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Agustín G. Carstens, Daniel C. Hardy, and Ceyla Pazarbaşioğlu

This paper highlights that for the IMF, July 2004 marked the 60th anniversary of the conference in Bretton Woods, New Hampshire, when delegations from 44 allied countries drafted and agreed upon the IMF’s charter. The IMF’s role and work have evolved in response, but like any large organization, its ability to change has been limited by its own rules and mandate and has been held back by inertia. This year’s anniversary offers an opportunity to reflect on how gaps between the reality and the ideal might be closed in the coming years.

Steven R. Weisbrod, Mr. Howard Lee, and Ms. Liliana Rojas-Suárez

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Shoukang Lin and Kent Osband

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

GABRIELLE LIPWORTH and JENS NYSTEDT

Efforts at crisis resolution that succeed in reducing potential inefficiencies and instability in the international financial system are in the interest of both the private and the public sectors. This paper focuses on how the private sector is likely to adapt to the recent initiatives by the official sector to further involve the private sector in the resolution of crises. The key conclusion is that recent experiences with payment suspensions and bond restructurings are limited as guides to determining the future success or failures of these initiatives, because the private sector most likely has adapted in order to minimize any unwanted involvement.

International Monetary Fund

This Selected Issues paper analyzes economic performance of Ecuador under dollarization. The paper reviews the principal trade-offs normally associated with official dollarization, and their specific relevance to Ecuador. It discusses Ecuador’s performance under the dollarization regime, highlighting the country’s main achievements and challenges in the macroeconomic and structural areas. The paper draws some conclusions and discusses what dollarization implies for Ecuador’s reform agenda in the future. The paper also assesses sustainability of Ecuador’s fiscal policy and explores criteria that could guide the setting of fiscal policy in the future.

International Monetary Fund. Western Hemisphere Dept.

Selected Issues Paper and Analytical Notes

International Monetary Fund

The crisis in the banking sector was one of the major contributing factors that led Ecuador to abandon its own currency and introduce the U.S. dollar as legal tender. However, to illustrate the weak growth performance of the country, it is necessary to examine the structural weaknesses in the labor market, the tax system, and the trade system. These weaknesses resulted in the increase in poverty and inequality. This paper provides a brief summary of recent economic developments and statistical data on economic indices of Ecuador.

International Monetary Fund

This Selected Issues paper and Statistical Appendix analyzes Ecuador’s fiscal policy using the concepts of the fiscal stance and fiscal impulse adjusted for movements in the real effective exchange rate. It finds that fiscal policy has been expansionary in 2000 and 2001. The paper shows that the growth of gross fixed investment was relatively strong during the 1970s; thereafter it slowed, particularly in the public sector. The paper also explores the evolution of oil reserves in recent years and the projections for the medium term.

Mr. Gabrielle Lipworth and Mr. Jens Nystedt

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.

Nurun N. Choudhry

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.