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Western Hemisphere > Argentina

You are looking at 1 - 7 of 7 items for :

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Cover IMF Working Papers
Commodity Terms of Trade: A New Database
Bertrand Gruss
and
Suhaib Kebhaj
This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index—which proxies the windfall gains and losses of income associated with changes in world prices—as well as additional country-specific series, including commodity export and import price indices. We provide indices that are constructed using, alternatively, fixed weights (based on average trade flows over several decades) and time-varying weights (which can account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity). The paper also discusses the dynamics of commodity terms of trade across country groups and their influence on key macroeconomic aggregates.
Keywords:
WP; commodity terms of trade; terms-of-trade index; commodity price indices; trade flow; terms of trade; commodity prices; commodity export; commodity terms-of-trade indices; trade data; Commodity price indexes; Exports; Trade balance; Global
Cover IMF Working Papers
Inflation Determinants in Paraguay: Cost Push versus Demand Pull Factors
Brieuc Monfort
and
Santiago Peña
This article uses two analytical methodologies to understand the dynamics of inflation in Paraguay, the mark-up theory of inflation and the monetary theory of inflation. We also study the impact of different monetary aggregates. The results suggest that monetary factors, in particular currency in circulation, play a major role in determining long-run inflation, while foreign prices, in particular from Brazil, or some food products have a large impact on the short-term dynamics of inflation. Wage indexation may also contribute to locking up price increases.
Keywords:
WP; core inflation index; U.S. dollar; inflation dynamics; monetary aggregate
Cover IMF Staff Papers
IMF Staff Papers, Volume 54, No. 4
International Monetary Fund. Research Dept.
In this issue, authors from the IMF and from Argentine institutions team up to review how different banks behaved and were hurt during the country's crisis. Atsushi Iimi looks at how countries can escape from the resource curse in a comparative analysis that focuses on Botswana. John Cady and Jesus Gonzalez-Garcia examine the relationship between exchange rate volatility and the transparency of reserves. The issue also includes a comprehensive index of all Volume 54 papers by author, title, subject, and JEL classification.
Keywords:
SP; reserves template; natural resource; bank fundamentals; revenue series; home equity; Natural resources; Inflation; Currencies; Commercial banks; Bank deposits; Sub-Saharan Africa; Europe; Africa; East Asia; Asia and Pacific; South Asia; West Africa; Global
Cover IMF Staff Country Reports
Paraguay: Report on the Observance of Standards and Codes (ROSC)—Data Module
International Monetary Fund
The country lacks an integrated statistical framework that would take account of the various analytical and accounting linkages across macroeconomic statistics, and the relationships between regulatory tools, intermediate objectives, and policy goals. There is significant room to improve the methodological soundness, accuracy, and reliability of the statistics, for instance, by expanding the data sources for most sectors, as well as by strengthening data validation and statistical techniques for most datasets. Paraguay should improve the access to official statistics and metadata.
Keywords:
ISCR; CR; bullet; short term; balance of payments; CBP website; asses CPI data source; IIP data; hard copy; Government finance statistics; Consumer price indexes; Balance of payments statistics; Producer price indexes; Caribbean; Global
Cover IMF Working Papers
Exchange Rate Pass-Through to Domestic Prices: Does the Inflationary Environment Matter?
Ms. Dalia S Hakura
and
Ehsan U. Choudhri
The paper tests a hypothesis suggested by Taylor (2000) that a low inflationary environment leads to a low exchange rate pass-through to domestic prices. To test this hypothesis, the paper derives a pass-through relation based on new open economy macroeconomic models. A large database that includes 1979-2000 data for 71 countries is used to estimate this relation. There is strong evidence of a positive and significant association between the pass-through and the average inflation rate across countries and periods. The inflation rate, moreover, dominates other macroeconomic variables in explaining cross-regime differences in the pass-through.
Keywords:
WP; exchange rate; inflation rate; Pass-through; inflation; pass-through relation; inflation regime; import price pass-through; period pass-through; pass-through measure; pass-through estimate; CPI pass-through; Exchange rate pass-through; Exchange rates; Exchange rate adjustments; Consumer price indexes; Africa
Cover IMF Working Papers
Investment in Inflationary Economies
Mr. Eduardo Levy Yeyati
The paper presents a model of irreversible investment under uncertainty, where investment takes place whenever a threshold level of marginal returns is reached. The threshold depends positively on price volatility; a change from high to low inflation induces an upward capital stock adjustment. In economies that move in and out of temporary stabilizations, the observed effect is a negative inflation-investment correlation that replicates previous empirical findings, due to purely short-term dynamics. I study how this correlation is affected by the expected duration of each regime. Empirical evidence from ten inflationary economies confirms the predictions of the model.
Keywords:
WP; threshold investment decision rule; inflation-investment relation; CPI inflation rates; price volatility; stability-investment relationship; investment decision rule; investment-volatility relation; investment behavior; aggregate investment; Inflation; Price stabilization; Consumer price indexes
Cover IMF Staff Papers
IMF Staff papers: Volume 24 No. 1
International Monetary Fund. Research Dept.
The purpose of the present study is to review these concepts and to estimate consistent series of potential output in manufacturing for Canada, the United States, Japan, France, the Federal Republic of Germany, Italy, the United Kingdom, and Sweden for the period 1955–1975. Potential output series are also projected for the medium term (1976–1978) based on forecasts of available resources. The production function method is selected as the best approach to derive potential output series. The function used in the paper is a modified Cobb–Douglas function that allows for economies of scale and cyclical variations in the intensity of use of employed labor and of the capital stock. The study concludes that the rate of growth of potential output in manufacturing is now lower in most industrial countries than it was in the late 1960s. However, the fall is not as large as is often claimed, so that the output gaps early in 1976 were extremely high in all the major industrial countries. The principal reasons for the slowdown in the rate of growth of potential output are the lower rate of capital accumulation and the reduction of the normal workweek, rather than the direct effect of the increase in the price of energy.
Keywords:
SP; deutsche mark; RPI measure; price level; dollar intervention; balance of payments account; full-employment labor force; guilder-deutsche mark rate; Exchange restrictions; Potential output; Trade balance; Credit; Currencies; Africa; Europe