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Middle East and Central Asia > Mauritania, Islamic Republic of

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Cover IMF Working Papers
Measuring and Mending Monetary Policy Effectiveness Under Capital Account Restrictions: Lessons from Mauritania
Mr. Robert Blotevogel
I propose a new approach to identifying exogenous monetary policy shocks in low-income countries with capital account restrictions. In the case of Mauritania, a domestic repatriation requirement is the key institutional characteristic that allows me to establish exogeneity. Unlike in advanced countries, I find no evidence for a statistically significant impact of exogenous monetary policy shocks on bank lending. Using a unique bank-level dataset on monthly balance sheets of six Mauritanian banks over the period 2006–11, I estimate structural vector autoregressions and two-stage least square panel models to demonstrate the ineffectiveness of monetary policy. Finally, I discuss how a reduction in banks’ loan concentration ratios and improvements in the liquidity management framework could make monetary stimuli more effective.
Keywords:
WP; bank lending; central bank; bank reserves; refinancing possibility; monetary policy effectiveness; exogenous monetary policy shocks; capital account restrictions; low-income countries; liquidity management; loan concentration; monetary policy shock; fish export; balance sheet equity; liquidity position; private-sector credit; transmission mechanism; banks' holding; loan portfolio; excess reserves; risk management capability; Credit; Bank credit; Agroindustries; Exports; Loans; Global
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Fifth Review Under the three-Year Extended Credit Facility Arrangement, Requests for Modification of Performance Criteria and Extension of the Arrangement—Staff Report and Press Release
International Monetary Fund. Middle East and Central Asia Dept.
Mauritania successfully weathered several exogenous shocks during 2011–12. Political upheaval in neighboring countries has not had detrimental economic effects so far, but political uncertainty remains high. Resilient growth and a continued buildup of external and fiscal buffers characterize better-than-expected macroeconomic developments. Ambitious structural reforms are vital for generating broad-based inclusive growth, promoting employment, and reducing poverty. The authorities will continue to improve transparency and economic statistics. Policy actions laid the foundation for a sound macroeconomic performance, although important challenges and vulnerabilities remain.
Keywords:
ISCR; CR; SDR; government; GDP; exchange rate; price; procurement code; foreign exchange; current account; monetary policy; private sector; Credit; Loans; Nonperforming loans; Global
Cover Policy Papers
Multilateral Debt Relief Initiative and Exogenous Shocks Facility - Proposed Decisions
International Monetary Fund
This paper puts forward a package of proposed decisions to implement the Multilateral Debt Relief Initiative (“MDRI”) and establish the Exogenous Shocks Facility within the PRGF Trust; it also provides a Commentary on key aspects of the decisions. The proposed decisions generally reflect the overall structure and modalities that have been identified by the staff and endorsed by Executive Directors in the several meetings held to date concerning the G-8 debt relief proposal/MDRI and ESF.
Keywords:
PP; II Trust; PRGF-HIPC Trust instrument; reserve account; Interim PRGF Subsidy Operations; resources of the Trust; subsidy operation; Loans; Poverty reduction strategy; Debt relief; Currencies; Public and publicly-guaranteed external debt
Cover Lessons From Systemic Bank Restructing
Lessons From Systemic Bank Restructing
International Monetary Fund

Abstract

Systemic bank restructing aims to improve bank performance - that is, restore solvency and profitability, improve the banking system's capacity to provide financial intermediation between savers and borrowers, and restore public confidence. The authors of this studyanalyzed the experiences of 24 countries that initiated reforms in the1980s and early 1990s.

Keywords:
EI; bank; government; country; bank assets; bank management; bank performance; problem bank; country experience; State development bank; bank restructuring program; bank obligation; government assistance; bank privatization; moderate-progress country; bank rescue operations; Bank resolution; Commercial banks; Nonperforming loans; Banking crises; Bank solvency; West Africa; Global