Jesmin Rahman's Books

Rebalancing

Evidence from Current Account Adjustment in Europe

By: Mr.Ruben Atoyan,Mr.Jonathan F Manning,Jesmin Rahman

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Rebalancing

Evidence from Current Account Adjustment in Europe

By: Mr.Ruben Atoyan,Mr.Jonathan F Manning,Jesmin Rahman

After the 2003-2007 economic boom, European countries with large pre-crisis current account imbalances are undergoing adjustments. Countries are adjusting at different paces and ways reflecting the source and magnitude of imbalances, availability of financing, competitiveness of the tradable sector and external environment. While emerging European countries with large pre-crisis imbalances and a fixed exchange rate regime have seen sharp current account adjustments and a rebound in growth, adjustment in the euro zone periphery countries, which are also carrying a legacy of pre-crisis CA imbalances, has been gradual with difficulties bringing back growth. This paper is an empirical investigation of current account adjustment in Europe with a focus on these two groups, looking at contributions from cyclical and other factors, and seeking to draw policy conclusions.

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International Monetary Fund

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ISBN 10

1484315987

ISBN 13

9781484315989

Western Balkans: Increasing Women's Role in the Economy

By: Mr.Ruben V Atoyan,Jesmin Rahman

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Western Balkans: Increasing Women's Role in the Economy

By: Mr.Ruben V Atoyan,Jesmin Rahman

The Western Balkan countries have some of the lowest female labor force participation and employment rates across Europe. Almost two-thirds of working age women in the region are either inactive or unemployed: a huge bite into human capital for a region that endures high emigration and faces declining working age population. The paper uses both macro- and micro-level data to explore what explains low participation and employment rates among women in the region. Our findings show that improving educational attainment, having a more balanced family leave policy, and reducing tax wedge help improve participation of women in the labor force. However, these measures are not enough to notably improve employability of women, which require stronger growth supported by robust institutions.

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International Monetary Fund

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ISBN 10

1484315561

ISBN 13

9781484315569

Exports in a Tariff-Free Environment

What Structural Reforms Matter? Evidence from the European Union Single Market

By: Jesmin Rahman,Ara Stepanyan,Jessie Yang,Mr.Li Zeng

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Exports in a Tariff-Free Environment

What Structural Reforms Matter? Evidence from the European Union Single Market

By: Jesmin Rahman,Ara Stepanyan,Jessie Yang,Mr.Li Zeng

How do countries enhance their exports of goods in a largely tariff-free environment? Our investigation of export performance of new member states in the European Union single market, which provides a natural control for barrier-free environment, points to the importance of structural reforms, particularly in the areas of higher education, skills upgrade, wage structure’s ability to provide incentives to work and foreign investment environment. In addition, establishing links with supply chains, which in addition to the above-mentioned reforms also depend on better institutions and infrastructure, are important. The analysis in the paper shows that new member states are at varying levels of quality and integration, which highlights the need for country-specific policy priorities. Services trade, which is subject to significant non-tariff barriers in the EU market even after the implementation of the Services Directive, shows considerable room for growth given the comparative advantage of some of the new member states.

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International Monetary Fund

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ISBN 10

1513587862

ISBN 13

9781513587868

Export Performance in Europe

What Do We Know from Supply Links?

By: Jesmin Rahman,Mr.Tianli Zhao

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Export Performance in Europe

What Do We Know from Supply Links?

By: Jesmin Rahman,Mr.Tianli Zhao

One of the most important recent developments in international trade is the increasing interconnectedness of export production through a vertical trading chain network that streches across many countries, with each country specializing in particular stages of a good’s production. Using value added trade statistics, this paper tries to dissect and reshape understanding of European exports: where exports values are created, the role of vertical supply links in export growth, what is contributing to the growth in supply links, and how comparative advantages of countries are affected by supply links over time. Our analysis finds strong role of supply links in cross-country export performance in Europe, where these links between countries grew based on physical proximity, cost differential and similarity in export structure.

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International Monetary Fund

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ISBN 10

1475561873

ISBN 13

9781475561876

Lifting Growth in the Western Balkans

The Role of Global Value Chains and Services Exports

By: Mr.Nadeem Ilahi,Mrs.Armine Khachatryan,William Lindquist,Ms.Nhu Nguyen,Ms.Faezeh Raei,Jesmin Rahman

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Lifting Growth in the Western Balkans

The Role of Global Value Chains and Services Exports

By: Mr.Nadeem Ilahi,Mrs.Armine Khachatryan,William Lindquist,Ms.Nhu Nguyen,Ms.Faezeh Raei,Jesmin Rahman

In the past 25 years, exports have contributed strongly to growth and economic convergence in many small open economies. However, the Western Balkan (WB) region, consisting of small emerging market economies, has not fully availed itself of this driver of growth and convergence. A lack of openness, reliance on low value products, and weak competitiveness largely explain the insignificant role of trade and exports in the region’s economic performance. This paper focuses on how the countries in the WB could lift exports through stronger integration with global value chains (GVCs) and broadening of services exports. The experience of countries that joined the European Union in or after 2004 shows that participation in GVCs can help small economies accelerate export and income growth. WB countries are not well integrated into Europe’s vibrant GVCs. Trade within the region is also limited—it tends to be bilateral and not cluster-like. Our analysis shows that by improving infrastructure and labor skills and adopting trade policies that ensure investor protection and harmonize regulations and legal provisions, the region can greatly enhance its engagement with GVCs. Services exports are an increasingly important part of global trade, and they offer an untapped source of growth. The magnitude of services exports from the WB region compares favorably with that of peers in Europe, particularly in travel services where several of these countries have a revealed comparative advantage. But there is significant room for growth in tourism exports and an untapped potential in business and information technology services exports that these countries can materialize through policy efforts that increase openness and enhance connectivity and labor skills. Serbia offers a good example of how decisive efforts, including education policies to ensure a sustained supply of skilled labor, can help information technology services exports to take off.

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International Monetary Fund

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ISBN 10

1498314910

ISBN 13

9781498314916

Fostering Growth in Europe Now

By: Ms.Bergljot Barkbu,Jesmin Rahman,Mr.Rodrigo O. Valdes

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Fostering Growth in Europe Now

By: Ms.Bergljot Barkbu,Jesmin Rahman,Mr.Rodrigo O. Valdes

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

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International Monetary Fund

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ISBN 10

1475579896

ISBN 13

9781475579895

Foreign Direct Investment in New Member State of the EU and Western Balkans: Taking Stock and Assessing Prospects

By: La-Bhus Fah Jirasavetakul,Jesmin Rahman

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Foreign Direct Investment in New Member State of the EU and Western Balkans: Taking Stock and Assessing Prospects

By: La-Bhus Fah Jirasavetakul,Jesmin Rahman

FDI has played a strong role in the export-led growth of eastern European countries that are now members of the European Union (EU). Largely sourced from advanced Europe, FDI inflows were motivated by the intention to pursue new markets and cost efficiency. Over time, foreign investment has restructured the exports sector in these countries in favor of products that are considered more technology-intensive. As these countries face skills shortage and rising wages, what is needed for FDI to continue playing a strong role? Can the Western Balkan countries, who are not yet EU members and have in recent years stepped up financial incentives and policy initiatives to court investors, emulate the experience? This paper takes stock of the FDI experience of both these groups and tries to estimate their potential gains from additional policy efforts.

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International Monetary Fund

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ISBN 10

1484373324

ISBN 13

9781484373323

Absorption Boom and Fiscal Stance

What Lies Ahead in Eastern Europe?

By: Jesmin Rahman

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Absorption Boom and Fiscal Stance

What Lies Ahead in Eastern Europe?

By: Jesmin Rahman

This paper estimates revenue and expenditure pro-cyclicality with respect to output and domestic absorption in new member states of the European Union and Croatia to assess whether these countries used the boom years of 2003-07 to create sufficient fiscal space. The current crisis has found many countries short of fiscal space. As these countries enter a different phase of capital inflows, some with large vulnerabilities and inflexible monetary policy options, the role of fiscal policy becomes more important. This paper also looks at these issues to see how fiscal policy can play a more effective role in demand management in these countries.

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