bluuebunny/crossref_metadata_2025 huggingface dataset:
Semantic Similarity Measurement Using Knowledge-Augmented Multiple-prototype Distributed Word Vector
Authors: Lu Wei , Shi Kailun , Cai Yuanyuan , Che Xiaoping
Published: September 2019

Recent years, textual semantic similarity measurements play an important role in Natural Language Processing. The semantic similarity between concepts or terms can be measured by various resources like corpora, ontologies, taxonomies, etc. With the development of deep learning, distributed vector models are constructed for extracting the latent semantic information from corpora. Most of existing models create a single prototype vector to represent the meaning of a word such as CBOW. However, due to lexical ambiguity, encoding word meaning with a single vector is problematic. In this work, the authors propose a knowledge-augmented multiple-prototype model by using corpora and ontologies. Based on the distributed word vector learned by the CBOW model, the authors append the concept definition and the relational knowledge vector into the target word vector to enrich the semantic information of the word. Finally, the authors perform the experiments on well-known datasets to verify the efficiency of the authors' approach.
Optimization Through Nature-Inspired Soft-Computing and Algorithm on ECG Process
Authors: Bose Goutam Kumar , Pain Pritam
Published: September 2019

In the present research work selection of significant machining parameters depending on nature-inspired algorithm is prepared, during machining alumina-aluminum interpenetrating phase composites through electrochemical grinding process. Here during experimentation control parameters like electrolyte concentration (C), voltage (V), depth of cut (D) and electrolyte flow rate (F) are considered. The response data are initially trained and tested applying Artificial Neural Network. The paradoxical responses like higher material removal rate (MRR), lower surface roughness (Ra), lower overcut (OC) and lower cutting force (Fc) are accomplished individually by employing Cuckoo Search Algorithm. A multi response optimization for all the response parameters is compiled primarily by using Genetic algorithm. Finally, in order to achieve a single set of parametric combination for all the outputs simultaneously fuzzy based Grey Relational Analysis technique is adopted. These nature-driven soft computing techniques corroborates well during the parametric optimization of ECG process.
Using MLP Neural Networks to Detect Late Blight in Brazilian Tomato Crops
Authors: Cruz Sergio Manuel Serra , Vianna Gizelle Kupac
Published: September 2019

The food quality is a major issue in agriculture, economics, and public health. The tomato is one the most consumed vegetables in the world, having a significant production chain in Brazil. Its culture permeates many economic and social sectors. This paper presents a technological approach focused on enhancing the quality of tomatoes crops. The authors developed intelligent computational strategies to support early detection of diseases in Brazilian tomato crops. Their approach consorts real field experiments with inexpensive computer-aided experiments based on pattern recognition using neural networks techniques. The recognition tasks aimed at the identification foliage diseases named late blight, which is characterized by the incidence of brown spots on tomato leaves. The identification method achieved a hit rate of 94.12%, by using digital images in the visible spectrum of the leaves.
Translation of Medical Texts using Neural Networks
Authors: Wolk Krzysztof , Marasek Krzysztof P.
Published: September 2019

The quality of machine translation is rapidly evolving. Today one can find several machine translation systems on the web that provide reasonable translations, although the systems are not perfect. In some specific domains, the quality may decrease. A recently proposed approach to this domain is neural machine translation. It aims at building a jointly-tuned single neural network that maximizes translation performance, a very different approach from traditional statistical machine translation. Recently proposed neural machine translation models often belong to the encoder-decoder family in which a source sentence is encoded into a fixed length vector that is, in turn, decoded to generate a translation. The present research examines the effects of different training methods on a Polish-English Machine Translation system used for medical data. The European Medicines Agency parallel text corpus was used as the basis for training of neural and statistical network-based translation systems. A comparison and implementation of a medical translator is the main focus of our experiments.
Classification of Breast Thermograms Using Statistical Moments and Entropy Features with Probabilistic Neural Networks
Authors: Sriraam Natarajan , Murali Leema , Girish Amoolya , Sirur Manjunath , Srinivas Sushmitha , Ravi Prabha , Venkataraman B. , Menaka M. , Shenbagavalli A. , Jeyanathan Josephine
Published: September 2019

Breast cancer is considered as one of the life-threatening disease among woman population in developing as well as developed countries. This specific study reports on classification of breast thermograms using probabilistic neural network (PNN) with four statistical moments features mean, standard deviation, skewness and kurtosis and two entropy features, Shannon entropy and Wavelet packet entropy. The CLAHE histogram equalization algorithm with uniform and Rayleigh distributions were considered for contrast enhancement of breast thermal images. The asymmetry detection was performed by applying bilateral ratio. A total of 95 test images (normal = 53, abnormal = 42) was considered. Simulation study shows that CLAHE -RD with wavelet entropy features confirms the existence of symmetry on the right and left breast thermal images. An overall classification accuracy of 92.5% was achieved using the proposed multifeatures with PNN classifier. The proposed technique thus confirms the suitability as a screening tool for asymmetry detection as well as classification of breast thermograms.
Human Skin Detection in Color Images Using Deep Learning
Authors: Hajiarbabi Mohammadreza , Agah Arvin
Published: September 2019

Human skin detection is an important and challenging problem in computer vision. Skin detection can be used as the first phase in face detection when using color images. The differences in illumination and ranges of skin colors have made skin detection a challenging task. Gaussian model, rule based methods, and artificial neural networks are methods that have been used for human skin color detection. Deep learning methods are new techniques in learning that have shown improved classification power compared to neural networks. In this paper the authors use deep learning methods in order to enhance the capabilities of skin detection algorithms. Several experiments have been performed using auto encoders and different color spaces. The proposed technique is evaluated compare with other available methods in this domain using two color image databases. The results show that skin detection utilizing deep learning has better results compared to other methods such as rule-based, Gaussian model and feed forward neural network.
Sentiment Recognition in Customer Reviews Using Deep Learning
Authors: Jain Vinay Kumar , Kumar Shishir , Mahanti Prabhat Kumar
Published: September 2019

Deep learning has become popular in all aspect related to human judgments. Most machine learning techniques work well which includes text classification, text sequence learning, sentiment analysis, question-answer engine, etc. This paper has been focused on two objectives, firstly is to study the applicability of deep neural networks strategies for extracting sentiment present in social media data and customer reviews with effective training solutions. The second objective is to design deep networks that can be trained with these weakly supervised strategies in order to predict meaningful inferences. This paper presents the concept and steps of using deep learning for extraction sentiments from customer reviews. The extraction pulls out the features from the customer reviews using deep learning popular methods including Convolution neural networks (CNN) and Long Short-Term Memory (LSTM) architectures. The comparison of the results with tradition text classification method such as Naive Bayes(NB) and Support Vector Machine(SVM) using two data sets IMDB reviews and Amazon customer reviews have been presented. This work mainly focused on investigating the merit of using deep models for sentiment analysis in customer reviews.
An Adaptive Neural Network for the Cost Estimation of E-Learning Projects in the United Kingdom
Authors: Valverde Raul
Published: September 2019

This research aims to address the problems of estimating e-Learning development costs particularly within the United Kingdom. Hundreds of managers with no prior experience of managing e-Learning development often find themselves needing to produce cost estimations for e-Learning development. The lack of prior experience in e-Learning development means that these managers will not be able to apply structured expert judgement to their cost estimations and the risk of inaccurate estimations will be high, with all the subsequent problems this will bring with it. Although an e-learning project cost model that serves this purpose has been developed in the past by the author, the previous e-learning model was based on multi regression analysis that has the great limitation of losing its relevancy as the industry changes, the new proposed model uses an adaptive neural network model that copes with changes as it can be trained easily with new data and this allows the management to keep more accurate cost estimates that reflect market changes.
Cognitive Intelligence
Authors: Wang Yingxu , Widrow Bernard Carlos , Zadeh Lotfi A. , Howard Newton , Wood Sally , Bhavsar Virendrakumar C. , Budin Gerhard , Chan Christine W. , Fiorini Rodolfo A. , Gavrilova Marina L. , Shell Duane F.
Published: September 2019

The theme of IEEE ICCI*CC'16 on Cognitive Informatics (CI) and Cognitive Computing (CC) was on cognitive computers, big data cognition, and machine learning. CI and CC are a contemporary field not only for basic studies on the brain, computational intelligence theories, and denotational mathematics, but also for engineering applications in cognitive systems towards deep learning, deep thinking, and deep reasoning. This paper reports a set of position statements presented in the plenary panel (Part I) in IEEE ICCI*CC'16 at Stanford University. The summary is contributed by invited panelists who are part of the world's renowned scholars in the transdisciplinary field of CI and CC.
Learner-Centered Pedagogies
Authors: Kanga Anne W.
Published: September 2019

This chapter is a critical review of conventional and not so conventional Student-Centered Learning (SCL) pedagogies. Additionally, in the African context, educational institutions have been caught up in a theoretical approach to teaching and learning, characterized by a desire to pass examinations. Consequently, this approach leads to surface learning as opposed to deep learning. Hence, teaching and learning outcomes lack quality and definitely fails to meet and promote skills required by the fast changing modern and postmodern global world. To address this need, this chapter examines the following: Overview of SCL pedagogies; Conventional and not so Conventional SCL pedagogies; Implications for SCL pedagogies to learners, instructors, curriculum, and assessment. Finally, this chapter examines the misconceptions and advantages of adopting SCL in the light of learners and instructors.
Cutting Edge: ROR1/CD19 Receptor Complex Promotes Growth of Mantle Cell Lymphoma Cells Independently of the B Cell Receptor–BTK Signaling Pathway
Authors: Zhang Qian , Wang Hong Y. , Liu Xiaobin , Nunez-Cruz Selene , Jillab Mowafaq , Melnikov Olga , Nath Kavindra , Glickson Jerry , Wasik Mariusz A.
Published: September 2019

Inhibitors of Bruton tyrosine kinase (BTK), a kinase downstream of BCR, display remarkable activity in a subset of mantle cell lymphoma (MCL) patients, but the drug resistance remains a considerable challenge. In this study, we demonstrate that aberrant expression of ROR1 (receptor tyrosine kinase-like orphan receptor 1), seen in a large subset of MCL, results in BCR/BTK–independent signaling and growth of MCL cells. ROR1 forms a functional complex with CD19 to persistently activate the key cell signaling pathways PI3K–AKT and MEK–ERK in the BCR/BTK–independent manner. This study demonstrates that ROR1/CD19 complex effectively substitutes for BCR–BTK signaling to promote activation and growth of MCL cells. Therefore, ROR1 expression and activation may represent a novel mechanism of resistance to inhibition of BCR/BTK signaling in MCL. Our results provide a rationale to screen MCL patients for ROR1 expression and to consider new therapies targeting ROR1 and/or CD19 or their downstream signaling pathways for MCL-expressing ROR1.
Cutting Edge: USP27X Deubiquitinates and Stabilizes the DNA Sensor cGAS to Regulate Cytosolic DNA–Mediated Signaling
Authors: Guo Yunyun , Jiang Fei , Kong Lingli , Li Bingqing , Yang Yinlong , Zhang Lei , Liu Bingyu , Zheng Yi , Gao Chengjiang
Published: September 2019

Cyclic GMP-AMP synthase (cGAS), a cytosolic DNA sensor, catalyzes the formation of the second messenger 2′3′-cGAMP that binds to STING and triggers the type I IFN signaling. Activation of cGAS can be modulated by several protein posttranslational modifications, including ubiquitination. However, the cGAS activation regulated by protein deubiquitination remains poorly understood. In this study, we identified that deubiquitinase USP27X could interact with cGAS and cleave K48-linked polyubiquitination chains from cGAS, leading to cGAS stabilization. Consistently, knockout of Usp27x in mice macrophages resulted in an accelerated turnover of cGAS, decreased cGAMP production, phosphorylation of TBK1 and IRF3, and IFN-β production. Furthermore, Usp27x knockout mice macrophages showed impaired innate antiviral responses against HSV type 1 infection. Our data suggest that USP27X is a novel regulator of the cGAS–STING cytosolic DNA sensing pathway.
Translation and validation of the Copenhagen Burnout Inventory amongst Greek doctors
Authors: Papaefstathiou Efstathios , Tsounis Andreas , Malliarou Maria , Sarafis Pavlos
Published: September 2019

The Copenhagen Burnout Inventory (CBI) is a tool for the burnout measurement including three different subscales: (i) personal, (ii) work-related and (iii) client-related burnout. The aim of this study was the translation and validation of CBI into the Greek Language. Initially the questionnaire was distributed to 35 medical students for face validity assessment. Then, 282 residents answered the Greek version of CBI so as for construct validity to be examined. The data analysis was performed by using SPSS and AMOS. Face validity was estimated above 0.8 for the Greek version of CBI. The three factors model of CBI-Greek, with 1 item removed, achieved not so well-defined inner structure in CFI. However, the 16-item model achieved good levels of goodness-of-fit indices (Cmin/df 2.52, RMSEA 0.074, GFI 0.901, CFI70.938, NFI 0.901, TLI 0.923). The composite reliability values, also varied from 0.842 to 0.852. Cronbach’s alpha index values surpassed 0.844. The 16-item model of CBI-Gr is a valid tool with high internal consistency that can be used in the evaluation of burnout in Greek population. The original 3 items model is a possible alternative.
Escursioni biogiuridiche in tema di maternità surrogata / Biolegal excursions regarding surrogate pregnancy
Authors: Vitale Aldo Rocco
Published: September 2019

L’articolo esamina i punti critici della pratica della surrogazione di maternità. Esaminando diverse sentenze dello scenario internazionale e nazionale vengono messi in rilievo i problemi etici e giuridici che precedono e seguono la surrogazione di maternità. Viene posta attenzione alla configurabilità etica e giuridica del cosiddetto “diritto al figlio”. Il contributo analizza anche i problemi della compravendita e della donazione dei gameti e degli embrioni. L’insieme delle riflessioni si conclude con una critica contro-corrente dell’episodio biblico considerato un caso di maternità surrogata, cioè quello di Sara e Agar. ---------- The article examines the critical issues concerning the practice of surrogate motherhood. By examining a number of rulings of international and national scenario the ethical and legal issues that precede and follow the surrogacy are highlighted. Attention is paid to the ethical and juridical configurability of the so-called “right to the son”. The contribution analyzes the problems of the sale and donation of gametes and embryos. The collection of the reflections ends with a critique against the current biblical episode considered a case of surrogacy, i.e. that of Sara and Hagar.
A critical reflection on our first patient presenting with Anti-Nmethyl- D-aspartate receptor encephalitis
Authors: Buechner Susanne , Florio Igor , Sixt Gabriele J. , Teatini Francesco
Published: September 2019

One of the best characterized autoimmune encephalitis is the Anti-Nmethyl-D-aspartate receptor (NMDAR) encephalitis, which may occur in the presence of cancer. First- and second-line immunotherapy and oncological investigations are suggested. We present here a case of an 18-year-old female who was our first patient suffering from Anti-NMDAR encephalitis more than 9 years ago. She was satisfactorily treated with intravenous immunoglobulins and high dose steroid therapy. After more than one year the patient had a relapse. First-line immunotherapy was repeated; however, a complete recovery was achieved only after plasmapheresis. Afterwards, she continued maintenance immunotherapy with steroids for two years and with Azathioprine for about five years associated to regular oncological assessment. In the last years our therapeutical approach of Anti-NMDARencephalitis has significantly changed. Nevertheless, established treatment guidelines are still missing and the role of long-term maintenance immunotherapy is largely unexplored. In addition, oncological revaluation might be indicated in selected patients.
The Psychosocial Implications of Sport Specialization in Pediatric Athletes
Authors: Brenner Joel S. , LaBotz Michele , Sugimoto Dai , Stracciolini Andrea
Published: September 2019

Data on the psychosocial implications of sport specialization in pediatric athletes are lacking. Sport specialization often requires increased training hours and may predispose young athletes to social isolation, poor academic performance, increased anxiety, greater stress, inadequate sleep, decreased family time, and burnout. Sport specialization frequently introduces multiple stressors that could be expected to adversely affect mental health and function in young athletes and may increase the risk for burnout. This may be confounded by altered sleep duration and quality, increased drive for elite status, and perfectionistic personality types. The signs and symptoms of burnout in young athletes can be difficult to detect. It is important to be aware of the possible diagnosis of burnout in young athletes who display vague symptoms and a decrease in academic performance. The purpose of this review was to survey the available literature on sport specialization in young athletes and its association with mental health, sleep, the drive for success in sport, and burnout.
Xpert® MTB/RIF assay on formalin-fixed paraffin-embedded tissues in the diagnosis of extrapulmonary tuberculosis
Authors: Njau Allan N. , Gakinya Samuel M. , Sayed Shahin , Moloo Zahir
Published: September 2019

Background: Diagnosis of extrapulmonary tuberculosis continues to be a challenge due to the complexity of the causative organism and the wide array of pathologic features seen in this infection. Xpert MTB/RIF can be used on fresh or frozen tissue specimens for diagnosis of tuberculosis with good results. However, there is little data on its use with formalin-fixed paraffin-embedded (FFPE) tissues.Objectives: The aim of this study was to demonstrate the potential utility of Xpert MTB/RIF and to compare its performance to Ziehl-Neelsen staining for the detection of Mycobacterium tuberculosis from FFPE tissues using histological features from haematoxylin and eosin staining as the gold standard.Methods: Eighty randomly selected archival FFPE tissues exhibiting histological features of tuberculosis were included in the study. After deparaffinisation and lysis, all the tissue specimens were subjected to the Xpert® MTB/RIF assay. The outcome measures were proportions of positively identified cases by each test.Results: Using histology as the gold standard, the sensitivity of Ziehl-Neelsen staining was 20.3% (95% confidence interval: 12% – 30.8%), and the sensitivity of the Xpert® MTB/RIF assay was 53.2% (95% confidence interval: 41.6% – 64.9%); the difference was statistically significant (p = 0.002). None of the cases tested positive for rifampicin resistance.Conclusion: With prior deparaffinisation and lysis, FFPE tissues are amenable to testing by Xpert® MTB/RIF assay. A validation study to determine the clinical utility, analytical optimisation and cost implications of this assay for FFPE tissues is recommended.
Technological Changes, Offshoring, and the Labor Share
Authors: Lian Weicheng
Published: September 2019

Existing studies on the downward trend in the labor share of income mostly focus on changes
within individual countries. I document, however, that half of the global decline in the labor
share of income can be traced to the relocation of activities between countries. I develop a
two-country model to show that when the relative price of investment goods falls, production
activities with a small elasticity of substitution between capital and labor tend to get
offshored from high- to low-wage countries. The model provides an explanation as to why
such relocation may drive the labor share down in both developed and developing
economies, as well as globally.
Statistical Coverage of Trade Finance - Fintechs and Supply Chain Financing
Authors: Lotte van Wersch Cornelia
Published: September 2019

Trade finance is the backbone of international trade for entities ranging from a small businesses to multi-national corporations. An estimated 80 percent of world trade relies on this form of finance (WTO, 2017). Despite its systemic importance and rapid growth, data availability is only partial. During the 2008 financial crisis, policy makers, notably the G20 recognized that the absence of comprehensive trade finance data posed a significant hurdle for policy-makers to make informed, timely decisions. This paper proposes a stand-alone dataset to reflect the scope, dynamic and recent innovations of the trade finance market to support macroeconomic policy analysis.
Regional Growth Spillovers in Sub-Saharan Africa
Authors: Arizala Francisco , Bellon Matthieu , MacDonald Margaux
Published: September 2019

This paper documents the steady increase in intraregional trade in sub-Saharan Africa since 1980, links this rise to important growth spillovers in the region, and identifies the main source countries and those most vulnerable to the economic conditions of others. Estimates show that in the short run, positive idiosyncratic shocks to regional trading partners’ growth significantly increase growth in the average sub-Saharan African country, while in the long-run the annual impact of growth in regional trading partner’s is smaller in magnitude. Policy implications including the need to support further continent-wide integration and the associated growth spillovers are discussed. Actions policymakers in sub-Saharan Africa can take to capture the benefits of these spillovers, while limiting exposure to the associated risks, are also proposed.
The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings
Authors: Hadzi-Vaskov Metodij , Ricci Luca
Published: September 2019

This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher public debt lowers the probability of being placed in a higher rating category; ii) the negative debt-ratings relationship is nonlinear and depends on the rating grade itself; and iii) the identified nonlinearity explains the differential impact of debt on ratings in advanced economies versus in emerging markets and developing economies. These results hold for both gross debt and net debt, and are robust to alternative dependent variable definitions, analytical techniques, and empirical specifications. These findings underscore the potential for fiscal consolidation in helping countries achieve a better credit rating.
A Buffer-Stock Model for the Government
Authors: Fournier Jean-Marc
Published: September 2019

A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit instead of the Intertemporal Budget Constraint (IBC). The IBC is weak (Bohn, 2007), a debt limit is more realistic as it reflects the risk of losing market access. This risk increases the welfare cost of fiscal stimulus at high debt. As a result, the higher the debt, the less governments should smooth the cycle. A larger reaction of interest rates to debt and higher hysteresis magnify this interaction between the debt level and the appropriate reaction to shocks. With very persistent shocks, the appropriate reaction to negative shocks in highly indebted countries can even be procyclical.
Internal Trade in Canada
Authors: Alvarez Jorge , Krznar Ivo , Tombe Trevor
Published: September 2019

This paper assesses the costs of internal trade barriers and proposes policies to improve internal trade. Estimates suggest that complete liberalization of internal trade in goods can increase GDP per capita by about 4 percent and reallocate employment towards provinces that experience large productivity gains from trade. The positive impact highlights the need for federal, provincial and territorial governments to work together to reduce internal trade barriers. There is significant scope to build on the new Canadian Free Trade Agreement to more explicitly identify key trade restrictions, resolve differences, and agree on cooperative solutions.
Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle
Authors: Monnet Eric , Puy Damien
Published: September 2019

Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when
only the US had to? We argue that gold holdings were driven by institutional memory and
persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the
gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never
worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.
Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability
Authors:   International Monetary Fund
Published: September 2019

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes—in terms of the debt relief provided by creditors—of the debt restructurings. Section III analyzes the debt profile, liquidity position, DSAs and accompanying stress tests, and an EWS to assess whether debt sustainability has been restored in each country case. Conclusions are set out in Section IV.
Fiscal Adjustment for Stability and Growth
Authors:   International Monetary Fund
Published: September 2019

This paper aims to inform policymakers, and other interested parties, about the IMF’s approach to fiscal adjustment. The approach focuses on the role of sound and sustainable government finances in promoting macroeconomic stability and growth. Achieving, and maintaining, such a fiscal position often requires adjusting fiscal policy, as well as strengthening fiscal institutions. Fiscal adjustment may involve either tightening or loosening the fiscal stance, depending on individual country circumstances.
Financial Soundness Indicators-Experience with the Coordinated Compilation Exercise and Next Steps
Authors:   International Monetary Fund
Published: September 2019

Overview. This paper reports on the experience with the work program on Financial Soundness Indicators (FSIs) and offers proposals for taking forward the work on FSIs. The work program aimed at (i) increasing member countries’ FSI compilation capacity and supporting their compilation efforts; (ii) expanding reporting and analysis of FSIs in the work of the Fund; and (iii) undertaking further analytical work on FSIs. In this context, a Coordinated Compilation Exercise (CCE) for FSIs was conducted, and experience was gained with the use of FSIs in Article IV surveillance, the Financial Sector Assessment Program (FSAP), and the interdepartmental Vulnerability Exercise (VE). The paper proposes that the Fund aintains an ongoing role in collecting and disseminating FSIs.
Report of the External Review Committee on IMF-World Bank Collaboration
Authors:   International Monetary Fund
Published: September 2019

The Bank and Fund are the only two international financial institutions with near universal membership. They have an important role to play in providing global public goods and in helping countries obtain the benefits of globalization, as well as handle the pressures it creates. While the Bank and Fund have separate mandates, they are inherently linked and close collaboration is vital. Indeed, the costs to members of poor collaboration would be significant. Although there are many examples of good collaboration and there have been clear improvements over the years, there is scope for further improvements in the view of the Committee.
IMF Membership in the Financial Stability Board
Authors:   International Monetary Fund
Published: September 2019

This paper examines the implications of the Fund accepting membership in the Financial Stability Board (“FSB”). The FSB Charter (the ?Charter?) explicitly contemplates the possibility of the Fund and the other international financial institutions becoming members but notes that ?the acceptance of membership by the international financial institutions (IFIs) in the FSB is subject to the approval of their respective governing bodies.? An Executive Board decision is required for the Fund to accept membership and is proposed below.
The Fund’s Mandate - The Future Financing Role - Reform Proposals
Authors:   International Monetary Fund
Published: September 2019

This paper examines the implications of the Fund accepting membership in the Financial Stability Board (“FSB”). The FSB Charter (the ?Charter?) explicitly contemplates the possibility of the Fund and the other international financial institutions becoming members but notes that ?the acceptance of membership by the international financial institutions (IFIs) in the FSB is subject to the approval of their respective governing bodies.? An Executive Board decision is required for the Fund to accept membership and is proposed below.
Central Banking Lessons from the Crisis
Authors:   International Monetary Fund
Published: September 2019

The broader governance reform debate—which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability—has not got very far in garnering a consensus at the Executive Board. This is the case even though, in political circles, including the IMFC, and in civil society, expectations are high that the institution will tackle reforms key to its long-term effectiveness and legitimacy. The impasse reflects many factors. Partly it is a matter of not being convinced that governance is nearly as important as quota shares, partly of disagreement over the specifics of various proposals, and partly of concern that the conflation of quotas with governance—the “package approach”—risks delaying the pivotal quota rebalancing exercise, scheduled to be completed before January 2011. This paper lays out the main governance issues, while putting forward variants of reform proposals that might command broader support. It takes as given that, even if quota reform has its own logic and deadline, this does not preclude parallel consideration of—and possibly decisions on—governance reforms, which can help make the case to domestic and international audiences that a broader reform of the Fund is underway.
2011 Triennial Surveillance Review - External Commentary - A Short Note on Surveillance and How Reforms in Surveillance Can Help the IMF to Promote Global Financial Stability
Authors:   International Monetary Fund
Published: September 2019

Commentary prepared by Joseph E. Stiglitz, University Professor, Columbia University:

Surveillance has widely been viewed as a key instrument by which the IMF ensures member states adhere to the kinds of policies which promote global economic stability and through which the global macroeconomic coordination necessary for economic stability is achieved. Indeed, as Ocampo (2011) notes, "...the first objective of this institution is to provide 'the machinery for consultation and collaboration on international monetary problems.'" But there is also widespread agreement that there are major shortfalls in the achievement of these lofty objectives. Part of the problem has been in the view that countries—particularly those not borrowing from the fund—lack incentives to comply with the advice that would achieve such stability. Since those countries include virtually all of the systemically significant countries, if surveillance has an impact on global stability (as opposed to the well-being of particular countries) it is only the result of (i) a process of consensus building in which actions which they might previously have thought to not be in their interest were in fact in their national interest; or (ii) enough small countries, each of which is systemically insignificant, are affected in a meaningful enough way so as to have systemically significant effects.
Consolidated Spillover Report - Implications from the Analysis of the Systemic-5
Authors:   International Monetary Fund
Published: September 2019

Spillover reports explore the external effects of policies in five systemic economies based on the issues identified by partners. Without reprising all the results and nuances, this paper draws some overarching lessons from the exercise for the global policy debate.
The Case for a General Allocation of SDRs During the Tenth Basic Period
Authors:   International Monetary Fund
Published: September 2019

This paper is the outcome of a periodic process regarding the allocation (or cancellation) of Special Drawing Rights (SDRs), and is a report by the Managing Director to the Board of Governors and the Executive Board along with a staff paper that assesses the merits of a general allocation. Following consultations with the Executive Board on the case for a general allocation, the Managing Director decided not to make a proposal for a general SDR allocation at this time. Though there was openness among many Directors to consider a proposal in the upcoming basic period, there was also a widely-shared sense that it would be premature at this stage, owing to ongoing discussions on the role of the SDR in the context of reform of the international monetary system. Decisions by the Fund on a general allocation or cancellation of SDRs take place at regular intervals (or basic periods) of normally five years, with the Managing Director’s report due six months before each new basic period. The tenth basic period begins on January 1, 2012. The report can either propose a general SDR allocation (or cancellation of previous allocations), or conclude that the conditions set out in the IMF’s Articles of Agreement for an allocation or cancellation of SDRs are not currently in place, including broad support among IMF members that participate in the SDR Department. Under the IMF’s Articles of Agreements, the Managing Director may also propose allocations of SDRs at the request of the Board of Governors or the Executive Board. In this regard, an allocation could be considered if there is a long-term global need for reserves that could be usefully filled at least in part by SDRs and if it would not lead to inflationary pressures, assuming there is broad support among IMF members participating in the SDR Department.
Global Liquidity - Credit and Funding Indicators
Authors:   International Monetary Fund
Published: September 2019

This note reviews some concepts of global liquidity and discusses measurement approaches that have been used by various interlocutors, including at the BIS, by Fund staff, and in academia. Some measures that could be regularly monitored by policy makers are presented
2013 Spillover Report - Analytical Underpinnings and Other Background
Authors:   International Monetary Fund
Published: September 2019

High uncertainty in general, and high policy uncertainty more specifically, can have important impact on global investment and output growth. Much of the recent policy uncertainty emanated from the United States and Europe—the world’s two largest economies. Spillovers from policy uncertainty can occur through several channels. Trade can be affected if increased policy uncertainty adversely affects economic activity and import demand in the United States and Europe. Policy uncertainty could also raise global risk aversion, resulting in sharp corrections in financial markets and capital outflows from emerging markets. This background note attempts to quantify the impact of U.S. and European policy uncertainty on other regions. Specifically, it addresses the following questions: What do we mean by policy uncertainty? How well can we measure it? How has policy uncertainty in the United States and Europe evolved during the past several decades? And how large are the spillovers to economic activity in other regions? The analysis suggests that sharp increases in U.S. and European policy uncertainty in the past have temporarily lowered investment and output in other regions to varying degrees. It also suggests that a marked decrease in policy uncertainty in the United States and Europe in the near term could help boost global investment and output.
Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies
Authors:   International Monetary Fund
Published: September 2019

This paper investigates how developments during and after the 2008–09 crisis have changed economists’ and policymakers’ views on: (i) fiscal risks and fiscal sustainability; (ii) the effectiveness of fiscal policy as a countercyclical tool; (iii) the appropriate design of fiscal adjustment programs; and (iv) the role of fiscal institutions.
2013 Pilot External Sector Report
Authors:   International Monetary Fund
Published: September 2019

The IMF’s Second Pilot External Sector Report presents a multilaterally consistent assessment of the largest economies’ external sector positions and policies for 2012-2013 H1. The report integrates the analysis from the Fund’s bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. The report takes into account feedback received on the previous report by placing a greater emphasis on capital flows and through further refinements to the EBA methodology. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members’ policies on global stability and monitor the stability of members’ external sectors in a comprehensive manner.
Key Aspects of Macroprudential Policy
Authors:   International Monetary Fund
Published: September 2019

The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF’s country-specific advice on macroprudential policy. It recognizes that developing macroprudential policy is a work in progress, and addresses key issues to help ensure its effectiveness.
2014 Pilot External Sector Report
Authors:   International Monetary Fund
Published: September 2019

The IMF’s third Pilot External Sector Report (ESR) presents a multilaterally consistent assessment of the largest economies’ external sector positions and policies for 2013 and early 2014. The report integrates the analysis from the Fund’s bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members’ policies on global stability and monitor the stability of members’ external sectors in a comprehensive manner.
2014 Spillover Report
Authors:   International Monetary Fund
Published: September 2019

Global spillovers have entered a new phase. With crisis-related spillovers and risks fading, changing growth patterns are the main source of spillovers in the global economy at this juncture. Two key trends are highly relevant here. First, signs of self-sustaining recovery in some advanced economies indicate that the unwinding of exceptional monetary accommodation will proceed and lead to a tightening of global financial conditions in the coming years. An uneven recovery, though, suggests normalization will proceed at different times in different countries, with possible spillover implications. Second, growth in emerging markets is slowing on a broad basis since its precrisis peak and can carry noticeable spillover effects at the global level.

Model code and programs used for the spillover simulations can be made available. Data used for the empirical analysis can be made available unless restricted by copyright or confidentiality issues.
Sustaining Long-Run Growth and Macroeconomic Stability in Low-Income Countries—The Role of Structural Transformation and Diversification
Authors:   International Monetary Fund
Published: September 2019

Diversification and structural transformation play important roles in influencing the macroeconomic performance of low-income countries (LICs). Increases in income per capita at early stages of development are typically accompanied by a transformation in a country’s production and export structure. This can include diversification into new products and trading partners as well as increases in the quality of existing products.
Guidance Note on the Assessment of Reserve Adequacy and Related Considerations
Authors:   International Monetary Fund
Published: September 2019

operational guidance to staff on reserve adequacy discussions in the IMF’s bilateral and multilateral surveillance. It is based on the views presented in the policy paper Assessing Reserve Adequacy—Specific Proposals and the related Board discussion. The note addresses key issues related to Staff’s advice on the assessment of the adequacy of reserves and related items, including answering the following questions:

What is the expected coverage of reserve issues at different stages of the bilateral surveillance process (Policy Note, mission, and Staff Report)?
Which reserve adequacy tools best fit different economies based on their financial maturity, economic flexibility, and market access?
What do possible reserve needs in mature markets relate to, and how can their adequacy be assessed?
How can reserve adequacy discussions for emerging and deepening financial markets be tailored and applied to better evaluate reserve levels in: (i) commodity-intensive economies; (ii) countries with capital flow management measures (CFMs); and (iii) partially and fully dollarized economies?
What reserve adequacy considerations hold for countries with limited access to capital markets? How can metrics for these economies be tailored to evaluate their reserve needs?
How should potential drains on reserves be covered?
What are the various measures of the cost of reserves for countries with and without market access?
Price Statistics Compilation in 196 Economies
Authors: Berry Francien , Graf Brian , Stanger Michael , Ylä-Jarkko Mari
Published: September 2019

The consumer price index (CPI) is a key economic indicator used to gauge inflation, adjust wages, pensions, and social benefits. The producer prices index (PPI) is used for forecasting and deflating GDP estimates. Both indexes are used by the Fund, policymakers, and researchers for global, regional, and domestic surveillance. In this context, the paper evaluates the soundness of the indexes by assessing four major criteria: frequency of updating the weights, the index coverage, timeliness, and the use of international classifications. We discuss online and scanner data as frontier issues. The study shows that the CPI is universally and frequently compiled, timely, and fairly-well aligned with international standards. However, the weights used to compile the index are updated in only 45 percent of economies and have national coverage in 76 percent. PPIs, compiled by only 126 economies are timely, but there is scope for continued improvement as only 36 percent of economies have updated PPI weights and approximately 67 percent maintain the recommended coverage. Outdated weights impact the reliability of the indexes for policy analysis. Frequently updated weights and well-represented coverage mitigate against biases and ensure that the indexes properly measure the price evolution in the economy.
Iraq
Authors:   International Monetary Fund. Middle East and Central Asia Dept.
Published: September 2019

Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. The recent rebound in oil prices helped deliver a large budget surplus and healthy build-up in reserves in 2018, but post-war recovery has been sluggish. The SDR 3.8 billion
($5.3 billion) Stand-by Arrangement approved in 2016 expires in July.