Back Matter

Back Matter

International Monetary Fund. Western Hemisphere Dept.
Published Date:
April 2015
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    List of Country Abbreviations

    Antigua and Barbuda




















    Costa Rica




    Dominican Republic




    El Salvador
























    St. Kitts and Nevis


    St. Lucia


    St. Vincent and the Grenadines




    Trinidad and Tobago


    United States







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    New Publications from the Western Hemisphere Department, April 2014–March 2015

    IMF Working Papers


    Does Demand Volatility Lower Growth and Raise Inflation? Evidence from the Caribbean

    Magda Kandil


    Central Bank Financial Strength in Central America and the Dominican Republic

    Florencia Frantischek, Przemek Gajdeczka, Alexander Herman, and Andrew Swiston


    Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth

    Magda Kandil, Qiaoe Chen, Xin Li, Genevieve Lindow, Mario Mansilla, Joel Okwuokei, Marika Santoro, Jochen Schmittmann, and Solomon Stavis


    Does Modeling Appropriate Fiscal Targets and Optimal Consolidation Paths for Resource-Rich Countries:

    The Case of Suriname

    Daniel Kanda and Mario Mansilla


    What Is Behind Latin America’s Declining Income Inequality?

    Evridiki Tsounta and Anayochukwu Osueke


    Debt, Growth and Natural Disasters: A Caribbean Trilogy

    Sebastian Acevedo


    After the Boom—Commodity Prices and Economic Growth in Latin America and the Caribbean

    Bertrand Gruss


    Measuring External Risks for Peru: Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy

    Fei Han


    Determinants of Banks’ Net Interest Margins in Honduras

    Koffie Ben Nassar, Edder Martinez, and Anabel Pineda


    Financial Inclusion, Growth and Inequality: A Model Application to Colombia

    Izabela Karpowicz


    News and Monetary Shocks at a High Frequency: A Simple Approach

    Troy Matheson and Emil Stavrev


    World Saving

    Francesco Grigoli, Alexander Herman, and Klaus Schmidt-Hebbel


    Motives and Effectiveness of Forex Interventions: Evidence from Peru

    Melesse Tashu


    Corporate Financing Trends and Balance Sheet Risks in Latin America: Taking Stock of the Bon(d)anza

    Fabiano Rodrigues Bastos, Herman Kamil, and Bennett Sutton


    Governments’ Payment Discipline: The Macroeconomic Impact of Public Payment Delays and Arrears

    Cristina Checherita-Westphal, Alexander Klemm, and Paul Viefers


    Output Gap Uncertainty and Real-Time Monetary Policy

    Francesco Grigoli, Alexander Herman, Andrew Swiston, and Gabriel Di Bella


    Drivers of Peru’s Equilibrium Real Exchange Rate: Is the Nuevo Sol a Commodity Currency?

    Melesse Tashu


    Energy Subsidies in Latin America and the Caribbean: Stocktaking and Policy Challenges

    Gabriel Di Bella, Lawrence Norton, Joseph Ntamatungiro, Sumiko Ogawa, Issouf Samake, and Marika Santoro


    Made in Mexico: Energy Reform and Manufacturing Growth

    Jorge Alvarez and Fabian Valencia


    Investing in Emerging Markets: We Are Not in Kansas Anymore… Or Are We?

    Nicolás Magud and Sebastián Sosa

    Selected Issues Papers


    • Where Do We Stand on Efforts to Strengthen Belize’s Financial Sector?

      Jacques Bouhga-Hagbe, Joel Okwuokei, and Kristine Vitola

    • Belize—Toward a Fiscally Sustainable Wage Negotiation Framework

      Jacques Bouhga-Hagbe and Marcio Ronci


    • Canada’s Non-Energy Exports: Assessment of Post-Crisis Growth Performance

      Minsuk Kim

    • Neutral Rate of Interest in a Small Open Economy: The Case of Canada

      Andrea Pescatori

    • Anchoring Sustainable Fiscal Policy: A New Fiscal Rule in Canada

      Tidiane Kinda


    • Why Foreign Ownership of Locally Issued Sovereign Bonds is So Low in Chile

      Yi Wu

    • Chile’s Experience with Inclusive Growth

      Elif Ture

    • Chile’s Tax System and the 2014 Tax Reform

      Daniel Rodríguez-Delgado and Roberto Schatan

    • Chilean Banks’ Loan to Deposits Ratio

      Nicolas Arregui

    • Chile’s Insurance Sector

      Nicolas Arregui


    • Assessing Spillover Risks

      Pablo Morra, Mauricio Ruiz, Carlos Goes, and Eugenio Cerutti

    • Colombia’s Fiscal Rule and Adjustment in the Context of Resource Wealth

      Leonardo Martinez and Martín Wachs

    • Recent Performance of Colombia’s Manufacturing Sector: Exchange Rate or Structural?

      Naomi Griffin, in collaboration with Colombia’s Superintendence of Corporations (Superintendencia de Sociedades)

    • Selected Financial Sector Issues

      Izabela Karpowicz and Mohamed Norat

    • Financial Inclusion, Growth, and Inequality: A Model Application to Colombia

      Izabela Karpowicz

    Costa Rica

    • Selected Real Sector Issues

      Patrick Blagrave, Jose Pablo Valdes, and Joyce Wong

    • Cross-Border Linkages and Spillovers

      Patrick Blagrave, Eugenio Cerutti, Ewa Gradzka, Anna Ivanova, Rodrigo Mariscal, and Jaume Puig-Forné

    • Assessing Fiscal Vulnerability and Medium-Term Sustainability

      Jaume Puig-Forné, Lennart Erickson, and Anna Ivanova

    • The Central Bank’s Net Worth

      Jorge Restrepo and Evelyn Muñoz

    • Monetary Policy and Inflation

      Rodrigo Mariscal, Anna Ivanova, and Joyce Wong

    • Transition to a Flexible Exchange Rate: Lessons from Past Experience

      Lennart Erickson, Anna Ivanova, and Jorge Restrepo

    • Financial Sector Issues

      Anna Ivanova, Jaume Puig-Forné, and Jorge Resrepo

    El Salvador

    • Assessing Potential Output

      Iulia Teodoru

    • Fostering Diversification and Integration

      Iulia Teodoru

    • Investment Drivers in Central America: An Application to El Salvador

      Joyce Wong and Heba Hany


    • Assessing Potential Output

      Iulia Teodoru

    • Cross-Border Linkages and Spillovers

      Eugenio Cerutti, Ewa Gradzka, Anna Ivanova, Rodrigo Mariscal, and Jaume Puig-Forné

    • The Effect of U.S. Tapering

      Patrick Blagrave, Anna Ivanova, Keiko Honjo, and Jaume Puig-Forné

    • Fiscal Sustainability Assessment

      Lennart Erickson

    • Monetary Policy Stance

      Jaume Puig-Forné


    • The Impact of Mexico’s Energy Reform on Hydrocarbons Production

      Phil De Imus

    • Made in Mexico: The Energy Reform and Manufacturing Output

      Fabián Valencia And Jorge Alvarez

    • Capital Flow Volatility and Investor Behaviour In Mexico

      Jianping Zhou, Han Fei, And Jasmine Xiao


    • Global and Regional Spillovers: How Important for Paraguay?

      Xin Xu

    • Debt Sustainability, Cyclical Stabilization, and the Fiscal Responsibility Law—A Simulation Exercise

      Alejandro Guerson

    • Informality in Paraguay: Macro-Micro Evidence and Policy Implications

      Mauricio Vargas

    • Financial Deepening, Growth, and Inequality

      Camila Perez


    • Modeling Demand Responses to Policies and Shocks: An Application to Suriname

      Kalin Tintchev

    • Fostering Sustainable and Inclusive Growth in Suriname

      Kalin Tintchev

    • What Does Ms. Muffet Tell us About the Macro-Financial Situation in Suriname?

      Qiaoe Chen

    • Fiscal Sustainability and Aging Pressures in Suriname

      Hye Sun (Marie) Kim

    United States

    • Recent U.S. Labor Participation Dynamics: Reversible or Not?

      Ravi Balakrishnan, Mai Dao, Juan Solé, and Jeremy Zook

    • U.S. Total Factor Productivity Slowdown: Evidence from the United States

      Roberto Cardarelli and Lusine Lusinyan

    • Monetary Policy Communication and Forward Guidance

      Tim Mahedy, Jarkko Turunen, and Niklas Westelius

    • The Operational Framework for Monetary Policy

      Darryl King and Simon Gray

    • Fiscal Risks and Borrowing Costs in State and Local Governments

      Madelyn Estrada, Deniz Igan, and Dinah Knight


    • Inclusive Growth: The Tale of Uruguay

      Elif Ture

    • How Will the Normalization of U.S. Monetary Policy Affect Uruguay?

      Diva Singh and Yulia Ustyugova

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