Front Matter

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© 2010 International Monetary Fund

January 2010

IMF Country Report No. 10/43

Uruguay: Selected Issues

This Selected Issues paper for Uruguay was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on November 9, 2009. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Germany or the Executive Board of the IMF.

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Selected Issues

Prepared by Rita Babihuga, Sebastian Sosa, (all WHD), Torsten Wezel (MCM), and Felipe Zanna (SPR)

Approved by Western Hemisphere Department

October 21, 2009


  • I. Exchange Rate and Competitiveness Assessment

    • A. Introduction

    • B. Competitiveness Assessment Based on Key Indicators

    • C. Exchange Rate Assessment

    • D. Conclusions

    • References

  • II. Commodity Prices, Growth and the Fiscal Position in Uruguay

    • A. Introduction

    • B Commodity Prices, Terms of Trade and the Macroeconomy

    • C. Some Stylized Facts

    • D. Methodology

    • E. A Bayesian VAR Approach

    • F. Conclusion

    • References

  • III. How Important are Regional Factors for Uruguay?

    • A. Introduction

    • B. Regional Linkages: The Influence of “Big Brother”

    • C. How Important are Regional Factors? An Econometric Approach

    • D. How Vulnerable is Uruguay to a Crisis in the Region? A Case Study Approach

    • E. Final Remarks

    • References

  • IV. Dynamic Loan Loss Provisioning in Uruguay

    • A. Background

    • B. Uruguay’s System of Dynamic Provisioning

    • C. The Sufficiency of Dynamic Provisions under Macroeconomic Shocks

    • D. A Comparison with the Spanish and Peruvian Systems

    • E. Conclusions

    • References

Uruguay: Selected Issues
Author: International Monetary Fund