrgyz Republic’s First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). All quantitative performance criteria have been observed, and the program is on track. The end-March net international reserves target was exceeded by 20 percent of reserve money, and net domestic assets remained below the program ceiling by 4 percent of reserve money. The program’s fiscal performance criteria were also met. The program conditionality on structural reforms was satisfied.