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International Monetary Fund

Abstract

Intraregional financial activity in Central America has grown substantially in the past decade, contributing to efficiency and economic development. At the same time, the expansion of activities by regional conglomerates has increased the challenges to supervisory authorities of containing the risks of contagion. Prepared as part of the Central America Financial Sector Regional Project by an IMF and World Bank staff team, this book outlines trends in the region's financial sector integration, supervisory responses, development of the insurance sector, payment and securities settlement arrangements, and worker remittances. It addresses the many common policy challenges facing Central American countries--Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama--in financial sector reform. The book offers key policy recommendations.

Horst J. Struckmeyer

When the world market price for a country’s major export product increases substantially over a short period of time, it has serious domestic repercussions. This article examines the economic implications of the recent significant increases of international coffee prices for Central America which produces about 12 per cent of the world’s exportable production of coffee. Most of the policy measures suggested by the author to make the best long-term use of the increased export income have implications for any country whose economy depends heavily on a single product.

John W. Lowe

The International Finance Corporation, an affiliate of the World Bank which provides finance for private sector projects in the developing countries, has been involved in providing finance for agribusiness since 1964. This article discusses the Corporation’s experience in this sector.

International Monetary Fund. Western Hemisphere Dept.
This 2013 Article IV Consultation highlights that during the past two years, macroeconomic developments in Nicaragua have been generally favorable. Real GDP grew by an average of 5¼ percent during 2011–2012, and the annual average inflation was 7¼ percent during the same period. Looking ahead, the macroeconomic outlook also remains broadly positive. Real GDP is expected to grow by 4¼ percent in 2013 and then stabilize at its potential level of 4 percent over the medium-term. Inflation is projected to remain at about 7 percent supported by the crawling-peg exchange rate system that has helped anchor inflation expectations.
International Monetary Fund
The paper is an elaborated report on Nicaragua’s potential economic growth. The challenges and idiosyncratic shocks were immense but the policies of better education, labor contracts, and accomplishments in public investments paved the way for movement of the economy. The external competitiveness and exchange rate assessment also have an important hand. The achievements in the electricity sector and the improvement in reforming the pension system are the prominent aspects. On the whole, the Board considers this growth as a positive trial of development in the global panorama.