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Business and Economics > Finance: General

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Cover IMF Working Papers
Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks
Maximiliano Appendino
,
Olga Bespalova
,
Ms. Rina Bhattacharya
,
Jean François Clevy
,
Ms. Nan Geng
,
Mr. Takuji Komatsuzaki
,
Justin Lesniak
,
Weicheng Lian
,
Ms. Sandra Marcelino
,
Mr. Mauricio Villafuerte
, and
Mr. Yorbol Yakhshilikov
After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.
Keywords:
crypto assets regulation; asset substitution; CBDCs in Latin America and the Caribbean; Policy recommendation; cypto assets; IMF working paper 23/37; Virtual currencies; Central Bank digital currencies; Digital currencies; Payment systems; Currencies; Caribbean; Central America; South America; Global
Cover Policy Papers
Review Of The Fund’s Policy On Multiple Currency Practices: Initial Considerations
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Monetary and Capital Markets Department
,
International Monetary Fund. Strategy, Policy, &amp
,
Review Department
, and
International Monetary Fund. Research Dept.
This paper reviews the Fund’s policy on multiple currency practices (MCPs). There remain strong economic and legal reasons to retain a policy on MCPs. The over-arching aim of the review is to make the policy and its application more effective. Based on this review, the paper proposes initial considerations for reforming features of the policy that have created challenges. • Clarifying the concept of “official action” to focus on measures that segment FX markets. • Eliminating potentiality. • Updating the threshold for permissible FX spreads. • Adjusting approval policies. • Reviewing links with capital transactions. • Considering merits of a remedial framework.
Keywords:
PP; article; The Fund; MCP Policy; market; transaction; exchange transaction; exchange restriction; fund member; transaction vis-à-vis; Multiple currency practices; Exchange rates; Exchange restrictions; Currencies; Global; IMF's transparency policy; Middle East; Central Africa; East Africa
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 2018 Article IV Consultation-Press Release; Staff Report and Statement by the Executive Director for St. Vincent and the Grenadines
International Monetary Fund. Western Hemisphere Dept.
This Article IV Consultation highlights that following the opening of a modern international airport, signs of an economic recovery have emerged, with increased direct flights from major cities in the United States and Canada and renewed interests from foreign investors in tourism projects. The overall fiscal balance has improved over the past few years, and the debt to GDP ratio fell in 2017 for the first time since 2007. However, despite these positive developments, St. Vincent and the Grenadines faces challenges in sustaining the growth momentum over the longer-term. Like other Caribbean economies, its high exposure to natural disasters, limited land, narrow production and exports base, weak business competitiveness, and limited physical and human capital constrain potential growth. The financial system remains broadly stable but has vulnerable spots in the non-bank financial sector. It is important to implement structural reforms to foster private sector activity, by improving the investment environment and strengthening physical and human capital.
Keywords:
ISCR; CR; GDP; budget; assumption underpinning budget estimate; SVG economy; growth outlook; GDP target; debt target; debt reduction objective; Natural disasters; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This 2018 Article IV Consultation highlights that in 2018, Dominica’s output is projected to decline by 14 percent and to take about 5 years to recover to pre-hurricane levels. The fall in output and government revenue, coupled with increased expenditure for rehabilitation and reconstruction, will lead to a substantial worsening of fiscal and external deficits. However, signs of recovery, particularly in construction and the public sector, have already started to emerge. The risks to the outlook include the budget becoming financially constrained and unable to sustain adequate investment given high debt, limited buffers, weak revenue, and urgent needs for reconstruction spending. Other risks include financial instability stemming from undercapitalization of systemic financial institutions, recurrent natural disasters, and external competitiveness challenges.
Keywords:
ISCR; CR; Dominica; cost; director; output collapse; recovery spending; costs of reconstruction; category 5 Hurricane Maria; zoning regulation; vulnerability to natural disasters; Natural disasters; Credit bureaus; Public sector; Caribbean; Global
Cover Finance & Development
Finance and Development, September 2017
International Monetary Fund. External Relations Dept.
Finance and Development, September 2017
Keywords:
FD; F&D; economy; terror-crime nexus; euro note; country; investment
Cover Finance & Development
Finance and Development, September 2017
International Monetary Fund. External Relations Dept.
This paper focuses on the United States and the United Kingdom that were the main architects of the post-1945 order, with the creation of the United Nations systems, but they now appear to be pioneers in the reverse direction—steering an erratic, inconsistent, and domestically controversial course away from multilateralism. Other countries, meanwhile, for various reasons are incapable of assuming that global leadership and the rest of the world likely would not support a new hegemon in any event. The postwar system created at the BrettonWoods, New Hampshire, conference in 1944 should be credited with economic growth, a reduction in poverty, and the absence of destructive trade wars. It built a comity that encourages to this day cooperation on issues as diverse as taxation, financial regulation, climate change policy, and terrorism financing. The central postwar concern was international financial stability. The United States and the newly created International Monetary Fund were at the center of a system that sought to maintain that stability by linking exchange rates to the dollar, with the IMF the arbiter of any changes.
Keywords:
FD; F&D; economy; terror-crime nexus; euro note; country; investment; Europa series; IMF's Michael Keen; fact-checking website; capital share; Financial inclusion; Currencies; Women; Global; Africa; Europe; Sub-Saharan Africa; Asia and Pacific
Cover IMF Staff Country Reports
Dominica: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that the Dominican economy was hit hard by tropical storm Erika in 2015. Agricultural output and manufacturing declined sharply, as the storm affected crops and access to arable land, and prompted the closure of operations of the main industrial plant. Inflation has remained subdued, mainly as a result of falling fuel prices. Notwithstanding weak exports of agriculture and tourism, the 2015 current account deficit remained contained on the back of lower oil imports. Output growth is expected to remain subdued in 2016 at 1.3 percent as the economy slowly recovers from the storm and investment in reconstruction picks up.
Keywords:
ISCR; CR; ECP revenue; financing constraint; authority; ECP; expenditure projection; budget proposal; budget projection; Fiscal consolidation; Natural disasters; Fiscal stance; Caribbean
Cover Policy Papers
List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months
International Monetary Fund
In line with a framework introduced in 2012 for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for which the Article IV consultation has been delayed by more than 18 months at March 15, 2016. The delay is counted past the stipulated date for the consultation plus any applicable grace period. There are no countries for which the mandatory financial stability assessments are delayed by more than 18 months at March 15, 2016.
Keywords:
PP; IMF staff; delay; consultation; delay in completion of consultation; Financial stability assessment
Cover Policy Papers
List of IMF Member Countries with Delays in Completion of Article IV Consultations Over 18 Months or Mandatory Financial Stability Assessment Over 18 Months
International Monetary Fund
This Staff Report Lists IMF Member Countries with Delays in Completion of Article IV Consultations over 18 Months or Mandatory Financial Stability Assessment over 18 Months, prepared by IMF staff and completed on January 28, 2015.
Keywords:
PP; consultation; IMF staff; month; IMF member countries with delay; fund staff; delay in completion of consultation; Financial stability assessment
Cover Latin America
Latin America
New Challenges to Growth and Stability
Ms. Dora M Iakova
,
Mr. Luis M. Cubeddu
,
Gustavo Adler
, and
Mr. Sebastian Sosa

Abstract

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, most economies staged a rapid recovery. However, economic activity across the region has been cooling off and the region is facing a more challenging period ahead. This book argues that Latin America can rise to the challenge, and policymakers in the region are already implementing reforms in education, energy, and other sectors. More is needed, and more is possible, in Latin America’s quest to continue to improve living standards.

Keywords:
BOOK; commodity; commodity price; terms-of-trade shock; commodity exporter; TFP performance; income windfall; Commodity prices; Personal income; Capital flows; Global; Caribbean; Central America; Asia and Pacific; South America; commodity export