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Argentina
			: Technical Assistance Report-Staff Technical Note on Public Debt Sustainability

Argentina : Technical Assistance Report-Staff Technical Note on Public Debt Sustainability »

Volume/Issue: 2020/83

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2020

DOI: http://dx.doi.org/10.5089/9781513537962.002

ISBN: 9781513537962

Keywords: Financial soundness indicators, Economic stabilization, Consumption, Economic conditions, Economic recovery, ISCR, CR, debt-to-GDP, GFN, debt-to-GDP ratio

This Technical Assistance report on Argentina sets out IMF staff's views on a feasible macroeconomic framework that could underpin a debt restructuring operation that would restore debt sustainability with high pro...

Exploring the Output Effect of Fiscal Policy Shocks in Low Income Countries

Exploring the Output Effect of Fiscal Policy Shocks in Low Income Countries »

Volume/Issue: 2020/12

Series: IMF Working Papers

Author(s): Jiro Honda , Hiroaki Miyamoto , and Mina Taniguchi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513526034.001

ISBN: 9781513526034

Keywords: Exchange rate regimes, Business cycles, Fixed exchange rates, Floating exchange rates, Flexible exchange rates, Fiscal Policy, Fiscal Multipliers, Low Income Countries, WP, exchange rate regime

What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of governmen...

Safeguards Assessment-2019 Update

Safeguards Assessment-2019 Update »

Volume: 19

Series: Policy Papers

Author(s): George Kabwe , Elie Chamoun , Riaan van Greuning , Mowele Mohlala , and Julia Cardoso

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2019

DOI: http://dx.doi.org/10.5089/9781513523019.007

ISBN: 9781513523019

Keywords: Central banking and monetary issues, Central banks, Central bank governance, Central bank autonomy, Central bank operations, Safeguards assessments, risk management, IMF lending, PP, safeguard

Safeguards assessments are a key pillar of the risk management arrangements for IMF lending. Safeguards assessments aim to mitigate the risks of misuse of Fund resources and misreporting of program monetary data un...

Argentina
			: Fourth Review under the Stand-By Arrangement, Request for Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Staff Supplement

Argentina : Fourth Review under the Stand-By Arrangement, Request for Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Staff Supplement »

Volume/Issue: 2019/232

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2019

DOI: http://dx.doi.org/10.5089/9781498326537.002

ISBN: 9781498326537

Keywords: Central banks, Bank credit, Inflation, Monetary policy, Social safety nets, primary balance, performance criterion, percent of GDP, BCRA, Proj

This paper discusses Argentina's Fourth Review of the Stand-By Arrangement, Request for a Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review. The report highlights th...

Argentina
			: Third Review under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria, Financing Assurances Review, and Request for Modification of Performance Criteria-Press Release and Staff Report

Argentina : Third Review under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria, Financing Assurances Review, and Request for Modification of Performance Criteria-Press Release and Staff Report »

Volume/Issue: 2019/99

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2019

DOI: http://dx.doi.org/10.5089/9781498306737.002

ISBN: 9781498306737

Keywords: Central banks, Monetary policy, Poverty, Tax revenue, Monetary base, performance criterion, BCRA, percent change, percent of GDP, capital spend

This paper discusses Argentina's Third Review under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria, Financing Assurances Review, and Request for Modification of Performance C...

Argentina
			: Technical Assistance Report-Report of the Technical Assistance Mission on External Sector Statistics (April 17-28, 2017)

Argentina : Technical Assistance Report-Report of the Technical Assistance Mission on External Sector Statistics (April 17-28, 2017) »

Volume/Issue: 2019/18

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395592.002

ISBN: 9781484395592

Keywords: Argentina, Western Hemisphere

At the request of the National Statistics and Census Institute (INDEC), a technical assistance mission on external sector statistics (ESS) visited Buenos Aires during April 17-28, 2017. This was a follow up to the...

Argentina
			: Technical Assistance Report-Technical Assistance Mission on External Sector Statistics (November 14-25, 2016)

Argentina : Technical Assistance Report-Technical Assistance Mission on External Sector Statistics (November 14-25, 2016) »

Volume/Issue: 2019/19

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2019

DOI: http://dx.doi.org/10.5089/9781484395677.002

ISBN: 9781484395677

Keywords: Western Hemisphere, Argentina

At the request of the National Institute of Statistics and Censuses (INDEC), a technical-assistance mission on external-sector statistics (ESS) visited Buenos Aires on November 14-25, 2016. Currently, INDEC's Nat...

Argentina
			: Second Review under the Stand-By Arrangement; Financing Assurances Review; and Request for Modification of Performance Criterion-Press Release; and Staff Report

Argentina : Second Review under the Stand-By Arrangement; Financing Assurances Review; and Request for Modification of Performance Criterion-Press Release; and Staff Report »

Volume/Issue: 2018/374

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2018

DOI: http://dx.doi.org/10.5089/9781484391594.002

ISBN: 9781484391594

Keywords: Argentina, Western Hemisphere

The redesigned IMF-supported economic reform program is bearing early results. Financial markets have stabilized since end-September, following the adoption of the new monetary policy framework. After the appreciat...

Argentina
			: First Review under the Stand-By Arrangement; Inflation Consultation; Financing Assurances Review; and Request for Rephasing, Augmentation, Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Staff Supplement

Argentina : First Review under the Stand-By Arrangement; Inflation Consultation; Financing Assurances Review; and Request for Rephasing, Augmentation, Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Staff Supplement »

Volume/Issue: 2018/297

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2018

DOI: http://dx.doi.org/10.5089/9781484381724.002

ISBN: 9781484381724

Keywords: Argentina, Western Hemisphere

This paper discusses Argentina's First Review Under the Stand-By Arrangement (SBA), Inflation Consultation, Financing Assurances Review, and Requests for Rephasing, Augmentation, Waivers of Nonobservance and Applic...

Argentina
			: Stand-By Arrangement-Review under the Emergency Financing Mechanism

Argentina : Stand-By Arrangement-Review under the Emergency Financing Mechanism »

Volume/Issue: 2018/298

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2018

DOI: http://dx.doi.org/10.5089/9781484381939.002

ISBN: 9781484381939

Keywords: Argentina, Western Hemisphere

Preliminary data suggests that all the performance criteria and structural benchmark for end-June are likely to be met, although end-of-June inflation was above the inner band of the consultation clause reflecting...

Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina

Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina »

Volume/Issue: 2018/183

Series: IMF Working Papers

Author(s): Lusine Lusinyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2018

DOI: http://dx.doi.org/10.5089/9781484362990.001

ISBN: 9781484362990

Keywords: Argentina, Western Hemisphere, Economic growth; structural reforms; productivity; product market competition; labor market reforms; trade openness; Argentina, Economic growth, structural reforms, productivity, product market competition, labor market reforms, trade openness, General

The paper uses a supply-side framework based on a production function approach to assess the role of structural reforms in boosting long-term GDP growth in Argentina. The impact of product, labor, trade, and tax re...

Argentina
			: Request for Stand-By Arrangement-Press Release and Staff Report

Argentina : Request for Stand-By Arrangement-Press Release and Staff Report »

Volume/Issue: 2018/219

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2018

DOI: http://dx.doi.org/10.5089/9781484367551.002

ISBN: 9781484367551

Keywords: Argentina, Western Hemisphere

Despite a difficult economic context, President Macri's administration, over the past two and a half years, has taken bold steps to eliminate a wide range of distortions in the economy. Efforts were also made to st...

A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean

A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean »

Volume/Issue: 2018/94

Series: IMF Working Papers

Author(s): Antonio David , and Daniel Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2018

DOI: http://dx.doi.org/10.5089/9781484353059.001

ISBN: 9781484353059

Keywords: Mexico, Paraguay, Peru, Taxation, Uruguay, Western Hemisphere, Argentina, Fiscal policy, Guatemala, Jamaica

This paper presents a new database of fiscal consolidations for 14 Latin American and Caribbean economies during 1989-2016. We focus on discretionary changes in taxes and government spending primarily motivated by...

How Well Do Economists Forecast Recessions?

How Well Do Economists Forecast Recessions? »

Volume/Issue: 2018/39

Series: IMF Working Papers

Author(s): Zidong An , João Tovar Jalles , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2018

DOI: http://dx.doi.org/10.5089/9781484344873.001

ISBN: 9781484344873

Keywords: Economic forecasting, Economic recession, Economic models, Economic growth, Business cycles, Production growth, Financial crises, recession, bias, efficiency

We describe the evolution of forecasts in the run-up to recessions. The GDP forecasts cover 63 countries for the years 1992 to 2014. The main finding is that, while forecasters are generally aware that recession ye...

Argentina
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina

Argentina : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina »

Volume/Issue: 2017/409

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 2017

DOI: http://dx.doi.org/10.5089/9781484335741.002

ISBN: 9781484335741

Keywords: Article IV consultation reports, Economic recovery, Fiscal policy, Public sector, Government expenditures, Monetary policy, Exchange rate policy, Supply-side policy, Tax systems, Labor markets

This 2017 Article IV Consultation highlights that Argentina's government has made important progress in restoring integrity and transparency in public sector operations. These policy changes have put the economy on...

Argentina
			: Selected Issues

Argentina : Selected Issues »

Volume/Issue: 2017/410

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 2017

DOI: http://dx.doi.org/10.5089/9781484335833.002

ISBN: 9781484335833

Keywords: Taxation, Tax reforms, Fiscal reforms, Fiscal policy, Labor markets, Labor market policy, Gender equality, Selected issues, Argentina

This paper discusses whether there is a more efficient way of taxing labor in Argentina that has a minimal cost in terms of foregone revenues. Social security contributions for dependent workers are generally high...

Cluster Report
			: Trade Integration in Latin America and the Caribbean

Cluster Report : Trade Integration in Latin America and the Caribbean »

Volume/Issue: 2017/66

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2017

DOI: http://dx.doi.org/10.5089/9781475586015.002

ISBN: 9781475586015

Keywords: Puerto Rico, Suriname, Peru, Trinidad and Tobago, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica

This Cluster Report explores opportunities for trade integration in the Latin America and the Caribbean region. It finds that the region can reap significant growth benefits from further trade integration. With tra...

Argentina
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina

Argentina : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina »

Volume/Issue: 2016/346

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

DOI: http://dx.doi.org/10.5089/9781475552621.002

ISBN: 9781475552621

Keywords: Staff Reports, Spillovers, Western Hemisphere, Inflation, Inflation targeting, Press releases, Monetary policy, Economic growth, Economic indicators, Economic recession

This paper discusses recent economic developments, the outlook, and risks for the Czech Republic. The economy has been growing at an exceptionally strong pace. Driven by robust domestic demand, output expanded by 4...

Argentina
			: Selected Issues

Argentina : Selected Issues »

Volume/Issue: 2016/347

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

DOI: http://dx.doi.org/10.5089/9781475552645.002

ISBN: 9781475552645

Keywords: Capital accumulation, Disinflation, Argentina, Government expenditures, Fiscal policy, Export competitiveness, Fiscal consolidation, Monetary policy, Pensions, Inflation targeting

This paper discusses Argentina's investment rate which was well below the average of Latin American countries and that of a peer group of advanced and emerging market countries, with a larger gap in private investm...

Amendment to Steps to Address Excessive Delays in the Completion of Article IV Consultations or Mandatory Financial Stability Assessments and Application to the Case of Argentina

Amendment to Steps to Address Excessive Delays in the Completion of Article IV Consultations or Mandatory Financial Stability Assessments and Application to the Case of Argentina »

Volume/Issue: 2016/064

Series: Policy Papers

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2016

DOI: http://dx.doi.org/10.5089/9781498346016.007

ISBN: 9781498346016

Keywords: Argentina, Article IV consultations, Executive Board decisions, Executive Board discussion postponement, Lapse of time approval, Notification of delay, Financial sector development, Development, Development policy, Financial sector

Management has received a request from the Argentine authorities to publish documents on economic developments in the country prepared by Fund staff for informal Board briefings in 2013-15. The Argentine authoritie...

Central Banking in Latin America
			: The Way Forward

Central Banking in Latin America : The Way Forward »

Volume/Issue: 2016/197

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Luis I. Jacome H. , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2016

DOI: http://dx.doi.org/10.5089/9781475543353.001

ISBN: 9781475543353

Keywords: Central Banking, Monetary Policy, Macroprudential Policy, Latin America.

Latin America's central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaini...

Behind the Scenes with Data at the IMF
			: An IEO Evaluation

Behind the Scenes with Data at the IMF : An IEO Evaluation »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2016

DOI: http://dx.doi.org/10.5089/9781498385985.017

ISBN: 9781498385985

Keywords: data, data quality, data provision, data assets, surveillance, resources, International Monetary Fund, Independent Evaluation Office, IMF, IEO

This report examines whether the IMF has effectively leveraged an important asset: data. It finds that in general, the IMF has been able to rely on a large amount of data of acceptable quality, and that data provis...

Serial Sovereign Defaults and Debt Restructurings

Serial Sovereign Defaults and Debt Restructurings »

Volume/Issue: 2016/66

Series: IMF Working Papers

Author(s): Tamon Asonuma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2016

DOI: http://dx.doi.org/10.5089/9781513596648.001

ISBN: 9781513596648

Keywords: Serial Default, Sovereign Default, Past Credit History, Haircuts, Recovery rates, Risk Premia, debt, default, defaults, return

Emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters even with the same external debt-to-GDP ratio. These cou...

Argentina
			: Economic Developments; February 27, 2014

Argentina : Economic Developments; February 27, 2014 »

Volume/Issue: 2016/68

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781498396370.002

ISBN: 9781498396370

Keywords: exchange, inflation, balance of payments, economic developments, monetary fund

This report presents IMF staff analysis based on publicly available information through end- January 2014. Following its 2002 financial crisis, Argentina experienced a strong economic recovery, helped by an expansi...

Argentina
			: Economic Developments; April 29, 2015

Argentina : Economic Developments; April 29, 2015 »

Volume/Issue: 2016/69

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781498399746.002

ISBN: 9781498399746

Keywords: exchange, foreign exchange, monetary fund, economic developments, deficit

This paper presents an overview of Argentina's economic developments in the past 10 years. Argentina's impressive growth over the past decade has been accompanied by the accumulation of a number of major vulnerabil...

Argentina

Argentina »

Volume/Issue: 2016/67

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781475598537.002

ISBN: 9781475598537

Keywords: investment, inflation, goods, monetary fund, economic developments, Western Hemisphere, Argentina

This paper discusses Argentina’s economic developments and policies in the past 10 years. Argentina was recovering rapidly from the deep economic crisis of 2002, and the authorities had adopted policies conducive t...

Argentina

Argentina »

Volume/Issue: 2016/66

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781498391962.002

ISBN: 9781498391962

Keywords: bank, banks, insurance, capital, deposit insurance, Argentina, Western Hemisphere

This paper discusses the financial crisis management and crisis preparedness framework of Argentina. Although Argentina has a well-developed financial safety net that has provided timely support to stressed institu...

Argentina

Argentina »

Volume/Issue: 2016/65

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781498391337.002

ISBN: 9781498391337

Keywords: solvency, monetary fund, insurance, liquidity, banking system, Western Hemisphere, Argentina

This paper provides technical analysis and detailed information underpinning the Financial Sector Assessment Program in Argentina. The implementation of stress tests is conceptually challenging in the Argentinean c...

Argentina

Argentina »

Volume/Issue: 2016/64

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781475559989.002

ISBN: 9781475559989

Keywords: financial system, insurance, monetary fund, liquidity, markets, Argentina, Western Hemisphere

This paper discusses the following issues related to the economy of Argentina: macro-financial performance and financial system overview, financial sector risks and resilience, financial safety nets, financial sect...

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics »

Volume/Issue: 2016/37

Series: IMF Working Papers

Author(s): Tamon Asonuma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2016

DOI: http://dx.doi.org/10.5089/9781475597738.001

ISBN: 9781475597738

Keywords: Sovereign Defaults, External Debt, Real Exchange Rate, Currency Composition of Debt, Bond Spreads, exchange, default, exchange rate, defaults, International Lending and Debt Problems

Emerging countries experience real exchange rate depreciations around defaults. In this paper, we examine this observed pattern empirically and through the lens of a dynamic stochastic general equilibrium model. Th...

Quality and the Great Trade Collapse

Quality and the Great Trade Collapse »

Volume/Issue: 2016/30

Series: IMF Working Papers

Author(s): Natalie Chen , and Luciana Juvenal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2016

DOI: http://dx.doi.org/10.5089/9781498347587.001

ISBN: 9781498347587

Keywords: heterogeneity, multi-product firms, quality, trade collapse, unit values, wine, trade, goods, value, export growth

We explore whether the global financial crisis has had heterogeneous effects on traded goods differentiated by quality. Combining a dataset of Argentinean firm-level destination-specific wine exports with quality r...

The Fiscal Costs of Contingent Liabilities

The Fiscal Costs of Contingent Liabilities »

Volume/Issue: 2016/14

Series: IMF Working Papers

Author(s): Elva Bova , Marta Ruiz-Arranz , Frederik Toscani , and H. Elif Ture

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2016

DOI: http://dx.doi.org/10.5089/9781498303606.001

ISBN: 9781498303606

Keywords: Fiscal Crisis, General, All Countries,, Budget deficits, Public debt, Contingent liabilities

We construct the first comprehensive dataset of contingent liability realizations in advanced and emerging markets for the period 1990–2014. We find that contingent liability realizations are a major source of fisc...

Gestión financiera pública en América Latina
			: La clave de la eficiencia y la transparencia

Gestión financiera pública en América Latina : La clave de la eficiencia y la transparencia »

Series: Books

Publisher: Inter-American Development Bank

Publication Date: 19 January 2016

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781597822244.071

ISBN: 9781597822244

Keywords: Public financial management, Latin America, contabilidad, costo, presupuestos, compras, deuda, gestión financiera pública, América Latina

La eficiencia, la eficacia y la transparencia de la gestión financiera pública en América Latina son fundamentales para la supervisión de los recursos públicos, la estabilidad fiscal y el desarrollo económico soste...

Perspectivas económicas regionales, octubre de 2015: Departamento del Hemisferio Occidental
			: Ajustando bajo presión

Perspectivas económicas regionales, octubre de 2015: Departamento del Hemisferio Occidental : Ajustando bajo presión »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513540610.086

ISBN: 9781513540610

Keywords: intereses, comercio, intercambio, tasa de interés, desarrollo financiero

....

IEO Annual Report 2015

IEO Annual Report 2015 »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

DOI: http://dx.doi.org/10.5089/9781513536293.017

ISBN: 9781513536293

Keywords: imf, evaluation, budget, monitoring, capital flows

IEO Annual Report 2015...

Administración de ingresos públicos: Panorama general
			: Análisis de datos iniciales utilizando la Herramienta de Información Fiscal para la Administración de Ingresos Públicos

Administración de ingresos públicos: Panorama general : Análisis de datos iniciales utilizando la Herramienta de Información Fiscal para la Administración de Ingresos Públicos »

Series: Departmental Papers / Policy Papers

Author(s): Andrea Lemgruber , Andrew Masters , and Duncan Cleary

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 August 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513509266.087

ISBN: 9781513509266

Keywords: Fiscal management, Revenues, Fiscal policy, Tax policy, Tax administration, impuestos, ingreso públicos, aduanas, impuestos, datos

En los últimos años, el Departamento de Finanzas Públicas del FMI ha desarrollado la Herramienta de Información Fiscal para la Administración de Ingresos Públicos (HIF-AIP), una iniciativa orientada a recopilar dat...

From Systemic Banking Crises to Fiscal Costs
			: Risk Factors

From Systemic Banking Crises to Fiscal Costs : Risk Factors »

Volume/Issue: 2015/166

Series: IMF Working Papers

Author(s): David Amaglobeli , Nicolas End , Mariusz Jarmuzek , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

DOI: http://dx.doi.org/10.5089/9781513529356.001

ISBN: 9781513529356

Keywords: fiscal costs, banking, banking crises, debt, public debt, bank, General,

This paper examines the risk factors associated with fiscal costs of systemic banking crises using cross-country data. We differentiate between immediate direct fiscal costs of government intervention (e.g., recapi...

What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies

What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies »

Volume/Issue: 2015/148

Series: IMF Working Papers

Author(s): Diana Ayala Pena , Milan Nedeljkovic , and Christian Saborowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2015

DOI: http://dx.doi.org/10.5089/9781513579757.001

ISBN: 9781513579757

Keywords: bond, markets, debt, market, General, General, General,

This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. Duri...

Understanding Revenue Administration
			: An Initial Data Analysis Using the Revenue Administration Fiscal Information Tool

Understanding Revenue Administration : An Initial Data Analysis Using the Revenue Administration Fiscal Information Tool »

Series: Departmental Papers / Policy Papers

Author(s): Andrea Lemgruber , Andrew Masters , and Duncan Cleary

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2015

DOI: http://dx.doi.org/10.5089/9781513584829.087

ISBN: 9781513584829

Keywords: Fiscal management, Revenues, Fiscal policy, Tax policy, Tax administration, tax, revenue, customs, taxes, data

During the past few years, the Fiscal Affairs Department (FAD) has developed the Revenue Administration Fiscal Information Tool (RA-FIT), a tax and customs data gathering initiative. This paper, the first of its ki...

América Latina
			: Nuevos desafíos para el crecimiento y la estabilidad

América Latina : Nuevos desafíos para el crecimiento y la estabilidad »

Series: Books

Author(s): Dora Iakova , Luis Cubeddu , Gustavo Adler , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 May 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484318294.071

ISBN: 9781484318294

Keywords: Economic growth, Macroprudential policies and financial stability, Latin America, Commodity trade, términos de intercambio, exportadores de materias primas, América Latina crecimiento, crecimiento económico, políticas macroprudenciales y estabilidad financiera, América Latina

En los últimos 15 años, los países de América Latina realizaron enormes avances en el fortalecimiento de sus economías y la mejora de las condiciones de vida. Si bien el producto cayó temporalmente durante la crisi...

Perspectivas económicas, abril de 2015: Las Américas,
			: El Norte se recupera, el Sur aún espera

Perspectivas económicas, abril de 2015: Las Américas, : El Norte se recupera, el Sur aún espera »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 May 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484318768.086

ISBN: 9781484318768

Keywords: América Latina; exportadores de materias primas; economías que dependen del turismo; América Central y la República Dominicana; economía finacieramente integradas

Perspectivas económicas: Las Américas, abril de 2015...

Central Banking in Latin America
			: From the Gold Standard to the Golden Years

Central Banking in Latin America : From the Gold Standard to the Golden Years »

Volume/Issue: 2015/60

Series: IMF Working Papers

Author(s): Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

DOI: http://dx.doi.org/10.5089/9781484303184.001

ISBN: 9781484303184

Keywords: banks, bank, capital, Monetary Policy (Targets, Instruments, and Effects),

This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods...

Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises

Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises »

Volume/Issue: 2015/43

Series: IMF Working Papers

Author(s): Gustavo Adler , and Eugenio Cerutti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2015

DOI: http://dx.doi.org/10.5089/9781616357047.001

ISBN: 9781616357047

Keywords: crisis, bank run, banks, bank, deposits,

The presence of foreign banks in emerging markets has increased markedly over the last two decades, raising questions about their potentially stabilizing or destabilizing role during times of financial distress. Mo...

Market Signals and the Cost of Credit Risk Protection
			: An Analysis of CDS Settlement Auctions

Market Signals and the Cost of Credit Risk Protection : An Analysis of CDS Settlement Auctions »

Volume/Issue: 2014/239

Series: IMF Working Papers

Author(s): Luisa Zanforlin , and Nobuyuki Kanazawa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 December 2014

DOI: http://dx.doi.org/10.5089/9781498389471.001

ISBN: 9781498389471

Keywords: Credit Default Swaps, Market signals, Derivative Markets, cds, default, market, default probabilities, General, Derivative Markets.,

We study the link between the probability of default implied by Credit Default Swaps (CDS) spreads and the final prices of the defaulted bonds as established at the CDS settlement auctions. We observe that the post...

Los regímenes de tipo de cambio y la estabilidad del sistema monetario internacional

Los regímenes de tipo de cambio y la estabilidad del sistema monetario internacional »

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 November 2014

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781498324076.084

ISBN: 9781498324076

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, tipo de cambio, régimen de tipo de cambio, tipos de cambio, tipo de cambio real

Los países miembros del Fondo Monetario Internacional colaboran para asegurar que los regímenes cambiarios funcionen ordenadamente y para fomentar la estabilidad del sistema cambiario, reconociendo que el objetivo...

International Monetary Fund Annual Report 2014
			: From stabilization to sustainable growth

International Monetary Fund Annual Report 2014 : From stabilization to sustainable growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2014

DOI: http://dx.doi.org/10.5089/9781498315357.011

ISBN: 9781498315357

Keywords: Annual reports, Administrative and Capital budgets, Bilateral surveillance, External training programs, Executive Board, Financial sector surveillance, IMF, IMF Finance, IMF Lending, Fund budget

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International...

Budget Institutions in Low-Income Countries
			: Lessons from G-20

Budget Institutions in Low-Income Countries : Lessons from G-20 »

Volume/Issue: 2014/164

Series: IMF Working Papers

Author(s): Sanjeev Gupta , and Sami Yläoutinen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2014

DOI: http://dx.doi.org/10.5089/9781498329439.001

ISBN: 9781498329439

Keywords: Budget Institutions, Budget Reforms, fiscal strategy, fiscal outlook, fiscal objectives, fiscal reporting, General,

This paper presents twelve budget institutions that can support planning and delivery of credible fiscal strategies in the fiscal policy-making process. The resulting framework is applied to seven low-income count...

Recurring Issues from a Decade of Evaluation
			: Lessons for the IMF

Recurring Issues from a Decade of Evaluation : Lessons for the IMF »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 August 2014

DOI: http://dx.doi.org/10.5089/9781484376850.017

ISBN: 9781484376850

Keywords: monetary fund, financial sector, conditionality, financial stability, international reserves

...

List of IMF Member Countries With Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months

List of IMF Member Countries With Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months »

Volume/Issue: 2014/062

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2014

DOI: http://dx.doi.org/10.5089/9781498342896.007

ISBN: 9781498342896

Keywords: Article IV consultations, Conditionality, Financial safety nets, Flexible Credit Line, Forward commitment capacity, Fund role, Precautionary and Liquidity Line, Press releases, Rapid Financing Instrument, Development

The following table lists the IMF member countries for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the schedu...

What is Behind Latin America's Declining Income Inequality?

What is Behind Latin America's Declining Income Inequality? »

Volume/Issue: 2014/124

Series: IMF Working Papers

Author(s): Evridiki Tsounta , and Anayochukwu Osueke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2014

DOI: http://dx.doi.org/10.5089/9781498378581.001

ISBN: 9781498378581

Keywords: Gini, emerging economies, Kuznets, gini coefficient, kuznets curve, declining inequality, Personal Income and Wealth Distribution, Equity, Justice, Inequality

Income inequality in Latin America has declined during the last decade, in contrast to the experience in many other emerging and developed regions. However, Latin America remains the most unequal region in the worl...

Banks, Government Bonds, and Default
			: What do the Data Say?

Banks, Government Bonds, and Default : What do the Data Say? »

Volume/Issue: 2014/120

Series: IMF Working Papers

Author(s): Nicola Gennaioli , Alberto Martin , and Stefano Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 2014

DOI: http://dx.doi.org/10.5089/9781498391993.001

ISBN: 9781498391993

Keywords: Sovereign Default, Government Bonds, bonds, bond, public bonds, bond returns, sovereign bond, International Lending and Debt Problems, Financial Aspects of Economic Integration,

We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particul...

Perspectivas económicas regionales, abril de 2014: Departamento del Hemisferio Occidental

Perspectivas económicas regionales, abril de 2014: Departamento del Hemisferio Occidental »

Series: Regional Economic Outlook

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 2014

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484346129.086

ISBN: 9781484346129

Los cinco informes sobre las perspectivas económicas regionales (informes REO) que el FMI publica semestralmente abarcan Asia y el Pacífico, Europa, Oriente Medio y Asia Central, África sub-sahariana y las Américas...

Regional Economic Outlook, May 2014, Western Hemisphere

Regional Economic Outlook, May 2014, Western Hemisphere »

Series: Regional Economic Outlook

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 2014

DOI: http://dx.doi.org/10.5089/9781484360118.086

ISBN: 9781484360118

Keywords: bond yields, bond, fiscal policy, commodity prices, commodity exporters

The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent econo...

Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries

Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries »

Volume/Issue: 2014/49

Series: IMF Working Papers

Author(s): Huixin Bi , Wenyi Shen , and Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2014

DOI: http://dx.doi.org/10.5089/9781475521665.001

ISBN: 9781475521665

Keywords: fiscal limits, sovereign default risk, state-dependent fiscal multiplier, government spending, tax rates, External Debt, and Fiscal Policy in Developing Countries, General,

This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and f...

Quality, Trade, and Exchange Rate Pass-Through

Quality, Trade, and Exchange Rate Pass-Through »

Volume/Issue: 2014/42

Series: IMF Working Papers

Author(s): Natalie Chen , and Luciana Juvenal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2014

DOI: http://dx.doi.org/10.5089/9781475526394.001

ISBN: 9781475526394

Keywords: Exchage rate pass-through, pricing-to-market, quality, unit values, firms, exchange rate, real exchange rate, exchange rate pass, exchange rate changes, Models of Trade with Imperfect Competition and Scale Economies

This paper investigates theoretically and empirically the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. Our model shows that the elasticity of demand perceived by ex...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months »

Volume/Issue: 2014/007

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 January 2014

DOI: http://dx.doi.org/10.5089/9781498343787.007

ISBN: 9781498343787

Keywords: Article IV consultations, Conditionality, Financial safety nets, Flexible Credit Line, Forward commitment capacity, Fund role, Precautionary and Liquidity Line, Press releases, Rapid Financing Instrument, Development

The following table lists the IMF members for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the scheduled expec...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume/Issue: 2013/084

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2013

DOI: http://dx.doi.org/10.5089/9781498342339.007

ISBN: 9781498342339

Keywords: Article IV consultations, Executive Board discussion postponement, Financial system stability assessment, Notification of delay, Development, Development policy, Economic policy, Macroprudential policies and financial stability, Policy instruments, Securities

The following table lists the IMF members for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the scheduled expec...

Iwf 2013 Internationaler Währungsfonds Jahresbericht 2013 Die Globale Konjunkturerholung Sichern Und Stärken
			: Promoting a More Secure and Stable Global Economy

Iwf 2013 Internationaler Währungsfonds Jahresbericht 2013 Die Globale Konjunkturerholung Sichern Und Stärken : Promoting a More Secure and Stable Global Economy »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2013

Language: German

DOI: http://dx.doi.org/10.5089/9781484362785.011

ISBN: 9781484362785

Keywords: financial stability, financial sector, debt relief, public debt, capital flows, balance of payments, debt sustainability, management of capital flows, risk management, internal audit

The IMF's 2013 Annual Report chronicles the response of the institution's Executive Board and staff to the global financial crisis and other events during financial year 2013, which covers the period from May 1, 20...

Informe Anual 2013 del Fondo Monetario Internacional
			: Promover una economía mundial más segura y estable

Informe Anual 2013 del Fondo Monetario Internacional : Promover una economía mundial más segura y estable »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2013

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484332238.011

ISBN: 9781484332238

El Informe Anual 2013 del FMI describe la respuesta del Directorio Ejecutivo y el personal técnico de la institución a la crisis financiera mundial y a otros eventos ocurridos durante el ejercicio 2013, que abarca...

International Monetary Fund Annual Report 2013
			: Promoting a More Secure and Stable Global Economy

International Monetary Fund Annual Report 2013 : Promoting a More Secure and Stable Global Economy »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2013

DOI: http://dx.doi.org/10.5089/9781475515398.011

ISBN: 9781475515398

Keywords: financial stability, financial sector, debt relief, public debt, capital flows

The IMF's 2013 Annual Report chronicles the response of the institution's Executive Board and staff to the global financial crisis and other events during financial year 2013, which covers the period from May 1, 20...

Rapport annuel 2013
			: Promouvoir une économie mondiale plus sûre et plus stable

Rapport annuel 2013 : Promouvoir une économie mondiale plus sûre et plus stable »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2013

Language: French

DOI: http://dx.doi.org/10.5089/9781484362716.011

ISBN: 9781484362716

Keywords: stabilité financière, secteur financier, allègement de la dette, dette publique, mouvements de capitaux, balance des paiements, viabilité de la dette, gestion des flux de capitaux, gestion des risques, audit interne

Le rapport annuel 2013 du FMI relate les mesures prises par le conseil d'administration et les services du FMI à la suite de la crise financière mondiale et d'autres événements au cours de l'exercice 2013, qui couv...

External Evaluation of the Independent Evaluation Office

External Evaluation of the Independent Evaluation Office »

Volume/Issue: 2013/069

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2013

DOI: http://dx.doi.org/10.5089/9781498342353.007

ISBN: 9781498342353

Keywords: Evaluation Committee, Internal audit, External audit, Comparative advantage, Institutional framework, Financial crises, Independent Evaluation Office, Office of Internal Audit and Inspection, IEO, evaluation

We have been asked by the Executive Board of the International Monetary Fund to undertake an external review of the activities of its Independent Evaluation Office (IEO). This is the second such evaluation in the I...

Sudden stops, time inconsistency, and the duration of sovereign debt

Sudden stops, time inconsistency, and the duration of sovereign debt »

Volume/Issue: 2013/174

Series: IMF Working Papers

Author(s): Juan Carlos Hatchondo , and Leonardo Martinez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2013

DOI: http://dx.doi.org/10.5089/9781475586176.001

ISBN: 9781475586176

Keywords: time inconsistency, debt maturity, bond, bonds, sovereign default, bond price, International Lending and Debt Problems, Open Economy Macroeconomics,

We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default. The government balances off increasing the duration of its debt to mitigate rollover risk and l...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months »

Volume/Issue: 2013/067

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2013

DOI: http://dx.doi.org/10.5089/9781498341455.007

ISBN: 9781498341455

Keywords: Article IV consultations, Executive Board discussion postponement, Financial system stability assessment, Notification of delay, Development, Macroprudential policies and financial stability, Development policy, Economic policy, Policy instruments, article IV consultation

The following table lists the IMF members for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the scheduled expec...

Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union

Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union »

Volume/Issue: 2013/163

Series: IMF Working Papers

Author(s): Mario Mansour , and Gregoire Rota Graziosi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2013

DOI: http://dx.doi.org/10.5089/9781484354216.001

ISBN: 9781484354216

Keywords: Revenue mobilization, Tax policy, Tax revenues, West African Economic and Monetary Union, tax coordination, tax harmonization, tax competition

We review the current state of the West African Economic and Monetary Union's tax coordination framework, against the main objectives of the WAEMU Treaty of 1994: reduce distortions to intra-community trade, and mo...

Financial Crises  Explanations, Types, and Implications

Financial Crises Explanations, Types, and Implications »

Volume/Issue: 2013/28

Series: IMF Working Papers

Author(s): Stijn Claessens , and Ayhan Kose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2013

DOI: http://dx.doi.org/10.5089/9781475561005.001

ISBN: 9781475561005

Keywords: debt crises, defaults, policy implications, financial restructuring, asset booms, crises prediction, International Business Cycles, General, crises prediction.,

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlig...

Republic of Latvia
			: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia

Republic of Latvia : Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia »

Volume/Issue: 2013/30

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2013

DOI: http://dx.doi.org/10.5089/9781475526677.002

ISBN: 9781475526677

Keywords: exchange rate, exchange rate peg, fixed exchange rate, fixed exchange rate regime, real exchange rate

The IMF has approved an exceptional access Stand-By Arrangement for Latvia. The program is part of a coordinated international effort that has improved financial and economic stability. By early 2008, the fast grow...

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending »

Volume/Issue: 2013/20

Series: IMF Working Papers

Author(s): Marco Committeri , and Francesco Spadafora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2013

DOI: http://dx.doi.org/10.5089/9781475578713.001

ISBN: 9781475578713

Keywords: IMF financing, Systemic spillovers, sovereign debt, debt restructuring, debt crises, sovereign debt crises, sovereign bonds, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international 'rules of the game' for dealing with sovereign debt crises. These rules rest...

Independent Evaluation at the IMF
			: The First Decade

Independent Evaluation at the IMF : The First Decade »

Series: Independent Evaluation Office Reports

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 December 2012

DOI: http://dx.doi.org/10.5089/9781475531268.017

ISBN: 9781475531268

Keywords: multilateral surveillance, exchange rate policy, board members, exchange rate, financial sector

This volume examines how independent evaluation contributes to the legitimacy and effectiveness of the IMF. It describes the evolution and impact of the Independent Evaluation Office ten years after its creation as...

Global Financial Crisis, Financial Contagion, and Emerging Markets

Global Financial Crisis, Financial Contagion, and Emerging Markets »

Volume/Issue: 2012/293

Series: IMF Working Papers

Author(s): F. Gulcin Ozkan , and Filiz Unsal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2012

DOI: http://dx.doi.org/10.5089/9781475551167.001

ISBN: 9781475551167

Keywords: domestic economy, exchange rate regime, trade openness, General,

The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, how...

Tax Composition and Growth
			: A Broad Cross-Country Perspective

Tax Composition and Growth : A Broad Cross-Country Perspective »

Volume/Issue: 2012/257

Series: IMF Working Papers

Author(s): Santiago Acosta Ormaechea , and Jiae Yoo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 October 2012

DOI: http://dx.doi.org/10.5089/9781616355678.001

ISBN: 9781616355678

Keywords: Tax composition, growth, income taxes, property taxes, tax revenue, tax structure, consumption taxes,

We investigate the relation between changes in tax composition and long-run economic growth using a new dataset covering a broad cross-section of countries with different income levels. We specifically consider 69...

Argentina
			: Detailed Assessment of Compliance of Basel Core Principles for Effective Banking Supervision

Argentina : Detailed Assessment of Compliance of Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2012/268

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2012

DOI: http://dx.doi.org/10.5089/9781475510607.002

ISBN: 9781475510607

Keywords: regulation, regulations, rules, board members, international standards

This paper is a detailed assessment of compliance of the Basel Core Principles for effective banking supervision adopted by the Argentinean government. The financial sector in Argentina is dominated by the banking...

Argentina
			: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

Argentina : Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation »

Volume/Issue: 2012/269

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2012

DOI: http://dx.doi.org/10.5089/9781475510591.002

ISBN: 9781475510591

Keywords: regulation, rules, regulations, regulatory system, legislation

This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. This assessment finds areas that need to be improved. The reinforc...

Argentina
			: Detailed Assessment of Observance of Principles for Insurance Supervision

Argentina : Detailed Assessment of Observance of Principles for Insurance Supervision »

Volume/Issue: 2012/270

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2012

DOI: http://dx.doi.org/10.5089/9781475510584.002

ISBN: 9781475510584

Keywords: insurance companies, risk management, reinsurance, internal controls

Argentina's insurance market is fragmented, and competition has increased in recent years. Currently, excessive premium discounting by insurance companies is creating risks that insurance companies may be under-res...

IEO Annual Report 2012

IEO Annual Report 2012 »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2012

DOI: http://dx.doi.org/10.5089/9781616354114.017

ISBN: 9781616354114

Keywords: evaluation committee, research activities, evaluation systems, research evaluation, research agenda

This Independent Evaluation Office (IEO) Annual Report 2012 presents an overview of overall developments in FY2012. In FY2012, the IEO expended approximately 97 percent of its total budgetary resources, including t...

Sovereign Debt Restructurings 1950-2010
			: Literature Survey, Data, and Stylized Facts

Sovereign Debt Restructurings 1950-2010 : Literature Survey, Data, and Stylized Facts »

Volume/Issue: 2012/203

Series: IMF Working Papers

Author(s): Christoph Trebesch , Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

DOI: http://dx.doi.org/10.5089/9781475505535.001

ISBN: 9781475505535

Keywords: Sovereign Default, debt, restructuring, creditor, International Lending and Debt Problems,

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume/Issue: 2012/061

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department;International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2012

DOI: http://dx.doi.org/10.5089/9781498340113.007

ISBN: 9781498340113

Keywords: Development, Development policy, Economic policy, Macroprudential policies and financial stability, Policy instruments, Securities, article IV consultation, article IV, security situation, modality

The following table lists the IMF members for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the scheduled expec...

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis »

Volume/Issue: 2012/178

Series: IMF Working Papers

Author(s): Gustavo Adler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505269.001

ISBN: 9781475505269

Keywords: sovereign debt crisis, twin crisis, financial intermediaries, bonds, domestic borrowing, bond, domestic debt, Financial Markets and the Macroeconomy,

Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries,...

How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America

How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America »

Volume/Issue: 2012/69

Series: IMF Working Papers

Author(s): Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781463939052.001

ISBN: 9781463939052

Keywords: exchange rate, exchange rate regime, International Lending and Debt Problems,

Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign curr...

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Capital Inflows, Exchange Rate Flexibility, and Credit Booms »

Volume/Issue: 2012/41

Series: IMF Working Papers

Author(s): Nicolas Magud , Esteban Vesperoni , and Carmen Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463936426.001

ISBN: 9781463936426

Keywords: foreign currency loans, financial regulation, exchange rate, exchange rate regime, Capital Inflows, Exchange Rate Flexibility, and Credit Booms, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven...

Price Subsidies and the Conduct of Monetary Policy

Price Subsidies and the Conduct of Monetary Policy »

Volume/Issue: 2012/15

Series: IMF Working Papers

Author(s): Nooman Rebei , and Mohamed Safouane Ben Aissa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931209.001

ISBN: 9781463931209

Keywords: Taylor rules, optimal monetary policy, general equilibrium, government subsidies, Bayesian estimation, inflation, inflation rates, monetary economics, General Aggregative Models,

This paper investigates optimized monetary policy rules in the presence of government intervention to stabilize prices of certain categories of goods and services. The paper estimates a small-scale, structural equi...

Fiscal Rules and the Sovereign Default Premium

Fiscal Rules and the Sovereign Default Premium »

Volume/Issue: 2012/30

Series: IMF Working Papers

Author(s): Juan Carlos Hatchondo , Francisco Roch , and Leonardo Martinez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933159.001

ISBN: 9781463933159

Keywords: debt ceiling, sovereign default premium, debt exchange, countercyclical policy, endogenous borrowing constraints, long-term debt, debt, interest, fiscal rule, International Lending and Debt Problems

This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant soverei...

Shifting Motives
			: Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's

Shifting Motives : Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's »

Volume/Issue: 2012/34

Series: IMF Working Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933197.001

ISBN: 9781463933197

Keywords: Quantile Regression, exchange rate, reserve holdings, short-term debt, exchange rate regime, Economic Growth of Open Economies,

Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current account shocks was relatively important in the 1980s but, as EM...

Commodity Price Cycles
			: The Perils of Mismanaging the Boom

Commodity Price Cycles : The Perils of Mismanaging the Boom »

Volume/Issue: 2011/283

Series: IMF Working Papers

Author(s): Sebastian Sosa , and Gustavo Adler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463926649.001

ISBN: 9781463926649

Keywords: Commodity prices, terms of trade, economic policies, commodity exports, trade shocks, terms of trade shocks, Commodity Price Cycles,

Commodity-exporting countries have significantly benefited from the commodity price boom of recent years. At the current juncture, however, uncertain global economic prospects have raised questions about their vuln...

How Costly Are Debt Crises?

How Costly Are Debt Crises? »

Volume/Issue: 2011/280

Series: IMF Working Papers

Author(s): Davide Furceri , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463926618.001

ISBN: 9781463926618

Keywords: output losses, debt crises, sovereign defaults, debt crisis, currency crises, crisis episodes, currency crisis

The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and lon...

Market Discipline and Conflicts of Interest Between Banks and Pension Funds

Market Discipline and Conflicts of Interest Between Banks and Pension Funds »

Volume/Issue: 2011/282

Series: IMF Working Papers

Author(s): Adolfo Barajas , and Mario Catalan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463926632.001

ISBN: 9781463926632

Keywords: conflicts of interest, institutional investors, market discipline, pension, pension fund, pension fund management, private pension funds, Financial Institutions And Services, Corporate Finance And Governance,

We study the behavior of private pension funds as large depositors in a banking system. Using panel data analysis, we examine whether, and if so how, pension funds influence market discipline in Argentina in the pe...

Can Emerging Market Central Banks Bail Out Banks? A+L4848 Cautionary Tale From Latin America

Can Emerging Market Central Banks Bail Out Banks? A+L4848 Cautionary Tale From Latin America »

Volume/Issue: 2011/258

Series: IMF Working Papers

Author(s): Luis I. Jacome H. , Tahsin Saadi Sedik , and Simon Townsend

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463923976.001

ISBN: 9781463923976

Keywords: banking, central bank, Financial Markets and the Macroeconomy,

This paper investigates whether developing and emerging market countries can implement monetary policies similar to those used by advanced countries during the recent global crisis - injecting significant amounts o...

The Problem that Wasn't
			: Coordination Failures in Sovereign Debt Restructurings

The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings »

Volume/Issue: 2011/265

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , Marcos Chamon , and Ran Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463924645.001

ISBN: 9781463924645

Keywords: exit consents, creditor coordination, bond, bonds, debt restructuring, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Macroeconomic Aspects of International Trade and Finance: Other, International Law,

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpr...

Unemployment in Latin America and the Caribbean

Unemployment in Latin America and the Caribbean »

Volume/Issue: 2011/252

Series: IMF Working Papers

Author(s): Laurence Ball , Nicolas de Roux Uribe , and Marc Hofstetter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463923341.001

ISBN: 9781463923341

Keywords: Hysteresis, unemployment rates, unemployment rate, employment, unemployed, Open Economy Macroeconomics, Mobility, Unemployment, and Vacancies: General,

JEL Cl This study constructs a new data set on unemployment rates in Latin America and the Caribbean and then explores the determinants of unemployment. We compare different countries, finding that unemployment is...

A General Equilibrium Model of Sovereign Default and Business Cycles

A General Equilibrium Model of Sovereign Default and Business Cycles »

Volume/Issue: 2011/166

Series: IMF Working Papers

Author(s): Zhanwei Yue , and Enrique Mendoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781462302222.001

ISBN: 9781462302222

Keywords: Sovereign default, country risk, imported inputs, intermediate goods, debt ratio,

Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad...

Global Liquidity
			: Availability of Funds for Safe and Risky Assets

Global Liquidity : Availability of Funds for Safe and Risky Assets »

Volume/Issue: 2011/136

Series: IMF Working Papers

Author(s): Akito Matsumoto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455264452.001

ISBN: 9781455264452

Keywords: world risk-free rate, unconventional monetary policy, liquidity, exchange rate, monetary policy, international reserves, interest rates, International Policy Coordination and Transmission, Macroeconomics And Monetary Economics, Money And Interest Rates,

What is global liquidity and how does it affect an economy? The paper addresses that question by looking at liquidity from two different perspectives: global liquidity as availability of funds in safe and risky ass...

Protectionist Responses to the Crisis
			: Damage Observed in Product-Level Trade

Protectionist Responses to the Crisis : Damage Observed in Product-Level Trade »

Volume/Issue: 2011/139

Series: IMF Working Papers

Author(s): Brad McDonald , and Christian Henn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455265442.001

ISBN: 9781455265442

Keywords: Global Crisis, First-differenced Gravity Equation, Time-varying Fixed Effects, WTO, trade impact, import restrictions, trade flows, global trade, world trade, Trade: General

This paper investigates how trade flows are being affected by new discriminatory measures implemented during the global financial crisis. We match data on behind-the-border measures (e.g., bailouts and subsidies) a...

Real-time Forecasts of Economic Activity for Latin American Economies

Real-time Forecasts of Economic Activity for Latin American Economies »

Volume/Issue: 2011/98

Series: IMF Working Papers

Author(s): Philip Liu , Rafael Romeu , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455254293.001

ISBN: 9781455254293

Keywords: Nowcasting, Short-term forecasting, Real-time data, and Latin America, gdp growth, forecasting, real gdp, equation, equations, Model Construction and Estimation

Macroeconomic policy decisions in real-time are based the assessment of current and future economic conditions. These assessments are made difficult by the presence of incomplete and noisy data. The problem is more...

Exchange Rate Regimes and the Stability of the International Monetary System

Exchange Rate Regimes and the Stability of the International Monetary System »

Series: Occasional Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2011

DOI: http://dx.doi.org/10.5089/9781589069312.084

ISBN: 9781589069312

Keywords: Exchange rate regimes, Financial stability, International monetary system, Reserve currencies, Reserves accumulation, Trade integration, exchange rate, exchange rate regime, exchange rates, real exchange rate

The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the intern...

Filiales o sucursales
			: ¿un modelo de talla único?

Filiales o sucursales : ¿un modelo de talla único? »

Volume/Issue: 2011/4

Series: Staff Discussion Notes

Author(s): Jonathan Fiechter , Inci Ötker , Anna Ilyina , Michael Hsu , Andre Santos , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 March 2011

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484326671.006

ISBN: 9781484326671

Keywords: Financial stability, Bank supervision, Banks, International banking, banca transfronteriza, regulación financiera, filialización independiente, delimitación, modelo basado en filiales, modelo basado en sucursales

En la serie de Documentos de Análisis del Personal Técnico del FMI se presentan los últimos análisis e investigaciones sobre políticas elaborados por miembros del personal técnico del FMI, que se publican para reci...

Creditless Recoveries

Creditless Recoveries »

Volume/Issue: 2011/58

Series: IMF Working Papers

Author(s): Abdul Abiad , Giovanni Dell'Ariccia , and Bin Li

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455221028.001

ISBN: 9781455221028

Keywords: Credit cycles, credit crunch, financial dependence, banking, banking crises, recessions, recession, Financial Markets and the Macroeconomy,

Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "...

Debt Dilution and Sovereign Default Risk

Debt Dilution and Sovereign Default Risk »

Volume/Issue: 2011/70

Series: IMF Working Papers

Author(s): Leonardo Martinez , Juan Carlos Hatchondo , and Cesar Sosa Padilla

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455227099.001

ISBN: 9781455227099

Keywords: Sovereign Default, Endogenous Borrowing Constraints, Long-term Debt, Overborrowing, Markov Perfect Equilibrium., bonds, sovereign debt, bond, bondholders, Markov Perfect Equilibrium,

We propose a modification to a baseline sovereign default framework that allows us to quantify the importance of debt dilution in accounting for the level and volatility of the interest rate spread paid by sovereig...

Structural Breaks in Fiscal Performance
			: Did Fiscal Responsibility Laws Have Anything to Do with Them?

Structural Breaks in Fiscal Performance : Did Fiscal Responsibility Laws Have Anything to Do with Them? »

Volume/Issue: 2010/248

Series: IMF Working Papers

Author(s): Leandro Medina , Carlos Caceres , and Ana Corbacho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

DOI: http://dx.doi.org/10.5089/9781455209484.001

ISBN: 9781455209484

Keywords: Fiscal Responsibility Laws, Fiscal Institutions, fiscal balance, fiscal balances, primary fiscal balance, Econometric Modeling: General, Studies of Particular Policy Episodes, National Budget, Deficit, and Debt: General,

In recent years, many countries have adopted Fiscal Responsibility Laws to strengthen fiscal institutions and promote fiscal discipline in a credible, predictable and transparent manner. Still, results on the effec...

A Perspectiveon Predicting Currency Crises

A Perspectiveon Predicting Currency Crises »

Volume/Issue: 2010/227

Series: IMF Working Papers

Author(s): Robert Flood , Juan Yepez , and Nancy Marion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

DOI: http://dx.doi.org/10.5089/9781455208920.001

ISBN: 9781455208920

Keywords: Speculative attacks, fixed exchange rate, Monte Carlo, probabilities, standard deviation, probability, correlation,

Currency crises are difficult to predict. It could be that we are choosing the wrong variables or using the wrong models or adopting measurement techniques not up to the task. We set up a Monte Carlo experiment des...

Default in Today's Advanced Economies
			: Unnecessary, Undesirable, and Unlikely

Default in Today's Advanced Economies : Unnecessary, Undesirable, and Unlikely »

Volume/Issue: 2010/12

Series: IMF Staff Position Notes

Author(s): Carlo Cottarelli , Paolo Mauro , Lorenzo Forni , and Jan Gottschalk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455261307.004

ISBN: 9781455261307

Keywords: Debt restructuring, Developed countries, Budget deficits, Exchange rate adjustments, Public debt, Public finance, Sovereign debt, Interest rates, Fiscal adjustment, debt

This note summarizes the main arguments put forward by some market commentators who argue that default is inevitable, and presents a rebuttal for each argument in turn. Their main arguments focus on the size of the...