August 2024 OIA REPORT ON PROGRESS ASSESSMENT OF THE IMPLEMENTATION OF THE RECOMMENDATIONS OF THE INSTITUTIONAL SAFEGUARDS REVIEW IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The Report prepared by IMF staff and completed on July 26, 2024, has been released. | --- | --- | |-----------------------------------------------------------------------------------------|-------| | | | | The staff report was issued to ...

INTERNATIONAL MONETARY FUND OVERVIEW OF THE NEW CALIBRATED DSGE MODEL OF THE ECONOMY OF NORTH MACEDONIA Tibor Hlédik, Joana Madjoska, Mite Miteski and Jan Vlček WP/24/187 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 IMF WORKING PAPERS Overview of the n ...

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 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 ...

蒂尔基耶的劳动力市场性别差距 ： 鸟瞰 S í lvia Domit 和 Damla Kesimal WP / 24 / 171 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 / 171 IMF 工作文件 欧洲部 蒂尔基耶的劳动力市场性别差距 ： 鸟瞰 由 S í lvia Domit 和 Damla Kesimal 编写 * 由 Donal McGettigan 和 James Walsh 授权发行 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 ：尽管最近有所改善 ， 但 T ü rkiye 的女性劳动力参与率低 ， 非正式女工比例高 ， 在国际上脱颖而出。缩小这些性别差距将促进 中期增长并使其更具包容性。本 ...

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 ...