Back Matter

Author(s):
International Monetary Fund. Western Hemisphere Dept.
Published Date:
May 2011
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    Hemisferio Occidental: Principales indicadores económicos1

    Crecimiento del producto

    (Porcentaje)
    Inflación

    (Fin de período, porcentaje)2
    Saldo de la cuenta corriente externa

    (Porcentaje del PIB)
    1997–20062007200820092010201120121997–20062007200820092010201120121997–2006200720082009201020112012
    Prom.Proy.Proy.Prom.Proy.Proy.Prom.Proy.Proy.
    América del Norte
    Canadá3.52.20.5-2.53.12.82.62.02.51.80.82.22.02.01.10.80.4-2.8-3.1-2.8-2.6
    México3.53.21.5-6.15.54.64.08.23.86.53.64.43.53.0-1.7-0.9-1.5-0.7-0.5-0.9-1.1
    Estados Unidos3.21.90.0-2.62.82.82.92.54.10.71.91.42.11.4-4.2-5.1-4.7-2.7-3.2-3.2-2.8
    América del Sur
    Argentina32.88.66.80.89.26.04.67.08.57.27.710.911.011.00.52.31.31.80.90.1-0.5
    Bolivia3.34.66.13.44.24.54.53.911.711.80.37.27.95.0-1.112.012.14.74.83.84.4
    Brasil2.66.15.2-0.67.54.54.16.84.55.94.35.95.94.5-1.60.1-1.7-1.5-2.3-2.6-3.0
    Chile4.04.63.7-1.75.35.94.93.37.87.1-1.43.04.53.2-0.64.5-1.91.61.90.5-1.3
    Colombia2.86.93.51.54.34.64.58.85.77.72.03.23.23.1-1.5-2.9-3.0-2.2-3.1-2.1-2.2
    Ecuador3.52.07.20.43.23.22.827.23.38.84.33.33.43.1-0.83.62.2-0.7-4.4-4.0-4.0
    Guyana1.47.02.03.33.64.75.95.414.06.43.74.56.95.4-8.3-11.1-13.1-9.2-9.8-11.9-22.9
    Paraguay1.66.85.8-3.815.35.64.59.25.97.51.97.210.77.5-1.01.5-1.80.6-3.2-4.1-3.7
    Perú3.98.99.80.98.87.55.83.03.96.70.22.13.53.0-1.81.4-4.20.2-1.5-2.1-2.8
    Suriname3.75.14.73.14.45.05.030.78.49.31.310.319.97.5-12.810.79.6-1.11.00.4-0.2
    Uruguay1.27.38.62.68.55.04.29.28.59.25.96.96.86.5-1.0-0.9-4.70.60.5-1.0-1.6
    Venezuela3.08.24.8-3.3-1.91.81.622.222.530.925.127.232.430.18.28.812.02.64.97.06.3
    América Central
    Belice6.11.23.80.02.02.32.51.54.14.4-0.41.34.42.5-12.8-4.1-9.8-8.4-2.7-8.1-6.7
    Costa Rica5.37.92.7-1.34.24.34.411.110.813.94.05.86.05.5-4.3-6.3-9.3-2.0-3.6-4.5-4.7
    El Salvador2.94.32.4-3.50.72.53.03.14.95.50.02.14.82.8-2.7-6.0-7.6-1.8-2.1-3.8-3.6
    Guatemala3.66.33.30.52.63.03.27.38.79.4-0.35.46.35.5-5.4-5.2-4.30.0-2.1-3.3-4.0
    Honduras4.26.24.1-2.12.83.54.09.58.910.83.06.58.06.5-4.7-9.0-15.4-3.7-6.2-7.3-7.1
    Nicaragua3.93.12.8-1.54.53.53.78.016.913.80.99.28.67.3-18.4-16.6-23.3-11.9-14.1-17.6-16.5
    Panamá5.112.110.13.27.57.47.21.26.46.81.94.94.43.3-5.3-7.2-11.9-0.2-11.2-12.5-12.6
    El Caribe
    Antigua y Barbuda5.06.51.8-8.9-4.13.12.51.55.20.72.42.93.03.1-13.5-34.3-30.5-22.5-13.9-18.6-18.2
    Bahamas, Las3.71.9-1.7-4.30.51.32.31.82.94.51.31.72.01.7-10.9-17.8-15.9-11.7-12.4-15.0-14.3
    Barbados2.33.8-0.2-4.7-0.52.02.53.14.87.24.35.17.02.3-5.6-4.5-9.6-5.5-7.4-6.7-6.0
    Dominica1.02.53.2-0.31.01.62.51.46.02.13.22.43.51.3-18.5-25.0-31.8-28.1-28.0-29.2-27.5
    República Dominicana5.68.55.33.57.85.55.512.98.94.55.86.26.05.5-1.0-5.3-9.9-5.0-8.6-8.3-5.4
    Grenada4.24.92.2-7.6-1.41.02.82.07.45.2-2.46.35.04.0-21.1-43.2-38.7-33.2-27.1-25.3-27.1
    Haití40.83.30.82.9-5.18.68.816.07.919.8-4.74.79.16.5-0.7-1.5-4.4-3.4-2.3-4.0-4.6
    Jamaica1.11.4-0.9-3.0-1.11.62.49.116.816.810.211.77.45.7-6.8-16.5-17.8-10.9-8.1-8.3-7.7
    St. Kitts y Nevis3.44.24.6-9.6-1.51.51.54.02.17.61.02.23.82.9-24.8-24.3-33.2-34.0-27.5-30.5-28.9
    St. Lucia2.11.50.7-3.60.84.23.92.76.83.81.0-0.65.21.9-15.6-31.3-27.8-14.4-16.7-29.1-20.8
    St. Vincent y las Granadinas3.78.0-0.6-1.1-2.32.52.52.08.38.7-1.62.05.91.9-19.7-34.6-35.2-35.0-33.6-37.5-34.3
    Trinidad y Tobago8.54.82.4-3.50.02.22.45.07.614.51.313.49.55.57.524.831.39.017.618.719.2
    Memorandum:
    América Latina y el Caribe3.15.74.3-1.76.14.74.28.06.28.14.86.66.85.8-1.20.4-0.7-0.6-1.2-1.4-1.8
    (Promedio simple)3.45.43.6-1.43.03.93.97.87.98.92.85.97.25.3-6.5-7.5-9.4-7.1-6.9-8.4-8.2
    AL-753.05.84.3-2.06.34.74.28.06.18.15.26.87.06.0-0.90.6-0.5-0.5-1.0-1.2-1.6
    UMCO63.35.61.9-6.8-1.72.62.82.25.84.20.62.44.42.7-19.1-35.6-36.9-26.5-26.4-31.2-28.5
    Fuente: Cálculos del personal técnico del FMI.

    Los agregados regionales se calculan como promedios ponderados por el PIB en función de la PPA, salvo que se indique lo contrario.

    Tasas de fin de período (diciembre). Estas generalmente diferirán de las tasas de inflación promedio del período presentadas en el informe Perspectivas de la economía mundial del FMI, si bien ambas están basadas en las mismas proyecciones.

    Las estimaciones de analistas privados indican que la inflación de precios al consumidor ha sido considerablemente más alta que las estimaciones oficiales desde 2007 en adelante. Las autoridades argentinas han anunciado que están elaborando un índice de precios al consumidor (IPC) nacional para reemplazar al IPC del Gran Buenos Aires actualmente en uso. A solicitud de las autoridades, el FMI está brindando asistencia técnica en ese sentido. Los analistas privados también opinan que el crecimiento del PIB real fue significativamente inferior a lo indicado en las estimaciones oficiales en 2008 y 2009, aunque la discrepancia entre las estimaciones privadas y oficiales del crecimiento del PIB real disminuyó en 2010.

    Datos correspondientes al año fiscal.

    Incluye Argentina, Brasil, Chile, Colombia, México, Perú y Venezuela. Estos corresponden a las siete economías más grandes de América Latina y el Caribe.

    Incluye Antigua y Barbuda, Dominica, Grenada, St. Kitts y Nevis, St. Lucia y St. Vincent y las Granadinas, más Anguila y Montserrat, que no son miembros del FMI.

    América Latina y el Caribe: Principales indicadores fiscales1

    Ingreso del sector público

    (Porcentaje del PIB)
    Gasto primario del sector público

    (Porcentaje del PIB)
    Balance total del sector público

    (Porcentaje del PIB)
    Balance primario del sector público2

    (Porcentaje del PIB)
    Deuda bruta del sector público

    (Porcentaje del PIB)
    2008200920102011201220082009201020112012200820092010201120122008200920102011201220082009201020112012
    Proy.Proy.Proy.Proy.Proy.Proy.Proy.Proy.Proy.Proy.
    América del Norte
    Canadá39.838.338.037.438.635.740.039.938.437.90.1-5.5-5.5-4.6-2.84.0-1.7-1.8-1.00.771.383.484.084.283.1
    México22.722.022.123.023.221.424.323.922.323.1-1.3-4.8-4.1-1.8-2.41.4-2.3-1.80.80.243.044.642.742.342.1
    Estados Unidos32.630.830.530.532.336.240.938.538.637.1-6.5-12.7-10.6-10.8-7.5-3.7-10.0-8.0-8.1-4.871.284.691.699.5102.9
    América del Sur
    Argentina333.436.138.938.738.630.736.037.438.438.5-0.8-3.8-1.7-3.1-3.12.70.11.50.30.158.157.647.840.736.7
    Bolivia38.936.133.934.835.032.633.830.432.832.84.30.62.00.71.06.32.33.62.02.337.540.537.434.332.8
    Brasil36.335.637.436.336.232.333.535.033.333.2-1.4-3.1-2.9-2.4-2.64.02.12.43.03.070.767.966.165.765.0
    Chile27.222.025.124.425.522.325.925.024.224.84.3-4.4-0.4-0.40.44.8-3.80.10.20.75.26.28.810.910.2
    Colombia426.526.824.725.125.822.926.024.425.323.70.0-2.6-2.8-3.5-1.13.50.80.3-0.22.031.036.236.536.335.4
    Ecuador33.729.834.937.636.933.233.834.736.736.7-0.8-4.7-0.6-0.7-1.10.5-4.00.20.90.226.324.720.420.419.8
    Guyana527.729.328.330.629.929.631.229.732.131.6-3.6-3.5-3.2-3.1-3.3-1.9-1.9-1.4-1.5-1.661.661.561.362.361.8
    Paraguay20.923.222.523.122.817.322.121.223.024.13.00.50.9-0.4-1.73.61.21.40.1-1.319.118.015.012.812.3
    Perú21.118.920.120.620.317.419.819.519.919.32.2-2.1-0.6-0.5-0.13.8-0.80.60.71.025.026.624.322.520.7
    Suriname627.529.926.225.824.425.031.628.826.324.71.8-3.0-3.6-1.7-1.52.5-1.6-2.6-0.5-0.318.018.521.620.018.6
    Uruguay728.930.531.531.331.427.629.529.729.329.3-1.5-1.7-1.2-1.1-1.01.31.11.72.02.161.761.055.352.850.2
    Venezuela31.624.931.234.933.532.831.533.935.034.5-2.7-8.2-6.0-1.5-2.0-1.2-6.7-2.7-0.1-1.024.632.738.740.242.1
    América Central
    Belice828.727.026.627.127.024.424.624.925.425.30.4-1.2-2.4-2.1-2.64.22.41.71.71.778.280.381.779.778.2
    Costa Rica523.622.522.222.424.620.924.225.525.425.50.2-4.0-5.6-5.6-3.92.6-1.7-3.3-3.0-0.936.038.439.442.042.8
    El Salvador716.015.416.617.417.916.318.518.718.918.2-2.6-5.6-4.4-4.0-2.4-0.3-3.1-2.1-1.5-0.339.749.050.850.650.4
    Guatemala812.011.111.211.811.712.312.813.013.112.5-1.6-3.1-3.3-3.1-2.7-0.3-1.7-1.8-1.3-0.820.023.024.025.126.1
    Honduras26.425.124.823.123.727.429.026.825.024.3-1.7-4.7-2.9-3.1-2.0-1.0-4.0-2.0-1.8-0.619.924.126.326.526.4
    Nicaragua728.728.530.130.329.627.629.228.529.128.00.0-2.10.2-0.40.01.1-0.71.61.21.677.482.982.379.675.1
    Panamá1025.024.524.626.826.421.422.523.926.225.20.5-0.9-2.0-1.8-0.93.62.00.70.61.241.540.440.938.335.5
    El Caribe
    Antigua y Barbuda922.920.223.122.924.026.831.921.120.019.4-7.0-19.5-0.3-0.41.7-3.9-11.72.02.94.686.5110.593.390.387.7
    Bahamas, Las819.418.017.517.618.519.520.919.620.320.5-2.1-4.9-4.6-5.3-4.8-0.1-2.8-2.2-2.7-2.036.841.447.150.753.4
    Barbados1140.638.038.038.339.643.040.139.237.337.3-7.2-7.3-6.6-4.4-3.3-2.3-2.1-1.21.02.397.3110.7113.7114.2114.2
    Dominica946.247.645.744.343.043.045.945.542.539.90.9-0.1-1.6-0.11.23.21.70.31.83.185.785.985.583.479.6
    República Dominicana15.913.713.613.715.117.215.314.012.913.5-3.0-3.5-2.3-1.6-0.6-1.4-1.6-0.40.81.625.328.529.025.525.4
    Grenada929.427.228.225.825.832.430.829.325.523.1-5.1-6.3-3.6-2.4-0.7-3.0-3.6-1.10.42.7102.2115.0114.6110.6104.7
    Haití815.017.729.427.623.917.421.226.932.929.6-3.1-4.42.2-5.7-6.2-2.4-3.52.5-5.3-5.837.624.715.712.316.8
    Jamaica926.927.026.525.726.022.020.921.920.119.0-7.4-10.9-5.8-3.5-2.34.96.14.65.67.0126.1141.1139.7137.1129.5
    St. Kitts y Nevis937.242.739.241.539.633.937.939.338.638.3-5.0-3.8-8.9-6.3-7.63.34.9-0.12.91.2170.0195.6200.4191.9190.0
    St. Lucia930.631.032.032.130.328.331.934.234.831.0-1.0-4.3-5.8-6.7-4.82.3-0.8-2.3-2.7-0.766.473.977.279.679.9
    St. Vincent y las Granadinas934.535.233.735.035.533.135.736.836.936.5-1.7-3.8-6.6-5.3-4.01.4-0.5-3.1-1.9-0.967.674.982.287.185.9
    Trinidad y Tobago39.630.636.134.735.229.637.037.838.638.38.2-9.0-4.1-6.5-5.810.0-6.4-1.7-3.9-3.125.434.439.849.349.8
    ECCU1230.830.831.831.931.030.934.232.030.929.0-3.4-8.0-3.6-2.7-1.6-0.1-3.4-0.21.02.085.299.697.896.493.8
    América Latina y el Caribe
    Promedio ponderado por el PIB23.823.023.423.223.921.624.324.323.823.6-0.1-3.5-2.9-2.6-1.82.1-1.3-0.8-0.60.240.545.945.445.144.3
    en función de la PPA
    Promedio simple28.527.728.528.728.727.029.328.928.828.2-1.3-4.7-3.2-3.0-2.31.5-1.6-0.4-0.20.555.761.160.960.459.4
    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 son promedios ponderados por el PIB en función de la PPA, salvo que se indique lo contrario.

    El balance primario se define como ingreso total menos gasto primario (por lo tanto, los intereses recibidos se incluyen en el ingreso total).

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

    Sector público no financiero bajo ingresos, gastos y balances (excluidas las discrepancias estadísticas); sector público combinado, incluido Ecopetrol y excluida la deuda externa pendiente del Banco de la República, bajo deuda pública bruta.

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

    El gasto primario de Suriname excluye préstamos netos.

    Corresponde sólo al gobierno general; los datos de El Salvador incluyen las operaciones de los fideicomisos de pensiones.

    Corresponde sólo al gobierno central. La deuda bruta de Belice incluye la deuda pública y la deuda pública garantizada.

    Gobierno central bajo ingresos, gastos y balances, y sector público bajo deuda bruta.

    Los 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 público-privadas para Barbados y el sector público no financiero. Los componentes de ingresos y gastos de estas partidas no están disponibles y no son incluidos en las estimaciones de ingresos y gastos primarios.

    La Unión Monetaria del Caribe Oriental incluye a Anguila, Antigua y Barbuda, Dominica, Grenada, Montserrat, St. Kitts y Nevis, St. Lucia y St. Vincent y las Granadinas. Gobierno central bajo ingresos, gastos y balances; sector público bajo deuda bruta.

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      González, María, UsmanKhosa, PhillipLiu, AlfredSchipke y NitaThacker,de próxima publicación, “Offshore Financial Centers: Opportunities and Challenges for the Caribbean”, IMF Working Paper (Washington: Fondo Monetario Internacional).

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      Jeanne, Olivier, y RomainRanciere,2009, “The Optimal Level of International Reserves for Emerging Market Countries: a New Formula and Some Applications”, inédito.

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    Publicaciones recientes del Departamento del Hemisferio Occidental, julio 2009–abril 2011

    1. Working Papers

    WP/11/44 – Sovereign Credit Ratings and Spreads in Emerging Markets: Does Investment Grade Matter?, por Michelle Tejada y Laura Jaramillo.

    WP/11/32 – Recession and Policy Transmission to Latin American Tourism: Does Expanded Travel to Cuba Offset Crisis Spillovers?, por Andrew M. Wolfe y Rafael Romeu.

    WP/11/17 – Strengthening Chile’s Rule-Based Fiscal Framework, por Teresa Dabán Sánchez.

    WP/11/14 – Interpreting Currency Movements During the Crisis: What’s the Role of Interest Rate Differences?, por Thomas Dowling y Nicoletta Batini.

    WP/11/10 – What Is Driving Financial De-dollarization in Latin America?, por Mercedes Garcia-Escribano y Sebastian Sosa.

    WP/11/2 – The Chilean Output Gap, por Nicolas E. Magud y Leandro Medina.

    WP/10/292 – Weathering the Global Storm: The Benefits of Monetary Policy Reform in the LA5 Countries, por Jorge Iván Canales Kriljenko, Luis Ignacio Jácome, Ali Alichi e Ivan Luis de Oliveira Lima.

    WP/10/279 – A Note on Terms of Trade Shocks and the Wage Gag, por David O. Coble Fernandez y Nicolas E. Magud.

    WP/10/271 – When and Why Worry About Real Exchange Rate Appreciation? The Missing Link between Dutch Deisease and Growth, por Nicolas E. Magud y Sebastian Sosa.

    WP/10/248 – Structural Breaks in Fiscal Performance: Did Fiscal Responsibility Laws Have Anything to Do with Them?, por Carlos Caceres, Ana Corbacho y Leandro Medina.

    WP/10/241 – On the Distributive Effects of Terms of Trade Shocks: The Role of Non-tradable Goods, por Sebastian Galiani, Daniel Heymann y Nicolas E. Magud.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    WP/09/264 – Investment-Specific Productivity Growth: Chile in a Global Perspective, por 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, por 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, por Nazim Belhocine.

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

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

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

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

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

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

    2. Selected Issues Papers

    Barbados

    • Growth Dynamics, por Gamal El-Masry y Lulu Shui.

    • External Stability, por John Ralyea.

    • Barbados’ Financial System in the Aftermath of the Global Crisis, por Carla Macario.

    Bolivia

    • Hydrocarbon Revenue Sharing Arrangements, por Fabian Bornhorst.

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

    Canadá

    • The Post-Crisis Canadian Housing Market, por Evridiki Tsounta.

    • Interpreting Canada’s Currency Movements During the Crisis, por Nicoletta Batini y Thomas Dowling.

    • Canada’s Potential Growth: A Post-Crisis Assessment, por Evridiki Tsounta.

    • The Bumpy Road Ahead for North American Automakers, por Nicoletta Batini, Grace Bin Li y John Dowling.

    • Canada’s Housing Finance System: Policy Backdrop, por John Kiff.

    • 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 e 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 e 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 W. Christopher 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.

    • 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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