Investment Rating - The report indicates that 82 percent of the Implementation Plan (IP) actions are completed or on track for completion, with 18 percent delayed, suggesting a generally positive outlook on the implementation progress [5][9][22]. Core Insights - The Institutional Safeguards Review (ISR) was launched to ensure robust governance structures within the Fund, with a comprehensive Implementation Plan developed to address recommendations made in June 2022 [7][8]. - The Office of Internal Audit (OIA) confirmed substantial progress, with 85 percent of actions reported as completed or on track by December 2023, which aligns with the current assessment of 82 percent [4][9]. - The report highlights that the majority of delayed actions are expected to be completed by the end of 2024, indicating a commitment to follow through on the recommendations [5][23]. Summary by Sections Implementation Progress - The OIA assessment found that 82 percent of IP actions were either completed (64 percent) or on track (18 percent), while 18 percent were delayed [5][9]. - The remaining actions are anticipated to be completed by the end of 2024, with no significant issues identified that would impact their completion [9][22]. Institutional Safeguards Review (ISR) - The ISR aimed to strengthen the Fund's Data Analysis and Integrity (DAI) frameworks and improve trust in the Dispute Resolution System (DRS) [7][16]. - The Implementation Plan consists of 71 actions grouped under four key themes: DAI, leadership tone from the top, building trust and strengthening DRS processes, and oversight and accountability [8][16]. OIA's Assessment - OIA's assessment confirmed the staff's update from December 2023, with a focus on the effectiveness of completed actions and opportunities for future enhancements [9][30]. - The report emphasizes the importance of continuous engagement with staff to evaluate in-progress and delayed actions during 2024-2025 [11][30]. Recommendations and Enhancements - The report identifies areas for potential enhancements in the implementation of DAI and EP actions, which are left to staff's discretion to operationalize [30][38]. - Specific recommendations include improving measurement mechanisms for compliance with guidance notes and enhancing interdepartmental review processes [34][36].

INTERNATIONAL MONETARY FUND | --- | --- | |-------|---------------------------| | | | | | Currencies in Turbulence: | Exchange Rates Anh Thi Ngoc Nguyen, Ha Minh Nguyen WP/24/186 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 9A9 2024 AUG © 2024 International Monetar ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The paper presents a calibrated DSGE model tailored for the economy of North Macedonia, developed through a collaboration between the National Bank of the Republic of North Macedonia and the IMF, focusing on the unique characteristics of a small open economy with a fixed exchange rate regime [3][9][10]. - The model aims to enhance the understanding of the business cycle drivers in North Macedonia and serves as an additional analytical tool for policy analysis, complementing existing models [10][11]. - The model incorporates sector-specific technologies and trends to accurately reflect the structural changes in the Macedonian economy, including the Balassa-Samuelson effect [3][9][24]. Summary by Sections Introduction - The introduction highlights the increasing reliance of central banks on advanced macroeconomic models like DSGE for policy analysis and forecasting, particularly in emerging markets [8][9]. Stylized Facts of the Economy of North Macedonia - The Macedonian economy is characterized by a fixed exchange rate regime and has experienced significant structural changes, with a focus on maintaining price stability through a stable nominal exchange rate [14][18]. - Historical data shows an average GDP growth rate of approximately 2.6%, with notable contractions during the Global Financial Crisis, political crises, and the COVID pandemic [14][18]. Structure of the Model - The model includes various sectors such as households, production, exports, and imports, each with specific optimization problems and first-order conditions [25][35][40]. - Households are modeled to optimize utility while facing constraints related to consumption, investment, and labor supply [25][27]. Calibration - The calibration process involved iterative testing to ensure the model's properties align with empirical data, focusing on impulse response functions and historical simulations [61][62]. - Key parameters were set based on observed data, including the share of labor in production (0.6) and the share of domestic production in final production (0.475) [64][66]. Model Diagnostics - The model's steady-state characteristics were compared with observed data, revealing that the calibrated shares of private consumption, investment, and exports align closely with historical averages [68][70]. - The model reflects a higher export share, indicating a trend growth rate that is expected to continue over the forecast horizon [70].

Investment Rating - The report does not explicitly provide an investment rating for the industry but emphasizes the potential for green growth and economic opportunities in Brazil's climate strategies [2][3]. Core Insights - The Brazilian economy is significantly exposed to climate change, particularly in agriculture and hydropower, with vulnerabilities exacerbated by land-use patterns [3][11]. - Brazil has vast opportunities for green growth due to its renewable energy mix and biodiversity, which can enhance economic potential while addressing climate risks [3][13]. - Policy options are proposed to strengthen resilience and promote green growth, including fiscal incentives for forest protection and investments in climate-smart agriculture [3][15]. Summary by Sections Introduction - Climate change is already impacting Brazil's economy, with rising temperatures and increased extreme weather events leading to significant economic losses [11][12]. Key Vulnerabilities - **Agriculture**: Traditional agriculture contributes about 7% to GDP, while agribusiness accounts for nearly 25%. Adverse weather conditions significantly affect agricultural production and prices, with past droughts causing price differentials of up to 100% for key commodities [16][18]. - **Hydropower Generation**: Hydropower constitutes around 60% of Brazil's electricity generation. Climate change is expected to reduce hydropower output by approximately 20% by 2050 under high emission scenarios, leading to increased energy costs [19][22]. - **Financial Sector**: About 20% of the financial sector's credit portfolio is exposed to climate-sensitive sectors, with agriculture being a significant component. The financial sector is increasingly recognizing climate risks, influencing lending behaviors [25][27]. Policy Options to Strengthen Resilience and Green the Economy - Brazil's updated climate strategies aim to reduce emissions by 53% below 2005 levels by 2030 and achieve net zero emissions by 2050. Key measures include enhancing green finance, promoting a bio-economy, and accelerating the energy transition [33][34]. - The Ecological Transformation Plan focuses on green growth through technology and productivity improvements while decarbonizing the economy [34][35]. - The Amazon Fund and carbon credit initiatives are designed to support sustainable forestry and reduce illegal deforestation, with the potential to generate significant revenues [56][57].

Investment Rating - The report does not explicitly provide an investment rating for the Central Bank Digital Currency (CBDC) ecosystem Core Insights - The CBDC ecosystem is a complex and interconnected system that poses significant cyber risks, necessitating robust security measures to maintain public trust and operational resilience [14][15][31] - The design choices for CBDCs have substantial implications for their operational and cyber resilience, with various models (retail vs. wholesale, token vs. account-based) presenting different risk profiles [17][18][46] Summary by Sections Introduction - Over 100 central banks are exploring CBDCs to modernize payment systems and enhance resilience and security [14] - CBDCs create a complex ecosystem that amplifies existing risks and introduces new ones [14][15] Section I: Cyber Risk: Context and Overview - CBDCs face digital risks that intersect with traditional payment system risks, requiring a focus on confidentiality, integrity, and availability [20][21] - Human vulnerabilities account for over 80% of cyberattacks, highlighting the importance of security hygiene and training [21] Section II: Cyber Risk in the CBDC Ecosystem - The CBDC ecosystem is highly interconnected, with various participants that can be points of failure [32] - Unique cyber risks for CBDCs include compromises of core servers, payment systems, and insider threats [38][39] Section III: Design and Technology Choices: Cybersecurity Implications - Design choices for CBDCs affect their risk profile and require safeguards for information confidentiality and service availability [46] - The report discusses various design options, including distribution models and token vs. account-based systems, each with distinct security considerations [47][50] Section IV: Foundational Requirements and Good Practices for a Resilient CBDC Ecosystem - Emphasizes the need for strong governance, risk management, and cybersecurity frameworks from the initial stages of CBDC development [45] - Highlights the importance of collaboration among stakeholders and the establishment of national cybersecurity strategies [41][42]

Central Bank Digital Currency Data Use and Privacy Protection Kieran Murphy, Sun Tao, Yong Sarah Zhou, Natsuki Tsuda, Nicolas Zhang, Victor Budau, Frankosiligi Solomon, Kathleen Kao, Morana Vucinic, and Kristina Miggiani NOTE/2024/004 FINTECH NOTE Central Bank Digital Currency Data Use and Privacy Protection Prepared by Kieran Murphy, Sun Tao, Yong Sarah Zhou, Natsuki Tsuda, Nicolas Zhang, Victor Budau, Frankosiligi Solomon, Kathleen Kao, Morana Vucinic, and Kristina Miggiani1 August 2024 1 With contributio ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Republic of Armenia (RoA) has committed to adopting the OECD Crypto-Asset Reporting Framework (CARF) and aims to initiate the first automatic exchange of information by 2027, necessitating domestic legislation [12][20] - Currently, there are no specific provisions for crypto assets in the RoA's tax code, leading to uncertainty in tax treatment and valuation of crypto asset transactions [13][21] - The mission team provided a structured risk assessment template to the State Revenue Committee (SRC) to identify gaps in tax compliance related to crypto assets [14][39] Summary by Sections Executive Summary - The RoA's commitment to CARF requires the enactment of domestic legislation to facilitate automatic information exchange by 2027 [12] Recommendations - Finalize and document the Risk Assessment on Crypto Assets by July 2024 [19] - Review the draft law to ensure comprehensive coverage of crypto-asset-related activities by December 2024 [19][48] - Implement a step-by-step roadmap for the new laws once passed [19] Background - The RoA has committed to CARF and must enact domestic legislation to fulfill its obligations [20] - The SRC has drafted amendments to the tax code, which are under peer review by OECD experts [20][24] Key Issues - The lack of clarity in the current tax code leads to inappropriate tax outcomes for crypto asset transactions [33] - The SRC has identified gaps in the current tax framework and the need for reliable data to enforce tax compliance [41] Proposed Legal Framework - The SRC's draft amendments include provisions for tax obligations, rates, and reporting requirements, aligning with the forthcoming "RoA Law on Crypto-assets" [43][44] - Close coordination between the SRC and the Central Bank of Armenia (CBA) is essential for effective implementation [44] Next Steps - The SRC aims to close identified gaps to enhance the effectiveness of the RoA's tax framework and ensure compliance with CARF [26] - The mission team emphasized the importance of understanding the technical aspects of crypto asset transactions for effective law design [22][40]

财政 R - Star ： 财政货币紧张局势及其对政策的影响 Marijn A. Bolhuis, Jakree Koosakul, Neil ShenaiWP / 24 / 174 货币基金组织工作文件描述了作者正在进行的研究 ， 并发 表了这些论文 ， 以引起评论并鼓励辩论。 基金组织工作文件中表达的观点是作者的观点 ， 不一定代表 基金组织、其执行董事会或基金组织管理层的观点。 AUG 2024 © 2024 国际货币基金组织 WP / 24 / XX IMF 工作文件 战略、政策和审查部 财政 R - Star ： 财政货币紧张局势及其对政策的影响 ， 由 Marijn A. Bolhuis ， Jakree Koosakul 和 Neil Shenai 制定 * 授权由 Ceyla Pazarbasioglu 发行 2024 年 8 月 货币基金组织工作文件描述了作者正在进行的研究 ， 并发表了这些论文 ， 以引起评论并鼓励辩论。基金组织工作文件中表达的观 点是作者的观点 ， 不一定代表基金组织、其执行董事会或基金组织管理层的观点。 摘要 ：自全球金融危机以来 ， 发达经济体的财政政策变得更加 "积 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The gender gap in labor force participation (LFP) in Türkiye is significant, with a female participation rate of approximately 37%, which is one of the largest gaps in the G20 and much larger than in many emerging markets [8][10][41] - Reducing gender disparities in the labor market could significantly enhance mid-term growth and inclusivity in Türkiye, potentially increasing GDP by about 25% [41] - The report emphasizes the importance of fiscal policy in addressing gender disparities, suggesting targeted public spending on childcare and early education as a means to support female labor force participation [41][26] Summary by Sections A. Introduction - The gender gap in labor force participation is a macroeconomic issue for Türkiye, with significant implications for labor supply and economic growth [9] B. Gender Gap in Labor Force Participation in International Context - Türkiye's female labor force participation rate is notably low compared to international standards, with a significant gender gap that is particularly pronounced among lower-skilled workers and in urban areas [10][11][25] C. Gender Gap in Labor Force Participation - Stylized Facts - The gender gap in LFP is driven by lower-skilled workers, with the gap being less pronounced among higher-educated individuals [18][20] - The gap is particularly larger for married women and mothers compared to single women [22] D. Fiscal Policy and Gender Gap in Labor Market - Fiscal policies can influence gender outcomes through tax and spending policies, with a focus on increasing public spending on childcare and education to support female labor supply [26][28] - The lack of personal income tax exemptions until recently has placed pressure on women's labor force participation [26][27] E. Key Findings and Policy Priorities - Key priorities include increasing affordable childcare services, providing targeted subsidies and tax relief for low-income workers, and enhancing the gender budgeting framework in Türkiye [41][39]

移民和汇款对拉丁美洲和加勒比地区经济 增长和劳动力参与的联合影响 Alina Carare 、 Alejandro Fiorito Baratas 、 Metodij Hadzi - Vaskov 、 Jessie Nabulambo Kilembe 和张文章 WP / 24 / 175 货币基金组织工作文件描述了作者正在进行的研究 ， 并发 表了这些论文 ， 以引起评论并鼓励辩论。 基金组织工作文件中表达的观点是作者的观点 ， 不一定代表 基金组织、其执行董事会或基金组织管理层的观点。 2024 AUG © 2024 国际货币基金组织 WP / 24 / 175 IMF 工作文件 西半球部 移民和汇款对移民的联合影响 拉丁美洲和加勒比地区的经济增长和劳动力参与 由 Alina Carare 、 Alejandro Fiorito Baratas 、 Metodij Hadzi - Vaskov 、 Jessie Nabulambo Kilembe 和张文章编写 * Bas Bakker 授权分发 2024 年 8 月 货币基金组织工作文件描述了作者正在进行的研究 ， 并发表了这些论文 ， 以引起评论并鼓励辩 ...