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The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru »

Volume/Issue: 2017/208

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320648.001

ISBN: 9781484320648

Keywords: Western Hemisphere, Peru, Chile, Colombia, JEL Classification Numbers: E62, F14, H50, O13 Commodity Prices, Fiscal Policy, Flexible Exchange Rates

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

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...

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...

Trade Liberalization in Peru
			: Adjustment Costs Amidst High Labor Mobility

Trade Liberalization in Peru : Adjustment Costs Amidst High Labor Mobility »

Volume/Issue: 2017/47

Series: IMF Working Papers

Author(s): Elin Baldárrago , and Gonzalo Salinas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2017

DOI: http://dx.doi.org/10.5089/9781475585568.001

ISBN: 9781475585568

Keywords: Trade liberalization, Peru, Poverty, Tariff, Measurement and Analysis of Poverty, Regional, Urban, and Rural Analyses, General

While trade integration has been an engine of global growth and prosperity some sectors have been negatively affected by increased imports competition, as expected in theory. Higher labor mobility could lower these...

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...

Fiscal Multipliers and Institutions in Peru
			: Getting the Largest Bang for the Sol

Fiscal Multipliers and Institutions in Peru : Getting the Largest Bang for the Sol »

Volume/Issue: 2016/144

Series: IMF Working Papers

Author(s): Svetlana Vtyurina , and Zulima Leal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2016

DOI: http://dx.doi.org/10.5089/9781498381017.001

ISBN: 9781498381017

Keywords: Peru, fiscal policy, fiscal sustainability, nonlinear models, multipliers, public investment management, decentralization.

With the end of the commodity super cycle, Peru's potential growth has declined, raising questions of what government policies could do to help boost growth, including over the medium-term. Our econometric analysis...

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

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

Volume/Issue: 2016/234

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2016

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

ISBN: 9781498368438

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

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2016/235

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2016

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

ISBN: 9781475582741

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

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...

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...

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...

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...

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

How to De-Dollarize Financial Systems in the Caucasus and Central Asia? »

Volume/Issue: 2015/203

Series: IMF Working Papers

Author(s): Sami Ben Naceur , Amr Hosny , and Gregory Hadjian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513507279.001

ISBN: 9781513507279

Keywords: financial dollarization, financial development, de-dollarization, exchange, exchange rate, currency, inflation, deposits, General,

Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector develo...

Finance and Development, September 2015

Finance and Development, September 2015 »

Volume/Issue: 52/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 August 2015

DOI: http://dx.doi.org/10.5089/9781484372500.022

ISBN: 9781484372500

Keywords: Finance and Development, finance, monetary fund, markets, emerging markets, bank

This chapter presents the point of view and ideas of Sabina Alkire, an economist. Alkire wants the Multidimensional Poverty Index to be part of a data revolution to guide the fight against poverty. According to Alk...

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

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

Volume/Issue: 2015/148

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2015

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

ISBN: 9781513579757

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

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

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

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

Volume/Issue: 2015/133

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2015

DOI: http://dx.doi.org/10.5089/9781513539317.002

ISBN: 9781513539317

Keywords: investment, debt, poverty, monetary fund, deficit

This 2015 Article IV Consultation highlights that Peru remains one of the best performing economies in Latin America, with solid macroeconomic policies and fundamentals and visible gains in poverty reduction. Howev...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2015/134

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2015

DOI: http://dx.doi.org/10.5089/9781513560410.002

ISBN: 9781513560410

Keywords: private investment, capital, interest, public investment

This Selected Issues paper describes recent investment dynamics in Peru, and assesses the relationship between private investment and its fundamentals. Over the last decade, average growth in Peru exceeded 6 percen...

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...

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...

Investment in Emerging Markets We Are Not in Kansas Anymore…Or Are We?

Investment in Emerging Markets We Are Not in Kansas Anymore…Or Are We? »

Volume/Issue: 2015/77

Series: IMF Working Papers

Author(s): Nicolas Magud , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2015

DOI: http://dx.doi.org/10.5089/9781475534221.001

ISBN: 9781475534221

Keywords: financial constraints, private investment, commodity, debt, General, General, General, General, capital inflows.,

We document that (i) although private investment growth in emerging markets has decelerated in recent years, it came down from cyclical highs and remains close to pre-crisis trends; and (ii) investment-to-output ra...

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

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

Volume/Issue: 2015/60

Series: IMF Working Papers

Author(s): Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

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

ISBN: 9781484303184

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

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

Drivers of Peru's Equilibrium Real Exchange Rate
			: Is the Nuevo Sol a Commodity Currency?

Drivers of Peru's Equilibrium Real Exchange Rate : Is the Nuevo Sol a Commodity Currency? »

Volume/Issue: 2015/26

Series: IMF Working Papers

Author(s): Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2015

DOI: http://dx.doi.org/10.5089/9781498302760.001

ISBN: 9781498302760

Keywords: Real exchange rate, exchange rate, equilibrium, currency, currencies, Open Economy Macroeconomics,

This paper tests the hypothesis of ‘commodity currency' on the nuevo sol and, more generally, identifies the drivers of Peru's equilibrium real exchange rate using a cointegration analysis. The results show that ex...

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...

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,...

Motives and Effectiveness of Forex Interventions
			: Evidence from Peru

Motives and Effectiveness of Forex Interventions : Evidence from Peru »

Volume/Issue: 2014/217

Series: IMF Working Papers

Author(s): Melesse Tashu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

DOI: http://dx.doi.org/10.5089/9781484340189.001

ISBN: 9781484340189

Keywords: FX intervention, FX purchase, FX sale, FX volatility, exchange, exchange rate, central bank, portfolio,

This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volati...

Measuring External Risks for Peru
			: Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy

Measuring External Risks for Peru : Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy »

Volume/Issue: 2014/161

Series: IMF Working Papers

Author(s): Fei Han

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

DOI: http://dx.doi.org/10.5089/9781498327220.001

ISBN: 9781498327220

Keywords: Macroeconomic Model, Partial Dollarization, External Risk, Macroeconomic Forecast, inflation, aggregate demand, monetary fund, Multiple or Simultaneous Equation Models: Instrumental Variables (IV) Estimation, Forecasting and Simulation, Monetary Policy (Targets

This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, China's investment slowdown and the U.S. monetary policy tightening. In particular, a macroeconom...

Finance & Development, September 2014

Finance & Development, September 2014 »

Volume/Issue: 51/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2014

DOI: http://dx.doi.org/10.5089/9781475566987.022

ISBN: 9781475566987

Keywords: Finance and Development, monetary fund, global economy, monetary system, international monetary system

This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global eco...

Managing Economic Volatility in Latin America

Managing Economic Volatility in Latin America »

Series: Books

Author(s): R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2014

DOI: http://dx.doi.org/10.5089/9781484364987.071

ISBN: 9781484364987

Keywords: exchange rate, public debt, inflation, current account, dutch disease

How has Latin America coped with external shocks and economic vulnerabilities in the aftermath of the global financial crisis? Managing Economic Volatility in Latin America looks at how the region has fared in rece...

Peru
			: Selected Issues Paper

Peru : Selected Issues Paper »

Volume/Issue: 2014/22

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2014

DOI: http://dx.doi.org/10.5089/9781475563580.002

ISBN: 9781475563580

Keywords: Dollarization, China, Capital flows, Fiscal policy, Natural resources, Peru, Spillovers, Selected issues, fiscal framework, fiscal sustainability

This Selected Issues paper assesses empirically the motives and effectiveness of foreign exchange (FX) interventions in Peru. The results of the study indicate asymmetries both in the Central Reserve Bank of Peru's...

Peru
			: Staff Report for the 2013 Article IV Consultation

Peru : Staff Report for the 2013 Article IV Consultation »

Volume/Issue: 2014/21

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2014

DOI: http://dx.doi.org/10.5089/9781484394564.002

ISBN: 9781484394564

Keywords: Economic indicators, Banks, Article IV consultation reports, Economic growth, Spillovers, Staff Reports, Press releases, Peru, Monetary policy, Fiscal policy

This Informational Annex highlights Peru's current lending portfolio, which includes 17 active projects with a commitment of US$1.8 billion and an undisbursed balance of US$1.4 billion. The areas covered by the exi...

Russian Federation
			: Selected Issues

Russian Federation : Selected Issues »

Volume/Issue: 2013/311

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 2013

DOI: http://dx.doi.org/10.5089/9781484343470.002

ISBN: 9781484343470

Keywords: exchange rate, exchange rate volatility, exchange rate regime, exchange rates, exchange rate regimes, Exchange rate regimes],

This Selected Issues paper analyzes the impact of the adoption of inflation targeting (IT) on exchange rate volatility in Russian Federation. Russia has seen an increase in exchange rate volatility during the past...

Peru
			: 2012 Article IV Consultation

Peru : 2012 Article IV Consultation »

Volume/Issue: 2013/45

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2013

DOI: http://dx.doi.org/10.5089/9781475578508.002

ISBN: 9781475578508

Keywords: current account, external debt, public debt, central bank, domestic currency

This paper discusses Peru's economic performance in 2012. The impressive growth is owed to its strong fundamentals and sound policy management. However, the economy is vulnerable to short-term shocks. A low growth...

Peru
			: Selected Issues Paper

Peru : Selected Issues Paper »

Volume/Issue: 2013/46

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2013

DOI: http://dx.doi.org/10.5089/9781475582604.002

ISBN: 9781475582604

Keywords: fiscal framework, fiscal policy, public debt, fiscal rule, fiscal sustainability

The purpose of the study is to examine Peru's effective interest spread through accounting decompositions, financial ratio analysis, and spread regressions. The government's financial restructuring programs accele...

Government Cash Management
			: Relationship between the Treasury and the Central Bank

Government Cash Management : Relationship between the Treasury and the Central Bank »

Volume: 12

Series: Technical Notes and Manuals

Author(s): Mario Pessoa , and Michael Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2013

DOI: http://dx.doi.org/10.5089/9781616355487.005

ISBN: 9781616355487

Keywords: Central banks and their policies, Central bank, debt management, fiscal policy, monetary policy, public finance, public financial management, treasury, treasury single account, debt

This technical note and manual (TNM) addresses the following main issues: Interaction between treasury cash management and monetary policy operations within the wider context of the respective economic responsibili...

Nonfinancial Firms in Latin America
			: A Source of Vulnerability?

Nonfinancial Firms in Latin America : A Source of Vulnerability? »

Volume/Issue: 2012/279

Series: IMF Working Papers

Author(s): Maria Gonzalez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2012

DOI: http://dx.doi.org/10.5089/9781475513486.001

ISBN: 9781475513486

Keywords: External Vulnerability, Global Shocks, Leverage, Debt Structure, exchange rate, short-term debt, exchange rate regime, terms of trade, trade growth, General,

We examine corporate sector vulnerabilities in Brazil, Chile, Colombia, Mexico and Peru. First, we identify stylized facts based on corporate financial indicators. Second, we assess vulnerability of individual firm...

To Cut or Not to Cut? That is the (Central Bank's) Question In Search of the Neutral Interest Rate in Latin America

To Cut or Not to Cut? That is the (Central Bank's) Question In Search of the Neutral Interest Rate in Latin America »

Volume/Issue: 2012/243

Series: IMF Working Papers

Author(s): Nicolas Magud , and Evridiki Tsounta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 October 2012

DOI: http://dx.doi.org/10.5089/9781475512502.001

ISBN: 9781475512502

Keywords: central bank, neutral interest rate, monetary stance, macrorpudential policies, inflation, real interest rate, Monetary Policy (Targets, Instruments, and Effects),

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full-fledged inflation targeting regimes in place or have recently adopted them, using an array of meth...

Peru
			: Report on the Statistics Technical Assistance and Training Evaluation Mission (December 12 - 16, 2011)

Peru : Report on the Statistics Technical Assistance and Training Evaluation Mission (December 12 - 16, 2011) »

Volume/Issue: 2012/233

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2012

DOI: http://dx.doi.org/10.5089/9781475506495.002

ISBN: 9781475506495

Keywords: national accounts, government finance, government finance statistics, external debt, data sources

This paper discusses the evaluation of technical assistance (TA) and training provided by the Statistical Department (STA) of the IMF to Peru during 1993-2011. The results showed that TA was reasonably effective, e...

Latin America
			: Vulnerabilities Under Construction?

Latin America : Vulnerabilities Under Construction? »

Volume/Issue: 2012/193

Series: IMF Working Papers

Author(s): Luis Cubeddu , Camilo Tovar Mora , and Evridiki Tsounta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505429.001

ISBN: 9781475505429

Keywords: Mortgage, real estate, data gaps, mortgage credit, housing finance, Financial Markets and the Macroeconomy, General Financial Markets: General (includes Measurement and Data), Financial Institutions and Services: General, Real Estate Services,

This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estat...

Peru
			: Monetary and Exchange Rate Policies, 1930-1980

Peru : Monetary and Exchange Rate Policies, 1930-1980 »

Volume/Issue: 2012/166

Series: IMF Working Papers

Author(s): Gonzalo Pastor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

DOI: http://dx.doi.org/10.5089/9781475505146.001

ISBN: 9781475505146

Keywords: Peru monetary and exchange rate policies, Bretton Woods system, Polak model, exchange rate, foreign exchange, real exchange rate, exchange rates, nominal exchange rate, And The Supply Of Money And Credit, macroeconomic Aspects Of International Trade And Finance

This paper reviews monetary and exchange rate policies in Peru in 1930-80. The review covers major transformations to the world economy, including the post-1929 crash and WWII, and changing economic paradigms, such...

Dynamic Loan Loss Provisioning
			: Simulationson Effectiveness and Guide to Implementation

Dynamic Loan Loss Provisioning : Simulationson Effectiveness and Guide to Implementation »

Volume/Issue: 2012/110

Series: IMF Working Papers

Author(s): Torsten Wezel , Jorge Chan-Lau , and Francesco Columba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503319.001

ISBN: 9781475503319

Keywords: Dynamic Provisioining, Procyclicality, capital adequacy, capital adequacy ratio, banking, dividend payout, banking system, Financial Institutions and Services: Government Policy and Regulation,

This simulation-based paper investigates the impact of different methods of dynamic provisioning on bank soundness and shows that this increasingly popular macroprudential tool can smooth provisioning costs over th...

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

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

Volume/Issue: 2012/69

Series: IMF Working Papers

Author(s): Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

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

ISBN: 9781463939052

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

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

Peru
			: Selected Issues Paper

Peru : Selected Issues Paper »

Volume/Issue: 2012/27

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463940423.002

ISBN: 9781463940423

Keywords: fiscal framework, expenditures, fiscal impulse, structural fiscal

Peru's fiscal framework embedded in the Fiscal Responsibility and Transparency Law (FRTL) has proved to be effective in reducing debt. The FRTL embodies some countercyclical elements in response to output or commod...

Peru
			: 2011 Article IV Consultation:  Staff Report; Supplement; and Public Information Notice

Peru : 2011 Article IV Consultation: Staff Report; Supplement; and Public Information Notice »

Volume/Issue: 2012/26

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463940416.002

ISBN: 9781463940416

Keywords: current account, credit, external debt, prices, payments

This 2011 Article IV Consultation reports that Peru's activity is expected to decelerate in 2011-12 to slightly below trend while inflation declines toward the target and the external current account deficit remai...

Regional Economic Outlook, October 2011, Western Hemisphere
			: Shifting Winds, New Policy Challenges

Regional Economic Outlook, October 2011, Western Hemisphere : Shifting Winds, New Policy Challenges »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 November 2011

DOI: http://dx.doi.org/10.5089/9781616351304.086

ISBN: 9781616351304

Keywords: terms of trade, commodity prices, inflation, terms of trade shocks, fiscal consolidation

Despite the recent deterioration in the global economic environment, projections for the region involve only a modest worsening of the outlook. The October 2011 Regional Economic Outlook: Western Hemisphere caution...

Improving the Monetary Policy Frameworks in Central America

Improving the Monetary Policy Frameworks in Central America »

Volume/Issue: 2011/245

Series: IMF Working Papers

Author(s): Stephanie Medina Cas , Alejandro Carrion-Menendez , and Florencia Frantischek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463923242.001

ISBN: 9781463923242

Keywords: inflation, central bank, price stability, reserve requirements, Monetary Policy, Central Banking, and the Supply of Money and Credit: General,

Several Central American (CADR) countries with independent monetary policies are strengthening their monetary frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengtheni...

The Policy Interest-Rate Pass-Through in Central America

The Policy Interest-Rate Pass-Through in Central America »

Volume/Issue: 2011/240

Series: IMF Working Papers

Author(s): Stephanie Medina Cas , Alejandro Carrion-Menendez , and Florencia Frantischek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463923228.001

ISBN: 9781463923228

Keywords: interest-rate transmission, exchange rate, central bank, exchange rate flexibility, inflation,

Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting...

Spatial Spillovers in Emerging Market Spreads

Spatial Spillovers in Emerging Market Spreads »

Volume/Issue: 2011/221

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Emanuele Baldacci , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904234.001

ISBN: 9781463904234

Keywords: sovereign spreads, emerging market, spatial econometrics, external debt, bond, currency crises, sovereign bond, total external debt, International Finance: General,

We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging economies during 1995-2010. The paper extends the previous literature focusing on spillover effects fr...

The Relationship Between Illicit Coca Production and Formal Economic Activity in Peru

The Relationship Between Illicit Coca Production and Formal Economic Activity in Peru »

Volume/Issue: 2011/182

Series: IMF Working Papers

Author(s): Peter Pedroni , and Concha Verdugo Yepes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462310289.001

ISBN: 9781462310289

Keywords: drugs, economic impact, formal sector, cointegration, statistics, time series, formal sectors, Regional Economic Activity: Growth, Development, and Changes

This paper investigates the relationship between unrecorded economic activity associated with the production of illicit coca and formally recorded economic activity in Peru. It does so by attempting to construct ne...

Foreign Exchange Intervention
			: A Shield Against Appreciation Winds?

Foreign Exchange Intervention : A Shield Against Appreciation Winds? »

Volume/Issue: 2011/165

Series: IMF Working Papers

Author(s): Gustavo Adler , and Camilo Tovar Mora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781462301218.001

ISBN: 9781462301218

Keywords: sterilization, exchange rate, central bank,

This paper examines foreign exchange intervention practices and their effectiveness using a new qualitative and quantitative database for a panel of 15 economies covering 2004 - 10, with special focus on Latin Amer...

Policy Instruments to Lean Against the Wind in Latin America

Policy Instruments to Lean Against the Wind in Latin America »

Volume/Issue: 2011/159

Series: IMF Working Papers

Author(s): G. Terrier , Rodrigo Valdes , Camilo Tovar Mora , Jorge Chan-Lau , Carlos Fernandez Valdovinos , Mercedes Garcia-Escribano , Carlos Medeiros , Man-Keung Tang , Mercedes Vera Martin , and W. Christopher Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781455297726.001

ISBN: 9781455297726

Keywords: Dynamic Provisions, Leverage Ratios, Liquidity Requirements, Debt-to-Income Ratios, Loan-to-Value Ratios, Foreign Exchange Credit Risk, Foreign Exchange Positions, Taxes on Capital Inflows, financial system, banking

This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them. The instruments examined include...

The Distributive Effects of Land Titleon Labor Supply
			: Evidence From Brazil

The Distributive Effects of Land Titleon Labor Supply : Evidence From Brazil »

Volume/Issue: 2011/131

Series: IMF Working Papers

Author(s): Mauricio Moura , Caio Piza , and Marcos Poplawski-Ribeiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455259366.001

ISBN: 9781455259366

Keywords: land-titling, quantile regression, propensity score, land title, property rights, child labor, labor market, urban poor, Economic Growth and Aggregate Productivity: General, Time Allocation and Labor Supply

This paper studies the effects of property-titling on labor supply. The role of legal ownership security is isolated by comparing the effect that being part of, or excluded from, a land title program in a unique qu...

Regional Economic Outlook, April 2011, Western Hemisphere
			: Watching Out for Overheating

Regional Economic Outlook, April 2011, Western Hemisphere : Watching Out for Overheating »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2011

DOI: http://dx.doi.org/10.5089/9781616350659.086

ISBN: 9781616350659

Keywords: inflation, exchange rate, central bank, foreign exchange, monetary policy

Despite the recent deterioration in the global economic environment, projections for the region involve only a modest worsening of the outlook. The October 2011 Regional Economic Outlook: Western Hemisphere caution...

The Monetary Transmission in Dollarized and Non-Dollarized Economies
			: The Cases of Chile, New Zealand, Peru and Uruguay

The Monetary Transmission in Dollarized and Non-Dollarized Economies : The Cases of Chile, New Zealand, Peru and Uruguay »

Volume/Issue: 2011/87

Series: IMF Working Papers

Author(s): Santiago Acosta Ormaechea , and David Coble Fernandez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455234097.001

ISBN: 9781455234097

Keywords: Monetary Policy Transmission, IT Regimes, inflation, central bank, money market, aggregate demand,

The paper conducts a comparative study of the monetary policy transmission in two economies that run a well-established IT regime, Chile and New Zealand, vis-à-vis two economies operating under relatively newer IT...

Real-time Forecasts of Economic Activity for Latin American Economies

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

Volume/Issue: 2011/98

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

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

ISBN: 9781455254293

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

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

What is Driving Financial De-Dollarization in Latin America?

What is Driving Financial De-Dollarization in Latin America? »

Volume/Issue: 2011/10

Series: IMF Working Papers

Author(s): Mercedes Garcia-Escribano , and Sebastian Sosa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211883.001

ISBN: 9781455211883

Keywords: de-dollarization, banking system, dollarization, exchange rate, exchange rate volatility, constant exchange rate, nominal exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General

In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and us...

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

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

Volume/Issue: 2010/248

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

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

ISBN: 9781455209484

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

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

Regional Economic Outlook, October 2010, Western Hemisphere
			: Heating Up in the South, Cooler in the North

Regional Economic Outlook, October 2010, Western Hemisphere : Heating Up in the South, Cooler in the North »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 October 2010

DOI: http://dx.doi.org/10.5089/9781589069534.086

ISBN: 9781589069534

Keywords: reserve requirements, bond, central bank, international financial statistics, financial system

Heating Up in the South, Cooler in the North broadly describes the economic scene for the Western Hemisphere. The report emphasizes how a mixed environment--with slow recovery in the United States and other advance...

Peru
			: Drivers of De-dollarization

Peru : Drivers of De-dollarization »

Volume/Issue: 2010/169

Series: IMF Working Papers

Author(s): Mercedes Garcia-Escribano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

DOI: http://dx.doi.org/10.5089/9781455201808.001

ISBN: 9781455201808

Keywords: de-dollarization, foreign currency, inflation, macroeconomic stability, foreign exchange, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General, Financial Institutions and Services: Government Policy and Regulation,

Peru has successfully pursued a market-driven financial de-dollarization during the last decade. Dollarization of credit and deposit of commercial banks - across all sectors and maturities - has declined, with larg...

United States
			: Publication of Financial Sector Assessment Program Documentation:  Detailed Assessment of Observance of the Depository Trust Company's Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems

United States : Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Depository Trust Company's Observance of the CPSS-IOSCO Recommendations for Securities Settlement Systems »

Volume/Issue: 2010/128

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 May 2010

DOI: http://dx.doi.org/10.5089/9781455206704.002

ISBN: 9781455206704

Keywords: csd, collateral, credit, risk management, clearing agency

This paper discusses key findings of the Detailed Assessment of Observance of the Depository Trust Company's Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Co...

Conceptual Design
			: A Critical Element of a Successful Government Financial Management Information System Project

Conceptual Design : A Critical Element of a Successful Government Financial Management Information System Project »

Volume: 10

Series: Technical Notes and Manuals

Author(s): Abdul Khan , and Mario Pessoa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2010

DOI: http://dx.doi.org/10.5089/9781455275434.005

ISBN: 9781455275434

Keywords: budget, financial management, budget management, financial management information, budget preparation

This technical note describes need of conceptual design as a critical element of a government financial management information system project. Governments are increasingly turning to computerized financial manageme...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2010/99

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 April 2010

DOI: http://dx.doi.org/10.5089/9781455206674.002

ISBN: 9781455206674

Keywords: fiscal rules, fiscal variables, primary balance, fiscal rule

This paper assesses the performance of Peru's alternative fiscal rules in supporting medium-term fiscal policy objectives. Peru has shown steady fiscal surpluses and declining debt vulnerabilities. Subnational gove...

Peru
			: Staff Report for the 2010 Article IV Consultation

Peru : Staff Report for the 2010 Article IV Consultation »

Volume/Issue: 2010/98

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 April 2010

DOI: http://dx.doi.org/10.5089/9781455206650.002

ISBN: 9781455206650

Keywords: debt, public sector, interest, external debt

This 2010 Article IV Consultation highlights that growth in Peru decelerated sharply in 2009, owing to the global financial crisis, but remained positive at about 1 percent for the year, despite a few months in neg...

Global Financial Regulatory Reform
			: Implications for Latin America and the Caribbean (LAC)

Global Financial Regulatory Reform : Implications for Latin America and the Caribbean (LAC) »

Volume/Issue: 2009/19

Series: IMF Staff Position Notes

Author(s): Robert Rennhack

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2009

DOI: http://dx.doi.org/10.5089/9781462378791.004

ISBN: 9781462378791

Keywords: Financial institutions, Financial systems, Bank reforms, Bank regulations, Banking sector, Bank supervision, Basel Core Principles, Caribbean, Central banks, Governance

The Latin America and Caribbean (LAC) region has weathered the global financial crisis reasonably well so far, although tighter global financial conditions began to take their toll on trade, capital flows and econo...

Accounting for Output Drops in Latin America

Accounting for Output Drops in Latin America »

Volume/Issue: 2009/67

Series: IMF Working Papers

Author(s): Ruy Lama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

DOI: http://dx.doi.org/10.5089/9781451872149.001

ISBN: 9781451872149

Keywords: Business cycle accounting, DSGE models, small open economy, tfp, bond, business cycle, total factor productivity,

This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGra...

Sovereign Default, Private Sector Creditors and the IFIs

Sovereign Default, Private Sector Creditors and the IFIs »

Volume/Issue: 2009/46

Series: IMF Working Papers

Author(s): Emine Boz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

DOI: http://dx.doi.org/10.5089/9781451871944.001

ISBN: 9781451871944

Keywords: sovereign debt and default, IFIs, debt, commercial debt, creditors, interest, private sector creditors,

This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on t...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2009/41

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2009

DOI: http://dx.doi.org/10.5089/9781451831184.002

ISBN: 9781451831184

Keywords: macroeconomic stability, fiscal stance, fiscal balance, international monetary fund

This Selected Issues paper for Peru shows that during the years of strong growth and high commodity prices, the Peruvian authorities have conducted a prudent fiscal policy, maintaining a broadly neutral fiscal stan...

Peru
			: Staff Report for the 2008 Article IV Consultation, Fourth Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Applicability of Performance Criteria-Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru

Peru : Staff Report for the 2008 Article IV Consultation, Fourth Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Applicability of Performance Criteria-Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru »

Volume/Issue: 2009/40

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2009

DOI: http://dx.doi.org/10.5089/9781451831177.002

ISBN: 9781451831177

Keywords: debt, public sector, interest, external debt, central bank

This paper presents the staff report for Peru's 2008 Article IV Consultation, Fourth Review and Inflation Consultation under the Stand-By Arrangement and request for waiver of applicability of performance criteria....

The Cost of Aggressive Sovereign Debt Policies
			: How Much is theprivate Sector Affected?

The Cost of Aggressive Sovereign Debt Policies : How Much is theprivate Sector Affected? »

Volume/Issue: 2009/29

Series: IMF Working Papers

Author(s): Christoph Trebesch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2009

DOI: http://dx.doi.org/10.5089/9781451871760.001

ISBN: 9781451871760

Keywords: Sovereign Default, Reputation Spillovers, debt policies, debt crisis, external borrowing,

This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusa...

Is Monetary Policy Effective When Credit is Low?

Is Monetary Policy Effective When Credit is Low? »

Volume/Issue: 2008/288

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2008

DOI: http://dx.doi.org/10.5089/9781451871463.001

ISBN: 9781451871463

Keywords: Vector Auto Regression, price inflation, monetary transmission, monetary transmission mechanism,

Monetary policy, at least in part, operates through both an interest rate and credit channel. The question arises, therefore, whether monetary policy is a less potent a device in affecting output and inflation in c...

A Theory of International Crisis Lending and IMF Conditionality

A Theory of International Crisis Lending and IMF Conditionality »

Volume/Issue: 2008/236

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , Jonathan Ostry , and Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2008

DOI: http://dx.doi.org/10.5089/9781451870947.001

ISBN: 9781451870947

Keywords: ex ante conditionality, conditionality, crisis lending, ante conditionality,

We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality com...

The Costs of Sovereign Default

The Costs of Sovereign Default »

Volume/Issue: 2008/238

Series: IMF Working Papers

Author(s): Eduardo Borensztein , and Ugo Panizza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2008

DOI: http://dx.doi.org/10.5089/9781451870961.001

ISBN: 9781451870961

Keywords: Country Risk, banking, banking crises, banking crisis, sovereign default,

This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financ...

Peru
			: Third Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Applicability of Performance Criteria:  Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru

Peru : Third Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Applicability of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru »

Volume/Issue: 2008/258

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2008

DOI: http://dx.doi.org/10.5089/9781451831160.002

ISBN: 9781451831160

Keywords: debt, public sector, interest, external debt, public debt

This paper discusses key findings of the Third Review for Peru and Inflation Consultation Under the Stand-By Arrangement. All performance criteria for end-December 2007 and end-March 2008 were observed, but inflati...

Trade Creation and Diversion Revisited
			: Accounting for Model Uncertainty and Natural Trading Partner Effects

Trade Creation and Diversion Revisited : Accounting for Model Uncertainty and Natural Trading Partner Effects »

Volume/Issue: 2008/66

Series: IMF Working Papers

Author(s): Chris Papageorgiou , Christian Henn , and Theo Eicher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

DOI: http://dx.doi.org/10.5089/9781451869286.001

ISBN: 9781451869286

Keywords: Trade Creation and Trade Diversion, Preferential Trade Agreements, Bayesian Model Averaging, Country-Pair Fixed Effects, trade creation, trade flows, trade diversion, bilateral trade, trade agreements,

Trade theories covering Preferential Trade Agreements (PTAs) are as diverse as the literature in search of their empirical support. To account for the model uncertainty that surrounds the validity of the competing...

Peru
			: Second Review Under the Stand-By Arrangement:  Staff Report; Staff Statement; Press Release News Brief on the Executive Board Discussion; and Statement by the Executive Director for Peru

Peru : Second Review Under the Stand-By Arrangement: Staff Report; Staff Statement; Press Release News Brief on the Executive Board Discussion; and Statement by the Executive Director for Peru »

Volume/Issue: 2008/28

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2008

DOI: http://dx.doi.org/10.5089/9781451831153.002

ISBN: 9781451831153

Keywords: debt, public sector, interest, external debt, public debt

Peru's macroeconomic policies continue to be strong under the Stand-By Arrangement (SBA). Executive Directors appreciated the implementation of policies to entrench macroeconomic stability, lower poverty, and lesse...

Real Exchange Rates and Fundamentals
			: A Cross-Country Perspective

Real Exchange Rates and Fundamentals : A Cross-Country Perspective »

Volume/Issue: 2008/13

Series: IMF Working Papers

Author(s): Luca Ricci , Jaewoo Lee , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

DOI: http://dx.doi.org/10.5089/9781451868753.001

ISBN: 9781451868753

Keywords: equilibrium real exchange rate, Balassa-Samuelson effect, exchange rate, exchange rates, real exchange rate, net foreign assets, foreign assets,

This paper employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set o...

Perspectivas Econômicas, November 2007
			: As Américas

Perspectivas Econômicas, November 2007 : As Américas »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2007

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781589066960.086

ISBN: 9781589066960

Keywords: inflation, commodity prices, capital inflows, financial sector, bond, expenditure, financial institutions, bank credit, expenditures, financial markets

In spite of a slower U.S. economy and recent market turbulence, growth in the Latin America and Caribbean region has continued at a robust pace. This reports explores the resilience of the LAC region to external sh...

Peru
			: First Review Under the Stand-By Arrangement:  Staff Report; Staff Statement Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru

Peru : First Review Under the Stand-By Arrangement: Staff Report; Staff Statement Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru »

Volume/Issue: 2007/241

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 July 2007

DOI: http://dx.doi.org/10.5089/9781451831146.002

ISBN: 9781451831146

Keywords: debt, interest, external debt, public debt

This paper presents Peru's First Review Under the Stand-By Arrangement for SDR 172.37 million approved on January 26, 2007. Implementing sound macroeconomic policies and reforms would reduce vulnerabilities, entren...

The Effect of External Conditions on Growth in Latin America

The Effect of External Conditions on Growth in Latin America »

Volume/Issue: 2007/176

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Pär Österholm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867404.001

ISBN: 9781451867404

Keywords: Bayesian VAR, world growth, bond, bond spread,

This paper investigates the sensitivity of Latin American GDP growth to external developments using a Bayesian VAR model with informative steady-state priors. The model is estimated on quarterly data from 1994 to 2...

IMF Staff Papers, Volume 54, No. 3

IMF Staff Papers, Volume 54, No. 3 »

Volume: 54

Series: IMF Staff Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2007

DOI: http://dx.doi.org/10.5089/9781589066519.024

ISBN: 9781589066519

Keywords: inflation, central bank, monetary fund, terms of trade, gdp deflator

This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work...

Regional Economic Outlook, April 2007, Western Hemisphere

Regional Economic Outlook, April 2007, Western Hemisphere »

Series: Regional Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 April 2007

DOI: http://dx.doi.org/10.5089/9781589066427.086

ISBN: 9781589066427

Keywords: world growth, commodity prices, bond, per capita income, terms of trade

The past year has been one of strong economic performance for the Western Hemisphere, notwithstanding somewhat slower growth in the United States in recent quarters. Can this performance be sustained, and what chal...

PERU Fourth and Fifth Reviews Under the Stand-By Arrangement and Request for Waiver of Applicability

PERU Fourth and Fifth Reviews Under the Stand-By Arrangement and Request for Waiver of Applicability »

Volume/Issue: 2007/114

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2007

DOI: http://dx.doi.org/10.5089/9781451831139.002

ISBN: 9781451831139

Keywords: debt, public sector, interest, external debt, central bank

The staff report for the Fourth and Fifth Reviews Under the Stand-By Arrangement and Request for Waiver of Applicability discusses Peru's economic performance. Peru's financial markets have only been marginally aff...

Peru-Second Review Under the Stand-By Arrangement and Requests for Establishment of Performance Criteria, Wavier of Nonobservance of Performance Criteria, and Rephasing of Future Disbursements-2005 Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru

Peru-Second Review Under the Stand-By Arrangement and Requests for Establishment of Performance Criteria, Wavier of Nonobservance of Performance Criteria, and Rephasing of Future Disbursements-2005 Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru »

Volume/Issue: 2007/110

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2007

DOI: http://dx.doi.org/10.5089/9781451831122.002

ISBN: 9781451831122

Keywords: debt, public sector, interest, external debt, central bank

This paper discusses key findings of the Second Review Under the Stand-By Arrangement for Peru. The economy continued to perform well in 2004. Real GDP grew by 5.1 percent, inflation was 3.5 percent at end-December...

Peru
			: First Review Under the Stand-By Arrangement and Requests for Modification of Performance Criterion and Waiver for Nonobservance of Performance Criterion

Peru : First Review Under the Stand-By Arrangement and Requests for Modification of Performance Criterion and Waiver for Nonobservance of Performance Criterion »

Volume/Issue: 2007/99

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2007

DOI: http://dx.doi.org/10.5089/9781451831115.002

ISBN: 9781451831115

Keywords: debt, public sector, interest, central bank, external debt

The staff report for the First Review Under the Stand-By Arrangement and Requests for Waiver of Performance Criterion and Waiver for Nonobservance of Performance Criterion highlights Peru's policy discussions and s...

Peru
			: 2006 Article IV Consultation and Request for Stand-By Arrangement-Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru

Peru : 2006 Article IV Consultation and Request for Stand-By Arrangement-Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru »

Volume/Issue: 2007/54

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2007

DOI: http://dx.doi.org/10.5089/9781451831108.002

ISBN: 9781451831108

Keywords: debt, public sector, interest, external debt, deficit

The 2006 Article IV Consultation with Peru and request for a Stand-By Arrangement highlights that the Peruvian economy has been reaping benefits of sound policies in a favorable external environment. The new govern...

Peru
			: Selected Issues

Peru : Selected Issues »

Volume/Issue: 2007/53

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2007

DOI: http://dx.doi.org/10.5089/9781451831092.002

ISBN: 9781451831092

Keywords: structural reforms, civil liberties, structural reform, macroeconomic stabilization, international monetary fund

This Selected Issues paper for Peru explains growth and reform in the country post-1990. As half of the population in Peru still lives below the poverty line, further research should consider how the link between a...

Measures of Central Bank Autonomy
			: Empirical Evidence for OECD, Developing, and Emerging Market Economies

Measures of Central Bank Autonomy : Empirical Evidence for OECD, Developing, and Emerging Market Economies »

Volume/Issue: 2006/228

Series: IMF Working Papers

Author(s): Jean-François Segalotto , Marco Arnone , and Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

DOI: http://dx.doi.org/10.5089/9781451864885.001

ISBN: 9781451864885

Keywords: political autonomy, economic autonomy, central bank, monetary stability, public debt,

This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, a...

Revenue Authorities
			: Issues and Problems in Evaluating their Success

Revenue Authorities : Issues and Problems in Evaluating their Success »

Volume/Issue: 2006/240

Series: IMF Working Papers

Author(s): Maureen Kidd , and William Joseph Crandall

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

DOI: http://dx.doi.org/10.5089/9781451865004.001

ISBN: 9781451865004

Keywords: Revenue authority, tax compliance autonomy, accountability, tax, customs, tax revenues, revenue collection, taxation, tax administrations, Subsidies

Revenue authorities (RAs) have been adopted by some countries as an alternative delivery model for improved revenue administration. They are sometimes seen as a possible solution to problems such as low rates of ta...

Inflation Targeting in Dollarized Economies

Inflation Targeting in Dollarized Economies »

Volume/Issue: 2006/157

Series: IMF Working Papers

Author(s): Leonardo Leiderman , Rodolfo Maino , and Eric Parrado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864175.001

ISBN: 9781451864175

Keywords: exchange rate, foreign exchange, real exchange rate, Money And Interest Rates, Monetary Policy, Central Banking, And The Supply Of Money And Credit,

The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful impleme...

Fiscal Decentralization and Public Subnational Financial Management in Peru

Fiscal Decentralization and Public Subnational Financial Management in Peru »

Volume/Issue: 2006/120

Series: IMF Working Papers

Author(s): Ehtisham Ahmad , and Mercedes Garcia-Escribano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

DOI: http://dx.doi.org/10.5089/9781451863802.001

ISBN: 9781451863802

Keywords: decentralization, subnational governments, decentralization process, financial management, public financial management, Taxation, Subsidies, and Revenue: General,

There is increasing interest in fiscal decentralization in Peru as a mechanism to generate more involved decision-making at the subnational level. This is tempered with a continuing emphasis on overall fiscal stabi...

Peru
			: Third Review Under the Stand-By Arrangement and Request for Establishment of Performance Criteria and Waiver of Applicability

Peru : Third Review Under the Stand-By Arrangement and Request for Establishment of Performance Criteria and Waiver of Applicability »

Volume/Issue: 2006/47

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2006

DOI: http://dx.doi.org/10.5089/9781451831085.002

ISBN: 9781451831085

Keywords: debt, public sector, interest, external debt, public debt

The staff report for the Third Review under the Stand-By Arrangement and request for establishment of performance criteria focuses on Peru's economic developments, outlook, and program for 2006. The Peruvian econom...

Financial Dollarization in Latin America

Financial Dollarization in Latin America »

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862676.001

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...

Toward An Effective Supervision of Partially Dollarized Banking Systems

Toward An Effective Supervision of Partially Dollarized Banking Systems »

Volume/Issue: 2006/32

Series: IMF Working Papers

Author(s): Antonio Garcia Pascual , Jorge Cayazzo , Socorro Heysen , and Eva Gutierrez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862928.001

ISBN: 9781451862928

Keywords: credit risk, banking, foreign exchange, credit risks

The paper presents a supervisory framework that addresses the vulnerabilities of partially dollarized banking systems. The tendency to underprice systemic liquidity risk and currency-induced credit risk creates vul...

Financial De-Dollarization
			: Is it for Real?

Financial De-Dollarization : Is it for Real? »

Volume/Issue: 2005/187

Series: IMF Working Papers

Author(s): Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451862065.001

ISBN: 9781451862065

Keywords: Prudential policy, exchange rate, exchange rate regimes, real exchange rate, currency substitution, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: Government Policy and Regulation,

De facto (unofficial) dollarization, defined as the holding by residents of assets and liabilities denominated in a foreign currency, is a policy concern in an increasing number of developing economies. This paper...

Financial Dollarization Equilibria
			: A Framework for Policy Analysis

Financial Dollarization Equilibria : A Framework for Policy Analysis »

Volume/Issue: 2005/186

Series: IMF Working Papers

Author(s): Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451862058.001

ISBN: 9781451862058

Keywords: exchange rate, currency risk, interest rate risk, overvaluation, moral hazard, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

Rapidly rising dollarization and numerous related financial crises in recent years have heightened the need for policy action. This paper contributes to the policy debate by presenting a common analytic framework t...

Revenue Forecasting-How is it done? Results from a Survey of Low-Income Countries

Revenue Forecasting-How is it done? Results from a Survey of Low-Income Countries »

Volume/Issue: 2005/24

Series: IMF Working Papers

Author(s): Annette Kyobe , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

DOI: http://dx.doi.org/10.5089/9781451860436.001

ISBN: 9781451860436

Keywords: forecasting, budget document, budget management, budget coverage, Taxation, Subsidies, and Revenue: General,

This paper takes stock of revenue forecasting practices in low-income countries, and provides a comprehensive and condensed account of the revenue forecasting process. Based on a new dataset on 34 low-income countr...

Central Bank Governance
			: A Survey of Boards and Management

Central Bank Governance : A Survey of Boards and Management »

Volume/Issue: 2004/226

Series: IMF Working Papers

Author(s): JoAnne Morris , and Tonny Lybek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2004

DOI: http://dx.doi.org/10.5089/9781451875416.001

ISBN: 9781451875416

Keywords: central bank, inflation, reserve bank, Economic History: Financial Markets and Institutions: General, International, or Comparative,

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally ac...

What Determines Long-Run Macroeconomic Stability? Democratic Institutions

What Determines Long-Run Macroeconomic Stability? Democratic Institutions »

Volume/Issue: 2004/215

Series: IMF Working Papers

Author(s): Arvind Subramanian , and Shanker Satyanath

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

DOI: http://dx.doi.org/10.5089/9781451875072.001

ISBN: 9781451875072

Keywords: Macroeconomic instability, political institutions, openness, conflict, inflation, estimation method, statistics, standard deviation, macroeconomic stability, opennes,

We examine the deep determinants of long-run macroeconomic stability in a cross-country framework. We find that conflict, openness, and democratic political institutions have a strong and statistically significant...