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Author : International Monetary,International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 91 pages
File Size : 40,8 Mb
Release : 2022-06-07
Category : Business & Economics
ISBN : 9798400212918
Kingdom of Lesotho: Selected Issues
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 13 pages
File Size : 41,6 Mb
Release : 2018-03-05
Category : Business & Economics
ISBN : 9781484344958
This Selected Issues paper provides further background on the macrofinancial sector analysis that informed Lesotho’s 2017 Article IV consultation. Lesotho’s financial sector is small, concentrated, and lacks financial inclusion, although mobile banking services and financial cooperatives offer some encouraging potential. Lesotho’s most important vulnerabilities are exposure to developments in South Africa and dependence on revenues from the Southern African Customs Union (SACU). Shocks to SACU revenues can become a source of systemic risk by affecting the fiscal position and the balance of payments. The financial system will be affected by both channels, with substantial implications if the shock is permanent. This paper focuses on two potential consequences of a severe SACU revenue shock for the financial system: A decline in reserves that may threaten the sustainability of the hard currency peg with the South African rand, and the impact of a forced fiscal consolidation on household income and the quality of credit to households, affecting both bank and nonbank lenders. It turns out that financial shallowness and lack of inclusion may be a defining feature of the formal banking system; thereby raising questions about potential trade-offs between inclusiveness and financial stability.
Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
Page : 75 pages
File Size : 51,8 Mb
Release : 2005-12-28
Category : Electronic
ISBN : 1451823835
This Selected Issues paper on the Kingdom of Lesotho reviews the broad objectives and key institutional features of the Common Monetary Area (CMA) relating to currency arrangements. The CMA Agreement provides for the three small member countries to have access to South African capital and money markets, but only through prescribed investments or approved securities that can be held by financial institutions in South Africa. Lesotho's exchange rate arrangement under the CMA shares certain characteristics of a currency board.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 43 pages
File Size : 42,7 Mb
Release : 2023-07-20
Category : Business & Economics
ISBN : 9798400248665
Kingdom of Lesotho: Selected Issues
Author : Mr. Yibin Mu
Publisher : International Monetary Fund
Page : 16 pages
File Size : 50,8 Mb
Release : 2022-12-06
Category : Business & Economics
ISBN : 9798400226328
Lesotho’s fiscal situation is challenging. This paper assesses the pressure points of main components of revenues, current spending, and capital spending, and then proposes a growth-friendly consolidation plan while protecting the vulnerable.
Author : Mr. Yibin Mu
Publisher : International Monetary Fund
Page : 14 pages
File Size : 53,6 Mb
Release : 2022-12-06
Category : Business & Economics
ISBN : 9798400226601
In a country such as Lesotho with high capital mobility and leakages abroad, the relationship between both fiscal, monetary, and exchange rate policy is intertwined, such that public spending and reserves are strongly linked. The paper offers an overview of the economic institutions and arrangements in Lesotho, discusses a short primer on macroeconomic policies under a fixed exchange rate, stresses a vital role for macro policy coordination in Lesotho, and proposes a macro policy framework. While the paper is developed in context of Lesotho, the analysis should also be applicable to small open economies under the fixed exchange rate arrangement.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopaedia Britannica, Inc.
Page : 882 pages
File Size : 43,5 Mb
Release : 2011-03-01
Category : Juvenile Nonfiction
ISBN : 9781615355006
The Britannica Book fo the Year 2011 provides a valuable viewpoint on the people and events that shaped the year. In addition to keeping the Encyclopaedia Britannica updated, it serves as a great reference source for the latest news on the ever-changing populations, governments, and economies throughout the world.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopaedia Britannica, Inc.
Page : 882 pages
File Size : 43,9 Mb
Release : 2013-03-01
Category : Juvenile Nonfiction
ISBN : 9781625131034
The Britannica Book of the Year 2013 provides a valuable viewpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopedia Britannica, Inc.
Page : 883 pages
File Size : 41,8 Mb
Release : 2014-03-01
Category : Juvenile Nonfiction
ISBN : 9781625131713
The Britannica Book of the Year 2014 provides a valuable viewpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopaedia Britannica, Inc.
Page : 882 pages
File Size : 51,9 Mb
Release : 2012-03-01
Category : Juvenile Nonfiction
ISBN : 9781615356188
The Britannica Book of the Year 2012 provides a valuable viewpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.
Author : Mr. Yibin Mu
Publisher : International Monetary Fund
Page : 23 pages
File Size : 45,8 Mb
Release : 2022-12-06
Category : Business & Economics
ISBN : 9798400226014
A key challenge for Lesotho is the downward rigidity in public expenditure—which increases when SACU transfers are buoyant but fails to be pared back when they fall. Fiscal rules would be of value in Lesotho to help provide constraints on spending and resist political pressure to overspend, while embedding fiscal responsibility within the country’s macro-fiscal framework and ensuring debt sustainability. This paper evaluates options for fiscal rules for Lesotho, discusses the institutional framework required to help underpin a sound fiscal-rule framework, posits a possible fiscal-rule framework for Lesotho, and offers a roadmap to introduce the framework.
Author : Burcu Aydin
Publisher : International Monetary Fund
Page : 34 pages
File Size : 45,6 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781455201457
This paper provides an exchange rate assessment for sub-Saharan African economies by using methodologies similar to those developed by the International Monetary Fund’s Consultative Group on Exchange Rate Issues. As in the World Economic Outlook (IMF, 2009a), the unbalanced panel dataset covers 182 countries from 1973 to 2014. We apply four methodologies to assess the fundamental exchange rate: macroeconomic balance, equilibrium real exchange rate, external sustainability, and purchasing power parity. Results show that the impact of macroeconomic fundamentals on the equilibrium real exchange rate is different for sub-Saharan African economies than for advanced and less advanced economies.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopaedia Britannica, Inc.
Page : 882 pages
File Size : 54,9 Mb
Release : 2010-03-01
Category : Juvenile Nonfiction
ISBN : 9781615353668
The Britannica Book of the Year 2010 provides a valuable veiwpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopaedia Britannica, Inc.
Page : 882 pages
File Size : 52,7 Mb
Release : 2009-03-01
Category : Juvenile Nonfiction
ISBN : 9781593392321
The Britannica Book of the Year 2009 provides a valuable veiwpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.
Author : Encyclopaedia Britannica, Inc.
Publisher : Encyclopaedia Britannica, Inc.
Page : 882 pages
File Size : 55,8 Mb
Release : 2008-05-01
Category : Juvenile Nonfiction
ISBN : 9781593394943
This yearbook presents information on the dates, people, events, and world affairs of 2007. The section entitled "Britannica World Data," updated annually, presents geographic, demographic, and economic details.