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Narrowing Vertical Fiscal Imbalances in Four European Countries | 2012

Narrowing Vertical Fiscal Imbalances in Four European Countries

Izabela Karpowicz

This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four European countries: Belgium, Italy, Norway, and Spain. The decline in VFI was achieved through progressive devolution of revenues to sub-national governments in Belgium, Italy, and Spain, while re-centralization of health sector expenditures was the cause of the decline in the VFI in Norway.


Archive | 2015

Filling the Gap: Infrastructure Investment in Brazil

Mercedes Garcia-Escribano; Carlos Góes; Izabela Karpowicz

Infrastructure bottlenecks have been identified as a key obstacle to growth affecting productivity and market efficiency, and hindering domestic integration and export performance. This paper assesses the state of Brazil’s infrastructure, in light of past investment trends and various quality and quantity indicators. Brazil’s infrastructure stock and its quality rank low in relation to that of comparator countries, chosen amongst main export competitors. We provide evidence that infrastructure affects domestic integration by analyzing price convergence of tradable goods across major cities. The government’s concession program will narrow part of the infrastructure gap, however, governance reforms will be crucial to improving investment efficiency.


Archive | 2015

Financial Inclusion: Zooming in on Latin America

Era Dabla-Norris; Yixi Deng; Anna Ivanova; Izabela Karpowicz; Filiz Unsal; Eva VanLeemput; Joyce Wong

Countries in Latin America and the Caribbean (LAC) have made important strides in promoting financial inclusion of firms and households. However, while the region is broadly at par with its peers on financial inclusion of firms, household inclusion lags behind. Nonetheless, there is substantial heterogeneity across LAC countries. Reducing borrowing costs and strengthening further the regulatory environment, while taking steps to protect efficiency and stability of the financial system, could help close financial inclusion gaps. Reducing financial participation and monitoring costs and relaxing collateral constraints will help spur growth and reduce inequality though trade-offs are likely, as illustrated in the case of Guatemala, El Salvador, and Peru.


Archive | 2016

A Closer Look at Sectoral Financial Linkages in Brazil I: Corporations' Financial Statements

Izabela Karpowicz; Fabian Lipinsky; Jongho Park

Understanding the interplay between firms’ balance sheets and the macro-economic environment is important for understanding of the Brazilian economy. A close examination of developments in the nonfinancial corporate sector up to the early 2015 reveals weak equity growth, declining profitability, and rising leverage. The empirical work suggests that adverse shocks to financial variables lead to weaker real GDP growth in Brazil through their effect on corporate leverage, borrowing costs, and default frequencies. An estimation based on a DSGE model with financial frictions indicates that the recent economic downturn in Brazil is largely driven by a decrease in total factor productivity and by negative financial shocks.


Inequality in Brazil: A Regional Perspective | 2017

Inequality in Brazil: A Regional Perspective

Carlos Góes; Izabela Karpowicz

In this study, we document the decline in income inequality and a convergence in consumption patterns in Brazilian states in a new database constructed from micro data from the national households’ survey. We adjust the state-Gini coefficients for spatial price differences using information on households’ rental prices available in the survey. In a panel regression framework, we find that labor income growth, formalization, and schooling contributed to the decline in inequality during 2004-14, but redistributive policies, such as Bolsa Familia, have also played a positive role. Going forward, it will be important to phase out untargeted subsidies, such as public spending on tertiary education, and contain growth of public sector wages, to improve budgetary efficiency and protect gains in equality.


Fiscal Challenges of Population Aging in Brazil | 2017

Fiscal Challenges of Population Aging in Brazil

Alfredo Cuevas; Izabela Karpowicz; Carlos Mulas-Granados; Mauricio Soto

In recent decades, population has been aging fast in Brazil while old age pensions and healthrelated spending have increased. As the population ages, the spending trend threaten to reach unsustainable levels absent reforms. Increasing the retirement age is key, but by itself will not provide sufficient savings to close the pension system financing gap, and reforms reducing replacement rates are necessary. In the area of health, there is scope for improving expenditure efficiency by strengthening outpatient care and regional networks, and developing clinical guidelines for cost-effective treatments and drugs. Reforms are urgent, so that they can be gradual.


Emerging Economy Studies | 2017

Determinants of Infrastructure and Its Financing

Valerie Cerra; Alfredo Cuevas; Carlos Góes; Izabela Karpowicz; Troy D Matheson; Issouf Samaké; Svetlana Vtyurina

Abstract Adequate infrastructure is a critical input for growth and development in all countries, and especially in emerging and developing countries. This article 1 1 The views expressed in this article are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. examines the factors that have underpinned the stock of infrastructure across countries, including in Latin America and the Caribbean. We find that public finance and private sector participation both contribute to improving the stock of infrastructure. The impact of public finance depends on how capital investment is financed to meet the government’s budget constraint. Total domestic finance of infrastructure depends, in turn, on domestic financial depth and links to the rest of the world through trade and foreign investment.


Archive | 2002

Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime

Domenico Fanizza; N. Laframboise; E. Martin; Randa Sab; Izabela Karpowicz


Archive | 2006

Determinants of Emigrant Deposits in Cape Verde

Izabela Karpowicz


Filling the Gap : Infrastructure Investment in Brazil | 2015

Filling the Gap

Mercedes Garcia-Escribano; Carlos Góes; Izabela Karpowicz

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Carlos Góes

International Monetary Fund

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Alfredo Cuevas

International Monetary Fund

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Issouf Samaké

International Monetary Fund

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Svetlana Vtyurina

International Monetary Fund

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Fabian Lipinsky

International Monetary Fund

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Anna Ivanova

International Monetary Fund

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Domenico Fanizza

International Monetary Fund

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E. Martin

International Monetary Fund

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Era Dabla-Norris

International Monetary Fund

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