Back Matter

Back Matter

Author(s):
International Monetary Fund. Western Hemisphere Dept.
Published Date:
October 2010
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    Western Hemisphere: Main Economic Indicators 1

    Output Growth

    (Percent)
    Inflation

    (End-of-period, percent) 2
    External Current Account Balance (Percent of GDP)
    1996-2005

    Avg.
    20062007200820092010

    Proj.
    2011

    Proj.
    1996-2005

    Avg.
    20062007200820092010

    Proj.
    2011

    Proj.
    1996-2005

    Avg.
    20062007200820092010

    Proj.
    2011

    Proj.
    North America
    Canada3.32.82.20.5-2.53.12.72.11.42.51.90.82.12.01.01.40.80.4-2.8-2.8-2.7
    Mexico3.74.93.31.5-6.55.03.910.64.03.76.53.54.53.0-1.9-0.5-0.8-1.5-0.6-1.2-1.4
    United States3.42.71.90.0-2.62.62.32.62.24.10.71.90.51.2-3.7-6.0-5.1-4.7-2.7-3.2-2.6
    South America
    Argentina 32.58.58.76.80.97.54.06.09.88.57.27.711.011.0-0.13.22.31.52.01.71.2
    Bolivia3.34.84.66.13.44.04.54.24.911.711.80.33.53.5-2.711.312.012.14.66.55.2
    Brazil2.44.06.15.1-0.27.54.17.43.14.55.94.35.24.8-2.01.20.1-1.7-1.5-2.6-3.0
    Chile4.34.64.63.7-1.55.06.03.72.67.87.1-1.43.73.0-1.54.94.5-1.52.6-0.7-2.0
    Colombia2.37.16.32.70.84.74.610.54.55.77.72.03.23.3-1.8-1.9-2.8-2.9-2.2-2.7-2.8
    Ecuador3.34.82.06.50.42.92.329.42.93.38.84.33.73.2-1.23.93.62.2-0.7-0.8-1.6
    Guyana1.65.17.02.03.02.93.15.44.214.06.43.74.54.0-7.6-13.1-11.1-13.2-8.6-11.3-10.2
    Paraguay1.24.36.85.8-3.89.05.08.812.55.97.51.95.55.5-1.61.41.8-2.5-1.0-1.2-1.6
    Peru3.47.78.99.80.98.36.04.01.13.96.70.22.82.0-2.83.11.3-3.70.2-1.3-2.2
    Suriname3.43.85.26.02.54.04.730.34.78.49.31.312.44.9-14.67.57.54.0-2.40.1-2.3
    Uruguay1.34.37.58.52.98.55.011.06.48.59.25.97.06.0-0.9-2.0-0.9-4.80.7-0.1-0.7
    Venezuela2.09.98.24.8-3.3-1.30.530.817.022.530.925.133.331.08.014.88.812.02.67.88.2
    Central America
    Belize5.84.71.23.80.02.02.31.92.94.14.4-0.45.92.5-12.7-2.1-4.1-9.8-6.8-5.7-6.7
    Costa Rica4.58.87.92.8-1.13.84.211.69.410.813.94.05.54.5-4.1-4.5-6.3-9.2-1.8-4.2-4.8
    El Salvador2.74.24.32.4-3.51.02.53.34.94.95.50.01.52.8-2.5-4.2-6.0-7.6-1.8-2.8-3.1
    Guatemala3.35.46.33.30.52.42.67.85.88.79.4-0.35.55.0-5.2-5.0-5.2-4.5-0.6-2.9-3.5
    Honduras3.96.66.24.0-1.92.43.511.55.38.910.83.05.75.8-4.7-3.7-9.0-12.9-3.2-6.3-6.9
    Nicaragua4.14.23.12.8-1.53.03.08.39.416.913.80.97.06.7-19.7-13.6-17.7-24.1-13.7-16.4-16.0
    Panama5.08.512.110.13.06.26.71.22.26.46.81.94.12.7-5.2-3.1-7.2-11.60.0-7.9-7.9
    The Caribbean
    Antigua and Barbuda4.312.96.51.8-8.9-4.13.11.90.05.20.72.4-1.14.4-11.2-31.4-32.9-29.4-25.4-14.8-16.7
    The Bahamas3.83.51.9-1.7-4.30.51.51.72.32.94.51.31.71.2-9.7-19.6-17.8-15.9-12.6-13.9-13.7
    Barbados2.43.63.8-0.2-5.5-0.53.02.85.74.87.24.35.02.2-5.2-6.9-4.5-9.6-5.8-4.2-4.2
    Dominica0.84.82.53.2-0.31.42.51.51.86.02.13.21.51.5-19.0-15.7-25.0-31.8-28.1-25.4-23.3
    Dominican Republic5.210.78.55.33.55.55.512.85.08.94.55.86.35.0-0.8-3.6-5.3-9.9-4.6-6.9-6.3
    Grenada4.7-2.34.92.2-7.70.82.02.01.77.45.2-2.44.72.0-19.7-33.2-43.2-38.7-25.7-25.0-26.0
    Haiti 41.02.23.30.82.9-8.59.816.512.47.919.8-4.78.58.6-0.7-1.4-0.3-4.5-3.2-2.1-3.7
    Jamaica0.73.01.4-0.9-3.0-0.11.810.25.716.816.810.210.25.3-5.9-10.0-16.5-18.3-10.5-7.7-7.3
    St. Kitts and Nevis3.72.64.24.6-5.5-1.50.53.67.92.17.61.02.22.5-25.6-20.4-24.0-34.2-26.4-24.7-22.8
    St. Lucia1.74.81.50.7-5.21.12.32.40.76.83.81.01.92.1-13.6-30.2-31.3-30.7-20.0-21.2-22.1
    St. Vincent and Grenadines3.17.68.0-0.6-1.00.52.01.84.88.38.7-1.61.92.9-18.4-23.7-34.6-35.2-34.7-48.3-33.0
    Trinidad and Tobago7.913.24.82.4-3.51.22.54.69.17.614.51.310.46.03.739.624.831.39.017.816.7
    Memorandum:
    Latin America and the Caribbean3.05.65.74.3-1.75.74.09.85.16.38.25.06.86.0-1.51.60.4-0.7-0.6-1.2-1.6
    (Simple average)3.25.75.43.6-1.42.73.68.45.57.98.92.85.95.0-6.6-5.0-7.5-9.6-6.9-7.1-7.0
    LA-7 52.95.55.74.2-2.06.04.12.95.55.74.2-2.06.04.187.7105.5111.6116.3114.0120.8125.7
    East Caribbean Currency Union 63.06.65.61.9-6.7-1.02.11.52.85.84.20.71.52.7-17.5-30.9-35.4-36.9-26.7-25.4-22.5
    Source: IMF staff calculations.

    Regional aggregates calculated as PPP GDP-weighted averages, unless otherwise noted.

    End-of-period (December) rates, These will generally differ from period average inflation rates reported in the IMF, World Economic Outlook, although both are based on identical underlying projections.

    Private analysts estimate that consumer price index inflation has been considerably higher. The authorities have created a board of academic advisors to assess these issues. Private analysts are also of the view that real GDP growth has been lower than the official reports since the last quarter of 2008.

    Fiscal year data.

    Includes Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela. These comprise the seven largest economies in Latin American and the Caribbean.

    Includes Anguilla, Antigua and Barbuda, Dominica, Grenada, Monseratt, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    Source: IMF staff calculations.

    Regional aggregates calculated as PPP GDP-weighted averages, unless otherwise noted.

    End-of-period (December) rates, These will generally differ from period average inflation rates reported in the IMF, World Economic Outlook, although both are based on identical underlying projections.

    Private analysts estimate that consumer price index inflation has been considerably higher. The authorities have created a board of academic advisors to assess these issues. Private analysts are also of the view that real GDP growth has been lower than the official reports since the last quarter of 2008.

    Fiscal year data.

    Includes Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela. These comprise the seven largest economies in Latin American and the Caribbean.

    Includes Anguilla, Antigua and Barbuda, Dominica, Grenada, Monseratt, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

    Latin America and the Caribbean: Main Fiscal Indicators 1

    Public Sector Revenue

    (Percent of GDP)
    Public Sector Primary Expenditure

    (Percent of GDP)
    Public Sector Overall Balance

    (Percent of GDP)
    Public Sector Primary Balance

    (Percent of GDP)
    Public Sector Gross Debt

    (Percent of GDP)
    2007200820092010201120072008200920102011200720082009201020112007200820092010201120072008200920102011
    Proj.Proj.Proj.Proj.Proj.Proj.Proj.Proj.Proj.Proj.
    North America
    Canada 240.739.838.337.838.035.035.740.039.137.41.60.1-5.5-4.9-2.92.20.1-4.6-4.5-2.865.169.881.681.780.5
    Mexico21.422.922.222.021.920.121.524.523.723.0-1.3-1.4-4.9-3.6-3.11.41.3-2.3-1.7-1.138.243.344.945.245.7
    United States 233.932.430.430.331.533.636.340.739.038.5-2.7-6.7-12.9-11.1-9.7-0.6-4.7-11.2-9.5-8.062.171.184.392.799.3
    South America
    Argentina 331.533.433.934.634.629.130.633.834.734.7-2.1-0.3-3.7-3.5-3.82.42.70.2-0.1-0.167.959.659.052.248.1
    Bolivia34.438.936.034.334.629.332.633.833.533.62.64.30.6-0.8-0.45.16.32.20.71.140.937.540.537.836.2
    Brazil35.736.636.136.336.532.232.533.933.033.3-2.6-1.3-3.2-1.7-1.23.44.12.13.33.265.264.168.966.866.6
    Chile28.827.221.724.024.619.822.325.525.224.98.44.3-4.3-1.6-0.69.04.8-3.8-1.2-0.34.15.26.27.66.9
    Colombia27.226.626.724.825.324.223.026.025.025.9-1.00.1-2.5-3.5-3.93.03.60.7-0.2-0.632.532.335.235.736.3
    Ecuador29.033.728.130.430.724.933.131.731.930.22.2-0.8-4.2-2.2-1.14.10.5-3.6-1.40.526.721.114.713.713.5
    Guyana 428.327.728.928.929.930.829.630.730.831.9-4.3-3.6-3.5-3.7-3.6-2.5-1.9-1.9-1.9-2.060.061.660.563.967.7
    Paraguay21.220.923.223.223.218.817.322.122.322.71.53.00.50.5-0.12.43.61.21.00.521.919.118.017.116.4
    Peru20.921.018.919.920.116.017.319.819.619.13.22.2-2.1-0.8-0.15.03.7-0.80.31.030.925.727.425.423.6
    Suriname30.527.533.028.426.926.924.933.031.227.92.22.0-1.6-4.1-2.53.72.6-0.1-2.9-1.121.118.120.322.924.7
    Uruguay 530.728.930.431.831.727.327.629.329.329.40.0-1.5-1.7-0.6-0.93.41.41.12.52.363.061.660.755.952.1
    Venezuela33.331.624.935.236.234.532.831.537.238.4-2.9-2.7-8.2-3.8-3.5-1.2-1.2-6.7-2.0-2.230.924.636.434.838.9
    Central America
    Belize 628.228.726.427.427.524.424.424.526.026.0-0.70.4-1.6-2.5-2.83.84.21.91.41.584.878.280.278.177.2
    Costa Rica 423.323.422.322.923.518.020.023.124.925.41.90.7-3.2-4.7-4.45.33.4-0.8-2.0-1.929.626.028.029.531.6
    El Salvador 416.516.015.416.517.515.916.318.519.119.0-1.9-2.6-5.6-4.9-4.40.6-0.3-3.1-2.6-1.538.839.748.550.051.0
    Guatemala 612.812.011.111.311.712.812.312.813.213.1-1.4-1.6-3.1-3.4-3.10.0-0.3-1.7-1.8-1.421.319.923.024.526.1
    Honduras24.426.324.824.524.525.227.328.727.226.2-1.6-1.7-4.6-3.7-3.1-0.8-1.0-3.9-2.7-1.819.720.223.726.127.2
    Nicaragua 530.329.328.831.031.126.728.129.529.629.92.10.0-2.1-0.1-0.53.71.2-0.71.41.183.076.281.367.267.8
    Panama 827.825.924.625.125.820.922.422.823.024.33.40.4-1.0-0.7-1.06.93.51.82.21.548.541.239.940.036.5
    The Caribbean
    Antigua and Barbuda 624.123.820.125.525.526.926.831.922.221.9-6.4-6.1-19.6-1.0-0.6-2.9-3.0-11.83.33.693.392.8118.3104.099.3
    The Bahamas 618.619.418.017.517.619.419.520.920.419.8-2.5-2.1-4.9-5.3-4.8-0.8-0.1-2.8-2.9-2.234.936.841.446.950.1
    Barbados 938.340.438.837.740.340.943.441.740.039.3-6.2-6.9-7.2-6.8-3.6-2.5-3.0-2.9-2.31.086.295.7104.9111.6113.3
    Dominica 644.646.246.843.942.740.043.043.942.741.72.20.90.8-1.2-0.64.63.13.01.21.090.984.983.883.181.2
    Dominican Republic 917.315.813.714.015.115.317.715.214.214.50.3-3.5-3.5-2.3-1.61.9-1.8-1.6-0.20.620.325.328.429.022.0
    Grenada 727.129.428.528.228.332.932.432.327.926.3-7.9-5.1-6.6-2.9-1.2-5.8-3.0-3.80.32.0111.0102.2122.3119.1116.3
    Haiti 615.815.117.924.328.514.517.521.526.631.80.2-3.1-4.4-2.9-3.91.3-2.4-3.6-2.3-3.334.937.724.825.927.7
    Jamaica 726.426.326.525.625.718.920.920.820.619.4-3.9-6.4-9.9-7.1-3.27.55.45.75.16.3111.5120.0134.0135.7131.6
    St. Kitts and Nevis 739.437.240.431.532.835.733.935.438.336.5-4.8-5.0-3.1-15.5-13.13.63.35.0-6.8-3.8181.3170.0184.7196.3204.9
    St. Lucia 728.329.929.731.731.125.527.632.234.832.6-0.8-1.1-6.1-7.2-5.72.72.2-2.5-3.1-1.566.566.274.779.180.7
    St. Vincent and Grenadines 731.034.534.935.033.031.933.135.444.434.1-4.0-1.7-3.6-13.4-4.6-1.01.4-0.5-9.5-1.166.969.475.091.797.7
    Trinidad and Tobago33.340.132.534.831.927.529.537.236.035.73.78.8-7.2-4.2-6.75.810.6-4.6-1.3-3.828.925.332.439.242.5
    ECCU 1030.631.531.231.431.131.131.734.833.630.9-4.0-3.6-8.4-6.6-4.1-0.4-0.2-3.6-2.20.391.189.2103.8105.3105.8
    Latin America and the Caribbean
    PPP GDP-weighted average28.729.528.429.229.426.026.929.028.828.7-1.1-0.84.0-2.7-2.32.72.6-0.50.50.747.346.850.148.848.5
    Simple average27.527.826.927.527.725.226.328.228.327.9-0.7-1.24.4-3.8-3.02.21.5-1.3-0.9-0.154.953.257.658.058.2
    Source: IMF staff calculations.

    Figures for overall public sector, including general government and public enterprises. Definitions of public sector accounts vary by country, depending on country-specific institutional differences, including on what constitutes the appropriate coverage from a fiscal policy perspective, as defined by IMF staff. All indicators reported on fiscal year basis. Regional aggregates are PPP GDP-weighted averages unless otherwise noted.

    Primary balance also excludes interest received.

    Federal government and provinces. Includes interest payments on accrual basis.

    Includes central government and national insurance scheme. Gross debt is for the nonfinancial public sector.

    General government only.

    Central government only. Gross debt for Belize includes both public and publicly-guaranteed debt.

    Central government for revenue, expenditure and balance accounts; public sector for gross debt.

    Fiscal data cover the nonfinancial public sector excluding the Panama Canal Authority.

    Overall and primary balances include off-budget and public-private partnership activities for Barbados and the nonfinancial public sector and quasi-fiscal balances for the Dominican Republic. Revenue and expenditure components of these items are not available and not included in the revenue and primary expenditure estimates.

    Eastern Caribbean Currency Union includes Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. Central government for revenue, expenditure and balance accounts; public sector for gross debt.

    Source: IMF staff calculations.

    Figures for overall public sector, including general government and public enterprises. Definitions of public sector accounts vary by country, depending on country-specific institutional differences, including on what constitutes the appropriate coverage from a fiscal policy perspective, as defined by IMF staff. All indicators reported on fiscal year basis. Regional aggregates are PPP GDP-weighted averages unless otherwise noted.

    Primary balance also excludes interest received.

    Federal government and provinces. Includes interest payments on accrual basis.

    Includes central government and national insurance scheme. Gross debt is for the nonfinancial public sector.

    General government only.

    Central government only. Gross debt for Belize includes both public and publicly-guaranteed debt.

    Central government for revenue, expenditure and balance accounts; public sector for gross debt.

    Fiscal data cover the nonfinancial public sector excluding the Panama Canal Authority.

    Overall and primary balances include off-budget and public-private partnership activities for Barbados and the nonfinancial public sector and quasi-fiscal balances for the Dominican Republic. Revenue and expenditure components of these items are not available and not included in the revenue and primary expenditure estimates.

    Eastern Caribbean Currency Union includes Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. Central government for revenue, expenditure and balance accounts; public sector for gross debt.

    References

    New Publications from the Western Hemisphere Department, July 2009–September 2010

    1. IMF Working Papers

    WP/10/192 - The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America, by Leandro Medina.

    WP/10/169 - Peru: Drivers of De-dollarization, by Mercedes Garcia-Escribano.

    WP/10/168 - Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?, by Anastasia Guscina, Anna Ilyina, and Herman Kamil.

    WP/10/117 - Determinants of Investment Grade Status in Emerging Markets, by Laura Jaramillo.

    WP/10/108 - The Global Financial Crisis and its Impact on the Chilean Banking System, by Jorge A. Chan-Lau.

    WP/10/107 - Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems, by Jorge A. Chan-Lau.

    WP/10/102 - The Global Credit Crunch and Foreign Banks’ Lending to Emerging Markets: Why Did Latin America Fare Better?, by Herman Kamil and Kulwant Rai.

    WP/10/98 - Regulatory Capital Charges for Too-Connected-to-Fail Institutions: A Practical Proposal, by Jorge A. Chan-Lau.

    WP/10/86 - The Embodiment of Intangible Investment Goods: a Q-Theory Approach, by Nazim Belhocine.

    WP/10/62 - The U.S. Federal Debt Outlook: Reading the Tea Leaves, by Oya Celasun and Geoffrey Keim.

    WP/10/60 - The Influence of “Big Brothers”: How Important Are Regional Factors for Uruguay?, by Sebastián Sosa.

    WP/10/59 - Caribbean Bananas: The Macroeconomic Impact of Trade Preference Erosion, by Paul Cashin, Cleary Haines, and Montfort Mlachila.

    WP/10/54 - Precautionary Reserves: An Application to Bolivia, by Fabian Valencia.

    WP/10/43 - Current Account Balance Estimates for Emerging Market Economies, by Leandro Medina, Jordi Prat, and Alun Thomas.

    WP/10/42 - Informal Labour and Credit Markets: A Survey, by Nicoletta Batini, Young-Bae Kim, Paul Levine, and Emanuela Lotti.

    WP/10/35 - Spillovers to Central America in Light of the Crisis: What a Difference a Year Makes, by Andrew Swiston.

    WP/10/23 - Financial Shocks and TFP Growth, by Marcello Estevão and Tiago Severo.

    WP/10/13 - Canada’s Potential Growth: Another Victim of the Crisis?, by Marcello Estevão and Evridiki Tsounta.

    WP/10/5 - The Impact of the Global Crisis on Canada: What Do Macro-Financial Linkages Tell Us?, by Rupa Duttagupta and Natalia Barrera.

    WP/10/3 - Investment by Large Firms in Argentina, by Alvaro Piris.

    WP/10/2 - Public Debt Sustainability and Management in a Compound Option Framework, by Jorge A Chan-Lau and Andre Santos.

    WP/10/1 - Post-Crisis Bank Behavior: Lessons from Mercosur, by Sarah Sanya and Montfort Mlachila.

    WP/09/280 - The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact, by Pelin Berkmen, Gaston Gelos, Robert Rennhack, and James P. Walsh.

    WP/09/272 - Who Disciplines Bank Managers?, by Martin Cihák, Andrea Maechler, Klaus Schaeck, and Stéphanie Stolz.

    WP/09/266 - How Does Public External Debt Affect Corporate Borrowing Costs in Emerging Markets?, by Senay Agca and Oya Celasun.

    WP/09/264 - Investment-Specific Productivity Growth: Chile in a Global Perspective, by Gabriel Di Bella and Martin Cerisola.

    WP/09/259 - From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008–09, by Mark R. Stone, W. Christopher Walker, and Yosuke Yasui.

    WP/09/250 - The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities, by Nazim Belhocine.

    WP/09/240 - Treating Intangible Inputs as Investment Goods: The Impact on Canadian GDP, by Nazim Belhocine.

    WP/09/235 - Is the Canadian Housing Market Overvalued? A Post-Crisis Assessment, by Evridiki Tsounta.

    WP/09/199 - Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay, by Gustavo Adler, Mario Mansilla, and Torsten Wezel.

    WP/09/198 - The Real Effects of Financial Sector Risk, by Alexander F. Tieman and Andrea Maechler.

    WP/09/162 - Recent Advances in Credit Risk Modeling, by Christian Capuano, Jorge Chan-Lau, Giancarlo Gasha, Carlos Medeiros, Andre Santos, and Marcos Souto.

    WP/09/152 - Why Are Canadian Banks More Resilient?, by Rocco Huang and Lev Ratnovski.

    2. Selected Issues Papers

    Bolivia

    • Hydrocarbon Revenue Sharing Arrangements, by Fabian Bornhorst.

    • Precautionary Reserves: An Application to Bolivia, by Fabian Valencia.

    Canada

    • Canadian Banks and the Credit Turmoil, by Lev Ratnovski and Rocco Huang.

    • Canadian Residential Mortgage Markets: Boring But Effective?, by John Kiff.

    • How Do Commodity Prices Affect Economic Slumps in Commodity Exporters?, by Rupa Duttagupta.

    • Is the Canadian Housing Market Overvalued? A Tale of Two Regions, by Evridiki Tsounta.

    • The Impact of Global Shocks on Canada—What do Macro-Financial Linkages Tell Us?, by Rupa Duttagupta and Natalia Barrera.

    Caribbean

    • Growth in the ECCU: What Went Wrong and Can It Be Fixed?, by Nita Thacker, Sebastian Acevedo, Joong Shik Kang, Roberto Perrelli, and Melesse Tashu.

    • Public debt in ECCU Countries, by Arnold McIntyre and Sumiko Ogawa.

    • Rationalizing Public Expenditure in the ECCU, by Shamsuddin Tareq, Alejandro Simone, Koffie Nassar, and Arina Viseth.

    • Insurance Against Natural Disasters in the Caribbean, by Yu Ching Wong, Anthony Lemus, and Nancy Wagner.

    • Risk Analysis of Public Debt in the Caribbean: A “Fan-Chart” Approach, by Koffie Nassar and Catherine Pattillo.

    Chile

    • Strengthening Chile’s Rule-based Fiscal Framework, by Teresa Dabán.

    • Too-Connected-to-Fail Risk in the Chilean Banking System: A Balance Sheet Network Analysis, by Jorge A. Chan-Lau.

    • A Note on Terms of Trade Shocks and the Wage Gap, by Nicolas Magud.

    • Revisiting the Estimation of the Chilean Output Gap, by Nicolas Magud and Leandro Medina.

    • A Longer-Term Approach to Fiscal Policy in Chile, by Borja Gracia, Gabriel Di Bella, and Martin Cerisola.

    • Investment-Specific Productivity Growth: Chile in a Global Perspective, by Gabriel Di Bella and Martin Cerisola.

    • The Global Financial Turmoil and Its Impact on Chilean Banks, by Jorge Chan-Lau.

    Colombia

    • An Assessment of Financial Sector Indicators for the Colombian Corporate Sector, by Mercedes Vera-Martin.

    • Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia, by Benedict J. Clements and Herman Kamil.

    • Determinants of Investment Grade Status and Implications for Colombia’s Public Debt, by Laura Jaramillo.

    • Does Financial Soundness Affect Credit Growth?, by Iva Petrova and Enrique Flores.

    • Monetary and Fiscal Policy Options for Dealing with External Shocks: Insights from the GIMF for Colombia, by Benedict J. Clements, Enrique Flores, and Daniel Leigh.

    • The Colombian Banking Sector—A Contingent Claims Analysis, by Marcos Souto and Lisandro Abrego.

    Guyana

    • The Impact of the Global Crisis and Policy Response, by Magda Kandil.

    • The Impact of the EU Sugar Trade Preferences and their Erosion, by Felix Eschenbach.

    • Assessing the Fiscal Structural Stance, by Carla Macario.

    Mexico

    • Estimating Default Frequences and Macrofinancial Linkages in the Mexican Banking System, by Rodolphe Blavy and Marcos Souto.

    • Exchange Rate Exposure of the Mexican Corporate Sector: Progress and Remaining Vulnerabilities, by Herman Kamil and W. Christopher Walker.

    • Expanding the Regulatory Perimeter: The Case of Sofoles and Sofomes, by Jose Giancarlo Gasha.

    • Labor Market Informality and Macroeconomic Performance, by Kristin Magnusson Bernard.

    • Reforming the Fiscal Framework: Budget Rules and Fiscal Risks, by Geremia Palomba.

    • The Global Crisis and Potential Growth in Mexico, by Kornelia Krajnyak.

    Panama

    • Benefits From Attaining Investment Grade Status and Implications for Panama, by Mario Dehesa, Laura Jaramillo, and Michelle Tejada

    • Macro-Financial Linkages in Panama, by Juliana Araujo and Kristin Magnusson.

    Paraguay

    • Assessing the Appropriateness of Monetary and Fiscal Policies in an Adverse External Environment, by Montfort Mlachila and Brieuc Monfort.

    • Financial Sector Issues: Advances in the Implementation of the Financial Sector Assessment Program Recommendations, by Sylwia Nowak.

    • Paraguay’s Tax System in a Regional Perspective, by Ernesto Crivelli.

    • Post-Crisis Behavior of Banks in Mercosur, by Sarah O. Sanya and Montfort Mlachila.

    • Sustainable Management of Revenues from Itaipu, by Teresa Dabán-Sánchez and Walter Zarate.

    • The Monetary Policy Transmission Mechanism in Paraguay, by Santiago Acosta-Ormaechea and Teresa Dabán-Sánchez.

    Peru

    • Balance Sheet Vulnerabilities in a Dollarized Economy, by Maria Gonzalez.

    • Credit Growth: Anatomy and Policy Responses, by Luis Breuer, Jose Gasha, Giancarlo Peschiera, and Juan Alonso Perez-Salmon.

    • Disentangling the Motives for Foreign Exchange Intervention in Peru, by Maria Gonzalez.

    • Drivers of De-Dollarization, by Mercedes Garcia-Escribano.

    • Macroeconomic Stability and the Role of Fiscal Policy, by Daniel Leigh.

    • Performance of Alternative Fiscal Rules: An Application to Peru, by Isabel Rial.

    • Potential Growth and Output Gap in Peru, by Leandro Medina.

    • Progress in Strengthening Peru’s Prudential Framework, by Patrick Amir Imam and Jose Giancarlo Gasha.

    • Regional Disparities and Public Transfers, by Mercedes Garcia-Escribano.

    • What to Expect when you are Expecting…Large Capital Inflows? Lessons from Cross-Country Experiences, by Mercedes Vera Martin.

    Uruguay

    • Commodity Prices, Growth and the Fiscal Position in Uruguay, by Rita Babihuga.

    • Dynamic Loan Loss Provisioning in Uruguay, by Torsten Wezel.

    • Exchange Rate and Competitiveness Assessment, by Felipe Zanna.

    • How Important Are Regional Factors for Uruguay?, by Sebastian Sosa.

    United States

    • The Great Recession and Structural Unemployment, by Thomas Dowling, Marcello Estevão, and Evridiki Tsounta.

    • Prospects for the U.S. Household Saving Rate, by Martin Sommer.

    • Production and Jobs: Can We Have One Without the Other?, by Nicoletta Batini, Marcello Estevão, and Geoff Keim.

    • The Financing of U.S. Federal Budget Deficits, by Oya Celasun and Martin Sommer.

    • The U.S. Government’s Role in Reaching the American Dream, by Evridiki Tsounta.

    • The U.S. Fiscal Gap: Who Will Pay and How?, by Nicoletta Batini, Giovanni Callegari, and Julia Guerreiro.

    • Spillovers from U.S. Federal Debt Issuance: The Case of Emerging Market Sovereign Borrowing, by Oya Celasun.

    • Strategic Priorities for the Reform of U.S. Financial Regulation, by Ashok Bhatia, Andrea Maechler, and Paul Mills.

    • The U.S. Federal Debt Outlook: A Stochastic Simulation Approach, by Oya Celasun and Geoffrey Keim.

    • U.S. Potential Growth in the Aftermath of the Crisis, by Natalia Barrera, Marcello Estevao, and Geoffrey Keim.

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