Back Matter

Back Matter

International Monetary Fund. Western Hemisphere Dept.
Published Date:
May 2012
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      Adler, Gustavo, y Camilo E.Tovar,2011, “Foreign Exchange Intervention: A Shield Against Appreciation Winds?”, Working Paper 11/165 (Washington: Fondo Monetario Internacional).

      Adler, Gustavo, y SebastiánSosa,2012, “Intra-Regional Spillovers in South America: Is Brazil Systemic After All?”, Working Paper (Washington: Fondo Monetario Internacional, de próxima publicación).

      Adler, Gustavo, y SebastiánSosa,, 2011, “Commodity Price Cycles: The Perils of Mismanaging the Boom”, Working Paper 11/283 (Washington: Fondo Monetario Internacional).

      Barnichon, Regis, MichaelElsby, BartHobjin y AysegulSahin,2011, “Which Industries Are Shifting the Beveridge Curve?”, working Paper No. 2010–32 (San Francisco: Junta de la Reserva Federal).

      Bayoumi, Tamim, y AndrewSwiston,2008, “Spillovers across NAFTA”, working Paper 08/3 (Washington: Fondo Monetario Internacional).

      Berg, Andrew, Jonathan D.Ostry y JerominZettelmeyer,2012, “What Makes Growth Sustained”, Journal of Development Economics, de próxima publicación.

      Bloom, Nicholas,2009, “The Impact of Uncertainty Shocks”, Econometrica, vol. 77, No. 3, págs. 62385.

      Calvo, Guillermo A., AlejandroIzquierdo y Luis F.Mejia,2004, “On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects”, NBER working Paper No. 10520 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Calvo, Guillermo A., y ErnestoTalvi,2005, “Sudden Stop, Financial Factors and Economic Collapse in Latin America: Learning from Argentina and Chile”, NBER working Paper No. 11153 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Carriére-Swallow, Yan, y Luis FelipeCéspedes,2011, “The Impact of Uncertainty Shocks in Emerging Economies”, working Paper No. 646 (Santiago: Banco Central de Chile).

      Cerra, Valerie, y Sweta ChamanSaxena,2008, “Growth Dynamics: The Myth of Economic Recovery”, American Economic Review, vol. 98, No. 1, págs. 43957.

      Cottarelli, Carlo, GiovanniDell’Ariccia eIvannaVladkova-Hollar,2005, “Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans”, Journal of Banking and Finance, vol. 29, No. 1, págs. 83104.

      Dell’Ariccia, Giovanni, DenizIgan, LucLaeven y HuiTong,2012, “Policies for Macrofinancial Stability: How to Deal with Real Estate Booms”, IMF Staff Discussion Note (Washington: Fondo Monetario Internacional, de próxima publicación).

      Daly, Mary, BartHobjin, AysegulSahin y RobValletta,2011, “A Rising Natural Rate of Unemployment: Transitory or Permanent?”, working Paper No. 2011—05 (San Francisco: Junta de la Reserva Federal).

      Esteváo, Marcello, y GeoffreyKeim,2011, “Policies to Facilitate Labor Market Adjustment”, Selected Issues Paper, IMF Country Report No. 11/202 (Washington: Fondo Monetario Internacional).

      Esteváo, Marcello, y EvridikiTsounta,2011, “Has the Great Recession Raised U.S. Structural Unemployment?”, working Paper No. 11/105 (Washington: Fondo Monetario Internacional).

      Fondo de Garantías de Instituciones Financieras, 2009, “Crisis financiera colombiana en los años noventa: origen, resolución y lecciones institucionales” (Bogotá: FOGAFIN y Universidad Externa de Colombia).

      Fondo Monetario Internacional, 2007, Perspectivas de la economía mundial (Washington, abril).

      Fondo Monetario Internacional, 2011a, Global Financial Stability Report: Durable Financial Stability, Getting There from Here, (Washington, abril).

      Fondo Monetario Internacional, 2011b, Perspectivas económicas regionales: Las Américas (Washington, abril).

      Fondo Monetario Internacional, 2011c, Perspectivas económicas regionales: Las Américas (Washington, octubre).

      Fondo Monetario Internacional, 2011d, Perspectivas de la economía mundial (Washington, septiembre).

      Fondo Monetario Internacional, 2012, Perspectivas de la economía mundial (Washington, abril).

      Gourinchas, Pierre-Olivier, RodrigoValdés y OscarLanderretche,2001, “Lending Booms: Latin America and the World”, CEPR Discussion Paper No. 2811 (Londres: Centre for Economic Policy Research).

      Hoek-Smit, Marja C., y Douglas B.Diamond,2003, “The Design and Implementation of Subsidies for Housing Finance”, estudio preparado para el seminario del Banco Mundial sobre financiamiento para la vivienda, 10—13 de marzo. Disponible en Internet:

      Ilzetzki, Ethan, Carmen M.Reinhart y Kenneth S.Rogoff,2008, “Exchange Rate Arrangements Entering the 21st Century: Which Anchor Will Hold?”, disponible en Internet:

      Jeanneau, Serge, y Camilo E.Tovar,2008, “Latin America’s Local Currency Bond Markets: An Overview”, BIS Papers No. 36: New Financing Trends in Latin America: A Bumpy Road towards Stability, págs. 4664 (Basilea: Banco de Pagos Internacionales).

      Katz, Lawrence,2010, “Long-Term Unemployment in the Great Recession”, declaración ante el Comité Económico Conjunto del Congreso de Estados Unidos, 29 de abril.

      Kruger, Alan B., y AndreasMueller,2011, “Job Search, Emotional Well-Being, and Job Finding in a Period of Mass Unemployment: Evidence from High-Frequency Longitudinal Data”, Brookings Papers on Economic Activity, vol. 42, No. 1, págs. 181.

      Lama, Ruy, y Juan PabloMedina,2010, “Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?”, working Paper No. 10/182 (Washington: Fondo Monetario Internacional).

      Lane, Philip R., y Gian MariaMilesi-Ferretti,2007, “The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970—2004”, Journal of International Economics, vol. 73, No. 11, págs. 22350.

      Levy-Yeyati, Luis,2006, “Financial Dollarization: Evaluating the Consequences”, Economic Policy, vol. 21, No. 45, págs. 61118.

      Medina Cas, Stephanie, AlejandroCarrión-Menéndez y FlorenciaFrantischeck,2011a, “The Policy Interest-Rate Pass-Through in Central America”, working Paper 11/240 (Washington: Fondo Monetario Internacional).

      Medina Cas, Stephanie, AlejandroCarrión-Menéndez y FlorenciaFrantischeck,, 2011b, “Improving the Monetary Policy Frameworks in Central America”, working Paper 11/245 (Washington: Fondo Monetario Internacional).

      Mendoza, Enrique G., y Marco E.Terrones,2008, “An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data”, NBER working Paper No. 14049 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Ocampo, José,2012, “Balance of Payments Dominance: Its Implications for Macroeconomic Policy” (inédito; Nueva York: School of International and Public Affairs, Columbia University).

      Oficina de Presupuesto del Congreso, 2012, The Budget and Economic Outlook: Fiscal Years 2012 to 2022, (Washington: Oficina de Presupuesto del Congreso).

      Persson, Mattias,2009, “Household Indebtedness in Sweden and Implications for Financial Stability-The Use of Household-Level Data”, en BIS Papers No. 46 (Basilea: Banco de Pagos Internacionales).

      Swiston, Andrew, y Luis-DiegoBarrot,2011, “The Role of Structural Reforms in Raising Economic Growth in Latin America”, working Paper 11/248 (Washington: Fondo Monetario Internacional).

      Urrutia, Miguel, y JorgeLlano,2012, Los actores de la crisis económica de fin de siglo, de próxima publicación (Bogotá: Universidad de los Andes).

      Warnock, Veronica C., y Francis E.Warnock,2008, “Markets and Housing Finance”, Journal of Housing Economics, vol. 17, No. 3, págs. 23951.

    Publicaciones recientes del Departamento del Hemisferio Occidental, enero 2011–abril 2012

    1. IMF Working Papers

    WP/12/89 – Commodity Prices and Inflation Expectations in the United States, por Oya Celasun, Roxana Mihet y Lev Ratnovski.

    WP/12/84 – Institutions, Informality, and Wage Flexibility: Evidence from Brazil, por Macello Esteváo e Irineu de Carvalho Filho.

    WP/12/69 – How Do Exchange Rate Regimes Affect Firms’ Incentives to Hedge Currency Risk? Micro Evidence for Latin America, por Herman Kamil.

    WP/12/62 – The Puzzle of Brazil High Interest Rates, por Alex Segura-Ubiergo.

    WP/12/60 – Does Central Bank Capital Matter for Monetary Policy?, por Gustavo Adler, Pedro Castro y Camilo E. Tovar.

    WP/12/51 – Fiscal Policy and the Current Account: Are Microstates Different?, por Yehenew Endegnanew, Charles Amo Yartey y Therese Turner-Jones.

    WP/12/41 – Capital Inflows, Exchange Rate Flexiblity, and Credit Booms, por Nicolas E. Magud, Carmen M. Reinhart y Esteban R. Vesperoni.

    WP/12/31 – Barbados: Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities, por Charles Amo-Yartey.

    WP/11/299 – Developments in Financial Supervision and the Use of Macroprudential Measures in Central America, por Fernando L. Delgado y Mynor Meza.

    WP/11/283 – Commodity Price Cyrcles: The Perils of Mismanaging the Boom, por Gustavo Adler y Sebastian Sosa.

    WP/11/248 – The Role of Structural Reforms in Raising Economic Growth in Central America, por Andrew Swiston y Luis-Diego Barrott.

    WP/11/247 – An Assessment of Estimates of Term Structure Models for the United States, por Ying He y Carlos I. Medieros.

    WP/11/245 – Improving the Monetary Policy Frameworks in Central America, por Stephanie Medina Cas, Alejandro Carrión-Menéndez y Florencia Frantischek.

    WP/11/240 – The Policy Interest Rate Pass-Through in Central America, por Stephanie Medina Cas, Alejandro Carrión-Menéndez y Florencia Frantischek.

    WP/11/220 – A Debt Intolerance Framework Applied to Central America, Panama, and the Dominican Republic, por Geoffrey J. Banister y Luis-Diego Barrot.

    WP/11/209 – Communication of Central Bank Thinking and Inflation Dynamics, por Man-Keung Tang y Xiangrong Yu.

    WP/11/199 – Shocks, Financial Dependence, and Efficiency: Evidence from U.S. and Canadian Industries, por Macello Esteváo y Tiago Severo.

    WP/11/197 – External Adjustment and the Global Crisis, por Philip R. Lane y Gian Maria Milesi-Ferretti.

    WP/11/191 – Home Sweet Home: Government’s Role in Reaching the American Dream, por Evridiki Tsounta.

    WP/11/165 – Foreign Exchange Intervention: A Shield against Appreciation Winds?, por Gustavo Adler y Camilo E. Tovar.

    WP/11/159 – Policy Instruments to Lean against the Wing in Latin America, por Gilbert Terrier, Rodrigo O. Valdés, Camilo E. Tovar Mora, Jorge A. Chan Lau, Carlos Fernandez Valdovinos, Mercedes Garcia-Escribano, Carlos I. Medeiros, Man-Keung Tang, Mercedes Vera-Martin y Christopher W. Walker.

    WP/11/157 – The Dynamic Implications of Debt Relief for Low-Income Countries, por Alma Lucia Romero-Barrutieta, Ales Bulir y Jose Daniel Rodriguez-Delgado.

    WP/11/105 – Has the Great Recession Raised U.S. Structural Unemployment?, por Macello M. Esteváo y Evridiki Tsounta.

    WP/11/92 – International Mutual Funds, Capital Flows Volatility, and Contagion–A Survey, por Gaston Gelos.

    WP/11/84 – The Dynamics of the Term Structure of Interest Rates in the United States in Light of the Financial Crisis of 2007—10, por Carlos I. Medeiros y Marco Rodriquez Waldo.

    WP/11/72 – An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?, por Nicoletta Batini, Giovanni Callegari y Julia Guerreiro.

    WP/11/58 – Creditless Recoveries, por Abdul Abiad, Giovanni Dell’Ariccia y Grace Li.

    WP/11/32 – Recession and Policy Transmission to Latin American Tourism: Does Expanded Travel to Cuba Offset Crisis Spillovers?, por Andrew M. Wolfe y Rafael Romeu.

    WP/11/17 – Strengthening Chile’s Rule-Based Fiscal Framework, por Teresa Dabán Sánchez.

    WP/11/14 – Interpreting Currency Movements During the Crisis: What’s the Role of Interest Rate Differences?, por Thomas Dowling y Nicoletta Batini.

    WP/11/10 – What Is Driving Financial De-dollarization in Latin America?, por Mercedes Garcia-Escribano y Sebastian Sosa.

    WP/11/2 – The Chilean Output Gap, por Nicolas E. Magud y Leandro Medina.

    2. Selected Issues Papers


    • The Monetary Transmission Mechanism in Brazil, por Carlos Fernandez Valdovinos y Paulo Medas.

    • Brazil’s Experience Managing Capital Inflows: The Role of Capital Flow Management Measures, por Roberto Benelli, Alex Segura-Ubiergo y Chris Walker.

    • A Global Yield Model for Analyzing the Dynamics of Brazil’s Term Structure of Interest Rate, por Marco Rodriguez y Richard Munclinger.

    • Brazil’s External Competitiveness: What’s the Impact of China’s Competition?, por Roberto Benelli, Karlye Dilts y Kai Guo.

    • How Strong Are Revenue Tailwinds in Brazil?, por Marialuz Moreno Badia y Fabian Bornhorst.

    • Taking Stock of Housing Finance in Brazil, por Roberto A. Perrelli y Aloísio Costa.


    • House Prices and Household Wealth in Canada, por Oya Celasun, Alejo Costa y Jihad Dagher.

    • The Role of the CMHC in the Canadian Mortgage Market, por Jihad Dagher.

    • Dynamics and Composition of Gross and Net Government Debt, por Paulo Medas y Guilhem Blondy.

    • Bilateral Financial Linkages in an International Perspective, por Gian Maria Milesi-Ferretti.


    • Growth in the ECCU: What Went Wrong and Can It be Fixed, por Nita Thacker, Sebastian Acevedo, Joong Kang, Roberto Perrelli y Melesse Tashu.

    • Public Debt in ECCU Countries, por Arnold McIntyre y Sumiko Ogawa.

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


    • Chile: Assessment of Real Exchange Rate and External Competitiveness, por Jiri Podpiera y Yi Wu.

    • Capital Inflows, Exchange Rate Flexibility, and Domestic Credit, por Nicolas Magud.

    • Do Dynamic Provisions Enhance Bank Solvency and Reduce Credit Procyclicality? A Study of the Chilean Banking System, por Jorge A. Chan-Lau.

    Estados Unidos

    • The U.S. Housing Market Outlook–What Are the Potential Benefits of Mitigating Distressed Sales?, por Evridiki Tsounta.

    • Household Deleveraging and the Recovery, por Oya Celasun y Grace Bin Li.

    • Policies to Facilitate Labor Market Adjustment, por Marcello Esteváo y Geoffrey Keim.

    • Strengthening Private Mortgage Securitization, por Sally Chen y John Kiff.

    • Why are U.S. Firms Hoarding Money?, por Nicoletta Batini y Joshua Felman.

    • How do Commodity Price Shocks Affect TIPS-Based Inflation Compensation?, por Oya Celasun, Roxanna Mihet y Lev Ratnovski.

    • Fiscal Challenges Facing the U.S. State and Local Governments, por Martin Sommer.

    • Budget Institutions for Federal Fiscal Consolidation, por Martin Sommer.

    • The Challenge of Dealing with Mortgage Delinquencies, por John Kiff y Evridiki Tsounta.


    • Potential Growth and the Output Gap in Mexico, por Enrique Flories y Francisco Vazquez-Ahued.

    • Understanding Mexico’s Recent Export Performance, por Kai Guo.

    • Long-Term Fiscal Challenges in Mexico, Pablo Lopez-Murphy.


    • Paraguay–Potential Output Growth and Spillovers from Agriculture, por Santiago Acosta-Ormaechea.

    • Bank Excess Reserves in Paraguay–Determinants and Implications, por Teresa Dabán Sánchez.


    • Towards a Structural Fiscal Framework, por Isabel Rial.

    • Institutional Framework for Macroprudential Policy, por Mercedes Vera Martin.

    • Advances and Challenges in Social Policies, por Yu Ching Wong.

    Trinidad y Tobago

    • The Heritage and Stabilization Fund: Key Issues for the 2012 Review, por Joel Okwuokei, Hunter Monroe y Judith Gold.

    • Developments and Prospects in the Energy Sector, por Machiko Narita y Judith Gold.

    • Collapse of CL Financial and Government Intervention, por Hunter Monroe.

    • Monetary Policy in Trinidad and Tobago, por Yi Wu.


    • Uruguay: Estimating Potential Output and the Output Gap and the Spillovers from Agriculture, por Manuel Rosales Torres.

    • Investment Grade for Dollarized Countries: The Uruguayan Case, por María Gonzalez y Lulu Shui.

    • The Uruguayan Labor Market, por Natalia Melgar y Jiri Podpiera.

    • Uruguay: Some Aspects of Financial Intermediation, por Jiri Podpiera y Torsten Wezel.

    • Uruguay’s Pension System: Overview, por Manuel Rosales Torres.

    • Uruguay–Assessing the Structural Fiscal Stance, por Manuel Rosales Torres.

    • Transmission of Policy Rates in Uruguay: A Cross-Country Perspective, por Santiago Acosta-Ormaechea.

    • Why is the Uruguayan Banking System so Unprofitable?, por Torsten Wezel.

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