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Western Hemisphere > Argentina

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Cover IMF Working Papers
Markups, Quality, and Trade Costs
Natalie Chen
and
Luciana Juvenal
We investigate theoretically and empirically how exporters adjust their markups across destinations depending on bilateral distance, tariffs, and the quality of their exports. Under the assumption that trade costs are both ad valorem and per unit, our model predicts that markups rise with distance and fall with tariffs, but these effects are heterogeneous and are smaller in magnitude for higher quality exports. We find strong support for the predictions of the model using a unique data set of Argentinean firm-level wine exports combined with experts wine ratings as a measure of quality.
Keywords:
WP; trade cost; FOB price; free on board; unit value; export price; wine export; Tariffs; Exports; Public expenditure review; Export prices; Demand elasticity; North America; Distance; export unit values; heterogeneity; markups; quality; trade costs; exports data
Cover IMF Staff Country Reports
Argentina: Fourth Review under the Stand-By Arrangement, Request for Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Staff Supplement
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Argentina’s Fourth Review of the Stand-By Arrangement, Request for a Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review. The report highlights that with very high inflation and an increase in gross financing needs in coming months, discussions centered on how best to mitigate risks to the program, bolster market confidence, and calibrate monetary policy to continue bringing down inflation. The authorities have revamped their debt management strategy to support higher rollovers and an extension of average maturity of new issuance to the degree permitted by market conditions. The authorities have maintained a cautious approach to expenditure authorization in order to safeguard their program’s fiscal targets. The Argentine authorities’ efforts to increase rollover rates on public debt and to lengthen the maturity of new debt issuance should help mitigate financing risks in the period ahead. Ongoing efforts to improve the functioning of local sovereign debt markets will help improve market liquidity and lower financing costs.
Keywords:
ISCR; CR; effort; Arkansas; authority; expectation; market expectation; executive board discussion; LELIQ rate; authorities' effort; growth potential; end June; Fiscal stance; Monetary base; Public sector; Currencies; Global
Cover Regional Economic Outlook, October 2018, Western Hemisphere Department
Regional Economic Outlook, October 2018, Western Hemisphere Department
An Uneven Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean has both moderated and become more uneven.

Keywords:
REO; economy; IMF staff calculation; commodity; market; nominal GDP
Cover Regional Economic Outlook, October 2018, Western Hemisphere Department
Regional Economic Outlook, October 2018, Western Hemisphere Department
An Uneven Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean has both moderated and become more uneven.

Keywords:
REO; economy; IMF staff calculation; commodity; market; nominal GDP; commodity price; monetary policy; economic activity; exchange rate; labor market; system database; central bank; trade tension; Tariffs; Inflation; Imports; Exports; Global; Central America; Caribbean; Western Hemisphere; North America
Cover IMF Staff Country Reports
Argentina: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina
International Monetary Fund. Western Hemisphere Dept.
An inherited legacy of imbalances. Upon taking office in December last year, Argentina’s new government faced pervasive macroeconomic imbalances, microeconomic distortions, and a weakened institutional framework. These encompassed unsustainably high consumption levels, historically low levels of investment, and large fiscal deficits financed by money creation, which led to high inflation. Distortions at the micro level included an extensive network of administrative controls (for example, trade barriers, foreign exchange restrictions, and price controls) and a business environment that eroded competitiveness and undermined medium-term growth. There was also an important weakening of the institutional framework for economic policymaking, perhaps most evident in the loss of credibility of the national statistics agency.
Keywords:
ISCR; CR; deficit; peso bond; GDP; government; FX inflow; utilities tariff rollback; IFC portfolio; growth projection; Inflation; Tariffs; Pension spending; Global
Cover IMF Working Papers
Food Prices and the Multiplier Effect of Trade Policy
Paolo Giordani
,
Nadia Rocha
, and
Michèle Ruta
This paper studies the relationship between trade policy and food prices. We show that, when individuals are loss averse, governments may use trade policy to shield the domestic economy from large food price shocks. This creates a complementarity between the price of food in international markets and trade policy. Specifically, unilateral actions give rise to a "multiplier effect": when a shock drives up the price of food, exporters respond by imposing restrictions while importers wind down protection, thus exacerbating the initial shock and soliciting further trade policy activism. We test the key prediction of the theory with a new dataset that comprises monthly information on trade measures across 77 countries and 33 food products for the period 2008-11, finding evidence of a multiplier effect in food trade policy. These findings contribute to inform the broader debate on the proper regulation of food trade policy within the multilateral trading system.
Keywords:
WP; staple food; Loss aversion; Trade policy; Multiplier effect; Food crisis; food price; price of food; international price; import tariff; reference price; price change; instrument trade policy utilization; aversion term; food price change; trade measure; world price surge; moving average; Food prices; Tariffs; Imports; Exports; Global
Cover IMF Staff Papers
IMF Staff Papers, Volume 54, No. 2
International Monetary Fund. Research Dept.
Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is the 2006 Mundell-Fleming Lecture (delivered at the ARC), which analyzes current-account deficits in the advanced economies. Other papers in this issue look at the relationship between international financial integration and the real economy. Other papers discuss whether (or not): i) the next capital account crisis can be predicted; ii) accepted definitions of debt crises are adequate; iii) the Doha Round of trade talks (if they are ever successfully completed) will lead to preference erosion; and finally iv) there is room for political opportunism in countries deciding between money-based or exchange-rate-based stabilization programs.
Keywords:
SP; developing country; current account deficit; next election; ERBS program; election cycle; debt-servicing difficulty; EU market; Current account deficits; Consumption; Tariffs; Debt default; Global; East Asia; South Asia; Asia and Pacific; Africa
Cover IMF Survey
IMF Survey, Volume 34, Issue 09
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; Caribbean-IMF seminar; debt; Rodrigo de Rato; growth Facility; fund Facility; IMF survey; IMF publication service; IMF quota; Trade liberalization; Value-added tax; Trade policy; Business cycles; Tariffs; Asia and Pacific; Global; Africa; Europe; Central America
Cover IMF Staff Country Reports
Argentina: Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria
International Monetary Fund
This paper examines Argentina’s Second Review Under the Stand-By Arrangement and Requests for Modification and Waiver of Performance Criteria. The economy is recovering rapidly, while inflation remains subdued. Strengthening consumer and business confidence and cautious monetary and fiscal policies have facilitated further reductions in interest rates, a stable peso, and further reserve accumulation. Buoyant tax revenues resulted in larger-than-programmed fiscal savings in 2003. Although high commodity prices and strengthening partner country demand are pushing export receipts to record levels, imports also continue to surge, driven by buoyant economic activity.
Keywords:
ISCR; CR; debt; staff appraisal; banking strategy; authorities' cooperation; debt exchange offer; debt exchange; management bank; Debt restructuring; Arrears; Tariffs; Global
Cover Changing Customs
Changing Customs
Challenges and Strategies for the Reform of Customs Administration
Mr. Michael Keen

Abstract

This paper, based on the considerable practical experience of the IMF’s Fiscal Affairs Department, sets out a successful strategy for modernizing customs administration. The essence is to establish transparent and simple rules and procedures, and to foster voluntary compliance by building a system of self-assessment supported by well-designed audit policies. Having set out this strategy--and its benefits--the paper discusses in depth what is required in terms of trade policy, valuation procedures, dealing with duty reliefs and exemptions, controlling transit movements, organizational reform, use of new technologies, private sector involvement, and designing incentive systems for an effective customs administration.

Keywords:
ISI; SI; customs; administration; goods; Customs administration; customs collector; customs revenue; customs control; psi company; Customs administration core functions; Tariffs; Imports; Administration in revenue administration; Duties; West Africa; Africa; Middle East; Sub-Saharan Africa; Global; Valuation; origin and classification; Asia and Pacific