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Law > Business and Financial

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Cover IMF Staff Country Reports
Kingdom of the Netherlands-Aruba: Technical Assistance Report-Financial Stability Diagnostic and Scoping Mission
International Monetary Fund. Western Hemisphere Dept.
This technical assistance report on Aruba highlights the financial stability diagnostic and scoping mission. The economy of Aruba is tourist dependent, which is an important source of vulnerability. The major source of risk comes from lending. Banks are increasingly exposed to the real estate market and compete with nonregulated lenders. Residential house prices have increased significantly in some regions since the start of the pandemic driven by strong demand from nonresidential buyers as well as higher construction costs due to coronavirus disease-related supply constraints. The future Financial Stability Department (FSD) is advised to develop a strategy on Macroprudential Policy (MaP). Based on the macroprudential strategy, the FSD should prepare the methodology for the introduction of the MaP instruments chosen as well as ensure the necessary preparations in terms of data collection for this purpose. The data available to the Central Bank of Aruba is sufficient for starting systemic risk monitoring, but some data gaps should be addressed. The monitoring of systemic risk and the development of macroprudential tools requires more granular, frequent, and timely data.
Keywords:
CARTAC mission; staff team of the International Monetary Fund; bank FIS; mortgage bank; bank data; c. CBA; lending portfolio; Financial sector stability; Mortgages; Commercial banks; Housing prices; Loans; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Netherlands Antilles: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation for the Netherlands Antilles’ reports that economic growth has been feeble so far in this decade, in the midst of economic policy drift. Growth has been constrained by still inflexible labor markets, widespread state ownership and interference in commercial activities, and insufficient investment in infrastructure and human capital. At the same time, free migration to the Netherlands has kept wages high. Persistent budget deficits and a large and growing public debt have also remained unaddressed.
Keywords:
ISCR; CR; public finance; IMF staff estimate; inflation expectation; executive board assessment; Curaçao government; Antillean authorities; IMF's view; sustainable public finances; island government; IMF's effort; Caribbean