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International Monetary Fund

Abstract

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows. This study marks a first step toward formulating policies to develop essential smaller economy financial markets by documenting the stylized facts and presenting a framework for assessing the policy issues.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

This paper focuses on the independent states that are full members of the Caribbean Community. It provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead. The Caribbean countries face several common problems and must deal with similar economic policy issues. Consequently, concentrating on the regional perspective permits a comparison of the individual responses to similar problems. The regional view throws light on the countries' movement toward convergence. The economic prospects for the region are generally satisfactory over the medium term, but the projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world. The relatively favorable outlook for the region is not without risks, such as a slowdown in growth in the major trading partner countries or a term of trade shock.

Mr. Heiko Hesse

Abstract

The Global Financial Crisis has been a watershed event not only for many advanced economies but also emerging markets around the world. This book brings together research and policy work over the last nine years from staff at the IMF. It covers a wide range of issues such as the origins of the financial crisis, the policy response, spillovers and contagion, case studies, bank stress testing, and debt sustainability and sovereign debt restructuring.

Abstract

Central Banks should enjoy a fair degree of autonomy in pursuing price stability to promote long-run growth and prosperity. This volume, edited by Patrick Downes and Reza Vaez-Zadeh, contains the papers presented at the fifth IMF seminar on central banking issues in November 1990. The theme was the interdependence of central bank functions and the role of central bank autonomy.

International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund

Abstract

This accompanying document to the Guidelines for Public Debt Management, which the IMF and the World Bank co-published in 2001, contains sample case studies that illustrate how a range of countries from around the world and at different stages of economic and financial development are developing their debt management capacity in a manner consistent with the guidelines. The experience of these countries is discussed in this publication, and should offer some useful and practical suggestions to other countries, as they strive to build their own capacity in public debt management.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

With few exceptions, countries in the Caribbean region have performed reasonably well in recent years. They will, however, need to accelerate policy actions in a number of areas to address he challenges they are likely to face in the near future.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The economic performance of most of the countries in the Caribbean region has been broadly satisfactory in recent years, but insufficiently robust to substantially reduce unemployment. In the five-year period ended 1998, real GDP growth in the region was somewhat higher than in the major trading partner countries, inflation declined, and the fiscal and external positions improved. Also, progress was made toward trade liberalization.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The English-speaking Caribbean region has, for the most part, enjoyed economic stability, modest growth in per capita incomes, and a standard of living that compares fairly well with the rest of Latin America and the Caribbean as a whole. Also, social indicators are generally good and political systems stable. However, the increased integration of the region in the global economy has led to a number of risks that have to be addressed promptly for the countries of the region to accelerate growth and social progress in the period ahead. Although the region faces a number of issues that could be discussed, this paper concentrates on three broad topics, namely the need to: (1) lower the costs of financial intermediation and to strengthen supervision over onshore and offshore financial institutions; (2) improve the public finances—and, thereby, savings—to act as a buffer against external shocks; and (3) advance structural reforms—including further liberalization of trade—to enhance external competitiveness and promote the diversification of exports.

International Monetary Fund

Jamaica faced intense macroeconomic imbalances that threatened its macroeconomic stability. Executive Directors emphasized the need for credible policy actions and strong fiscal adjustment to reduce imbalances and lower vulnerability. They welcomed the strong fiscal adjustment in the budget and encouraged the Bank of Jamaica to reorient monetary policy. They stressed the need for a policy mix that would restore macroeconomic stability, achieve higher growth, lower external imbalances, and emphasized for anti-crime measures, infrastructure building, and sector-specific policies to promote growth.