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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...

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...

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...

Argentina
			: Selected Issues

Argentina : Selected Issues »

Volume/Issue: 2016/347

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

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

ISBN: 9781475552645

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

Selected Issues...

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...

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...

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,...

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

Argentina »

Volume/Issue: 2016/66

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

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

ISBN: 9781498391962

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

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

Argentina

Argentina »

Volume/Issue: 2016/65

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

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

ISBN: 9781498391337

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

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

Argentina

Argentina »

Volume/Issue: 2016/64

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

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

ISBN: 9781475559989

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

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

Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513512495.001

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics

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

Volume/Issue: 2016/37

Series: IMF Working Papers

Author(s): Tamon Asonuma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2016

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

ISBN: 9781475597738

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

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

Uruguay

Uruguay »

Volume/Issue: 2016/62

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2016

DOI: http://dx.doi.org/10.5089/9781475515039.002

ISBN: 9781475515039

Keywords: inflation, monetary policy, debt, monetary fund, exchange, Western Hemisphere, Uruguay

Uruguay has achieved more than a decade of high and inclusive economic growth, supported by social stability and reduced regional linkages. The country has weathered the recent global and regional headwinds relativ...

Uruguay

Uruguay »

Volume/Issue: 2016/63

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2016

DOI: http://dx.doi.org/10.5089/9781498384223.002

ISBN: 9781498384223

Keywords: financial development, collateral, monetary fund, financial institutions, banking sector, Western Hemisphere, Uruguay

Uruguay: Selected Issues...

Pilot Project on Concentration and Distribution Measures for a Selected Set of Financial Soundness Indicators

Pilot Project on Concentration and Distribution Measures for a Selected Set of Financial Soundness Indicators »

Volume/Issue: 2016/26

Series: IMF Working Papers

Author(s): Joseph Crowley , Plapa Koukpamou , Elena Loukoianova , and André Mialou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2016

DOI: http://dx.doi.org/10.5089/9781498337014.001

ISBN: 9781498337014

Keywords: Financial Soundness Indicators, Concentration and Distribution Measures, institutions, data, pilot project, confidentiality, information, General, All Countries, Fiscal Crisis,

This paper reports the main findings of a pilot project launched in July 2014 by the IMF’s Statistics Department to test augmenting the IMF’s financial soundness indicators (FSIs) with concentration and distributio...

The Financial Wealth of Corporations

The Financial Wealth of Corporations »

Volume/Issue: 2016/11

Series: IMF Working Papers

Author(s): Yuko Hashimoto , and Noriaki Kinoshita

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2016

DOI: http://dx.doi.org/10.5089/9781484395073.001

ISBN: 9781484395073

Keywords: Nonfinancial corporation, financial balance sheet, net financial wealth, balance sheet, equity, debt, balance sheets, stock, General, Methodology for Collecting

This paper analyzes the nonfinancial corporation (NFC) sector’s financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP—a frequently use...

Cost-Benefit Analysis of Leaning Against the Wind

Cost-Benefit Analysis of Leaning Against the Wind »

Volume/Issue: 2016/3

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2016

DOI: http://dx.doi.org/10.5089/9781498314787.001

ISBN: 9781498314787

Keywords: macroprudential policy, unemployment, unemployment rate, debt, marginal cost, benchmark, Monetary Policy (Targets, Instruments, and Effects), All Countries

“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of hig...

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...

Peru
			: Fiscal Transparency Evaluation

Peru : Fiscal Transparency Evaluation »

Volume/Issue: 2015/294

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2015

DOI: http://dx.doi.org/10.5089/9781513595504.002

ISBN: 9781513595504

Keywords: Fiscal transparency, Fiscal reporting, Budgets, Budgeting, Natural resources, Revenues, Fiscal risk, Risk management, Peru, transparency

This paper assesses Peru's fiscal transparency practices in comparison with the IMF's Fiscal Transparency Code, including the new draft pillar on resource revenue management. Peru's practices meet most of the princ...

A Strategy for Resolving Europe's Problem Loans

A Strategy for Resolving Europe's Problem Loans »

Volume/Issue: 2015/19

Series: Staff Discussion Notes

Author(s): Shekhar Aiyar , Wolfgang Bergthaler , Jose Garrido , Anna Ilyina , Andreas Jobst , Kenneth Kang , Dmitriy Kovtun , Yan Liu , Dermot Monaghan , and Marina Moretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2015

DOI: http://dx.doi.org/10.5089/9781513591278.006

ISBN: 9781513591278

Keywords: Bank resolution, Banks, Debt restructuring, Europe, Non-performing loans, Corporate debt, Nonperforming loans, NPL resolution, credit growth, debt

Europe's banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorit...

Inequality and Fiscal Policy

Inequality and Fiscal Policy »

Series: Books

Author(s): Benedict Clements , Ruud Mooij , Sanjeev Gupta , and Michael Keen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2015

DOI: http://dx.doi.org/10.5089/9781513567754.071

ISBN: 9781513567754

Keywords: income, tax, taxes, revenue, health

The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distribu...

Haiti
			: Selected Issues

Haiti : Selected Issues »

Volume/Issue: 2015/158

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2015

DOI: http://dx.doi.org/10.5089/9781513541587.002

ISBN: 9781513541587

Keywords: Economic growth, Government expenditures, Education, Public enterprises, Electric power, Infrastructure, Pensions, Monetary policy, Selected Issues Papers, Haiti

This Selected Issues paper examines opportunities and challenges for growth in Haiti. Achieving a sustained increase in living standards in Haiti will require deep-seated reforms across a range of areas. Diversifyi...

Haiti
			: Staff Report for the 2015 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility

Haiti : Staff Report for the 2015 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility »

Volume/Issue: 2015/157

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2015

DOI: http://dx.doi.org/10.5089/9781513588209.002

ISBN: 9781513588209

Keywords: Article IV consultation reports, Fiscal policy, Fiscal reforms, Monetary policy, Reserves, Economic indicators, Debt sustainability analysis, Staff Reports, Press releases, Extended Credit Facility

This 2015 Article IV Consultation highlights that a drought that affected agricultural output slowed Haiti's GDP growth to 2.7 percent in FY2014, but inflation remained in the mid-single digits. The overall fiscal...

Housing Finance and Real-Estate Booms
			: A Cross-Country Perspective

Housing Finance and Real-Estate Booms : A Cross-Country Perspective »

Volume/Issue: 2015/12

Series: Staff Discussion Notes

Author(s): Eugenio Cerutti , Jihad Dagher , and Giovanni Dell'Ariccia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2015

DOI: http://dx.doi.org/10.5089/9781513571393.006

ISBN: 9781513571393

Keywords: Central banks and their policies, Credit booms, Financial stability, Housing finance, real estate, macroprudential regulation, mortgage, finance, credit, mortgage markets

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms...

Rethinking Financial Deepening
			: Stability and Growth in Emerging Markets

Rethinking Financial Deepening : Stability and Growth in Emerging Markets »

Volume/Issue: 2015/8

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Martin Cihak , Papa N'Diaye , Adolfo Barajas , Diana Ayala Pena , Ran Bi , Yuan Gao , Annette Kyobe , Lam Nguyen , Christian Saborowski , Katsiaryna Svirydzenka , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2015

DOI: http://dx.doi.org/10.5089/9781498312615.006

ISBN: 9781498312615

Keywords: Economic growth, Emerging markets, Financial stability, financial development, financial deepening, financial inclusion, finance, General, Government Policy and Regulation, Estabilidad financiera; Crecimiento económico; Desarrollo del mercado de capitales; Acceso a los mercados de capitales; Mercados emergentes

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn f...

Fair Weather or Foul? The Macroeconomic Effects of El Niño

Fair Weather or Foul? The Macroeconomic Effects of El Niño »

Volume/Issue: 2015/89

Series: IMF Working Papers

Author(s): Paul Cashin , Kamiar Mohaddes , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781475535495.001

ISBN: 9781475535495

Keywords: El Ni&;amp;#x00F1;o weather shocks, oil and non-fuel commodity prices, global macroeconometric modeling, international business cycle, prices, inflation, variables, gdp, trade, Time-Series Models

This paper employs a dynamic multi-country framework to analyze the international macroeconomic transmission of El Niño weather shocks. This framework comprises 21 country/region-specific models, estimated over 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...

Fair Play
			: More Equal Laws Boost Female Labor Force Participation

Fair Play : More Equal Laws Boost Female Labor Force Participation »

Volume/Issue: 2015/2

Series: Staff Discussion Notes

Author(s): Christian Gonzales , Sonali Jain-Chandra , Kalpana Kochhar , and Monique Newiak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

DOI: http://dx.doi.org/10.5089/9781498354424.006

ISBN: 9781498354424

Keywords: Labor force participation, Gender equality, Women, female labor force participation, gender equity, legal rights, gender, labor force, female labor, Participación en la fuerza laboral;Mujeres;Igualdad de género;Mercados de trabajo;Reformas del mercado laboral;Aspectos económicos de la familia;Análisis entre países

This Staff Discussion Note examines the effect of gender-based legal restrictions and other policy choices and demographic characteristics on female labor force participation. Drawing on a large and novel panel dat...

Regional Labor Market Adjustments in the United States

Regional Labor Market Adjustments in the United States »

Volume/Issue: 2014/211

Series: IMF Working Papers

Author(s): Mai Dao , Davide Furceri , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 November 2014

DOI: http://dx.doi.org/10.5089/9781498302715.001

ISBN: 9781498302715

Keywords: Foreign exchange, Labor mobility, Labor markets, Labor demand, Migrations, Regional shocks, Regional economics, Unemployment, United States, Interstate migration

We examine patterns of regional adjustments to shocks in the US during the past four decades. We find that the response of interstate migration to relative labor market conditions has decreased, while the role of t...

Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries

Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries »

Volume/Issue: 2014/10

Series: Staff Discussion Notes

Author(s): Maria Albino-War , Svetlana Cerovic , Francesco Grigoli , Juan Flores , Javier Kapsoli , Haonan Qu , Yahia Said , Bahrom Shukurov , Martin Sommer , and SeokHyun Yoon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 November 2014

DOI: http://dx.doi.org/10.5089/9781498311397.006

ISBN: 9781498311397

Keywords: Central Asia and the Caucasus, Expenditure efficiency, Somalia, Oman, Saudi Arabia, Qatar, Public investment, Natural resources, Morocco, North Africa

Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating...

Fiscal Monitor, October 2014
			: Back to Work:  How Fiscal Policy Can Help

Fiscal Monitor, October 2014 : Back to Work: How Fiscal Policy Can Help »

Series: Fiscal Monitor

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2014

DOI: http://dx.doi.org/10.5089/9781498375702.089

ISBN: 9781498375702

Keywords: employment, labor market, fiscal policy, unemployment, labor force

At a time when job creation tops the policy agenda globally, this issue of the Fiscal Monitor explores if and how fiscal policy can do more for jobs. It finds that while fiscal policy cannot substitute for compreh...

Global Financial Stability Report, October 2014
			: Risk Taking, Liquidity, and Shadow Banking:  Curbing Excess while Promoting Growth

Global Financial Stability Report, October 2014 : Risk Taking, Liquidity, and Shadow Banking: Curbing Excess while Promoting Growth »

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2014

DOI: http://dx.doi.org/10.5089/9781498390811.082

ISBN: 9781498390811

Keywords: banking, financial stability, risk taking, bond, bonds

The October 2014 issue finds that six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies. Monetary accommodation rem...

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

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

Series: Annual Report of the Executive Board

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2014

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

ISBN: 9781498315357

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

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

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...

Fiscal Multipliers
			: Size, Determinants, and Use in Macroeconomic Projections

Fiscal Multipliers : Size, Determinants, and Use in Macroeconomic Projections »

Volume: 14

Series: Technical Notes and Manuals

Author(s): Nicoletta Batini , Luc Eyraud , Lorenzo Forni , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2014

DOI: http://dx.doi.org/10.5089/9781498382458.005

ISBN: 9781498382458

Keywords: Fiscal policy, fiscal multipliers, fiscal shocks, fiscal shock, fiscal measures, General,

Fiscal multipliers are important tools for macroeconomic projections and policy design. In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research...

Chile
			: Staff Report for the 2014 Article IV Consultation

Chile : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/218

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2014

DOI: http://dx.doi.org/10.5089/9781498380331.002

ISBN: 9781498380331

Keywords: Chile, central bank, external debt, current account, financial stability, net debt

KEY ISSUESPolitics: President Bachelet won the Presidential election on a platform to fosterinclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitiou...

Administering Fiscal Regimes for Extractive Industries
			: A Handbook

Administering Fiscal Regimes for Extractive Industries : A Handbook »

Series: Books

Author(s): Jack Calder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

DOI: http://dx.doi.org/10.5089/9781475575170.071

ISBN: 9781475575170

Keywords: natural resource, natural resources, natural resource taxes, natural resource taxation, tax authority

This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies...

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs »

Volume/Issue: 2014/128

Series: IMF Working Papers

Author(s): Francesco Furlanetto , Paolo Gelain , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

DOI: http://dx.doi.org/10.5089/9781498305327.001

ISBN: 9781498305327

Keywords: Business cycles, Economic growth, Econometric models, Potential output, Macroprudential Policy, Monetary policy, Financial Frictions, Optimal Monetary Policy, Output Gap, inflation

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial...

Adjustment in Euro Area Deficit Countries
			: Progress, Challenges, and Policies

Adjustment in Euro Area Deficit Countries : Progress, Challenges, and Policies »

Volume/Issue: 2014/7

Series: Staff Discussion Notes

Author(s): Thierry Tressel , Shengzu Wang , Joong Kang , Jay Shambaugh , Jörg Decressin , and Petya Koeva Brooks

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2014

DOI: http://dx.doi.org/10.5089/9781498373814.006

ISBN: 9781498373814

Keywords: European Economic and Monetary Union, Europe, Euro Area, Current account deficits, Crisis, Current account, Rebalancing, Competitiveness, External stability, Labor market

Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area 'deficit economies' (Greece, Ireland, Portugal, and Spain)...

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...

Bank Size and Systemic Risk

Bank Size and Systemic Risk »

Volume/Issue: 2014/4

Series: Staff Discussion Notes

Author(s): Luc Laeven , Lev Ratnovski , and Hui Tong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2014

DOI: http://dx.doi.org/10.5089/9781484363720.006

ISBN: 9781484363720

Keywords: Financial Structure, Financial Regulation, banking, bank size, bank risk, banks with assets, bank activities, General,

The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or 'too big to fail' subsidies. The paper then...

Fiscal Monitor, April 2014
			: Public Expenditure Reform:  Making Difficult Choices

Fiscal Monitor, April 2014 : Public Expenditure Reform: Making Difficult Choices »

Series: Fiscal Monitor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 April 2014

DOI: http://dx.doi.org/10.5089/9781475557121.089

ISBN: 9781475557121

Keywords: Fiscal consolidation, Fiscal analysis, Fiscal management, Fiscal policy, Fiscal reforms, Fiscal sustainability, Fiscal stability, Fiscal sector, Fiscal risk, expenditure

Fiscal risks are abating somewhat but remain elevated. In advanced economies, recent policy moves have broadly stabilized public debt ratios, but medium-term prospects are still uncertain, and debt remains at histo...

Monetary Policy in the New Normal

Monetary Policy in the New Normal »

Volume/Issue: 2014/3

Series: Staff Discussion Notes

Author(s): Tamim Bayoumi , Giovanni Dell'Ariccia , Karl Habermeier , Tommaso Mancini Griffoli , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

DOI: http://dx.doi.org/10.5089/9781475561784.006

ISBN: 9781475561784

Keywords: Cross country analysis, Central bank autonomy, Central bank independence, Central banks, Financial stability, Monetary policy, Macroprudential Policy, inflation, central bank, monetary fund

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of tu...

Paraguay
			: Selected Issues

Para