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Liliana Schumacher

2020-02-05T12:53:17-05:00February 4, 2020|

Liliana Schumacher is a senior economist with the IMF. She has written extensively on topics related to financial stability, bank runs, bank performance and stress testing. Her papers were published as IMF working papers and by peer-reviewed economic and finance journals. She has led the Guatemala, Paraguay, Kosovo and Armenia FSAPs and acted as deputy in past Singapore, Sweden and Spain and Latvia FSAPs. She has also been the stress tester in many FSAPs. Before joining the IMF, she was assistant professor of International Business at George Washington University. She holds a PhD in Economics from the University of Chicago.

Latest posts:

5 Things You Need to Know About Inequality

2019-03-15T12:00:53-05:00January 23, 2018|

By IMFBlog

January 23, 2018

Versions in عربي (Arabic),  中文  (Chinese), Español (Spanish), Français (French),  Русский (Russian)

A man with donations from a food bank in Los Angeles, California: inequality within countries is on the rise, including in advanced economies like the United States (photo: Lucy Nicholson/Newscom).

Tackling inequality is not only a moral imperative. It is critical for sustaining growth.

Global income inequality has declined in recent years, with the Gini index—a statistical measure of income distribution with a value of zero indicating perfect equality—dropping from 68 in 1988 to 62 in 2013, reflecting relatively strong growth in many emerging and developing economies, particularly in China and India. However, inequality has increased within many countries, including in many advanced economies. (more…)

Building Fiscal Institutions in Fragile States

2019-03-25T10:36:43-05:00August 9, 2017|

By Katherine Baer, Sanjeev Gupta, Mario Pessoa

August 9, 2017

Version in Français (French)

A porter in the market in Kathmandu, Nepal: the country increased their tax revenues in recent years with the help of technical assistance (photo: Navesh Chitrakar/Newscom)

Fragile states face more obstacles to growth than most countries.  Their per-capita GDP is less than half of most other low-income countries, and their economies are more volatile.  Many are in conflict or going through a natural disaster, or just emerging from these.  Our study is based on 39 countries, and since completed, the number of fragile states has increased to 43. 

To grow, a country needs tax policies and tax administration, laws and institutions to formulate and execute a budget, and trained staff to implement fiscal policies, among other factors.  Our preliminary results show that fragile states that have received technical assistance, also have improved their fiscal performance.

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Johannes Wiegand

2017-04-22T13:52:00-05:00September 2, 2015|

Johannes WiegandJohannes Wiegand is Deputy Chief of the Open-Economy Macroeconomics Division in the IMF’s Research Department. He worked previously in the IMF’s European Department as Deputy Chief of the Emerging Economies Division; Mission Chief for Croatia and Kosovo; and Desk Officer for Hungary. Prior to joining the IMF, Mr. Wiegand taught at the London School of Economics and wrote leaders for the Financial Times and Financial Times Deutschland. He holds a PhD in Economics from University College, London.

 

Latest post:

Central, Eastern, and South-Eastern Europe: Safeguarding the Recovery as the Global Liquidity Tide Recedes

2017-04-14T02:02:04-05:00April 29, 2014|

By Reza Moghadam, Aasim M. Husain, and Anna Ilyina

(Version in Türk)

Growth is gathering momentum in most of Central, Eastern, and South-Eastern Europe (CESEE) in the wake of the recovery in the euro area. Excluding the largest economies—Russia and Turkey—the IMF’s latest Regional Economic Issues report  projects the region to grow 2.3 percent in 2014, almost twice last year’s pace. This is certainly good news.

Figure 1

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Growing Institutions? Grow the People!

2017-04-15T14:04:13-05:00August 10, 2012|

By Sharmini Coorey

(Version in Español)

“When you speak about institutions, in fact, you are speaking about the people.” These words, by Kosovo’s central bank governor Gani Gergüri at a recent conference in Vienna, capture an important truth that is often overlooked when we economists discuss amongst ourselves: without sound institutions, it’s very hard to achieve sustainable economic growth.

And the quality of those institutions hinges on the quality of the people running them―their educational background and training, and the prevailing business culture and approach to policymaking.

The work of Douglass North and the school of thought known as the new institutional economics has taught us that differences in deep institutions—defined as the formal and informal rules of economic, political and social interactions—are responsible for sustained differences in economic performance. This is also the central thesis in Acemoglu and Robinson’s fascinating new book, Why Nations Fail.

Inclusive (as opposed to extractive) economic and political institutions are central in nations’ efforts to avoid stagnation and ensure sustained prosperity. This is because sustained prosperity is a dynamic process of constant innovation and a never-ending cycle of Schumpeterian creative destruction, which can only be supported by open, inclusive institutions. Their thesis is certainly consistent with the contrasting experience of different countries in Central, Eastern and Southeastern Europe under communism and during the past two decades.

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