Back Matter

Back Matter

Author(s):
International Monetary Fund. Western Hemisphere Dept.
Published Date:
October 2010
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    Hemisferio Occidental: Principales indicadores económicos 1

    Crecimiento del producto (Porcentaje)Inflación (Fin de período, porcentaje)2Cuenta corriente externa (Porcentaje del PIB)
    1996-2005 Prom.20062007200820092010 Proy.2011 Proy.1996-2005 Prom.20062007200820092010 Proy.2011 Proy.1996-2005 Prom.20062007200820092010 Proy.2011 Proy.
    América del Norte
    Canada3.32.82.20.5-2.53.12.72.11.42.51.90.82.12.01.01.40.80.4-2.8-2.8-2.7
    México3.74.93.31.5-6.55.03.910.64.03.76.53.54.53.0-1.9-0.5-0.8-1.5-0.6-1.2-1.4
    Estados Unidos3.42.71.90.0-2.62.62.32.62.24.10.71.90.51.2-3.7-6.0-5.1-4.7-2.7-3.2-2.6
    América del Sur
    Argentina 32.58.58.76.80.97.54.06.09.88.57.27.711.011.0-0.13.22.31.52.01.71.2
    Bolivia3.34.84.66.13.44.04.54.24.911.711.80.33.53.5-2.711.312.012.14.66.55.2
    Brasil2.44.06.15.1-0.27.54.17.43.14.55.94.35.24.8-2.01.20.1-1.7-1.5-2.6-3.0
    Chile4.34.64.63.7-1.55.06.03.72.67.87.1-1.43.73.0-1.54.94.5-1.52.6-0.7-2.0
    Colombia2.37.16.32.70.84.74.610.54.55.77.72.03.23.3-1.8-1.9-2.8-2.9-2.2-2.7-2.8
    Ecuador3.34.82.06.50.42.92.329.42.93.38.84.33.73.2-1.23.93.62.2-0.7-0.8-1.6
    Guyana1.65.17.02.03.02.93.15.44.214.06.43.74.54.0-7.6-13.1-11.1-13.2-8.6-11.3-10.2
    Paraguay1.24.36.85.8-3.89.05.08.812.55.97.51.95.55.5-1.61.41.8-2.5-1.0-1.2-1.6
    Perú3.47.78.99.80.98.36.04.01.13.96.70.22.82.0-2.83.11.3-3.70.2-1.3-2.2
    Suriname3.43.85.26.02.54.04.730.34.78.49.31.312.44.9-14.67.57.54.0-2.40.1-2.3
    Uruguay1.34.37.58.52.98.55.011.06.48.59.25.97.06.0-0.9-2.0-0.9-4.80.7-0.1-0.7
    Venezuela2.09.98.24.8-3.3-1.30.530.817.022.530.925.133.331.08.014.88.812.02.67.88.2
    América Central
    Belice5.84.71.23.80.02.02.31.92.94.14.4-0.45.92.5-12.7-2.1-4.1-9.8-6.8-5.7-6.7
    Costa Rica4.58.87.92.8-1.13.84.211.69.410.813.94.05.54.5-4.1-4.5-6.3-9.2-1.8-4.2-4.8
    El Salvador2.74.24.32.4-3.51.02.53.34.94.95.50.01.52.8-2.5-4.2-6.0-7.6-1.8-2.8-3.1
    Guatemala3.35.46.33.30.52.42.67.85.88.79.4-0.35.55.0-5.2-5.0-5.2-4.5-0.6-2.9-3.5
    Honduras3.96.66.24.0-1.92.43.511.55.38.910.83.05.75.8-4.7-3.7-9.0-12.9-3.2-6.3-6.9
    Nicaragua4.14.23.12.8-1.53.03.08.39.416.913.80.97.06.7-19.7-13.6-17.7-24.1-13.7-16.4-16.0
    Panamá5.08.512.110.13.06.26.71.22.26.46.81.94.12.7-5.2-3.1-7.2-11.60.0-7.9-7.9
    El Caribe
    Antigua y Barbuda4.312.96.51.8-8.9-4.13.11.90.05.20.72.4-1.14.4-11.2-31.4-32.9-29.4-25.4-14.8-16.7
    Bahamas, Las3.83.51.9-1.7-4.30.51.51.72.32.94.51.31.71.2-9.7-19.6-17.8-15.9-12.6-13.9-13.7
    Barbados2.43.63.8-0.2-5.5-0.53.02.85.74.87.24.35.02.2-5.2-6.9-4.5-9.6-5.8-4.2-4.2
    Dominica0.84.82.53.2-0.31.42.51.51.86.02.13.21.51.5-19.0-15.7-25.0-31.8-28.1-25.4-23.3
    República Dominicana5.210.78.55.33.55.55.512.85.08.94.55.86.35.0-0.8-3.6-5.3-9.9-4.6-6.9-6.3
    Grenada4.7-2.34.92.2-7.70.82.02.01.77.45.2-2.44.72.0-19.7-33.2-43.2-38.7-25.7-25.0-26.0
    Haiti 41.02.23.30.82.9-8.59.816.512.47.919.8-4.78.58.6-0.7-1.4-0.3-4.5-3.2-2.1-3.7
    Jamaica0.73.01.4-0.9-3.0-0.11.810.25.716.816.810.210.25.3-5.9-10.0-16.5-18.3-10.5-7.7-7.3
    St. Kitts y Nevis3.72.64.24.6-5.5-1.50.53.67.92.17.61.02.22.5-25.6-20.4-24.0-34.2-26.4-24.7-22.8
    St. Lucia1.74.81.50.7-5.21.12.32.40.76.83.81.01.92.1-13.6-30.2-31.3-30.7-20.0-21.2-22.1
    St. Vincent y Grenadines3.17.68.0-0.6-1.00.52.01.84.88.38.7-1.61.92.9-18.4-23.7-34.6-35.2-34.7-48.3-33.0
    Trinidad y Tobago7.913.24.82.4-3.51.22.54.69.17.614.51.310.46.03.739.624.831.39.017.816.7
    Memorandum:
    América Latina y el Caribe3.05.65.74.3-1.75.74.09.85.16.38.25.06.86.0-1.51.60.4-0.7-0.6-1.2-1.6
    (Promedio simple)3.25.75.43.6-1.42.73.68.45.57.98.92.85.95.0-6.6-5.0-7.5-9.6-6.9-7.1-7.0
    AL-7 52.95.55.74.2-2.06.04.12.95.55.74.2-2.06.04.187.7105.5111.6116.3114.0120.8125.7
    UMCO 63.06.65.61.9-6.7-1.02.11.52.85.84.20.71.52.7-17.5-30.9-35.4-36.9-26.7-25.4-22.5
    Fuente: Cálculos del personal técnico del FMI.

    Los agregados regionales se reportan ponderados por el PIB en función a la PPA.

    Tasas de fin de período (Diciembre). Estas generalmente diferirán de las tasas de inflación anual presentadas en Perspectivas de la economía mundial, si bien ambas estan basadas en las mismas proyecciones.

    Estimaciones de analistas privados consideran que la inflación en el íindica de precios al consumidor ha sido considerablemente mas elevada. Las autoridades crearon un consejo de asesoramiento académico para tratar esta cuestión. Los analistas privados también estimaron que el crecimiento del PIB real ha sido significativamente mas bajo que el que aparece en reportes oficiales desde el último trimestre de 2008.

    Datos correspondientes al año fiscal.

    Incluye Argentina, Brasil, Chile, Colombia, México, Perú, y Venezuela. Estos corresponden a las siete econonmias mas grandes de América Latina.

    Incluye Anguilla, Antigua y Barbuda, Dominica, Grenada, Monseratt, St. Kitts y Nevis, St. Lucia, y St. Vincent y las Granadinas.

    América Latina y el Caribe: Principales indicadores fiscales 1

    Ingreso del sector públicoGasto primario del sector públicoBalance del sector públicoBalance primario del sector públicoDeuda bruta del sector público
    (Porcentaje del PIB)(Porcentaje del PIB)(Porcentaje del PIB)(Porcentaje del PIB)(Porcentaje del PIB)
    2007200820092010 Proy.2011 Proy.2007200820092010 Proy.2011 Proy.2007200820092010 Proy.2011 Proy.2007200820092010 Proy.2011 Proy.2007200820092010 Proy.2011 Proy.
    América del Norte
    Canada 240.739.838.337.838.035.035.740.039.137.41.60.1-5.5-4.9-2.92.20.1-4.6-4.5-2.865.169.881.681.780.5
    México21.422.922.222.021.920.121.524.523.723.0-1.3-1.4-4.9-3.6-3.11.41.3-2.3-1.7-1.138.243.344.945.245.7
    Estados Unidos 233.932.430.430.331.533.636.340.739.038.5-2.7-6.7-12.9-11.1-9.7-0.6-4.7-11.2-9.5-8.062.171.184.392.799.3
    América del Sur
    Argentina 331.533.433.934.634.629.130.633.834.734.7-2.1-0.3-3.7-3.5-3.82.42.70.2-0.1-0.167.959.659.052.248.1
    Bolivia34.438.936.034.334.629.332.633.833.533.62.64.30.6-0.8-0.45.16.32.20.71.140.937.540.537.836.2
    Brasil35.736.636.136.336.532.232.533.933.033.3-2.6-1.3-3.2-1.7-1.23.44.12.13.33.265.264.168.966.866.6
    Chile28.827.221.724.024.619.822.325.525.224.98.44.3-4.3-1.6-0.69.04.8-3.8-1.2-0.34.15.26.27.66.9
    Colombia27.226.626.724.825.324.223.026.025.025.9-1.00.1-2.5-3.5-3.93.03.60.7-0.2-0.632.532.335.235.736.3
    Ecuador29.033.728.130.430.724.933.131.731.930.22.2-0.8-4.2-2.2-1.14.10.5-3.6-1.40.526.721.114.713.713.5
    Guyana 428.327.728.928.929.930.829.630.730.831.9-4.3-3.6-3.5-3.7-3.6-2.5-1.9-1.9-1.9-2.060.061.660.563.967.7
    Paraguay21.220.923.223.223.218.817.322.122.322.71.53.00.50.5-0.12.43.61.21.00.521.919.118.017.116.4
    Perú20.921.018.919.920.116.017.319.819.619.13.22.2-2.1-0.8-0.15.03.7-0.80.31.030.925.727.425.423.6
    Suriname30.527.533.028.426.926.924.933.031.227.92.22.0-1.6-4.1-2.53.72.6-0.1-2.9-1.121.118.120.322.924.7
    Uruguay 530.728.930.431.831.727.327.629.329.329.40.0-1.5-1.7-0.6-0.93.41.41.12.52.363.061.660.755.952.1
    Venezuela33.331.624.935.236.234.532.831.537.238.4-2.9-2.7-8.2-3.8-3.5-1.2-1.2-6.7-2.0-2.230.924.636.434.838.9
    América Central
    Belice 628.228.726.427.427.524.424.424.526.026.0-0.70.4-1.6-2.5-2.83.84.21.91.41.584.878.280.278.177.2
    Costa Rica 423.323.422.322.923.518.020.023.124.925.41.90.7-3.2-4.7-4.45.33.4-0.8-2.0-1.929.626.028.029.531.6
    El Salvador 416.516.015.416.517.515.916.318.519.119.0-1.9-2.6-5.6-4.9-4.40.6-0.3-3.1-2.6-1.538.839.748.550.051.0
    Guatemala 612.812.011.111.311.712.812.312.813.213.1-1.4-1.6-3.1-3.4-3.10.0-0.3-1.7-1.8-1.421.319.923.024.526.1
    Honduras24.426.324.824.524.525.227.328.727.226.2-1.6-1.7-4.6-3.7-3.1-0.8-1.0-3.9-2.7-1.819.720.223.726.127.2
    Nicaragua 530.329.328.831.031.126.728.129.529.629.92.10.0-2.1-0.1-0.53.71.2-0.71.41.183.076.281.367.267.8
    Panamá 827.825.924.625.125.820.922.422.823.024.33.40.4-1.0-0.7-1.06.93.51.82.21.548.541.239.940.036.5
    El Caribe
    Antigua y Barbuda 624.123.820.125.525.526.926.831.922.221.9-6.4-6.1-19.6-1.0-0.6-2.9-3.0-11.83.33.693.392.8118.3104.099.3
    Bahamas, Las 618.619.418.017.517.619.419.520.920.419.8-2.5-2.1-4.9-5.3-4.8-0.8-0.1-2.8-2.9-2.234.936.841.446.950.1
    Barbados 938.340.438.837.740.340.943.441.740.039.3-6.2-6.9-7.2-6.8-3.6-2.5-3.0-2.9-2.31.086.295.7104.9111.6113.3
    Dominica 644.646.246.843.942.740.043.043.942.741.72.20.90.8-1.2-0.64.63.13.01.21.090.984.983.883.181.2
    República Dominicana 917.315.813.714.015.115.317.715.214.214.50.3-3.5-3.5-2.3-1.61.9-1.8-1.6-0.20.620.325.328.429.022.0
    Grenada 727.129.428.528.228.332.932.432.327.926.3-7.9-5.1-6.6-2.9-1.2-5.8-3.0-3.80.32.0111.0102.2122.3119.1116.3
    Haiti 615.815.117.924.328.514.517.521.526.631.80.2-3.1-4.4-2.9-3.91.3-2.4-3.6-2.3-3.334.937.724.825.927.7
    Jamaica 726.426.326.525.625.718.920.920.820.619.4-3.9-6.4-9.9-7.1-3.27.55.45.75.16.3111.5120.0134.0135.7131.6
    St. Kitts y Nevis 739.437.240.431.532.835.733.935.438.336.5-4.8-5.0-3.1-15.5-13.13.63.35.0-6.8-3.8181.3170.0184.7196.3204.9
    St. Lucia 728.329.929.731.731.125.527.632.234.832.6-0.8-1.1-6.1-7.2-5.72.72.2-2.5-3.1-1.566.566.274.779.180.7
    St. Vincent y las Grenadines 731.034.534.935.033.031.933.135.444.434.1-4.0-1.7-3.6-13.4-4.6-1.01.4-0.5-9.5-1.166.969.475.091.797.7
    Trinidad y Tobago33.340.132.534.831.927.529.537.236.035.73.78.8-7.2-4.2-6.75.810.6-4.6-1.3-3.828.925.332.439.242.5
    ECCU 1030.631.531.231.431.131.131.734.833.630.9-4.0-3.6-8.4-6.6-4.1-0.4-0.2-3.6-2.20.391.189.2103.8105.3105.8
    América Latina y el Caribe
    Ponderado por el PIB en función de la PPA28.729.528.429.229.426.026.929.028.828.7-1.1-0.8-4.0-2.7-2.32.72.6-0.50.50.747.346.850.148.848.5
    Promedio simple27.527.826.927.527.725.226.328.228.327.9-0.7-1.2-4.4-3.8-3.02.21.5-1.3-0.9-0.154.953.257.658.058.2
    Fuente: Cálculos del personal técnico del FMI.

    Los datos del balance total del sector público incluyen el gobierno general y las empresas públicas. Las definiciones de las cuentas del sector público varían según el país en función de las diferencias institucionales, incluido lo que constituye la cobertura apropiada desde una perspectiva de la política fiscal, tal como se la define por el personal del FMI. Todos los indicadores se reportan en base al año fiscal. Los agregados regionales se reportan ponderados por el PIB en función a la PPA.

    El balance primario también excluye intereses recibidos.

    Gobierno federal y provincias. incluye interesas pagados en base al criterio devengado.

    Incluye el gobierno central y el sistema nacional de seguros. La deuda bruta corresponde al sector público no financiero.

    Corresponde solo al gobierno general.

    Corresponde solo al gobierno central. Deuda bruta para Belice incluye la deuda publica y la publicamente garantizada.

    Corresponde al gobierno central para ingresos, gastos y balances; y sector público para deuda bruta.

    Datos fiscales corresponden al sector público no financiero excluyendo la autoridad del Canal de Panamá.

    Los balances totales y primarios incluyen las actividades no presupuestadas y las publico-privadas para Barbados, y el sector público no financiero y los balances cuasi fiscales para República Dominicana. Los compnentes de ingresos y gastos de estos items no estan disponibles, y por la tanto no son incluidos en las estimaciones de ingresos y gastos.

    Unión Monetaria del Caribe Oriental incluye Anguilla, Antigua y Barbuda, Dominica, Granada, Monseratt, Saint Kitts y Nevis, Santa Lucía y San Vicente y las Granadinas. Ingresos, gastos, y balances corresponden al gobierno central. Deuda bruta corresponde al sector publico.

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    Publicaciones recientes del Departamento del Hemisferio Occidental julio 2009–septiembre 2010

    1. IMF Working Papers

    WP/10/192 – The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America, by Leandro Medina.

    WP/10/169 – Peru: Drivers of De-dollarization, by Mercedes Garcia-Escribano.

    WP/10/168 – Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?, by Anastasia Guscina, Anna Ilyina y Herman Kamil.

    WP/10/117 – Determinants of Investment Grade Status in Emerging Markets, by Laura Jaramillo.

    WP/10/108 – The Global Financial Crisis and its Impact on the Chilean Banking System, by Jorge A. Chan-Lau.

    WP/10/107 – Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems, by Jorge A. Chan-Lau.

    WP/10/102 – The Global Credit Crunch and Foreign Banks’ Lending to Emerging Markets: Why Did Latin America Fare Better?, by Herman Kamil y Kulwant Rai.

    WP/10/98 – Regulatory Capital Charges for Too-Connected-to-Fail Institutions: A Practical Proposal, by Jorge A. Chan-Lau.

    WP/10/86 – The Embodiment of Intangible Investment Goods: a Q-Theory Approach, by Nazim Belhocine.

    WP/10/62 – The U.S. Federal Debt Outlook: Reading the Tea Leaves, by Oya Celasun and Geoffrey Keim.

    WP/10/60 – The Influence of “Big Brothers”: How Important Are Regional Factors for Uruguay?, by Sebastián Sosa.

    WP/10/59 – Caribbean Bananas: The Macroeconomic Impact of Trade Preference Erosion, by Paul Cashin, Cleary Haines y Montfort Mlachila.

    WP/10/54 – Precautionary Reserves: An Application to Bolivia, by Fabian Valencia.

    WP/10/43 – Current Account Balance Estimates for Emerging Market Economies, by Leandro Medina, Jordi Prat y Alun Thomas.

    WP/10/42 – Informal Labour and Credit Markets: A Survey, by Nicoletta Batini, Young-Bae Kim, Paul Levine y Emanuela Lotti.

    WP/10/35 – Spillovers to Central America in Light of the Crisis: What a Difference a Year Makes, by Andrew Swiston.

    WP/10/23 – Financial Shocks and TFP Growth, by Marcello Estevão y Tiago Severo.

    WP/10/13 – Canada’s Potential Growth: Another Victim of the Crisis?, by Marcello Estevão y Evridiki Tsounta.

    WP/10/5 – The Impact of the Global Crisis on Canada: What Do Macro-Financial Linkages Tell Us?, by Rupa Duttagupta y Natalia Barrera.

    WP/10/3 – Investment by Large Firms in Argentina, by Alvaro Piris.

    WP/10/2 – Public Debt Sustainability and Management in a Compound Option Framework, by Jorge A Chan-Lau y Andre Santos.

    WP/10/1 – Post-Crisis Bank Behavior: Lessons from Mercosur, by Sarah Sanya y Montfort Mlachila.

    WP/09/280 – The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact, by Pelin Berkmen, Gaston Gelos, Robert Rennhack y James P. Walsh.

    WP/09/272 – Who Disciplines Bank Managers?, by Martin Cihák, Andrea Maechler, Klaus Schaeck y Stéphanie Stolz.

    WP/09/266 – How Does Public External Debt Affect Corporate Borrowing Costs in Emerging Markets?, by Senay Agca y Oya Celasun.

    WP/09/264 – Investment-Specific Productivity Growth: Chile in a Global Perspective, by Gabriel Di Bella y Martin Cerisola.

    WP/09/259 – From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09, by Mark R. Stone, W. Christopher Walker y Yosuke Yasui.

    WP/09/250 – The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities, by Nazim Belhocine.

    WP/09/240 – Treating Intangible Inputs as Investment Goods: The Impact on Canadian GDP, by Nazim Belhocine.

    WP/09/235 – Is the Canadian Housing Market Overvalued? A Post-Crisis Assessment, by Evridiki Tsounta.

    WP/09/199 – Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay, by Gustavo Adler, Mario Mansilla y Torsten Wezel.

    WP/09/198 – The Real Effects of Financial Sector Risk, by Alexander F. Tieman y Andrea Maechler.

    WP/09/162 – Recent Advances in Credit Risk Modeling, by Christian Capuano, Jorge Chan-Lau, Giancarlo Gasha, Carlos Medeiros, Andre Santos y Marcos Souto.

    WP/09/152 – Why Are Canadian Banks More Resilient?, by Rocco Huang y Lev Ratnovski.

    2. Selected Issues Papers

    Bolivia

    • Hydrocarbon Revenue Sharing Arrangements, por Fabian Bornhorst.

    • Precautionary Reserves: An Application to Bolivia, por Fabian Valencia.

    Canadá

    • Canadian Banks and the Credit Turmoil, por Lev Ratnovski y Rocco Huang.

    • Canadian Residential Mortgage Markets: Boring But Effective?, por John Kiff.

    • How Do Commodity Prices Affect Economic Slumps in Commodity Exporters?, por Rupa Duttagupta.

    • Is the Canadian Housing Market Overvalued? A Tale of Two Regions, por Evridiki Tsounta.

    • The Impact of Global Shocks on Canada—What do Macro-Financial Linkages Tell Us?, por Rupa Duttagupta y Natalia Barrera.

    Caribe

    • Growth in the ECCU: What Went Wrong and Can It Be Fixed, por Nita Thacker, Sebastian Acevedo, Joong Shik Kang, Roberto Perrelli y Melesse Tashu.

    • Public debt in ECCU Countries, por Arnold McIntyre y Sumiko Ogawa.

    • Rationalizing Public Expenditure in the ECCU, por Shamsuddin Tareq, Alejandro Simone, Koffie Nassar y Arina Viseth.

    • Insurance Against Natural Disasters in the Caribbean, por Yu Ching Wong, Anthony Lemus y Nancy Wagner.

    • Risk Analysis of Public Debt in the Caribbean: A “Fan-Chart” Approach, por Koffie Nassar y Catherine Pattillo.

    Chile

    • Strengthening Chile’s Rule-based Fiscal Framework, por Teresa Dabán.

    • Too-Connected-to-Fail Risk in the Chilean Banking System: A Balance Sheet Network Analysis, por Jorge A. Chan-Lau.

    • A Note on Terms of Trade Shocks and the Wage Gap, por Nicolas Magud.

    • Revisiting the Estimation of the Chilean Output Gap, por Nicolas Magud y Leandro Medina.

    • A Longer-Term Approach to Fiscal Policy in Chile, por Borja Gracia, Gabriel Di Bella y Martin Cerisola.

    • Investment-Specific Productivity Growth: Chile in a Global Perspective, por Gabriel Di Bella y Martin Cerisola.

    • The Global Financial Turmoil and Its Impact on Chilean Banks, por Jorge Chan-Lau.

    Colombia

    • An Assessment of Financial Sector Indicators for the Colombian Corporate Sector, por Mercedes Vera-Martin.

    • Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia, por Benedict J. Clements y Herman Kamil.

    • Determinants of Investment Grade Status and Implications for Colombia’s Public Debt, por Laura Jaramillo.

    • Does Financial Soundness Affect Credit Growth?, por Iva Petrova y Enrique Flores.

    • Monetary and Fiscal Policy Options for Dealing with External Shocks: Insights from the GIMF for Colombia, por Benedict J. Clements, Enrique Flores y Daniel Leigh.

    • The Colombian Banking Sector—A Contingent Claims Analysis, por Marcos Souto y Lisandro Abrego.

    Guyana

    • The Impact of the Global Crisis and Policy Response, por Magda Kandil.

    • The Impact of the EU Sugar Trade Preferences and their Erosion, por Felix Eschenbach.

    • Assessing the Fiscal Structural Stance, por Carla Macario.

    Estados Unidos

    • The Great Recession and Structural Unemployment, por Thomas Dowling, Marcello Estevão y Evridiki Tsounta.

    • Prospects for the U.S. Household Saving Rate, por Martin Sommer.

    • Production and Jobs: Can We Have One Without the Other?, por Nicoletta Batini, Marcello Estevão y Geoff Keim.

    • The Financing of U.S. Federal Budget Deficits, por Oya Celasun y Martin Sommer.

    • The U.S. Government’s Role in Reaching the American Dream, por Evridiki Tsounta.

    • The U.S. Fiscal Gap: Who Will Pay and How?, por Nicoletta Batini, Giovanni Callegari y Julia Guerreiro.

    • Spillovers from U.S. Federal Debt Issuance: The Case of Emerging Market Sovereign Borrowing, por Oya Celasun.

    • Strategic Priorities for the Reform of U.S. Financial Regulation, por Ashok Bhatia, Andrea Maechler y Paul Mills.

    • The U.S. Federal Debt Outlook: A Stochastic Simulation Approach, por Oya Celasun y Geoffrey Keim.

    • U.S. Potential Growth in the Aftermath of the Crisis, por Natalia Barrera, Marcello Estevao y Geoffrey Keim.

    México

    • Estimating Default Frequences and Macrofinancial Linkages in the Mexican Banking System, por Rodolphe Blavy y Marcos Souto.

    • Exchange Rate Exposure of the Mexican Corporate Sector: Progress and Remaining Vulnerabilities, por Herman Kamil y Chris Walker.

    • Expanding the Regulatory Perimeter: The Case of Sofoles and Sofomes, por Jose Giancarlo Gasha.

    • Labor Market Informality and Macroeconomic Performance, por Kristin Magnusson Bernard.

    • Reforming the Fiscal Framework: Budget Rules and Fiscal Risks, por Geremia Palomba.

    • The Global Crisis and Potential Growth in Mexico, por Kornelia Krajnyak.

    Panamá

    • Benefits From Attaining Investment Grade Status and Implications for Panama, por Mario Dehesa, Laura Jaramillo y Michelle Tejada

    • Macro-Financial Linkages in Panama, por Juliana Araujo y Kristin Magnusson.

    Paraguay

    • Assessing the Appropriateness of Monetary and Fiscal Policies in an Adverse External Environment, por Montfort Mlachila y Brieuc Monfort.

    • Financial Sector Issues: Advances in the Implementation of the Financial Sector Assessment Program Recommendations, por Sylwia Nowak.

    • Paraguay’s Tax System in a Regional Perspective, por Ernesto Crivelli.

    • Post-Crisis Behavior of Banks in Mercosur, por Sarah O. Sanya y Montfort Mlachila.

    • Sustainable Management of Revenues from Itaipu, por Teresa Dabán-Sánchez y Walter Zarate.

    • The Monetary Policy Transmission Mechanism in Paraguay, por Santiago Acosta-Ormaechea y Teresa Dabán-Sánchez.

    Perú

    • Balance Sheet Vulnerabilities in a Dollarized Economy, por Maria Gonzalez.

    • Credit Growth: Anatomy and Policy Responses, por Luis Breuer, Jose Gasha, Giancarlo Peschiera y Juan Alonso Perez-Salmon.

    • Disentangling the Motives for Foreign Exchange Intervention in Peru, por Maria Gonzalez.

    • Drivers of De-Dollarization, por Mercedes Garcia-Escribano.

    • Macroeconomic Stability and the Role of Fiscal Policy, por Daniel Leigh.

    • Performance of Alternative Fiscal Rules: An Application to Peru, por Isabel Rial.

    • Potential Growth and Output Gap in Peru, por Leandro Medina.

    • Progress in Strengthening Peru’s Prudential Framework, por Patrick Amir Imam y Jose Giancarlo Gasha.

    • Regional Disparities and Public Transfers, por Mercedes Garcia-Escribano.

    • What to Expect when you are Expecting…Large Capital Inflows? Lessons from Cross-Country Experiences, por Mercedes Vera Martin.

    Uruguay

    • Commodity Prices, Growth and the Fiscal Position in Uruguay, por Rita Babihuga.

    • Dynamic Loan Loss Provisioning in Uruguay, por Torsten Wezel.

    • Exchange Rate and Competitiveness Assessment, por Felipe Zanna.

    • How Important Are Regional Factors for Uruguay? por Sebastian Sosa.

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