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Western Hemisphere > Suriname

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Cover IMF Working Papers
Regional Financial Integration in the Caribbean: Evidence From Financial and Macroeconomic Data
Goohoon Kwon
and
Mr. Raphael A Espinoza
This paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well integrated as one would expect from the extent of cross-listing and importance of regional banking groups: price differentials of cross-listed stocks reach an average of 5 percent. Auto-Regressive models suggest that these price differentials are only slowly arbitraged away, with half-lives exceeding 7 worked days, even when looking only at large arbitrage opportunities (using a Threshold Auto-Regressive model). A speculative methodology using macroeconomic data seems to confirm these findings. A strong mean reversion of the current account (respectively regional trade imbalances) is interpreted, following Obstfeld and Taylor (2004), as a lack of ways to finance current account deficits, i.e. a lack of global (respectively regional) financial integration. The region appears to be much less integrated than the EU15 or the ASEAN+3 groups, although it fares well compared to other LDCs.
Keywords:
WP; market capitalization; trade balance; exchange rate; CARICOM; cross-market premium; cross-listed stock; Threshold Auto-Regressive model; current account dynamics; CARICOM group; CARICOM community; CARICOM firm; price convergence; balance of payments; liquid asset; Financial integration; Stock markets; Stocks; Current account; Regional integration; Caribbean; Global
Cover Departmental Papers
Suriname: Toward Stability and Growth
Mr. Masahiro Nozaki
,
Mr. Tobias Roy
,
Mr. Pawel Dyczewski
,
Mr. Bernhard Fritz-Krockow
,
Ms. Fanny M Torres Gavela
,
Mr. Gamal Z El-Masry
, and
Mr. Rafael A Portillo
This paper analyzes the economic growth and stability in Suriname. The paper highlights that in recent years, the outlook has turned substantively more positive. The favorable external environment and the stability-oriented policies of the Venetian administration have boosted confidence in the economy, leading to increased investment, domestic economic activity, and employment. The recent boom in commodity prices has helped boost growth, while increased gold production and investment in the mineral industry are projected to support continued growth in the coming years.
Keywords:
DPPP; DP; government; Suriname; exchange rate; company; foreign currency; central bank; U.S. dollar; monetary policy; interest rate; Exchange rates; Currencies; Inflation; Bank deposits; Gold; Caribbean; Global; South America; Western Hemisphere; Africa
Cover IMF Staff Country Reports
Suriname: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
IMF staff estimate; Surinam rice operation; burger Luchtvaart Autoriteit Suriname; Tennis bond; Sur. zwembond; unit value; Suriname authorities; Public sector; Agroindustries; Exports; Stocks; Western Hemisphere
Cover IMF Staff Country Reports
Suriname: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion for Suriname; and Statement by the Executive Director for Suriname
International Monetary Fund
The key findings of Suriname’s 2008 Article IV Consultation show that a narrow economic base, terms-of-trade swings, and a weak policy/institutional framework have in the past led to macroeconomic instability. Weak policy and institutional frameworks have contributed to higher economic volatility and lower growth than in other commodity-exporting countries. These have undermined the credibility of policies and contributed to high financial dollarization, with over half of deposits denominated in foreign currency. Aided by high commodity prices and improved confidence, GDP growth is estimated at 5½ percent, with strong performance in both the mineral and nonmineral sectors.
Keywords:
ISCR; CR; Surinamese authorities; debt; IDB financing; terms of trade; price shock; GDP number; GDP ratio; Inflation; Public sector; Current account; Global
Cover IMF Staff Country Reports
Suriname: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Suriname; joint stock; net; IMF staff estimate; Surinam rice operation; burger Luchtvaart Autoriteit Suriname; unit value; Sur. zwembond; Suriname authorities; Public sector; Agroindustries; Transportation; Stocks; Western Hemisphere
Cover IMF Staff Country Reports
Suriname: 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Suriname
International Monetary Fund
This 2007 Article IV Consultation highlights that aided by favorable external conditions and an improvement in macroeconomic management, Suriname’s economic performance has improved in recent years. Since 2002, the central government deficit has declined sharply, leading to a substantial decrease in public debt as a share of GDP. Monetary policy has focused on reducing inflation, while the central bank has become more independent. In 2006, macroeconomic performance was better than anticipated, benefiting from a continued favorable external environment. The outlook for 2007 looks broadly positive.
Keywords:
ISCR; CR; government; overtime inflation expectation; Surinamese authorities; export base; CBvS; revenue stabilization fund; GDP number; authorities' hope; Commercial banks; Bank deposits; International reserves
Cover IMF Working Papers
Guyana: Why Has Growth Stopped? An Empirical Study on the Stagnation of Economic Growth
Judith Gold
,
Mr. Ruben V Atoyan
, and
Miss Cornelia Staritz
After a period of exceptionally strong economic performance, Guyana's growth has stagnated since 1998. The paper tries to identify the factors that can explain this dramatic deterioration in economic performance. The paper first attempts to explain the decline of growth with a growth accounting exercise which shows that there was a significant swing in total factor productivity, and than uses a panel regression framework to analyze the growth impact of changes in various factors. Finally, through a series of cross-country exercises, the paper shows that the primary reasons for the divergence between the economic performance of Guyana and other Caribbean, HIPC, and PRGF-eligible countries in 1998-2004 are a substantial decline in share of net foreign and private domestic investment in GDP, a decline in the labor force, and a less favorable political and institutional environment.
Keywords:
WP; sub
Cover IMF Staff Country Reports
Suriname: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Suriname; joint stock; IMF staff estimate; Surinam rice operation; Suriname authorities; burger Luchtvaart Autoriteit Suriname; Public sector; Agroindustries; Transportation; Exports; Western Hemisphere
Cover IMF Staff Country Reports
Suriname: 2005 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Suriname
International Monetary Fund
Suriname’s 2005 Article IV Consultation reports that economic activity has strengthened reflecting increased mining output and investment. The principal short-term challenge for Suriname is to maintain disciplined fiscal and monetary policies, especially to contain the inflation impact of the increase in domestic fuel prices. Over the medium term, the priority will be to entrench a consistent macroeconomic policy framework and advance critical public sector reforms to minimize the vulnerability to exogenous shocks and improve the competitiveness of nonmining sectors.
Keywords:
ISCR; CR; Inter-American Development Bank; government; deficit; coalition government; Surinamese authorities; stabilization fund; credit growth; privatization process; Suriname authorities; authorities' decision; pricing system; Exchange rates; Public sector; Commercial banks; Global; Caribbean
Cover IMF Staff Country Reports
Suriname: Selected Issues
International Monetary Fund
This Selected Issues paper describes the revenue instability and its consequences for Suriname. It explores some options for policy rules that could be considered in the case of Suriname. The paper analyzes inflation in Suriname from its historical and international perspectives, reviews the monetary policy instruments and the institutional framework, and describes the exchange rate regime and its main developments. The paper also analyzes the type of macroeconomic shocks and the domestic transmission mechanism for Suriname.
Keywords:
ISCR; CR; foreign currency; Suriname; gold mining; rice; ACP country; foreign currency deposit; exchange rate depreciation; monetary policy response; EU market; banking transaction; gold mining operation; revenue stabilization funds; Agricultural commodities; Mining sector; Bank deposits; Gold; Dollarization; Western Hemisphere; Caribbean; South America; Middle East; Central America; Africa