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Western Hemisphere > Cuba

You are looking at 1 - 9 of 9 items for :

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Cover IMF Working Papers
Repeated Use of IMF-Supported Programs: Determinants and Forecasting
Martin Iseringhausen
,
Ms. Mwanza Nkusu
, and
Wellian Wiranto
This paper studies the determinants of repeated use of Fund-supported programs in a large sample covering virtually all General Resources Account (GRA) arrangements that were approved between 1952 and 2012. Generally, the revolving nature of the IMF’s resources calls for the temporary sup-port of member countries to address balance of payments problems while repeated use has often been viewed as program failure. First, using probit models we show that a small number of country-specific variables such as growth, the current account balance, the international reserves position, and the institutional framework play a significant role in explaining repeated use. Second, we discuss the role of IMF-specific and program-specific variables and find evidence that a country’s track record with the Fund is a good predictor of repeated use. Finally, we conduct an out-of-sample forecasting exer-cise. While our approach has predictive power for repeated use, exact forecasting remains challenging. From a policy perspective, the results could prove useful to assess the risk IMF programs pose to the revolving nature of the Fund’s financial resources.
Keywords:
WP; explanatory variable; country; regime; IMF lending; Fund resources; GRA arrangements; program success; IMF quota; IMF support; adjustment program; lending practice; IMF arrangement; successor program; IMF-supported adjustment program; program period; IMF-supported programs consist; program failure; quota share; Current account balance; Exchange rate arrangements; Arrears; International reserves; Global
Cover IMF Staff Country Reports
St.Vincent and the Grenadines: Staff Report for the 2011 Article IV Consultation
International Monetary Fund
This consultation paper explains that in addition to the adverse impact of the global slowdown and higher commodity prices, St. Vincent and the Grenadines has been hit by two successive natural disasters in the last 12 months. As a result, real GDP has been contracted by a cumulative 4.7 percent since 2007 and is expected to remain slightly negative this year. Growth is expected to improve gradually toward its potential, but significant downside risks remain, largely related to developments in the global economy.
Keywords:
ISCR; CR; debt; GDP; present value; real GDP; core inflation; growth potential; debt service; growth in St. Vincent and the Grenadines; creating flow; private sector; sustainability framework; Public and publicly-guaranteed external debt; Fiscal stance; Caribbean; Global; North America; Northern Europe
Cover A Guide to Direction of Trade Statistics
A Guide to Direction of Trade Statistics
International Monetary Fund

Abstract

This handbook issued by the IMF is primarily intended for users of the IMF's direction of trade database. The guide describes the collection, compilation, and dessemination of statistics on exports and imports by partner country. National compilers of statistics on trade by country may also derive some benefit from the Guide.

Keywords:
BOOK; estimation type; reported data; partner data; partner country data; oil exporting country; Imports; Exports; Direction of trade; Trade balance; Trade systems; Africa; Middle East; Western Hemisphere; Europe; Asia and Pacific; trade data; country page; exchange record statistics; time series key; Customs document; page data
Cover A Guide to Direction of Trade Statistics
A Guide to Direction of Trade Statistics
International Monetary Fund

Abstract

Ce manuel a été publié par le FMI pour aider les utilisateurs de la base de données « Direction of Trade Statistics » du FMI. Le guide contient des recommandations sur lesquelles se fondent les déclarations au sujet de la répartition géographique des échanges régulièrement publiées par le FMI dans ses principales publications statistiques : Direction of Trade Statistics et International Financial Statistics .

Keywords:
BOOK; estimation type; reported data; partner data; partner country data; oil exporting country
Cover The Fund Agreement in the Courts, Vol. II
The Fund Agreement in the Courts, Vol. II
Mr. Joseph Gold

Abstract

Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had a bearing on issues before the courts.

Keywords:
BOOK; article; court; control regulation; exchange contract; Fund; exchange control regulation; unit of account; lower court; Exchange restrictions; Currencies; Exchange rates; Insurance; Europe; South America; Global
Cover Les procès d’assurance cubains et les Statuts du Fonds
Les procès d’assurance cubains et les Statuts du Fonds
International Monetary Fund
Keywords:
PAM; article; exchange control regulation; contract; regulation; exchange contract
Cover Cuban insurance Cases and the Articles of the Fund
Cuban insurance Cases and the Articles of the Fund
International Monetary Fund

Abstract

This paper discusses the Cuban insurance cases. The litigation in U.S. courts in which claims have been made under life insurance policies issued by U.S. or Canadian companies to applicants then resident in Cuba is the most extensive body of cases involving Article VIII, Section 2(6) that has come into the courts. The cases suggest that the benefits of Article VIII, Section 2(6), cease to be available to a country once it withdraws from the IMF, even in respect of contracts entered into when the country was a member. This conclusion seems to have been accepted by both courts and counsel in the cases.

Keywords:
PAM; article; exchange control regulation; contract; regulation; exchange contract; defendant company; life insurance contract; exchange resource; Currencies; Exchange restrictions; Insurance; Insurance companies
Cover The Fund and Non-Member States Some Legal Effects
The Fund and Non-Member States Some Legal Effects
International Monetary Fund

Abstract

This paper examines legal provisions and practices of the IMF that involve nonmember states. It considers certain preliminary topics including: categories of nonmembers, subordinate territories for which members are responsible, and ex-members. It then discusses three ways in which nonmembers are affected either because members are limited in their freedom of action in dealing with nonmembers or because nonmembers have consented to certain obligations or standards that parallel those of the Articles. Withholding of certain benefits from nonmembers is also outlined.

Keywords:
PAM; exchange agreement; exchange transaction; fund's practice; countries of Eastern Europe; General arrangement; Currencies; General Agreement on Tariffs and Trade; Exchange restrictions; Gold; Eastern Europe
Cover IMF Staff Papers
IMF Staff Papers: Volume 1, No. 2
International Monetary Fund. Research Dept.
This paper focuses on various aspects of inflation in Latin America. Among short-run factors, World War II considerably affected the balance of payments of Latin American countries and thus indirectly their inflationary situation. Inflation in a greater or less degree has long been characteristic of many Latin American countries. A high propensity to consume implies either a high multiplier or a high propensity to import. In normal times, the latter was more usual, since the supply of consumers' goods in these countries was rather inelastic. In countries where controls over consumption and investment are strict and efficient, there is a tendency for inflation to give rise to substantial holdings of cash, bank deposits, and other relatively liquid assets in excess of those which would voluntarily be held by business and consumers. In countries such as those of Latin America, where controls have not been very effective, this tendency toward excess liquidity is noticeably smaller. Nevertheless, it is still a factor to reckon with, because involuntary hoarding may be the result of the impossibility of obtaining desired commodities or supplies, even though there is no rationing or similar system in operation. In Latin America during the war the inevitable curtailment of imports did in this way bring about a condition of latent inflation.
Keywords:
SP; import; rate; export