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Cover IMF Staff Country Reports
Chile: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
KEY ISSUES Politics: President Bachelet won the Presidential election on a platform to foster inclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitious policy agenda that includes important reforms in several areas, including taxation, education, productivity, and energy. Outlook and risks: Chile’s global environment is shifting, with a dimmer outlook for its main export, copper, and normalization of global monetary conditions. Growth has slowed markedly, resulting in a modest output gap. The peso has depreciated, feeding into inflation. Staff projects growth to bottom out in 2014 and then gradually recover. Key risks relate to a large and lasting drop in copper prices and global financial volatility. Policy mix: The freely floating peso is working as a shock absorber and will support the economic recovery. The policy mix with broadly neutral fiscal and accommodative monetary policy is appropriate. Room for further monetary easing has narrowed but space remains if domestic demand flounders, so long as inflation expectations remain well anchored. On fiscal, given the strong public finances, automatic stabilizers should be allowed to operate unimpeded and there is space for stimuli in the event of a major downturn. The commitment to close the structural fiscal deficit by 2018 is appropriate and should be phased in a way that avoids undue drag on the recovery. Should risks materialize, the freely floating currency is the first line of defense. Growth and equity reforms: Achieving strong growth while reducing inequality will require structural reforms. The authorities’ agenda focuses on the right areas but many details remain work in progress. Clarity on the details, timetables, and prioritization will reduce uncertainty and the risk of delays. Financial stability: Risks to financial stability appear contained, but it will be important to push through with regulatory reforms underway, including initiatives currently in Congress. Further effort will be needed to close regulatory gaps, in particular bank capital requirements, relative to international benchmarks.
Keywords:
ISCR; CR; rate; economy; GDP; liability positions vis-à-vis nonresident; monetary policy rate; Chilean authorities; evaluation system; expansionary monetary policy stance; structural surplus; Metal prices; Exports; Global
Cover IMF Staff Country Reports
Chile: 2013 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
The staff reports for the 2013 Article IV Consultation on the Chile discuss the strong and inclusive growth over the medium term. Technocratic, rules-based, and transparent policy management; monetary policy under a floating exchange rate undertaken by a credible central bank; and prudent fiscal policy, since 2001 under a near-legendary fiscal rule, has enhanced policy clarity, reinforced Chile’s resilience to shocks, and allowed for vigorous policy responses when needed, as after the global financial crisis and the earthquake. The widening current account deficit and the increased reliance on debt financing have increased balance of payments stability risks and Chile’s exposure to sudden stops.
Keywords:
ISCR; CR; current account; holding; SDR Department; widening current account deficit; liability positions vis-à-vis nonresident; fiscal policy; budgetary funds; foreign direct investment; copper price; ballooning current account deficit; capital investment; Metal prices; Current account deficits; Credit; Global
Cover IMF Staff Country Reports
Chile: 2012 Article IV Consultation
International Monetary Fund
The Selected Issues paper discusses measures taken by the Chilean government to record moderate economic growth in 2012. The easing of fiscal stance and tightening of expenditure have proved to prevent a decline in the economy. The authorities have estimated retaining a favorable economic environment to mitigate financial risks. Banks have been asked to maintain high levels of liquidity and capital to meet expansion needs. The Executive Board has commended Chilean authorities’ efforts for macrofinancial stability and management of funds.
Keywords:
ISCR; CR; central bank; Chile; holdings exchange rate; headline inflation; liability positions vis-à-vis nonresident; I. membership status; I. assessment; fiscal policy restraint; central bank of Chile; Exports; Credit; Metal prices; Global
Cover IMF Staff Country Reports
Chile: Selected Issues Paper
International Monetary Fund
The cornerstone of Chile’s impressive fiscal performance and strong fiscal system has been its structural balance rule. It has helped to insulate public spending from copper price cycles and improve the government’s net financial position. Chile should adopt a full-fledged medium-term fiscal framework to improve fiscal planning and provide a framework for addressing temporary deviations from the fiscal rule. Publishing additional fiscal indicators in the budget, such as the non-copper structural balance, could provide more comprehensive information on the impact of fiscal policy on the domestic demand.
Keywords:
ISCR; CR; output gap; capital loss; TCTF risk; output gap equation; wage gap; production function method; TCTF vulnerability; Fiscal stance; Terms of trade; Metal prices; Fiscal rules; Global
Cover IMF Staff Country Reports
Chile: 2006 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Chile
International Monetary Fund
Structural reforms and prudent economic policies have helped Chile’s successful economic performance. Executive Directors commended the sound macroeconomic policies, the structural fiscal surplus rule, and the robust financial system. They appreciated Chile's monetary policy stance and its leadership role in opening markets through comprehensive and sustained trade and financial market liberalization. They welcomed the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CLT) legislation that helps in obtaining information and combating money laundering, and also emphasized the need for a policy agenda for sustained growth.
Keywords:
ISCR; CR; government; pension fund investment regime; government plan; policy; management function; draft bill; policy development; Metal prices; Inflation; Pension spending; Global
Cover IMF Staff Country Reports
Chile: Staff Report for the 2005 Article IV Consultation: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
The staff report for the 2005 Article IV Consultation for Chile highlights short-term economic outlook and fiscal policy under the structural surplus rule. The government is firmly committed to the structural surplus rule. The core inflation rate has risen, reflecting the gradual closing of the output gap and the second-round effects of higher energy prices. The central bank plans to continue gradually withdrawing monetary stimulus. It has appropriately started to raise interest rates, and further increases will likely be needed, depending on developments in inflation and the closing of the output gap.
Keywords:
ISCR; CR; authority; monetary policy; unemployment rate; market; fiscal policy rule; monetary policy condition; forecast inflation; economic growth; government transfer; banking industry; inflation targeting; Inflation; Metal prices; Income; Global; Asia and Pacific
Cover IMF Staff Country Reports
Chile: Staff Report for the 2001 Article IV Consultation
International Monetary Fund
Chile's economic performance was very strong during most of the 1990s, but the country suffered a recession in 1998–99. In early 1998, Chile faced a widening external current account deficit—resulting from surging domestic demand and a large drop in copper export prices—which together with turbulence in world financial markets weakened investor confidence and put downward pressure on the currency. Chile has maintained a very open trade regime and has continued with the unilateral phased reduction of its uniform external tariff rate.
Keywords:
ISCR; CR; price; rate; monetary policy; currency risk; forecast; reference price; s forecast; U.S. dollar terms; oil price shock; prudent monetary policy; Fiscal stance; Metal prices; Public sector; Unemployment; Global; Asia and Pacific
Cover The Fund Agreement in the Courts, Vol. III
The Fund Agreement in the Courts, Vol. III
Volume III
Mr. Joseph Gold

Abstract

Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had a bearing on issues before the courts.

Keywords:
BOOK; control regulation; article; court; exchange contract; exchange; exchange control regulation; lower court; unit of account; Exchange restrictions; Currencies; Exchange rates; Gold; Legal support in revenue administration; Africa; Global; Western Europe; Middle East; Central America; Europe; West Africa
Cover Membership and Nonmembership in the International Monetary Fund
Membership and Nonmembership in the International Monetary Fund
International Monetary Fund

Abstract

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Keywords:
BOOK; Fund; country; exchange agreement; agreement; sc; exchange transaction; membership resolution; monetary unit; General arrangement; Currencies; Gold; Legal support in revenue administration; Reserve assets; General Agreement on Tariffs and Trade; Africa; West Africa; Europe; Global; Middle East; East Asia; South Asia
Cover The Fund Agreement in the Courts, Vol. II
The Fund Agreement in the Courts, Vol. II
Mr. Joseph Gold

Abstract

Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had a bearing on issues before the courts.

Keywords:
BOOK; article; court; control regulation; exchange contract; Fund; exchange control regulation; unit of account; lower court; Exchange restrictions; Currencies; Exchange rates; Insurance; Europe; South America; Global