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Brazil

Boom, Bust, and Road to Recovery

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom.

Brazil
			: Technical Assistance Report-Strengthening the Framework for Subnational Borrowing

New
Brazil : Technical Assistance Report-Strengthening the Framework for Subnational Borrowing »

Volume/Issue: 2019/302

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513514710.002

ISBN: 9781513514710

Keywords: Economic conditions, Fiscal indicators, Economic growth, Financial indicators, Fiscal policy, ISCR, CR, subnational, FRL, FRR

Brazil's states have been facing severe fiscal pressures over the last years. As the economy went through a deep economic recession in 2014-16, Brazilian subnational governments had to adjust to much weaker revenue...

Brazil
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

DOI: http://dx.doi.org/10.5089/9781513508368.002

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

The economic recovery after the 2015-16 recession has disappointed, with real GDP growing by only 1.1 percent in 2017 and 2018. Inflation is close to target, hovering around 4 percent. Monetary policy is accommodat...

Brazil
			: Selected Issues

Brazil : Selected Issues »

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

DOI: http://dx.doi.org/10.5089/9781513508375.002

ISBN: 9781513508375

Keywords: Central banks, Exchange rate policy, Foreign exchange operations, Financial crises, Currency swaps, BCB, TSA, fiscal operation, cambial, repo

Selected Issues...

Brazil
			: Boom, Bust, and Road to Recovery

Brazil : Boom, Bust, and Road to Recovery »

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

DOI: http://dx.doi.org/10.5089/9781484339749.071

ISBN: 9781484339749

Keywords: Brazil, Corruption, Economic conditions, Economic recession, Economic recovery, Trade, economic history

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contribut...

Foreign Exchange Intervention in Inflation Targeters in Latin America

Foreign Exchange Intervention in Inflation Targeters in Latin America »

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

DOI: http://dx.doi.org/10.5089/9781484375686.071

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin A...

Brazil
			: Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring

Brazil : Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring »

Volume/Issue: 2018/358

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484389010.002

ISBN: 9781484389010

Keywords: Western Hemisphere, Brazil

Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities...

Brazil
			: Financial Sector Assessment Program-Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision

Brazil : Financial Sector Assessment Program-Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2018/340

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387474.002

ISBN: 9781484387504

Keywords: Brazil, Western Hemisphere

The Central Bank of Brazil (BCB) has shown a determined commitment to enhancing its standards and practices of banking supervision. Changes in the thinking and practices of the BCB's supervision are not limited to...

Brazil
			: Financial Sector Assessment Program-Technical Note on Bank Resolution, Financial Sector Safety Nets, Crisis Prevention and Management

Brazil : Financial Sector Assessment Program-Technical Note on Bank Resolution, Financial Sector Safety Nets, Crisis Prevention and Management »

Volume/Issue: 2018/341

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387528.002

ISBN: 9781484387528

Keywords: Western Hemisphere, Brazil

Important improvements have been made to the bank resolution, safety net and crisis management framework since the last FSAP. The resolution framework has been strengthened with the creation, within the Banco Centr...

Brazil
			: Financial Sector Assessment Program-Technical Note on Insurance Sector Regulation and Supervision

Brazil : Financial Sector Assessment Program-Technical Note on Insurance Sector Regulation and Supervision »

Volume/Issue: 2018/343

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387559.002

ISBN: 9781484387559

Keywords: Brazil, Western Hemisphere

The insurance sector has significant potential for expansion and to contribute to economic growth as an important part of the financial sector. While the insurance sector has grown at 10 percent annually over the...

Brazil
			: Financial Sector Assessment Program-Technical Note on Stress Testing and Systemic Risk Analysis

Brazil : Financial Sector Assessment Program-Technical Note on Stress Testing and Systemic Risk Analysis »

Volume/Issue: 2018/344

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387566.002

ISBN: 9781484387566

Keywords: Brazil, Western Hemisphere

The financial system has been resilient through the severe recession. Banks and investment funds dominate Brazil's financial system landscape. The banking sector has continued to be well-capitalized, profitable, an...

Brazil
			: Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures

Brazil : Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures »

Volume/Issue: 2018/342

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387535.002

ISBN: 9781484387535

Keywords: Western Hemisphere, Brazil

Brazilian FMIs are among the top twenty worldwide. All together there are sixteen financial market infrastructures2 (FMIs) operating in the Brazilian payment system (SPB), out of which nine3 are systemically import...

Brazil
			: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management

Brazil : Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management »

Volume/Issue: 2018/345

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387573.002

ISBN: 9781484387573

Keywords: Western Hemisphere, Brazil

Brazil's financial markets are generally liquid and sophisticated. Brazil is blessed with a wide array of instruments which investors can use to manage and hedge interest rate and FX risks. The infrastructure suppo...

Brazil
			: Financial System Stability Assessment

Brazil : Financial System Stability Assessment »

Volume/Issue: 2018/339

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387474.002

ISBN: 9781484387474

Keywords: Brazil, Western Hemisphere

Since the Brazil 2012 FSAP, the financial system has been stable despite the deep recession. The resiliency of the banking system was supported by high profitability, buoyed by large interest margins. While the fin...

Brazil
			: Technical Assistance Report-Public Investment Management Assessment

Brazil : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2018/249

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2018

DOI: http://dx.doi.org/10.5089/9781484372050.002

ISBN: 9781484372050

Keywords: Brazil, Western Hemisphere

Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many gove...

Brazil
			: Technical Assistance Report-Public Investment Management Assessment

Brazil : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2018/249

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 November 2018

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781484386873.002

ISBN: 9781484386873

Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many gove...

Rightsizing Brazil's Public-Sector Wage Bill

Rightsizing Brazil's Public-Sector Wage Bill »

Volume/Issue: 2018/225

Series: IMF Working Papers

Author(s): Izabela Karpowicz , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484374924.001

ISBN: 9781484374924

Keywords: wage bill, employee compensation, public spending, fiscal rules

Brazil's public-sector wage bill is comparatively high. It grows inertially and competes with other spending. Rightsizing the wage bill could stimulate administrative efficiency and bring more equity into a system...

Structural Reform Priorities for Brazil

Structural Reform Priorities for Brazil »

Volume/Issue: 2018/224

Series: IMF Working Papers

Author(s): Nina Biljanovska , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484376331.001

ISBN: 9781484376331

Keywords: Structural reforms, Brazil, political economy.

Over the last few decades, Brazil has experienced relatively weak economic growth due to stagnant productivity. To boost productivity, Brazil should embark on an ambitious structural reform process. In doing so, it...

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: China Financial Publishing House (CFPH)

Publication Date: 05 October 2018

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504994806.071

ISBN: 9787504994806

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...

Excerpt: Brazil-Boom, Bust and Road to Recovery

Excerpt: Brazil-Boom, Bust and Road to Recovery »

Series: Miscellaneous Publication (Other)

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2018

DOI: http://dx.doi.org/10.5089/BBBRREAEX.073

ISBN: BBBRREAEX

A collection of IMF and external research on Brazil's successful growth performance and rapid reductions in poverty and inequality in the decade preceding the global financial crisis, and the equally sharp reversal...

Who Creates New Firms When Local Opportunities Arise?

Who Creates New Firms When Local Opportunities Arise? »

Volume/Issue: 2018/215

Series: IMF Working Papers

Author(s): Shai Bernstein , Emanuele Colonnelli , Davide Malacrino , and Tim McQuade

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484377833.001

ISBN: 9781484377833

Keywords: Brazil, Commodities, Western Hemisphere, Entrepreneurship, Firms, Financial Development

New firm formation is a critical driver of job creation, and an important contributor to the responsiveness of the economy to aggregate shocks. In this paper we examine the characteristics of the individuals who be...

Brazil
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Volume/Issue: 2018/253

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2018

DOI: http://dx.doi.org/10.5089/9781484372449.002

ISBN: 9781484372449

Keywords: Brazil, Western Hemisphere

Recent developments. Following a severe recession in 2015-16, real GDP grew by 1 percent in 2017. Inflation declined below the inflation target range, prompting the Central Bank to cut interest rates to historic lo...

Banca central en América Latina
			: El camino hacia adelante

Banca central en América Latina : El camino hacia adelante »

Volume/Issue: 2016/197

Series: IMF Working Papers

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

Publisher: CEMLA/Centro de Estudios Monetarios Latinamericano

Publication Date: 31 July 2018

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484343241.001

ISBN: 9781484343241

Keywords: Argentina, Bolivia, Central bank autonomy, Central banks, Chile, Colombia, Brazil, Ecuador, Financial stability, Intervention

Los bancos centrales de América Latina han avanzado considerablemente en la creación de un entorno de estabilidad de precios que propicie el crecimiento económico sostenible. Examinamos estos logros y analizamos lo...

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...

Investment in Brazil: From Crisis to Recovery

Investment in Brazil: From Crisis to Recovery »

Volume/Issue: 2018/6

Series: IMF Working Papers

Author(s): Ivo Krznar , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2018

DOI: http://dx.doi.org/10.5089/9781484337417.001

ISBN: 9781484337417

Keywords: Investment, Western Hemisphere, Brazil, Recession

While Brazil's deep recession has been broad based, it has been marked by a particularly large fall in investment. Real investment fell by around 30 percent between the beginning of 2014 and the beginning of 2017....

Structural Transformation and the Agricultural Wage Gap

Structural Transformation and the Agricultural Wage Gap »

Volume/Issue: 2017/289

Series: IMF Working Papers

Author(s): Jorge Alvarez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335444.001

ISBN: 9781484335444

Keywords: Western Hemisphere, Brazil, Agriculture, Human capital, Wage Gaps, Structural Transformation, Sorting, Productivity Gaps, Labor Force and Employment, Size

A key feature of developing economies is that wages in agriculture are significantly below those of other sectors. Using Brazilian household surveys and administrative panel data, I use information on workers who s...

Firms and the Decline in Earnings Inequality in Brazil

Firms and the Decline in Earnings Inequality in Brazil »

Volume/Issue: 2017/278

Series: IMF Working Papers

Author(s): Jorge Alvarez , Felipe Benguria , Niklas Engbom , and Christian Moser

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781484333037.001

ISBN: 9781484333037

Keywords: Brazil, Western Hemisphere, Earnings Inequality, Linked Employer-Employee Data, Firm and Worker Heterogeneity, Productivity, Firm Behavior: Empirical Analysis

We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand th...

Inequality in Brazil: A Regional Perspective

Inequality in Brazil: A Regional Perspective »

Volume/Issue: 2017/225

Series: IMF Working Papers

Author(s): Carlos Góes , and Izabela Karpowicz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2017

DOI: http://dx.doi.org/10.5089/9781484324776.001

ISBN: 9781484324776

Keywords: Income inequality, Government expenditures and education, Government expenditures and welfare programs, Western Hemisphere, Brazil, redistribution policies, Models with Panel Data, Personal Income and Wealth Distribution, Equity, Justice

In this study, we document the decline in income inequality and a convergence in consumption patterns in Brazilian states in a new database constructed from micro data from the national households' survey. We adjus...

Brazil
			: Technical Assistance Report-Supporting Implementation of the Expenditure Rule Through Public Financial Management Reforms

Brazil : Technical Assistance Report-Supporting Implementation of the Expenditure Rule Through Public Financial Management Reforms »

Volume/Issue: 2017/292

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2017

DOI: http://dx.doi.org/10.5089/9781484321218.002

ISBN: 9781484321218

Keywords: Western Hemisphere, Brazil

Faced with significant economic and fiscal challenges, the Brazilian government is reforming its fiscal framework to promote fiscal sustainability and reduce debt. Since 2015, Brazil has struggled with its deepest...

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

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

Volume/Issue: 2017/215

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309896.002

ISBN: 9781484309896

Keywords: Brazil, Western Hemisphere

Brazil's deep recession appears close to an end. But risks remain. The government that took office last year found an economy in recession and structural problems that threatened fiscal sustainability. The recessio...

Brazil
			: Selected Issues

Brazil : Selected Issues »

Volume/Issue: 2017/2016

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2017

DOI: http://dx.doi.org/10.5089/9781484309919.002

ISBN: 9781484309919

Keywords: Canada, Western Hemisphere

Brazil: Selected Issues...

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...

Fiscal Challenges of Population Aging in Brazil

Fiscal Challenges of Population Aging in Brazil »

Volume/Issue: 2017/99

Series: IMF Working Papers

Author(s): Alfredo Cuevas , Izabela Karpowicz , Carlos Mulas-Granados , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2017

DOI: http://dx.doi.org/10.5089/9781475595550.001

ISBN: 9781475595550

Keywords: Brazil, Pensions, Government expenditures and health, Aging, Western Hemisphere, Health, fiscal consolidation, Social Security and Public Pensions, Demographic Trends and Forecasts

In recent decades, population has been aging fast in Brazil while old age pensions and healthrelated spending have increased. As the population ages, the spending trend threaten to reach unsustainable levels absent...

Financial Integration in Latin America
			: A New Strategy for a New Normal

Financial Integration in Latin America : A New Strategy for a New Normal »

Series: Books

Author(s): Charles Enoch , Wouter Bossu , Carlos Caceres , and Diva Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2017

DOI: http://dx.doi.org/10.5089/9781513520247.071

ISBN: 9781513520247

Keywords: Cross-border banking, Financial integration, Latin American regional banking, commodity supercycle, fragmentation, international banking system, growth, policymaking, Latin America, regional financial integration

With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to s...

Consumption in Brazil
			: Where to Next?

Consumption in Brazil : Where to Next? »

Volume/Issue: 2017/75

Series: IMF Working Papers

Author(s): Troy Matheson , and Carlos Góes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2017

DOI: http://dx.doi.org/10.5089/9781475589627.001

ISBN: 9781475589627

Keywords: Western Hemisphere, Investment, Brazil, Consumption, Development, Macroeconomic Analyses of Economic Development

Private consumption has been a key driver of growth in Brazil for more than a decade. Over this time, Brazilian consumers have benefited from a favorable policy environment, a rapid phase of development-dramaticall...

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...

Brazilian Market Portfolio

Brazilian Market Portfolio »

Volume/Issue: 2017/51

Series: IMF Working Papers

Author(s): Cristina Tessari , and Alexis Meyer-Cirkel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2017

DOI: http://dx.doi.org/10.5089/9781475586084.001

ISBN: 9781475586084

Keywords: Western Hemisphere, Brazil, Capital markets, Global market portfolio, portfolio selection

In recent years, Brazil has achieved substantial progress in capital market development by building a diversified investor base and expanding the menu of available financial instruments. In this context, we evaluat...

Spillovers from U.S. Monetary Policy Normalization on Brazil and Mexico's Sovereign Bond Yields

Spillovers from U.S. Monetary Policy Normalization on Brazil and Mexico's Sovereign Bond Yields »

Volume/Issue: 2017/50

Series: IMF Working Papers

Author(s): Carlos Góes , Herman Kamil , Phil De Imus , Mercedes Garcia-Escribano , Roberto Perrelli , Shaun Roache , and Jeremy Zook

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2017

DOI: http://dx.doi.org/10.5089/9781475586077.001

ISBN: 9781475586077

Keywords: Western Hemisphere, Brazil, Mexico, QE, tapering, local-currency sovereign bond yields, vector error correction models, General

This paper examines the transmission of changes in the U.S. monetary policy to localcurrency sovereign bond yields of Brazil and Mexico. Using vector error-correction models, we find that the U.S. 10-year bond yiel...

Financial and Business Cycles in Brazil

Financial and Business Cycles in Brazil »

Volume/Issue: 2017/12

Series: IMF Working Papers

Author(s): Ivo Krznar , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

DOI: http://dx.doi.org/10.5089/9781475571042.001

ISBN: 9781475571042

Keywords: Western Hemisphere, Econometric models, Public sector, Private sector, Financial risk, Brazil, Business cycles, Credit expansion, Procyclicality of financial system, Parameter estimation

This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazil...

The Relative Effectiveness of Spot and Derivatives Based Intervention
			: The Case of Brazil

The Relative Effectiveness of Spot and Derivatives Based Intervention : The Case of Brazil »

Volume/Issue: 2016/11

Series: IMF Working Papers

Author(s): Milan Nedeljkovic , and Christian Saborowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

DOI: http://dx.doi.org/10.5089/9781475571035.001

ISBN: 9781475571035

Keywords: Brazil, Exchange rates, Foreign exchange, Foreign exchange intervention, Financial derivatives, Econometric models, Derivative markets, Western Hemisphere, Spot exchange rates, FX Intervention; Derivatives; Exchange rates

This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used...

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...

Brazil
			: Selected Issues

Brazil : Selected Issues »

Volume/Issue: 2016/349

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/10.5089/9781475553222.002

ISBN: 9781475553222

Keywords: Western Hemisphere, Brazil, Brazil: Selected Issues

This paper estimates the impact of China's growth slowdown and the recent large decline in commodity prices on South Africa. It seeks to identify the key channels through which shocks to China's economy are transmi...

Fiscal Monitor, October 2016
			: Debt: Use It Wisely

Fiscal Monitor, October 2016 : Debt: Use It Wisely »

Series: Fiscal Monitor

Author(s): Marialuz Moreno Badia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2016

DOI: http://dx.doi.org/10.5089/9781513560601.089

ISBN: 9781513560601

Keywords: Fiscal policy, Market economies, Public debt, Fiscal space, Development, Debt, deleveraging, debt overhang, financial crisis, recovery

Drawing on an expanded data set covering emerging markets and low-income countries as well as advanced economies, this issue examines the extent and makeup of global debt and asks what role fiscal policy can play i...

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...

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...

Excerpt: Financial Integration in Latin America
			: A New Strategy for a New Normal

Excerpt: Financial Integration in Latin America : A New Strategy for a New Normal »

Series: Miscellaneous Publication (Other)

Author(s): Charles Enoch , Wouter Bossu , Carlos Caceres , and Diva Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2016

DOI: http://dx.doi.org/10.5089/9781475541472.073

ISBN: 9781475541472

Excerpt: Financial Integration in Latin America: A New Strategy for a New Normal...

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...

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...

Winning the Oil Lottery
			: The Impact of Natural Resource Extraction on Growth

Winning the Oil Lottery : The Impact of Natural Resource Extraction on Growth »

Volume/Issue: 2016/61

Series: IMF Working Papers

Author(s): Tiago Cavalcanti , Daniel Da Mata , and Frederik Toscani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2016

DOI: http://dx.doi.org/10.5089/9781513587752.001

ISBN: 9781513587752

Keywords: Oil and Gas, Urbanization, oil, drilling, oil discoveries, oil production, gas, General, All Countries,

This paper provides evidence of the causal impact of oil discoveries on development. Novel data on the drilling of 20,000 oil wells in Brazil allows us to exploit a quasi-experiment: Municipalities where oil was di...

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...

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...

Fiscal Analysis of Resource Industries
			: (FARI Methodology)

Fiscal Analysis of Resource Industries : (FARI Methodology) »

Volume: 16

Series: Technical Notes and Manuals

Author(s): Oana Luca , and Diego Mesa Puyo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2016

DOI: http://dx.doi.org/10.5089/9781513575117.005

ISBN: 9781513575117

Keywords: Mining taxation, petroleum taxation, fiscal regime design, tax, instruments, revenue, valuation, cash flows, General, Business Taxes and Subsidies

This manual introduces key concepts and methodology used by the Fiscal Affairs Department (FAD) in its fiscal analysis of resource industries (FARI) framework. Proper evaluation of fiscal regimes for extractive ind...

IMF Committee on Balance of Payments Statistics Annual Report 2015

IMF Committee on Balance of Payments Statistics Annual Report 2015 »

Series: Balance of Payments Statistics

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2016

DOI: http://dx.doi.org/10.5089/9781498386128.044

ISBN: 9781498386128

Keywords: balance of payments, currency, investment, currencies, assets

The 2015 Annual Report of the IMF Committee on Balance of Payments Statistics (Committee) provides an overview of recent trends in global balance of payments and international investment position (IIP) statistics,...

What’s In a Name? That Which We Call Capital Controls

What’s In a Name? That Which We Call Capital Controls »

Volume/Issue: 2016/25

Series: IMF Working Papers

Author(s): Atish Ghosh , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2016

DOI: http://dx.doi.org/10.5089/9781498332835.001

ISBN: 9781498332835

Keywords: gold standard, interwar period, Bretton Woods, financial crisis, markets, market, emerging markets, All Countries,, Capital controls, Capital flows

This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth century. While ad...

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...

Public Financial Management in Latin America
			: The Key to Efficiency and Transparency

Public Financial Management in Latin America : The Key to Efficiency and Transparency »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 January 2016

DOI: http://dx.doi.org/10.5089/9781597822268.071

ISBN: 9781597822268

Keywords: Public financial management, Latin America, accounting, cost, budget, procurement, debt

In recent years, the countries of Latin America have embraced reforms in public financial management and have made many important advances-however, many challenges remain. This book brings together IMF and IDB staf...

Non-Linear Exchange Rate Pass-Through in Emerging Markets

Non-Linear Exchange Rate Pass-Through in Emerging Markets »

Volume/Issue: 2016/1

Series: IMF Working Papers

Author(s): Francesca Caselli , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2016

DOI: http://dx.doi.org/10.5089/9781513578262.001

ISBN: 9781513578262

Keywords: Non-Linearities, exchange rate, depreciation, inflation targeting, exchange rate movements, Models with Panel Data, General, All Countries,, Exchange rate pass-through, Foreign exchange

This paper estimates exchange rate pass-through to consumer prices in emerging markets focusing on non-linearities and asymmetries. We document non-linearities and asymmetries in the transmission of exchange rate f...

Sharing a Ride on the Commodities Roller Coaster
			: Common Factors in Business Cycles of Emerging Economies

Sharing a Ride on the Commodities Roller Coaster : Common Factors in Business Cycles of Emerging Economies »

Volume/Issue: 2015/280

Series: IMF Working Papers

Author(s): Andres Fernandez , Andres Gonzalez , and Diego Rodriguez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 2015

DOI: http://dx.doi.org/10.5089/9781513587677.001

ISBN: 9781513587677

Keywords: Emerging economies, common factors, Bayesian estimation, dynamic stochastic equilibrium models, commodity, prices, price, commodity price, Open Economy Macroeconomics, International Business Cycles

Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). We document how these fluctuations correlate strongly with the business cycle in EMEs. We then...

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows »

Volume/Issue: 2015/256

Series: IMF Working Papers

Author(s): Swarnali Ahmed

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

DOI: http://dx.doi.org/10.5089/9781498367196.001

ISBN: 9781498367196

Keywords: Fed liftoffs, policy responses, policy framework, emerging market economies, interest, market, portfolio, interest rate, Monetary Policy (Targets, Instruments

After more than six years of ultra-low interest rates, a Fed liftoff (rate hike) is just a matter of time. This paper goes back to history to understand the spillover effect - or what is termed in the paper as the...

Bank Profitability and Risk-Taking

Bank Profitability and Risk-Taking »

Volume/Issue: 2015/249

Series: IMF Working Papers

Author(s): Natalya Martynova , Lev Ratnovski , and Razvan Vlahu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 November 2015

DOI: http://dx.doi.org/10.5089/9781513517582.001

ISBN: 9781513517582

Keywords: Risk-Taking, Repo Markets, Crises, bank, risk, bank risk, capital, Government Policy and Regulation, Crises.,

Traditional theory suggests that more profitable banks should have lower risk-taking incentives. Then why did many profitable banks choose to invest in untested financial instruments before the crisis, realizing si...

Regional Economic Outlook, October 2015: Western Hemisphere Department
			: Adjusting Under Pressure

Regional Economic Outlook, October 2015: Western Hemisphere Department : Adjusting Under Pressure »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

DOI: http://dx.doi.org/10.5089/9781513575209.086

ISBN: 9781513575209

Keywords: Trade integration, Fiscal consolidation, Commodity prices, Exchange rate flexibility, interest, trade, exchange, interest rates, financial development

Economies in the Western Hemisphere are generally seeing a slowdown in growth. The U.S. economy regained momentum after a slow start at the beginning of the year, while in Latin America and the Caribbean economic a...

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

....

Credit Expansion in Emerging Markets
			: Propeller of Growth?

Credit Expansion in Emerging Markets : Propeller of Growth? »

Volume/Issue: 2015/212

Series: IMF Working Papers

Author(s): Mercedes Garcia-Escribano , and Fei Han

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2015

DOI: http://dx.doi.org/10.5089/9781513581927.001

ISBN: 9781513581927

Keywords: Credit Growth, credit, gdp, consumption, investment, real gdp, Financial Markets and the Macroeconomy, General,

This paper explores the contribution of credit growth and the composition of credit portfolio (corporate, consumer, and housing credit) to economic growth in emerging market economies (EMs). Using cross-country pan...

Domestic Market Integration and the Law of One Price in Brazil

Domestic Market Integration and the Law of One Price in Brazil »

Volume/Issue: 2015/213

Series: IMF Working Papers

Author(s): Carlos Góes , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2015

DOI: http://dx.doi.org/10.5089/9781513509969.001

ISBN: 9781513509969

Keywords: Law of One Price, Panel Cointegration, Domestic Market Integration, price, market, domestic market, Forecasting and Simulation, Domestic Market Integration.,

This paper presents the first assessment domestic market integration in Brazil using the law of one price. The law of one price is tested using two panel unit root methodologies and a unique data set comprising pri...

What Measure of Inflation Should a Developing Country Central Bank Target?

What Measure of Inflation Should a Developing Country Central Bank Target? »

Volume/Issue: 2015/205

Series: IMF Working Papers

Author(s): Rahul Anand , Eswar Prasad , and Boyang Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513572574.001

ISBN: 9781513572574

Keywords: monetary policy framework, core inflation, headline inflation, financial frictions, inflation, economies, welfare, Monetary Policy (Targets, Instruments, and Effects),

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of d...

Normalization of Global Financial Conditions
			: The Implications for Brazil

Normalization of Global Financial Conditions : The Implications for Brazil »

Volume/Issue: 2015/194

Series: IMF Working Papers

Author(s): Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2015

DOI: http://dx.doi.org/10.5089/9781513588117.001

ISBN: 9781513588117

Keywords: Economic news, Vector-autoregression, bond, interest, bond yield, basis points, exchange rate, General,

Global financial conditions are poised to tighten further as the global recovery proceeds. While monetary policy normalization should be a healthy global development as growth continues to recover in advanced econo...

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...

Distribución directa de los ingresos provenientes de recursos naturales
			: ¿vale la pena considerarla?

Distribución directa de los ingresos provenientes de recursos naturales : ¿vale la pena considerarla? »

Volume/Issue: 2014/5

Series: Staff Discussion Notes

Author(s): Sanjeev Gupta , Alex Segura-Ubiergo , and Enrique Flores

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 August 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513592626.006

ISBN: 9781513592626

Keywords: Recursos naturales, Ingreso, Distribución del ingreso, Política fiscal

Algunos académicos han sostenido que la distribución directa a la población de ingresos públicos provenientes de recursos naturales ayudaría a los países ricos en recursos naturales a escapar de la 'maldición de l...

Filling the Gap
			: Infrastructure Investment in Brazil

Filling the Gap : Infrastructure Investment in Brazil »

Volume/Issue: 2015/180

Series: IMF Working Papers

Author(s): Mercedes Garcia-Escribano , Carlos Góes , and Izabela Karpowicz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 July 2015

DOI: http://dx.doi.org/10.5089/9781513509532.001

ISBN: 9781513509532

Keywords: Infrastructure, Public Investment, Domestic Market Integration

Infrastructure bottlenecks have been identified as a key obstacle to growth affecting productivity and market efficiency, and hindering domestic integration and export performance. This paper assesses the state of...

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? »

Volume/Issue: 2015/159

Series: IMF Working Papers

Author(s): Olivier Blanchard , Gustavo Adler , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2015

DOI: http://dx.doi.org/10.5089/9781513585840.001

ISBN: 9781513585840

Keywords: exchange rate, gross capital flows, exchange, market, General,

Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these...

Designing Legal Frameworks for Public Debt Management

Designing Legal Frameworks for Public Debt Management »

Volume/Issue: 2015/147

Series: IMF Working Papers

Author(s): Elsie Addo Awadzi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2015

DOI: http://dx.doi.org/10.5089/9781513529561.001

ISBN: 9781513529561

Keywords: National Debt, Government loans and guarantees, Legal framework for Public Debt Management, debt, public debt, legal framework, Governmental Loans and Credits,

Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices re...

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...

Brazil
			: Staff Report for the 2014 Article IV Consultation

Brazil : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2015/121

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2015

DOI: http://dx.doi.org/10.5089/9781484380758.002

ISBN: 9781484380758

Keywords: poverty, debt, investment, market

This 2014 Article IV Consultation highlights that Brazil's growth has decelerated in recent years. The boost from decade-old reforms, expanding labor income, and favorable external conditions, which enabled consump...

Brazil
			: Selected Issues Paper

Brazil : Selected Issues Paper »

Volume/Issue: 2015/122

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2015

DOI: http://dx.doi.org/10.5089/9781475521320.002

ISBN: 9781475521320

Keywords: transportation, transport, roads, travel

This Selected Issues paper examines infrastructure investment in Brazil. Brazil has inferior overall infrastructure quality relative to almost all its export competitors. Brazil's infrastructure endowment ranks low...

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...

Fiscal Policy in Latin America
			: Lessons and Legacies of the Global Financial Crisis

Fiscal Policy in Latin America : Lessons and Legacies of the Global Financial Crisis »

Volume/Issue: 2015/6

Series: Staff Discussion Notes

Author(s): Oya Celasun , Francesco Grigoli , Keiko Honjo , Javier Kapsoli , Alexander Klemm , Bogdan Lissovolik , Jan Luksic , Marialuz Moreno Badia , Joana Pereira , Marcos Poplawski-Ribeiro , Baoping Shang , and Yulia Ustyugova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781498304412.006

ISBN: 9781498304412

Keywords: Fiscal policy, Latin America, fiscal institutions, debt, expenditure, financial crisis, Structure and Scope of Government, General, General, General,

Latin America's bold fiscal policy reaction to the global financial crisis was hailed as a sign that the region had finally overcome its procyclical fiscal past. However, most countries of the region have not yet r...

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Financial Crisis, US Unconventional Monetary Policy and International Spillovers »

Volume/Issue: 2015/85

Series: IMF Working Papers

Author(s): Qianying Chen , Andrew Filardo , Dong He , and Feng Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2015

DOI: http://dx.doi.org/10.5089/9781475520668.001

ISBN: 9781475520668

Keywords: emerging economies, global VAR, international monetary policy spillovers, quantitative easing, unconventional monetary policy, federal reserve, securities, reserve, Financial Markets and the Macroeconomy, Monetary Policy (Targets

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the...

Regional Economic Outlook, April 2015:  Western Hemisphere Department
			: Northern Spring, Southern Chills

Regional Economic Outlook, April 2015: Western Hemisphere Department : Northern Spring, Southern Chills »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2015

DOI: http://dx.doi.org/10.5089/9781498312127.086

ISBN: 9781498312127

Keywords: investment, commodity, prices, exchange, debt

The economic outlook for Latin America and the Caribbean remains very challenging. Regional growth is projected to decline for a fifth consecutive year in 2015, dipping below 1 percent. Weakness is concentrated amo...

Revised Guidelines for Public Debt Management

Revised Guidelines for Public Debt Management »

Series: Manuals & Guides

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2015

DOI: http://dx.doi.org/10.5089/9781498330664.069

ISBN: 9781498330664

Keywords: debt, debt management, market, securities

The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote polic...

Financial Decisions and Investment Outcomes in Developing Countries
			: The Role of Institutions

Financial Decisions and Investment Outcomes in Developing Countries : The Role of Institutions »

Volume/Issue: 2015/38

Series: IMF Working Papers

Author(s): Rima Turk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2015

DOI: http://dx.doi.org/10.5089/9781498359054.001

ISBN: 9781498359054

Keywords: Corporate Decisions, Legal Origin, Investor Protection, investment, investor, exchange,

This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countri...

Output Gap Uncertainty and Real-Time Monetary Policy

Output Gap Uncertainty and Real-Time Monetary Policy »

Volume/Issue: 2015/14

Series: IMF Working Papers

Author(s): Francesco Grigoli , Alexander Herman , Andrew Swiston , and Gabriel Di Bella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498393454.001

ISBN: 9781498393454

Keywords: Output gap, policy rule, data revisions, real-time, uncertainty, inflation target, business cycle, output, future, Monetary Policy (Targets

Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetar...

Corporate Financing Trends and Balance Sheet Risks in Latin America

Corporate Financing Trends and Balance Sheet Risks in Latin America »

Volume/Issue: 2015/10

Series: IMF Working Papers

Author(s): Fabiano Rodrigues Bastos , Herman Kamil , and Bennett Sutton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2015

DOI: http://dx.doi.org/10.5089/9781498307802.001

ISBN: 9781498307802

Keywords: Bond issuance, corporate leverage, bond, debt, markets, issuance, Financial Markets and the Macroeconomy,

Easy global liquidity conditions, stronger risk appetite and a retrenchment in cross-border bank lending led to a surge in emerging market firms' bond issuance in international markets (what we term 'The Bon(d)anza...

A Volatility and Persistence-Based Core Inflation

A Volatility and Persistence-Based Core Inflation »

Volume/Issue: 2015/8

Series: IMF Working Papers

Author(s): Tito Nícias Teixeira da Silva Filho , and Francisco Marcos Rodrigues Figueiredo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2015

DOI: http://dx.doi.org/10.5089/9781484387818.001

ISBN: 9781484387818

Keywords: Core inflation, persistence, volatility, triple weighted, price, prices, price changes, Index Numbers and Aggregation, Monetary Policy (Targets, Instruments

Intuitively core inflation is understood as a measure of inflation where noisy price movements are avoided. This is typically achieved by either excluding or downplaying the importance of the most volatile items. H...

Latin America
			: New Challenges to Growth and Stability

Latin America : New Challenges to Growth and Stability »

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2014

DOI: http://dx.doi.org/10.5089/9781498328166.071

ISBN: 9781498328166

Keywords: debt, commodity, fiscal policy, interest, growth

Over the past fifteen years countries in Latin America made tremendous progress in strengthening their economies and improving living standards. Although output fell temporarily during the global financial crisis,...

A Simple Macroprudential Liquidity Buffer

A Simple Macroprudential Liquidity Buffer »

Volume/Issue: 2014/235

Series: IMF Working Papers

Author(s): Daniel Hardy , and Philipp Hochreiter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2014

DOI: http://dx.doi.org/10.5089/9781498305778.001

ISBN: 9781498305778

Keywords: Macroprudential instruments, bank funding, liabilities, financial crises, instrument, liability, Government Policy and Regulation,

A mechanism is proposed that aims to reduce the risk of a banking sector liquidity crisis-which is a quintessentially systemic event and thus the object of macroprudential policy-and moderate the effects of a crisi...

The Development of Local Capital Markets
			: Rationale and Challenges

The Development of Local Capital Markets : Rationale and Challenges »

Volume/Issue: 2014/234

Series: IMF Working Papers

Author(s): Luc Laeven

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2014

DOI: http://dx.doi.org/10.5089/9781498372978.001

ISBN: 9781498372978

Keywords: financial markets, markets, market, market development, capital market, Globalization: Finance, General, financial markets.,

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries ha...

Reforma de los subsidios a la energía
			: Lecciones e implicaciones

Reforma de los subsidios a la energía : Lecciones e implicaciones »

Series: Books

Author(s): Benedict Clements , David Coady , Stefania Fabrizio , Sanjeev Gupta , Trevor Alleyne , and Carlo Sdralevich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 November 2014

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781484380109.071

ISBN: 9781484380109

Keywords: subsidios a la energía, subsidios, energía

Los subsidios a la energía tienen consecuencias económicas de amplio alcance. A pesar de que tienen por objeto proteger a los consumidores, los subsidios agravan los desequilibrios fiscales, desplazan gastos públic...

Slowdown in Emerging Markets
			: Sign of a Bumpy Road Ahead?

Slowdown in Emerging Markets : Sign of a Bumpy Road Ahead? »

Volume/Issue: 2014/205

Series: IMF Working Papers

Author(s): Evridiki Tsounta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2014

DOI: http://dx.doi.org/10.5089/9781498304719.001

ISBN: 9781498304719

Keywords: potential growth, emerging market economies, growth, growth rate, capital, tfp, labor, Macroeconomic Analyses of Economic Development,

Following very strong growth during the period 2000-12, emerging market economies (EMEs) experienced a slowdown in the last couple of years. This paper examines the supply-side drivers of the strong growth performa...

Emerging Market Volatility
			: Lessons from The Taper Tantrum

Emerging Market Volatility : Lessons from The Taper Tantrum »

Volume/Issue: 2014/9

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Vivek Arora , Athanasios Arvanitis , Hamid Faruqee , Papa N'Diaye , and Tommaso Mancini Griffoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2014

DOI: http://dx.doi.org/10.5089/9781498318204.006

ISBN: 9781498318204

Keywords: Monetary policy, Emerging markets, United States, Capital flows, Financial markets, Capital market volatility, Macroprudential Policy, Developed countries, Tapering, unconventional monetary policy

Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discusse...

Volatilidad en los mercados emergentes
			: Lecciones de mayo de 2013

Volatilidad en los mercados emergentes : Lecciones de mayo de 2013 »

Volume/Issue: 2014/9

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Vivek Arora , Athanasios Arvanitis , Hamid Faruqee , Papa N'Diaye , and Tommaso Mancini Griffoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2014

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513534459.006

ISBN: 9781513534459

Keywords: Mercados emergentes, volatilidad de los mercados de capital internacionales, flujos de capital, política monetaria, política macroprudencial, Estados Unidos, países desarrollados

Las políticas monetarias acomodaticias de las economías avanzadas han estimulado la entrada de capitales en los mercados emergentes desde la crisis financiera internacional. En un episodio que comenzó en mayo de 20...

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

...

IEO Annual Report 2014

IEO Annual Report 2014 »

Series: Independent Evaluation Office Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2014

DOI: http://dx.doi.org/10.5089/9781498350891.017

ISBN: 9781498350891

Keywords: evaluation, imf, forecasts, monitoring, quality

The 2014 Annual Report of the Independent Evaluation Office of the International Monetary Fund....

Capital Flow Deflection

Capital Flow Deflection »

Volume/Issue: 2014/145

Series: IMF Working Papers

Author(s): Paolo Giordani , Michele Ruta , Hans Weisfeld , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2014

DOI: http://dx.doi.org/10.5089/9781498383202.001

ISBN: 9781498383202

Keywords: cross-border spillovers, policy response, capital flow, capital inflow, General, International Relations and International Political Economy: General,

This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort internation...

Prevention and Management of Government Arrears

Prevention and Management of Government Arrears »

Volume: 14

Series: Technical Notes and Manuals

Author(s): Suzanne Flynn , and Mario Pessoa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2014

DOI: http://dx.doi.org/10.5089/9781498313650.005

ISBN: 9781498313650

Keywords: Arrears, Public finance, Public financial management, commitment controls, government expenditure, treasury, expenditure, goods, stock, General

The accumulation of government expenditure arrears is one of the most common problems in public financial management. This technical note defines expenditure arrears and the different types of arrears that arise. T...

The Net Stable Funding Ratio
			: Impact and Issues for Consideration

The Net Stable Funding Ratio : Impact and Issues for Consideration »

Volume/Issue: 2014/106

Series: IMF Working Papers

Author(s): Jeanne Gobat , Mamoru Yanase , and Joseph Maloney

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2014

DOI: http://dx.doi.org/10.5089/9781498346498.001

ISBN: 9781498346498

Keywords: Bank Regulation, Financing, Firm Size, Policy, off balance sheet, banking supervision, bank for international settlements, banking system, Government Policy and Regulation, Firm Performance: Size

As part of Basel III reforms, the NSFR is a new prudential liquidity rule aimed at limiting excess maturity transformation risk in the banking sector and promoting funding stability. The revised package has been is...

Optimal Prudential Regulation of Banks and the Political Economy of Supervision

Optimal Prudential Regulation of Banks and the Political Economy of Supervision »

Volume/Issue: 2014/90

Series: IMF Working Papers

Author(s): Thierry Tressel , and Thierry Verdier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2014

DOI: http://dx.doi.org/10.5089/9781498338554.001

ISBN: 9781498338554

Keywords: Banking Regulation, banking, capital adequacy, banking supervision, capital adequacy ratio, General, Financial Markets and the Macroeconomy,

We consider a moral hazard economy in banks and production to study how incentives for risk taking are affected by the quality of supervision. We show that low interest rates may generate excessive risk taking. Bec...

Russian Federation
			: Fiscal Transparency Evaluation

Russian Federation : Fiscal Transparency Evaluation »

Volume/Issue: 2014/134

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2014

DOI: http://dx.doi.org/10.5089/9781498348058.002

ISBN: 9781498348058

Keywords: fiscal reports, fiscal statistics, fiscal reporting

This paper discusses key findings of the pilot Fiscal Transparency Evaluation for the Russian Federation. Most aspects of Russia's fiscal reporting and budgeting practices are in line with good or advanced practice...

Fiscal Adjustment and Income Inequality
			: Sub-national Evidence from Brazil

Fiscal Adjustment and Income Inequality : Sub-national Evidence from Brazil »

Volume/Issue: 2014/85

Series: IMF Working Papers

Author(s): João Pedro Azevedo , Antonio David , Fabiano Rodrigues Bastos , and Emilio Pineda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2014

DOI: http://dx.doi.org/10.5089/9781484385340.001

ISBN: 9781484385340

Keywords: fiscal stance, fiscal consolidation, fiscal consolidations, General, Macroeconomic Analyses of Economic Development,

We combine state-level fiscal data with household survey data to assess the links between sub-national fiscal policy and income inequality in Brazil over the period 1995-2011. The results indicate that a tighter fi...

Time-Varying Neutral Interest Rate-The Case of Brazil

Time-Varying Neutral Interest Rate-The Case of Brazil »

Volume/Issue: 2014/84

Series: IMF Working Papers

Author(s): Roberto Perrelli , and Shaun Roache

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2014

DOI: http://dx.doi.org/10.5089/9781484385210.001

ISBN: 9781484385210

Keywords: Natural rate of interest, small monetary model, inflation targeting regime, inflation, real interest rate, real interest rates, central bank, General,

Emerging markets have experienced a sizeable decline in their neutral real interest rates until recently. In this paper we try to identify the main factors that contributed to it, with a focus on Brazil. We estimat...

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...