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International Monetary Fund. Western Hemisphere Dept.

This Selected Issues paper analyzes spillover risks for Colombia. It highlights that external shocks could spill over to the Colombian economy through the country’s important and growing trade and financial linkages with the rest of the world. Colombia would be most exposed to a decline in oil prices, which could have a sizable adverse impact on the balance of payments, the fiscal accounts and growth. Growth shocks in key trading partners could also have a negative impact, particularly in the United States, which is Colombia’s main trading partner. Colombia’s fiscal rule and adjustment in the context of resource wealth is also analyzed.

International Monetary Fund

This paper reviews economic developments in Costa Rica during 1995–97. Costa Rica faced a slump in economic activity in 1995–96 following a sharp deterioration in the public finances and higher inflation associated with the 1993–94 political–economic cycle. To avert a balance-of-payments crisis in early 1995, the authorities increased interest rates, imposed temporary import surcharges, and raised excise taxes, while tightening expenditure and shifting some outlays to 1996. The economy went into a recession in 1996, with private investment declining for a third consecutive year.

International Monetary Fund

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

International Monetary Fund

This paper reviews economic developments in Costa Rica during 1995–97. Costa Rica faced a slump in economic activity in 1995–96 following a sharp deterioration in the public finances and higher inflation associated with the 1993–94 political–economic cycle. To avert a balance-of-payments crisis in early 1995, the authorities increased interest rates, imposed temporary import surcharges, and raised excise taxes, while tightening expenditure and shifting some outlays to 1996. The economy went into a recession in 1996, with private investment declining for a third consecutive year.

International Monetary Fund

Abstract

This book examines the challenges facing the international monetary and financial system, as well as the future role of the Bretton Woods institutions in addressing those challenges. The volume is based on the proceedings of a 2004 conference cosponsored by the Banco de Espana and the International Monetary Fund to commemorate the 60th anniversary of the Bretton Woods meetings in July 1944. The chapters look at global imbalances, exchange rate issues, debt in emerging economies, and innovations in private and multilateral lending.

International Monetary Fund

Abstract

This report presents the annual survey of international capital market developments and prospects. It summarizes recent developments in capital market flows and asset prices, including the initial impact of the Middle East crisis, and reviews the main ongoing structural changes in financial markets. Against this background, the study examines three key issues that emerge from recent developments. These are, first, indications of “financial fragility” in a number of industrial countries; second, concerns about a shortage of global savings relative to prospective investment demands; and third, recent developments with regard to spontaneous capital market financing for developing countries and the process of market re-entry by some countries with recent debt-servicing difficulties. The study also considers public policy responses to financial strains, in particular, attempts by authorities to ensure systemic safety and soundness and to maintain the cost effectiveness of official safety nets as the process of financial market liberalization and innovation continues.

International Monetary Fund

Abstract

This section discusses developments in 1989–90 in gross and net international capital flows through banking and securities markets, devoting special attention to the initial effects of the outbreak of the Middle East crisis on financial markets. Developments in this period illustrated both the ability of international financial markets to transmit the effects of macroeconomic and political shocks rapidly across national borders and the key role these markets have continued to play in financing the large fiscal and current account imbalances in industrial countries.

International Monetary Fund

Abstract

The trends in financial flows and asset prices discussed in the preceding section occurred in the context of a continuing process of financial market internationalization and integration. This process intensified during the 1980s and has contributed to more efficient market mechanisms for the mobilization and allocation of savings, both nationally and internationally. Nevertheless, the resulting intensification of competition and pressure on profitability may, at the same time, undermine the viability of certain established institutions and market structures. Similarly, the increasing ease with which the location of financial activities may be shifted from one segment or jurisdiction to another may have adverse systemic risk implications. While there have been some instances of localized strains on financial institutions and markets, regulatory and supervisory systems have generally succeeded in containing disruptions.

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
This paper reviews economic developments in Costa Rica during 1995–97. Costa Rica faced a slump in economic activity in 1995–96 following a sharp deterioration in the public finances and higher inflation associated with the 1993–94 political–economic cycle. To avert a balance-of-payments crisis in early 1995, the authorities increased interest rates, imposed temporary import surcharges, and raised excise taxes, while tightening expenditure and shifting some outlays to 1996. The economy went into a recession in 1996, with private investment declining for a third consecutive year.