Document de travail de la série

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. The Government of Algeria has pursed a relatively expansionary fiscal policy in recent years, thanks to rising oil prices and revenues. The paper explores the potential effects of such a stance on real exchange rate and uncovers a relatively small appreciating effect of increased government capital expenditure. This is explained by the fact that a significant share of capital spending falls into tradable imported goods. However, the envisaged increase in capital spending, if well designed and implemented, might in the long-run translate into rising operations and maintenance expenditure—mostly nontradable goods—thereby causing a higher real appreciation. This implies

The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board or its management. ha ls hs

Growing economic engagement among India, China andASEANnations are strategically important impetus for increasing regional cooperation in Asia. China, India and ASEAN should recognize that much ofthe future growth in the region could come from within, given the success ofother regional trading blocs such as NAFTA and the EU. China, India andASEANform a huge market that is growingfaster than any other region in the world. China, India and ASEAN, as regional trade partners offer a huge and attractive, geographically contiguous market, ofmore than 3.9 billion people. This provides a compelling rationale for strengthening the business relationships among China, India and ASEAN. The Asian region combines the fastest growing economies in the world. This paper is an attempt to explore substantial profitable opportunities among India, China and ASEAN countries by identifying the sector-specific opportunities that can drive trade and investmentflows among these countries and byformulating the key strategic issues for the promotion oftrade and investment in this region. TIE coming century is supposed to be that ofAsia,with China virtually a superpower-in-waiting.Japan may be eclipsed but surely the sun has not set there. The Tigers of South-East Asia are beginning to roar, and the Indian elephant is beginning to stir. These countries are also beginning to engage one another more

This paper examines the exit process from adjustable pegs and exchange rate bands, and the role of capital

Policy instruments to avoid output collapse: an optimal control model for India

credit policy versus currency depreciation: