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International Monetary Fund

This paper examines Bolivia’s Request for a Stand-By Arrangement (SBA). The Bolivian authorities have focused their efforts on restoring economic and social stability, strengthening the banking and corporate sectors, and establishing the basis for sustained growth. In support of their economic program for 2003, the authorities have requested an SBA equivalent to 50 percent of quota (SDR 86 million). At the same time, the authorities continue to develop a broader set of medium-term structural reforms, for which they plan to seek support through an arrangement under the Poverty Reduction and Growth Facility as soon as possible.

International Monetary Fund

This Selected Economic Issues paper for Bosnia and Herzegovina reports that output, exports, and incomes have increased and inflation has stabilized. New modern banking laws have been passed in both entities, and the banking sector has been almost completely privatized, with the majority of assets now under foreign ownership. The reforms to the central bank and to the banking system have been aimed to secure stability and to build an efficient financial system.

International Monetary Fund. External Relations Dept.

Following is a summary of a paper prepared for presentation by IMF Managing Director Michel Camdessus and delivered by Hubert Neiss, Director of the IMF’s Asia and Pacific Department, at the Asia-Europe Finance Ministers Meeting in Frankfurt, Germany, January 16.

International Monetary Fund

This Selected Issues paper examines a number of potential factors that may have influenced the short-term behavior of the exchange rate between the Chilean peso and the U.S. dollar during the period of floating exchange rate, including the possible impact of developments in Argentina during 2001. The paper investigates whether copper prices can be successfully forecasted over medium-term horizons, emphasizing the properties of copper prices most relevant in the Chilean context, including for fiscal policymaking. The paper also provides a snapshot of the Chilean banking and corporate sectors.

T. N. SRINIVASAN

This paper examines contractionary currency crashes in developing countries. It explores the causes of India’s productivity surge around 1980, more than a decade before serious economic reforms were initiated. The paper finds evidence that the trigger may have been an attitudinal shift by the government in the early 1980s that, unlike the reforms of the 1990s, was pro-business rather than pro-market in character, favoring the interests of existing businesses rather than new entrants or consumers. A relatively small shift elicited a large productivity response, because India was far away from its income possibility frontier.