Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Production and Operations Management

You are looking at 1 - 10 of 13 items for :

  • Type: Journal Issue x
  • Computer science x
Clear All Modify Search
Cover IMF Working Papers
Dissecting Economic Growth in Uruguay
Ms. Natasha X Che
Uruguay experienced one of its biggest economic booms in history during 2004-2014. Since then, growth has come down significantly. The paper investigates the various causes of the boom and discusses the sustainability of these causes. It then compares Uruguay against high-growth countries that were once at a similar income level, across a broad set of structural indicators, to identify priority reform areas that could improve long-term growth prospect.
Keywords:
economic growth; Uruguay; commodity price boom; sustainable growth; economy of Uruguay; WP; convergence record; income convergence; soybean export; terms of trade; Uruguay economy
Cover IMF Staff Country Reports
Uruguay: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper investigates the impact of exchange rate movements on private consumption in Uruguay. Uruguay is a highly dollarized economy, which makes the relationship between exchange rate movements and private consumption particularly complex. The paper shows that a large share of Uruguayan households is liquidity constrained, which allows the transitory real income shocks brought about by exchange rate pass-through to have a significant impact on consumption. Moreover, exchange rate pass-through is highly heterogenous, with relative prices of durables increasing (decreasing) following a depreciation (appreciation). This creates incentives for households to engage in intertemporal substitution where they buy durables when they are relatively cheaper. Data from Input–Output tables show that Uruguay produces a nontrivial amount of the tradable, durable goods it consumes, opening the door to contractionary depreciations. The results offer a potential explanation for the often noted ‘excess volatility of consumption’ in emerging markets for the case of Uruguay.
Keywords:
ISCR; CR; dollarization; exchange rate; deposit dollarization; productivity; exchange rate movement; credit dollarization; government investment multiplier; VAR model; Exchange rates; Consumption; Income; Labor productivity; Private consumption; Global; Caribbean
Cover IMF Working Papers
To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America
Mr. Nicolas E Magud
and
Ms. Evridiki Tsounta
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 methodologies commonly used in the literature. We find that NRIRs have declined in the last decade, with more economically and financially developed economies exhibiting lower NRIR levels. Based on the estimated NRIRs, we assess that the current monetary stance (measured by the interest rate gap) is appropriately neutral in most of the considered economies, in line with closing output gaps. We also observe that the interest rate gap can be a good predictor of future inflation dynamics and economic growth. In addition, looking at the recent experiences in Brazil and Peru, we suggest that macro-prudential policies could affect the monetary stance even in the absence of direct interest rate changes, through affecting the NRIR.
Keywords:
WP; monetary policy; real interest rate; central bank; neutral interest rate; monetary stance; macrorpudential policies; interest rate gap; monetary policy rate; potential GDP; output gap estimate; rate of inflation; stimulus withdrawal; interest rate observation; economic growth; accommodative monetary policy; utility function; interest rate hike; monetary policy tightening; Output gap; Real interest rates; Central bank policy rate; Inflation; Global
Cover IMF Staff Country Reports
Uruguay: 2011 Selected Issues
International Monetary Fund
This 2011 Article IV Consultation—Selected Issues paper focuses on estimating potential output and the output gap and spillovers from agriculture in the case of Uruguay. It introduces additional economic information and theory to estimate potential output, shedding some light on the discussion of current monetary and fiscal policies. The objective is to take advantage of economic data to disentangle the most recent economic performance by introducing multivariate techniques. The paper also presents an overview of the labor market and pension system of Uruguay.
Keywords:
ISCR; CR; Uruguay; dollarization level; pension system; debt dollarization; employment flexibility; Philips curve; wage indexation; Potential output; Output gap; Wages; Dollarization; Real wages; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Uruguay: Selected Issues Paper
International Monetary Fund
This paper estimates cyclically adjusted balances for Uruguay, and discusses methodological and practical implementation issues. In line with standard practice, this paper assumes aggregate fiscal revenue elasticity equal to one. The study also focuses on the cyclically adjusted primary balance, so interest payments are excluded from the analysis. It also estimates Cyclically Adjusted Balances (CABs) for both the consolidated public sector and the general government. The economic development and the credibility of the inflation target are discussed. This study identifies the drivers of the low profitability of Uruguayan banks.
Keywords:
ISCR; CR; bank; Uruguay; cost; policy rate; loss-making bank; bank efficiency; return on assets; reaction function; Central bank policy rate; Fiscal stance; Potential output; Inflation; Global
Cover IMF Staff Country Reports
Paraguay: Selected Issues
International Monetary Fund
After five years of Paraguay’s high growth led, in part by agro-exporting sectors, the external environment has turned less favorable, with a sharp decline of export prices and a curtailment of external credit lines. The Selected Issues paper for Paraguay discusses economic development and policies. Over the same period, inflation remained above 5 percent, but hovered around 10 percent in the last two years, fed in part by supply shocks but possibly also by an overheating of the economy.
Keywords:
ISCR; CR; monetary policy; bank behavior; monetary policy rule; primary sector; bank fundamentals; excess output gap; Credit; Banking crises; Output gap; Inflation; Global
Cover IMF Research Bulletin
IMF Research Bulletin, September 2002
International Monetary Fund. Research Dept.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Keywords:
IRB; market; balance sheet variable; TFP growth; capital; IMF research; factor input; monetary policy transmission mechanisms; sustainability issue; portfolio equity stock; Total factor productivity; Emerging and frontier financial markets; Stock markets; Capital flows; Growth accounting; Global; Asia and Pacific; Europe; Sub-Saharan Africa; East Asia
Cover IMF Survey
IMF Survey, Volume 31, Issue 13
International Monetary Fund. External Relations Dept.
Leaders of the Group of Eight countries gathered in Kananaskis, Canada, June 26–27, for a summit that focused on terrorism, the global economy, and building a new partnership for Africa’s development. It was their first meeting since the terrorist attacks of September 11. It was announced that Russia, which since 1997 has participated in summit meetings with the Group of Seven immediately following the annual G-7 summits, and which this year participated more fully as a member of the summit group, will in 2006 assume the presidency of the G-8 and host the summit. The June 2003 summit will be held in France.
Keywords:
SV; IMF's website; IMF mission; Horst Köhler; Stand-By credit; SDR; IMF staff country; continued access; IMF publication service; Fiscal consolidation; Exports; Productivity; Government debt management; Africa; Global; Asia and Pacific; Sub-Saharan Africa; South America; West Africa
Cover IMF Working Papers
Sources of Economic Growth: An Extensive Growth Accounting Exercise
Mr. Abdelhak S Senhadji
A growth accounting exercise is conducted for 88 countries for 1960-94 to examine the source of cross-country differences in total factor productivity (TFP) levels. Two differences distinguish this analysis from that of the related literature. First, the critical technology parameter—the share of physical capital in real output—is econometrically estimated and the usual assumption of identical technology across regions is relaxed. Second, while the few studies on the determinants of cross-country differences in TFP have focused on growth rates of real output this analysis is on levels. Recent theoretical as well as empirical arguments point to the level of TFP as the more relevant variable to explain.
Keywords:
WP; dummy variable; correlation coefficient; TFP level; time series; growth accounting; TFP; production function; Cobb-Douglas production function; TFP series; TFP performance; TFP ranking; increase TFP; Total factor productivity; Human capital; Production growth; East Asia; Africa; South Asia; Middle East; East Africa
Cover IMF Staff Country Reports
Canada: Selected Issues
International Monetary Fund
This Selected Issues paper reviews Canada’s business tax system, looking at the incentive effects of the country’s business tax regime and their implications for output and employment. It presents estimates of marginal effective tax rates on corporate-source income in Canada and comparator countries across sectors, asset classes, means of finance, and asset ownership. The paper also examines labor markets in Canada. It notes that unemployment rates in Canada have risen across all demographic groups, industries, and regions, although young and less-educated workers and workers in agriculture and primary industries have been most severely affected.
Keywords:
ISCR; CR; ODA priority; Canada's official development assistance; CPI; DAC basis; productivity growth; CPI market basket; Pensions; Corporate income tax; Payroll tax; Productivity; Total factor productivity; North America; Central and Eastern Europe; Global; Africa; Asia and Pacific