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Per Jacobsson Lecture
			: Are We Safer? The Case for Strengthening the Bagehot Arsenal

Per Jacobsson Lecture : Are We Safer? The Case for Strengthening the Bagehot Arsenal »

Series: Other Periodicals

Author(s): Timothy Geithner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2017

DOI: http://dx.doi.org/10.5089/9781484313855.029

ISBN: 9781484313855

Keywords: Global financial crisis, 2008-2009, Keynesian economics, Systemic crisis management, Risk management, Capital controls, Crisis prevention, Financial systems, crisis management, capital requirements, risk

The choices we make in advance of the next financial crisis will have a major impact in determining the magnitude of the economic damage. Our vulnerability to crisis depends on the strength of the protections we bu...

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

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

Volume/Issue: 2017/175

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2017

DOI: http://dx.doi.org/10.5089/9781484305768.002

ISBN: 9781484305768

Keywords: Guyana, Western Hemisphere

This 2017 Article IV Consultation highlights the expansion of Guyana's real economic activity by 3.3 percent in 2016. Subdued agricultural commodity prices, bad weather, and delays in public investment weighed down...

Peru
			: 2017 Article IV Consultation-Press Release; and Staff Report

Peru : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/166

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2017

DOI: http://dx.doi.org/10.5089/9781484305195.002

ISBN: 9781484305195

Keywords: Western Hemisphere, Peru

This 2017 Article IV Consultation highlights Peru's average growth of more than 5.25 percent since 2000, which has led to significantly reduced unemployment and poverty. Inflation is in low single digits, the fisca...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2017/167

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2017

DOI: http://dx.doi.org/10.5089/9781484305232.002

ISBN: 9781484305232

Keywords: Peru, Western Hemisp

This Selected Issues paper presents an overview of the financial deepening achievements and challenges in Peru. Although substantial progress has been made on various indicators of financial deepening, Peru lags re...

Costa Rica
			: 2017 Article IV Consultation-Press Release; and Staff Report

Costa Rica : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/156

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 2017

DOI: http://dx.doi.org/10.5089/9781484304532.002

ISBN: 9781484304532

Keywords: Costa Rica, Western Hemisphere

This 2017 Article IV Consultation highlights the growth of Costa Rica's economy at its estimated trend rate of about 4.25 percent and an essentially closed output gap. Headline inflation turned positive again in th...

Costa Rica
			: Selected Issues and Analytical Notes

Costa Rica : Selected Issues and Analytical Notes »

Volume/Issue: 2017/157

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 2017

DOI: http://dx.doi.org/10.5089/9781484304563.002

ISBN: 9781484304563

Keywords: Western Hemisphere, Costa Rica

This Selected Issues paper describes Costa Rica's vulnerability to potential policy changes in the United States after the November 2016 presidential election and its effects on Central America. In the near term, t...

Nicaragua
			: 2017 Article IV Consultation-Press Release; and Staff Report

Nicaragua : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/173

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 2017

DOI: http://dx.doi.org/10.5089/9781484305638.002

ISBN: 9781484305638

Keywords: Western Hemisphere, Nicaragua

This 2017 Article IV Consultation highlights Nicaragua's robust macroeconomic performance in 2016. Real GDP grew by 4.7 percent in 2016, supported by strong domestic demand, while inflation remained subdued at 3.1...

Nicaragua
			: Selected Issues

Nicaragua : Selected Issues »

Volume/Issue: 2017/174

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 2017

DOI: http://dx.doi.org/10.5089/9781484305645.002

ISBN: 9781484305645

Keywords: Nicaragua, Western Hemisphere

This Selected Issues paper analyzes Nicaragua's social security system, which is projected to run out of liquid reserves by 2019, several years earlier than anticipated. To avoid burdening the budget, reforms to th...

Multi-Country Report
			: Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report

Multi-Country Report : Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report »

Volume/Issue: 2017/153

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2017

DOI: http://dx.doi.org/10.5089/9781484303719.002

ISBN: 9781484303719

Keywords: Asia and Pacific, Europe, Haiti, Kosovo, Liberia, Mali, Middle East, Myanmar, South Sudan, Sub-Saharan Africa

This report reviews the IMF's effort to build fiscal capacity in fragile states. It presents case studies on IMF technical assistance (TA) and capacity development in the fiscal area, provided by its Fiscal Affairs...

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

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

Volume/Issue: 2017/138

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484302163.002

ISBN: 9781484302163

Keywords: Colombia, Western Hemisphere

This 2017 Article IV Consultation highlights Colombia's favorable outlook, underpinned by the peace agreement, structural tax reform, and the authorities' infrastructure agenda. Economic activity will rebound sligh...

Colombia
			: Selected Issues

Colombia : Selected Issues »

Volume/Issue: 2017/139

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2017

DOI: http://dx.doi.org/10.5089/9781484302187.002

ISBN: 9781484302187

Keywords: Colombia, Western Hemisphere

This Selected Issues paper assesses the monetary policy stance and broad financial conditions in Colombia. It uses a dynamic stochastic general equilibrium model of a small open economy to estimate the neutral rate...

Grenada
			: Sixth review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report

Grenada : Sixth review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report »

Volume/Issue: 2017/131

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2017

DOI: http://dx.doi.org/10.5089/9781484301463.002

ISBN: 9781484301463

Keywords: Grenada, Western Hemisphere

This paper discusses Grenada's Sixth Review under the Extended Credit Facility (ECF) Arrangement and Financing Assurances Review. The government met all continuous and end-December 2016 performance criteria and str...

Mexico
			: Review Under the Flexible Credit Line-Press Release; Staff Report

Mexico : Review Under the Flexible Credit Line-Press Release; Staff Report »

Volume/Issue: 2017/129

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2017

DOI: http://dx.doi.org/10.5089/9781484301364.002

ISBN: 9781484301364

Keywords: Mexico, Western Hemisphere

This paper discusses Mexico's Review under the Flexible Credit Line. Mexico's very strong policies and policy frameworks have helped it navigate successfully a complex external environment characterized by the heig...

Panama
			: 2017 Article IV Consultation-Press Release; and Staff Report for Panama

Panama : 2017 Article IV Consultation-Press Release; and Staff Report for Panama »

Volume/Issue: 2017/105

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475597714.002

ISBN: 9781475597714

This 2017 Article IV Consultation highlights Panama's economy as the fastest growing in Latin America over the past two decades. It is expected to remain among the most dynamic in the region, with stable and low in...

Panama
			: Selected Issues

Panama : Selected Issues »

Volume/Issue: 2017/106

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9781475597721.002

ISBN: 9781475597721

This Selected Issues paper assesses Panama's business model founded on its ability to attract international financial, business, and transportation services. Panama has had exceptional growth over recent decades. A...

Brazil
			: Fiscal Transparency Evaluation

Brazil : Fiscal Transparency Evaluation »

Volume/Issue: 2017/104

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2017

DOI: http://dx.doi.org/10.5089/9781475597448.002

ISBN: 9781475597448

This report assesses fiscal transparency practices in Brazil in relation to the requirements of the IMF Fiscal Transparency Code. Brazil's practices meet many of the principles of the code at good or advanced level...

Jamaica
			: First Review Under the Stand-By Arrangement, Request for Waiver of a Performance Criterion, and Request for Modification of Performance Criteria

Jamaica : First Review Under the Stand-By Arrangement, Request for Waiver of a Performance Criterion, and Request for Modification of Performance Criteria »

Volume/Issue: 2017/98

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2017

DOI: http://dx.doi.org/10.5089/9781475595215.002

ISBN: 9781475595215

Keywords: Western Hemisphere, Jamaica

This paper discusses Jamaica's First Review under the Stand-by Arrangement (SBA), Request for Waiver of a Performance Criterion (PC), and Request for Modification of PC. Program implementation remains strong under...

Jamaica
			: Technical Assistance Report-Cartac Report on the Sector Accounts and Balance Sheets Mission

Jamaica : Technical Assistance Report-Cartac Report on the Sector Accounts and Balance Sheets Mission »

Volume/Issue: 2017/85

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2017

DOI: http://dx.doi.org/10.5089/9781475592641.002

ISBN: 9781475592641

Keywords: Jamaica, Western Hemisphere

This Technical Assistance Report discusses the findings and recommendations of the IMF's Statistics Department mission for Jamaica concerning sector accounts and balance sheets. Jamaica had made considerable progre...

Balance of Payments Manual, Sixth Edition Compilation Guide

Balance of Payments Manual, Sixth Edition Compilation Guide »

Series: Manuals & Guides

Author(s): Eduardo Valdivia-Velarde , and Tamara Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2017

Language: Russian

DOI: http://dx.doi.org/10.5089/9781513598291.069

ISBN: 9781513598291

Keywords: investment, goods, liabilities, transactions, economy

The Balance of Payments and International Investment Position Compilation Guide is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) published...

St. Lucia
			: 2017 Article IV Consultation-Press Release and Staff Report

St. Lucia : 2017 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/76

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2017

DOI: http://dx.doi.org/10.5089/9781475590906.002

ISBN: 9781475590906

Keywords: Asia and Pacific, Western Hemisphere, Saint Lucia

This 2017 Article IV Consultation highlights St. Lucia's GDP growth, estimated to have reached 0.8 percent in 2016, down from 1.8 percent in 2015. Strong employment growth in agriculture and construction put a dent...

Paraguay
			: Technical Assistance Report-Establishing a Structural Balance Rule and a Public Debt Objective

Paraguay : Technical Assistance Report-Establishing a Structural Balance Rule and a Public Debt Objective »

Volume/Issue: 2017/67

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2017

DOI: http://dx.doi.org/10.5089/9781475586268.002

ISBN: 9781475586268

Keywords: Fiscal framework, Public debt, Structural fiscal balance, Fiscal rules, Fiscal policy, Econometric models, Technical Assistance Reports, Paraguay

This Technical Assistance Report discusses measures to establish a structural balance rule and a public debt objective in Paraguay. The analysis suggests that the authorities' structural balance formula should be m...

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...

Haiti
			: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Haiti

Haiti : Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Haiti »

Volume/Issue: 2017/38

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2017

DOI: http://dx.doi.org/10.5089/9781475575538.002

ISBN: 9781475575538

Keywords: Haiti, Western Hemisphere

This paper discusses Haiti's Request for Disbursement Under the Rapid Credit Facility (RCF). The Haitian authorities are requesting emergency financial assistance under the IMF's RCF to address the urgent balance o...

Uruguay
			: 2016 Article IV Consultation-Press Release and Staff Report

Uruguay : 2016 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2017/28

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2017

DOI: http://dx.doi.org/10.5089/9781475573589.002

ISBN: 9781475573589

Keywords: Article IV consultation reports, Balance of payments statistics, Debt sustainability analysis, Economic recovery, Economic indicators, Economic growth, Fiscal policy, Fiscal consolidation, Staff Reports, Uruguay

This 2016 Article IV Consultation highlights that Uruguay is demonstrating resilience in the face of recessions in its large neighbors. The economic slowdown has bottomed out in 2016 and there are signs that the ec...

Uruguay
			: Selected Issues

Uruguay : Selected Issues »

Volume/Issue: 2017/29

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2017

DOI: http://dx.doi.org/10.5089/9781475573626.002

ISBN: 9781475573626

Keywords: Pensions, Population, Interest rates, Liquidity, Western Hemisphere, Uruguay, Welfare, Stress testing, Social policy, Dollarization

This Selected Issues paper presents an overview of inter-sectoral exposures in Uruguay. The Uruguayan financial system has been characterized by solid balance sheets, a low level of credit, and continued high dolla...

The Coordinated Direct Investment Survey Guide 2015

The Coordinated Direct Investment Survey Guide 2015 »

Series: Manuals & Guides

Author(s): Rita Mesias

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2017

Language: French

DOI: http://dx.doi.org/10.5089/9781475523256.069

ISBN: 9781475523256

Keywords: investment, enterprise, equity, direct investment, debt

This Coordinated Direct Investment Survey Guide (Guide) has been prepared to assist economies in participating in the Coordinated Direct Investment Survey (CDIS). The CDIS is being conducted under the auspices of t...

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

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

Volume/Issue: 2016/387

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2016

DOI: http://dx.doi.org/10.5089/9781475561982.002

ISBN: 9781475561982

Keywords: Staff Reports, Western Hemisphere, Press releases, Monetary policy, Economic indicators, Economic growth, Fiscal policy, Flexible exchange rate policy, Hydrocarbons, Bolivia

This 2016 Article IV Consultation highlights Bolivia's substantial economic and social progress, boosted by the commodity boom. Growth has been strong, averaging about 5 percent since 2006, and poverty has fallen b...

Grenada
			: Fifth Review Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; and Staff Report

Grenada : Fifth Review Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; and Staff Report »

Volume/Issue: 2016/389

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2016

DOI: http://dx.doi.org/10.5089/9781475546569.002

ISBN: 9781475546569

Keywords: Western Hemisphere, Grenada

This paper discusses Grenada's Fifth Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria, and Financing Assurances review. Overall program implementation remains solid....

Balance of Payments Manual, Sixth Edition Compilation Guide

Balance of Payments Manual, Sixth Edition Compilation Guide »

Series: Manuals & Guides

Author(s): Eduardo Valdivia-Velarde , and Tamara Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2016

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513518398.069

ISBN: 9781513518398

Keywords: investment, goods, liabilities, transactions, economy

The Balance of Payments and International Investment Position Compilation Guide is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) published...

Balance of Payments Manual, Sixth Edition Compilation Guide

Balance of Payments Manual, Sixth Edition Compilation Guide »

Series: Manuals & Guides

Author(s): Eduardo Valdivia-Velarde , and Tamara Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2016

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513540955.069

ISBN: 9781513540955

Keywords: investment, goods, liabilities, transactions, economy

The Balance of Payments and International Investment Position Compilation Guide is a companion document to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) published...

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

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

Volume/Issue: 2016/348

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2016

DOI: http://dx.doi.org/10.5089/9781475553192.002

ISBN: 9781475553192

Keywords: Brazil, Western Hemisphere

This paper describes South Africa's economic development and challenges. South Africa has made considerable economic and social progress over the past two decades, but faces substantial challenges. Global transitio...

Jamaica
			: Request for Stand By Arrangement and Cancellation of the Current Extended Arrangement Under the Extended Fund Facility-Press Release and Staff Report

Jamaica : Request for Stand By Arrangement and Cancellation of the Current Extended Arrangement Under the Extended Fund Facility-Press Release and Staff Report »

Volume/Issue: 2016/350

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2016

DOI: http://dx.doi.org/10.5089/9781475553369.002

ISBN: 9781475553369

Keywords: Western Hemisphere, Jamaica

This paper discusses Jamaica's Request for Stand By Arrangement (SBA) and Cancellation of the Current Extended Arrangement Under the Extended Fund Facility (EFF). Fiscal discipline and proactive debt management hav...

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...

Dominican Republic
			: 2015 Article IV Consultation-Press Release; and Staff Report

Dominican Republic : 2015 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2016/342

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/10.5089/9781475552010.002

ISBN: 9781475552010

Keywords: Western Hemisphere, Dminican Republic

This paper discusses the oil economy, outlook, and risk for Norway. Growth has continued to slow in the mainland economy. At the start of this year, oil prices had dropped by roughly 60 percent from their peak in J...

How to Check Integrity of Fiscal Data

How to Check Integrity of Fiscal Data »

Volume: 16

Series: Fiscal Affairs Department How-To Notes

Author(s): Pokar Khemani , and Benoit Wiest

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2016

DOI: http://dx.doi.org/10.5089/9781475546736.061

ISBN: 9781475546736

Keywords: Sub-Saharan Africa, Nicaragua, Malawi, Fiscal transparency, Public financial management, Western Hemisphere, Fiscal reporting, international standards, government financial statistics, data

The accuracy and reliability of government accounts and fiscal data is an issue in a number of countries, with significant and persistent discrepancies that can indicate underlying weaknesses in the country's publi...

How to Design and Enforce Tobacco Excises?

How to Design and Enforce Tobacco Excises? »

Volume: 16

Series: Fiscal Affairs Department How-To Notes

Author(s): Patrick Petit , and Janos Nagy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2016

DOI: http://dx.doi.org/10.5089/9781475546651.061

ISBN: 9781475546651

Keywords: Fraud, Health, Western Hemisphere, Ad valorem taxes, Excise taxes, Canada, Tax administration, tobacco, revenue, revenue raising

Taxing tobacco can help raise much needed revenue and save lives, but it needs to be done well. This 'How-to' note provides guidance on the basics of tobacco taxation. How high should tobacco taxes be? Should we u...

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

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

Volume/Issue: 2016/337

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2016

DOI: http://dx.doi.org/10.5089/9781475550856.002

ISBN: 9781475550856

Keywords: Fiscal reforms, Fiscal policy, Economic indicators, Economic growth, Debt sustainability analysis, Combating the financing of terrorism, Balance of payments statistics, Anti-money laundering, Article IV consultation reports, Banking sector

This paper examines the evolution of monetary policy frameworks of the Association of Southeast Asian Nations (ASEAN)-5 economies, with particular focus on changes since the Asian financial crisis and the more rece...

Panama
			: Selected Issues

Panama : Selected Issues »

Volume/Issue: 2016/338

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2016

DOI: http://dx.doi.org/10.5089/9781475550863.002

ISBN: 9781475550863

Keywords: Poverty reduction, Panama, Offshore financial centers, Liquidity, Western Hemisphere, Stress testing, Spillovers, Banking sector, Economic growth, Education

This paper discusses the recent economic developments, outlook, and risks for Bhutan. Following a slowdown in activity in the wake of the rupee shortage, economic growth has picked up more recently. From an average...

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

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

Volume/Issue: 2016/334

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2016

DOI: http://dx.doi.org/10.5089/9781475547986.002

ISBN: 9781475547986

Keywords: Belize, Western Hemisphere

This 2016 Article IV Consultation highlights that the economy of Belize is facing multiple challenges. GDP growth slowed to 1 percent in 2015 owing to falling oil production and reduced output in the primary commod...

Belize
			: Selected Issues

Belize : Selected Issues »

Volume/Issue: 2016/335

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2016

DOI: http://dx.doi.org/10.5089/9781475547993.002

ISBN: 9781475547993

Keywords: Western Hemisphere, Belize

This Selected Issues paper analyzes macro-financial linkages for Belize. The banking system in Belize is facing significant challenges that could have a negative impact on the wider economy. Under adverse scenarios...

Challenges for Central Banking
			: Perspectives from Latin America

Challenges for Central Banking : Perspectives from Latin America »

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

DOI: http://dx.doi.org/10.5089/9781513591766.071

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central ban...

How to Adjust to a Large Fall in Commodity Prices

How to Adjust to a Large Fall in Commodity Prices »

Volume: 16

Series: Fiscal Affairs Department How-To Notes

Author(s): Paulo Medas , Veronique Salins , and Jeff Danforth

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2016

DOI: http://dx.doi.org/10.5089/9781475536065.061

ISBN: 9781475536065

Keywords: Asia and Pacific, Canada, Chile, Commodity prices, Malaysia, Natural resources, Nigeria, Sub-Saharan Africa, Western Hemisphere, Commodity boom

Resource-rich countries have to manage highly volatile commodity revenues. In periods of revenue booms there is a tendency for large spending scale-ups. When facing large and persistent reductions in commodity pric...

Jamaica
			: Thirteenth Review under the Arrangement Under the Extended Fund Facility-Press Release and Staff Report

Jamaica : Thirteenth Review under the Arrangement Under the Extended Fund Facility-Press Release and Staff Report »

Volume/Issue: 2016/297

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 September 2016

DOI: http://dx.doi.org/10.5089/9781475536911.002

ISBN: 9781475536911

This paper discusses Jamaica's Thirteenth Review Under the Arrangement Under the Extended Fund Facility. Program implementation is on track. The authorities' continued commitment to the demanding reform program eve...

Canada
			: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

Canada : Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism »

Volume/Issue: 2016/294

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2016

DOI: http://dx.doi.org/10.5089/9781475536133.002

ISBN: 9781475536133

This report summarizes the anti-money laundering and combating the financing of terrorism measures in place in Canada. The Canadian authorities have a good understanding of most of Canada's money laundering and ter...

Canada
			: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Canada : Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) »

Volume/Issue: 2016/293

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2016

DOI: http://dx.doi.org/10.5089/9781475536089.002

ISBN: 9781475536089

This report evaluates the observance of standards and codes on Financial Action Task Force recommendations for anti-money laundering and combating the financing of terrorism (AML/CFT) in Canada. The findings reveal...

Ecuador
			: Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Ecuador : Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ecuador »

Volume/Issue: 2016/288

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2016

DOI: http://dx.doi.org/10.5089/9781475532593.002

ISBN: 9781475532593

This paper discusses Ecuador's Request for Purchase Under the Rapid Financing Instrument (RFI). The Ecuadoran authorities are requesting financial assistance under the IMF's RFI to address the urgent balance of pay...

Guatemala
			: 2016 Article IV Consultation-Press Release; Staff Report; Informational Annex

Guatemala : 2016 Article IV Consultation-Press Release; Staff Report; Informational Annex »

Volume/Issue: 2016/281

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2016

DOI: http://dx.doi.org/10.5089/9781475531473.002

ISBN: 9781475531473

This 2016 Article IV Consultation highlights that the macroeconomic performance of Guatemala has been solid. The economy grew at 4.1 percent in 2015, slightly above potential, despite a slowdown in public consumpti...

Guatemala
			: Selected Issues and Analytical Notes

Guatemala : Selected Issues and Analytical Notes »

Volume/Issue: 2016/282

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2016

DOI: http://dx.doi.org/10.5089/9781475531534.002

ISBN: 9781475531534

This Selected Issues paper estimates potential output growth and the output gap for Guatemala. Potential output growth averaged 4.4 percent just before the global financial crisis but has since declined to 3.75 per...

Barbados
			: Selected Issues

Barbados : Selected Issues »

Volume/Issue: 2016/280

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 August 2016

DOI: http://dx.doi.org/10.5089/9781475530360.002

ISBN: 9781475530360

This Selected Issues paper discusses data issues and postcrisis growth in Barbados. An analysis of the data on Barbados shows very clear inconsistencies among the various measures of economic development. Although...

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

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

Volume/Issue: 2016/279

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 August 2016

DOI: http://dx.doi.org/10.5089/9781475530353.002

ISBN: 9781475530353

This 2016 Article IV Consultation highlights that the economy of Barbados appears to have turned a corner with a pickup in activity. Real GDP grew by 0.8 percent in 2015, underpinned by an increase in private inves...

St. Kitts and Nevis
			: 2016 Article IV Consultation-Press Release; and Staff Report

St. Kitts and Nevis : 2016 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2016/250

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2016

DOI: http://dx.doi.org/10.5089/9781498387194.002

ISBN: 9781498387194

This 2016 Article IV Consultation highlights that economy of St. Kitts and Nevis continued its strong growth at about 5 percent, recording the strongest growth in the region during 2013-15. Strong growth has been u...

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

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

Volume/Issue: 2016/244

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2016

DOI: http://dx.doi.org/10.5089/9781498377393.002

ISBN: 9781498377393

This 2016 Article IV Consultation highlights that the Dominican economy was hit hard by tropical storm Erika in 2015. Agricultural output and manufacturing declined sharply, as the storm affected crops and access t...

Dominica
			: Selected Issues

Dominica : Selected Issues »

Volume/Issue: 2016/245

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2016

DOI: http://dx.doi.org/10.5089/9781498377423.002

ISBN: 9781498377423

This Selected Issues paper presents a proposal for the creation of savings funds (SF) for rehabilitation and reconstruction after natural disasters (ND) in Dominica. A Monte Carlo experiment is used to calibrate th...

St. Vincent and the Grenadines
			: 2016 Article IV Consultation-Press Release; Staff Report

St. Vincent and the Grenadines : 2016 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2016/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2016

DOI: http://dx.doi.org/10.5089/9781498376389.002

ISBN: 9781498376389

This 2016 Article IV Consultation highlights that St. Vincent and the Grenadines' recovery from the global financial crisis was hampered by a series of natural disasters, sluggish global demand, and slow implementa...

Peru
			: 2016 Article IV Consultation-Press Release; and Staff Report

Peru : 2016 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2016/234

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2016

DOI: http://dx.doi.org/10.5089/9781498368438.002

ISBN: 9781498368438

This 2016 Article IV Consultation highlights that Peru has successfully navigated the commodity cycle and the 2008-09 global financial crisis, and still leads growth among large Latin American economies. Following...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2016/235

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2016

DOI: http://dx.doi.org/10.5089/9781475582741.002

ISBN: 9781475582741

This Selected Issues paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (1) an analysis of the imp...

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

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

Volume/Issue: 2016/224

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2016

DOI: http://dx.doi.org/10.5089/9781498356794.002

ISBN: 9781498356794

This 2016 Article IV Consultation highlights that economic growth in The Bahamas is estimated to have stalled in 2015, as a modest increase in air tourism arrivals was not sufficient to offset a contraction in dome...

United States
			: 2016 Article IV Consultation-Press Release; and Staff Report

United States : 2016 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2016/226

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2016

DOI: http://dx.doi.org/10.5089/9781498358958.002

ISBN: 9781498358958

This 2016 Article IV Consultation highlights that the United States is now in its seventh consecutive year of expansion. The unemployment rate has fallen to 4.9 percent, and household net worth is close to precrisi...

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

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

Volume/Issue: 2016/216

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2016

DOI: http://dx.doi.org/10.5089/9781475536126.002

ISBN: 9781475536126

Keywords: Article IV consultation reports, Economic growth, Oil prices, Public investment, Fiscal policy, Monetary policy, Banks, Bank supervision, Reserves, Economic indicators

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...

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

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

Volume/Issue: 2016/208

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2016

DOI: http://dx.doi.org/10.5089/9781498342223.002

ISBN: 9781498342223

Keywords: Article IV consultation reports, Economic growth, Fiscal risk, Fiscal policy, Government expenditures, Wages, Banking sector, Economic indicators, Balance of payments statistics, Debt sustainability analysis

This paper focuses on policies to raise growth; underpin fiscal sustainability while enhancing social safety nets; and strengthen financial sector stability, deepening, and inclusiveness. GDP growth has averaged 2...

El Salvador
			: Selected Issues

El Salvador : Selected Issues »

Volume/Issue: 2016/209

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2016

DOI: http://dx.doi.org/10.5089/9781498342346.002

ISBN: 9781498342346

Keywords: Economic growth, Migration, Inward remittances, Fiscal policy, Pensions, Banking sector, External borrowing, Bank credit, Private sector, Selected Issues Papers

This paper focuses on policies to raise growth; underpin fiscal sustainability while enhancing social safety nets; and strengthen financial sector stability, deepening, and inclusiveness. GDP growth averaged 2 perc...

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

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

Volume/Issue: 2016/204

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2016

DOI: http://dx.doi.org/10.5089/9781475578232.002

ISBN: 9781475578232

This paper discusses economic developments, outlook, and risks in Trinidad and Tobago. The economic output of Trinidad and Tobago has continued to shrink. Ongoing maintenance and further declines in gas and oil pro...

Trinidad and Tobago
			: Selected Issues

Trinidad and Tobago : Selected Issues »

Volume/Issue: 2016/205

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2016

DOI: http://dx.doi.org/10.5089/9781475523041.002

ISBN: 9781475523041

This paper reviews the historical background of fuel subsidies in Trinidad and Tobago, discusses their fiscal impact and the inflationary impact of subsidy reform, summarizes the regressive distribution of subsidy...

Jamaica
			: 2016 Article IV Consultation, Eleventh and Twelfth Reviews Under the Extended Fund Facility and Request for Modification of Performance  Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

Jamaica : 2016 Article IV Consultation, Eleventh and Twelfth Reviews Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica »

Volume/Issue: 2016/181

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2016

DOI: http://dx.doi.org/10.5089/9781475517682.002

ISBN: 9781475517682

Keywords: debt, monetary fund, public debt, tax, exchange

This paper aims to discuss the economic reform program in Jamaica that focuses on reducing macroeconomic vulnerabilities, fostering growth, creating conditions for financial deepening and inclusion, reallocating pu...

Democratic Republic of São Tomé and Príncipe
			: 2016 Article IV Consultation, First Review under the Extended Credit Facility, and Request for Waiver for Nonobservance of Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Exective Director for the Democratic Republic of São Tomé and Príncipe

Democratic Republic of São Tomé and Príncipe : 2016 Article IV Consultation, First Review under the Extended Credit Facility, and Request for Waiver for Nonobservance of Performance Criterion and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Exective Director for the Democratic Republic of São Tomé and Príncipe »

Volume/Issue: 2016/174

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2016

DOI: http://dx.doi.org/10.5089/9781498307444.002

ISBN: 9781498307444

Keywords: debt, poverty, monetary fund, commercial banks, market

This paper discusses recent economic developments and economic outlook and risks of São Tomé and Príncipe. Although São Tomé and Príncipe's economic development is constrained by its insularity, fragility, limited...

Democratic Republic of São Tomé and Príncipe
			: Selected Issues

Democratic Republic of São Tomé and Príncipe : Selected Issues »

Volume/Issue: 2016/175

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2016

DOI: http://dx.doi.org/10.5089/9781498308373.002

ISBN: 9781498308373

Keywords: tourism, travel, tourist, transport, tourist arrivals

This paper discusses the following selected issues related to the São Tomé and Príncipe's economy: tourism competitiveness in São Tomé and Príncipe-challenges and strategy, macro-financial linkages, private sector...

Colombia
			: Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement- Press Release; and Staff Report

Colombia : Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement- Press Release; and Staff Report »

Volume/Issue: 2016/154

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2016

DOI: http://dx.doi.org/10.5089/9781484390818.002

ISBN: 9781484390818

Keywords: inflation, credit line, deficit, monetary fund, exchange

This paper focuses on recent economic developments as well as the role of the flexible credit line (FCL) arrangement. Despite a large external shock, Colombia's economy showed remarkable resilience in 2015. The cur...

Canada
			: 2016 Article IV Consultation-Press Release; and Staff Report

Canada : 2016 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2016/146

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2016

DOI: http://dx.doi.org/10.5089/9781475530872.002

ISBN: 9781475530872

Keywords: oil prices, investment, market, monetary fund, inflation

This paper describes recent economic developments, outlook, risks, and policy challenges of the Canadian economy. After almost two years, the effects of the oil price shock continue to reverberate through the Canad...

Suriname
			: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Suriname

Suriname : Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Suriname »

Volume/Issue: 2016/141

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 June 2016

DOI: http://dx.doi.org/10.5089/9781484377031.002

ISBN: 9781484377031

Keywords: reserves, central bank, monetary fund, debt, revenue

This paper mainly discusses the IMF-supported program aimed at restoring macroeconomic stability and confidence in Suriname's economy. The proposed 24-month Stand-By Arrangement (265 percent of quota, or SDR 342 mi...

Mexico
			: Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press release and Staff Report

Mexico : Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press release and Staff Report »

Volume/Issue: 2016/137

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2016

DOI: http://dx.doi.org/10.5089/9781475556865.002

ISBN: 9781475556865

Keywords: monetary fund, credit line, inflation, liquidity, debt

This paper discusses recent economic developments, outlook, and risks in the economy of Mexico. The economy continues to grow at a moderate pace. Growth reached 21/2 percent in 2015 and is projected to remain at a...

Colombia
			: Selected Issues

Colombia : Selected Issues »

Volume/Issue: 2016/134

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 May 2016

DOI: http://dx.doi.org/10.5089/9781484367520.002

ISBN: 9781484367520

Keywords: monetary policy, risk, interest rate, inflation, risk premium

This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides insights about macro-financial linkages. It also discusses how nonfinancial corporate debt...

Grenada
			: Staff Report for the 2016 Article IV Consultation, Fourth Review Under the Extended Credit Facility, Request for Waiver of Non-Observance of a Performance Criterion, Request for Modification of a Performance Criterion and Financing Assurances Review-Press Release and Staff Report

Grenada : Staff Report for the 2016 Article IV Consultation, Fourth Review Under the Extended Credit Facility, Request for Waiver of Non-Observance of a Performance Criterion, Request for Modification of a Performance Criterion and Financing Assurances Review-Press Release and Staff Report »

Volume/Issue: 2016/133

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2016

DOI: http://dx.doi.org/10.5089/9781484365700.002

ISBN: 9781484365700

Keywords: monetary fund, debt, economic developments, deficit, oil prices

This paper features Grenada's request for waiver of non-observance of a performance criterion, request for modification of a performance criterion, and financing assurances review. The arrangement was approved on J...

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

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

Volume/Issue: 2016/131

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2016

DOI: http://dx.doi.org/10.5089/9781475519228.002

ISBN: 9781475519228

Keywords: inflation, debt, monetary policy, monetary fund, oil prices

This paper discusses key issues related to the economy of Costa Rica. It bounced back quickly from the global financial crisis; growth has moderated below trend and macro vulnerabilities, mainly from the weak fisca...

Costa Rica
			: Selected Issues and Analytical Notes

Costa Rica : Selected Issues and Analytical Notes »

Volume/Issue: 2016/132

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2016

DOI: http://dx.doi.org/10.5089/9781484362693.002

ISBN: 9781484362693

Keywords: interest, interest rates, monetary policy, market, lending

This paper looks at the following important issues pertaining to the economy of Costa Rica: micro-financial linkages, financial sector vulnerabilities, monetary policy stance, financial deepening in Costa Rica, fin...

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

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

Volume/Issue: 2016/129

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2016

DOI: http://dx.doi.org/10.5089/9781484361153.002

ISBN: 9781484361153

Keywords: oil prices, debt, monetary fund, exchange, economic developments

This paper discusses key issues related to the Colombian economy. Despite adverse global circumstances, Colombia's successful policies and inclusive growth agenda continued in 2015. Colombia's strong policy framewo...

Paraguay
			: 2016 Article IV Consultation-Press Release; and Staff Report

Paraguay : 2016 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2016/116

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 May 2016

DOI: http://dx.doi.org/10.5089/9781484347508.002

ISBN: 9781484347508

Keywords: exchange, exchange rate, monetary fund, investment, currency

This paper discusses the recent economic developments of Paraguay. Against the backdrop of a regional slowdown, Paraguay's economy remains relatively resilient. The economy experienced some loss of momentum over th...

Paraguay
			: Selected Issues

Paraguay : Selected Issues »

Volume/Issue: 2016/117

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 May 2016

DOI: http://dx.doi.org/10.5089/9781475528503.002

ISBN: 9781475528503

Keywords: budget, expenditure, deficit, expenditures, revenue

This paper focuses on the reform options for Paraguay's fiscal responsibilities law as well as credit growth and banking system vulnerabilities. During the first year of Paraguay's fiscal responsibility law, implem...

Colombia
			: Technical Assistance Report-Detailed Assessment of Observance of Key Attributes of Effective Resolution Regimes for Financial Institutions-Pilot of the Draft Assessment Methodology

Colombia : Technical Assistance Report-Detailed Assessment of Observance of Key Attributes of Effective Resolution Regimes for Financial Institutions-Pilot of the Draft Assessment Methodology »

Volume/Issue: 2016/99

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2016

DOI: http://dx.doi.org/10.5089/9781484313039.002

ISBN: 9781484313039

Keywords: financial institutions, insurance, deposit, creditors, financial stability

This paper provides a detailed assessment of key attributes of effective resolution regimes for financial institutions in Columbia. The authorities of Columbia have strong powers to manage weak and failing financia...

Global Financial Stability Report, April 2016
			: Potent Policies for a Successful Normalization

Global Financial Stability Report, April 2016 : Potent Policies for a Successful Normalization »

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2016

DOI: http://dx.doi.org/10.5089/9781513506777.082

ISBN: 9781513506777

Keywords: Financial stability, Global Financial Stability Report, Global Financial Stability Reports, Global Financial Stability Risks, International financial stability, Macroprudential policies and financial stability, market, emerging market, insurance, equity

The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in adv...

Power It Up
			: Strengthening the Electricity Sector to Improve Efficiency and Support Economic Activity

Power It Up : Strengthening the Electricity Sector to Improve Efficiency and Support Economic Activity »

Volume/Issue: 2016/85

Series: IMF Working Papers

Author(s): Gabriel Di Bella , and Francesco Grigoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 April 2016

DOI: http://dx.doi.org/10.5089/9781484322437.001

ISBN: 9781484322437

Keywords: Credible and Non-Credible Promises, Economic efficiency, Economic infrastructure, Electricity Sector, Electricity Theft, Haiti, Nicaragua

Poor performance of the electricity sector remains a drag to economic efficiency and a bottleneck to economic activity in many low-income countries. This paper proposes a number of models that account for different...

Structural Reform and Growth
			: What Really Matters? Evidence from the Caribbean

Structural Reform and Growth : What Really Matters? Evidence from the Caribbean »

Volume/Issue: 2016/82

Series: IMF Working Papers

Author(s): Kevin Greenidge , Meredith McIntyre , and Hanlei Yun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2016

DOI: http://dx.doi.org/10.5089/9781484321812.001

ISBN: 9781484321812

Keywords: Structural Reform, Institutional Quality, Small States

Since the 1980's with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean. The paper reviewed the package of structural reforms in trade lib...

Understanding Corporate Vulnerabilities in Latin America

Understanding Corporate Vulnerabilities in Latin America »

Volume/Issue: 2016/80

Series: IMF Working Papers

Author(s): Carlos Caceres , and Fabiano Rodrigues Bastos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2016

DOI: http://dx.doi.org/10.5089/9781484321546.001

ISBN: 9781484321546

Keywords: Corporate risk; market-based measures; fundamentals.

This paper analyzes the potential risks and vulnerabilities of non-financial corporates in Latin America and Canada. We quantify the impact of company-specific, countryspecific, and global factors in driving corpor...

Preventing the Next Financial Crisis

Preventing the Next Financial Crisis »

Series: Economic Issues

Author(s): Erlend Nier , and Gregg Forte

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2016

DOI: http://dx.doi.org/10.5089/9781513502137.051

ISBN: 9781513502137

Keywords: Macroprudential policies and financial stability, Macroprudential Policy, banks, bank, credit, financial institutions, lending

The financial crisis that began in 2007 brought much of the global economy to its knees and nearly triggered another Great Depression. The financial storm gradually died down in 2009, at least in the United States,...

Belize
			: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Director for Belize

Belize : 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Director for Belize »

Volume/Issue: 2016/92

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2016

DOI: http://dx.doi.org/10.5089/9781475548723.002

ISBN: 9781475548723

Keywords: debt, budget, deficit, monetary fund, tax

This paper discusses key issues of the Belize economy. The economic condition of Belize is characterized by sluggish growth and a weak fiscal stance, which have put public debt on an unsustainable path. Social and...

Belize
			: Selected Issues

Belize : Selected Issues »

Volume/Issue: 2016/93

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2016

DOI: http://dx.doi.org/10.5089/9781475548853.002

ISBN: 9781475548853

Keywords: banks, bank, credit, banking, credit unions

This paper discusses three important sectors of Belize economy: financial, sugar market, and energy. Belize's banking system has continued to strengthen since the 2014 Article IV Consultation in June 2014. Despite...

Fiscal Multipliers for Brazil

Fiscal Multipliers for Brazil »

Volume/Issue: 2016/79

Series: IMF Working Papers

Author(s): Troy Matheson , and Joana Pereira

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 March 2016

DOI: http://dx.doi.org/10.5089/9781484307892.001

ISBN: 9781484307892

Keywords: Fiscal policy, fiscal multipliers, public credit

We find historical fiscal multipliers for Brazil around 0.5, larger than what existing literature typically identifies for the average emerging market. However, spending and public credit multipliers seem to have d...

Credit, Securitization and Monetary Policy
			: Watch Out for Unintended Consequences

Credit, Securitization and Monetary Policy : Watch Out for Unintended Consequences »

Volume/Issue: 2016/76

Series: IMF Working Papers

Author(s): Andrea Pescatori , and Juan Sole

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2016

DOI: http://dx.doi.org/10.5089/9781475522723.001

ISBN: 9781475522723

Keywords: Monetary policy; monetary policy shocks; VAR; proxy VAR; financial intermediation; shadow banking; securitization; GSE; private-label ABS issuers.

We show evidence that interest rate hikes slowdown loan growth but lead intermediation to migrate from banks' balance sheets to non-banks via increased securitization activity. As such, higher interest rates have t...

Foreign Exchange Intervention under Policy Uncertainty

Foreign Exchange Intervention under Policy Uncertainty »

Volume/Issue: 2016/67

Series: IMF Working Papers

Author(s): Gustavo Adler , Ruy Lama , and Juan Pablo Medina Guzman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2016

DOI: http://dx.doi.org/10.5089/9781475520415.001

ISBN: 9781475520415

Keywords: Foreign Exchange Intervention, Monetary Policy, Learning, inflation, central bank, exchange, currency, Open Economy Macroeconomics,

We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full inform...

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...

Bank Solvency and Funding Cost

Bank Solvency and Funding Cost »

Volume/Issue: 2016/64

Series: IMF Working Papers

Author(s): Christoph Aymanns , Carlos Caceres , Christina Daniel , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2016

DOI: http://dx.doi.org/10.5089/9781513591131.001

ISBN: 9781513591131

Keywords: Solvency, funding cost, bank fundamentals, bank, banks, interest, capital, risk, General, All Countries,

Understanding the interaction between bank solvency and funding cost is a crucial pre-requisite for stress-testing. In this paper we study the sensitivity of bank funding cost to solvency measures while controlling...

Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement

Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement »

Volume/Issue: 2016/60

Series: IMF Working Papers

Author(s): Shafik Hebous , and Tom Zimmermann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

DOI: http://dx.doi.org/10.5089/9781513578729.001

ISBN: 9781513578729

Keywords: Federal Procurement, Financing Constraints, Spending Multipliers, government spending, contracts, capital investment, fiscal policy, General, Other, All Countries,

We study the effects of federal purchases on firms' investment using a novel panel dataset that combines federal procurement contracts in the United States with key financial firm-level information. We find that 1...

Unconventional Policy Instruments in the New Keynesian Model

Unconventional Policy Instruments in the New Keynesian Model »

Volume/Issue: 2016/58

Series: IMF Working Papers

Author(s): Zineddine Alla , Raphael Espinoza , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

DOI: http://dx.doi.org/10.5089/9781513573038.001

ISBN: 9781513573038

Keywords: Unconventional monetary policy, equilibrium indeterminacy, stabilization bias, inflationary bias, instrument, instruments, inflation, monetary policy, interest, Monetary Policy (Targets

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence' breaks down. The paper discusses the role of a second instrument and its coordination with...

Caribbean Energy
			: Macro-Related Challenges

Caribbean Energy : Macro-Related Challenges »

Volume/Issue: 2016/53

Series: IMF Working Papers

Author(s): Arnold McIntyre , Ahmed El-Ashram , Marcio Ronci , Julien Reynaud , Natasha Che , Ke Wang , Sebastian Acevedo Mejia , and Mark Lutz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513560908.001

ISBN: 9781513560908

Keywords: Energy Reform, Oil Price Shocks, Renewable Energy, Energy Efficiency, PPP, energy, oil, electricity, investments, investment

High energy costs contribute to dampening Caribbean competitiveness and potential growth. This paper overviews power sector challenges and takes stock of national and regional strategies to address them. It present...

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries »

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513567433.001

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Benefits and Costs of Bank Capital

Benefits and Costs of Bank Capital »

Volume/Issue: 2016/4

Series: Staff Discussion Notes

Author(s): Jihad Dagher , Giovanni Dell'Ariccia , Luc Laeven , Lev Ratnovski , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 March 2016

DOI: http://dx.doi.org/10.5089/9781498387712.006

ISBN: 9781498387712

Keywords: Bank capital, Cost of capital, United States, Banking crisis, Capital requirements, Risk management, General equilibrium models, Bank Capital, TLAC, Financial Regulation

The appropriate level of bank capital and, more generally, a bank's capacity to absorb losses, has been at the core of the post-crisis policy debate. This paper contributes to the debate by focusing on how much cap...

A Closer Look at Sectoral Financial Linkages in Brazil I

A Closer Look at Sectoral Financial Linkages in Brazil I »

Volume/Issue: 2016/45

Series: IMF Working Papers

Author(s): Izabela Karpowicz , Fabian Lipinsky , and Jongho Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2016

DOI: http://dx.doi.org/10.5089/9781513536880.001

ISBN: 9781513536880

Keywords: balance sheet analysis, DSGE Bayesian estimation, emerging economies, equity, share, balance sheet, balance sheets, debt, International Lending and Debt Problems, International Business Cycles

Understanding the interplay between firms’ balance sheets and the macro-economic environment is important for understanding of the Brazilian economy. A close examination of developments in the nonfinancial corporat...

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...