WorldCat Identities

International Monetary Fund Western Hemisphere Department

Works: 703 works in 1,542 publications in 1 language and 43,084 library holdings
Genres: Conference papers and proceedings 
Roles: Author, Other
Classifications: HC141, 339.509728
Publication Timeline
Most widely held works by International Monetary Fund
The macroeconomy of Central America by Robert Rennhack( Book )

4 editions published in 2004 in English and held by 154 WorldCat member libraries worldwide

"This book presents most of the papers that served as the background for the policy discussions of the conference. The main messages stress the importance of keeping fiscal policy on a sustainable path, strengthening public investment in basic infrastructure and primary health care and primary and secondary education, and managing the risks associated with partial dollarization."--Jacket
Tax incentives and investment in the Eastern Caribbean by Sebastian Sosa( Book )

8 editions published in 2006 in English and held by 16 WorldCat member libraries worldwide

Tax incentives have been used extensively in the countries of the Eastern Caribbean Currency Union (ECCU) to promote investment. The associated revenue losses are large, and benefits in terms of new investment have been limited, raising doubts about the cost effectiveness of the tax incentive schemes. This paper examines the effects of incentives using the marginal effective tax rate approach (METR), adapting this methodology to the case of a small open economy where the marginal investor is a nonresident. The results show that METRs are high in the region; that there is a large dispersion in the size of METRs across financing source; and that METRs on investment are larger than the overall distortion on capital, with a substantial subsidy to domestic saving. In the presence of tax holidays-the most common incentive scheme in the region-the distortion on capital basically vanishes
Effects of globalization on labor's share in national income by Anastasia Guscina( Book )

5 editions published in 2006 in English and held by 15 WorldCat member libraries worldwide

The past two decades have seen a decline in labor's share of national income in several industrial countries. This paper analyzes the role of three factors in explaining movements in labor's share--factor-biased technological progress, openness to trade, and changes in employment protection--using a panel of 18 industrial countries over 1960-2000. Since most studies suggest that globalization and rapid technological progress (associated with accelerated information technology development) began in the mid-1980s, the sample is split in 1985 into preglobalization/pre-IT revolution and postglobalization/post-IT revolution eras. The results suggest that the decline in labor's share during the past few decades in the OECD member countries may have been largely an equilibrium, rather than a cyclical, phenomenon, as the distribution of national income between labor and capital adjusted to capital-augmenting technological progress and a more globalized world economy
Banking spreads in Latin America by Gaston Gelos( Book )

8 editions published in 2006 in English and held by 14 WorldCat member libraries worldwide

Intermediation spreads in Latin America are high by international standards. This paper examines the determinants of bank interest margins in that region using bank and country-level data from 85 countries, including 14 Latin American economies. The results suggest that Latin America has higher interest rates, less efficient banks, and larger reserve requirements than other regions and that these factors have a significant impact on spreads. However, Latin American countries do not differ markedly from their peers in other aspects that are found important in determining the cost of financial intermediation, such as inflation and bank profit taxation
Public debt and productivity : the difficult quest for growth in Jamaica by Rodolphe Blavy( Book )

6 editions published in 2006 in English and held by 12 WorldCat member libraries worldwide

The paper analyzes Jamaica's experience of low growth despite consistently high investment. Cross-country analysis provides evidence of a significant and negative relationship between total public debt and productivity growth. Looking at the specific channels through which high debt affects productivity growth and the allocation of resources in Jamaica, the study finds that high public debt has been associated with macroeconomic uncertainty and an output structure that relied excessively on a few maturing sectors with limited scope for productivity growth. Furthermore, public investment has been crowded out by debt service, further adversely affecting productivity growth
Emigration and wages in source countries : evidence from Mexico by Prachi Mishra( Book )

5 editions published in 2006 in English and held by 12 WorldCat member libraries worldwide

This paper empirically examines the effect on wages in Mexico of Mexican emigration to the United States, using data from the Mexican and United States censuses from 1970-2000. The main result in the paper is that emigration has a strong and positive effect on Mexican wages. There is also evidence for increasing wage inequality in Mexico due to emigration. Simple welfare calculations based on a labor demand-supply framework suggest that the aggregate welfare loss to Mexico due to emigration is small. However, there is a significant distributional impact between labor and other factors
Fiscal discipline and exchange rate regimes : evidence from the Caribbean by Rupa Duttagupta( Book )

4 editions published in 2006 in English and held by 10 WorldCat member libraries worldwide

This paper assesses the nature of fiscal discipline under alternative exchange rate regimes. First, it shows in a simple theoretical framework that fiscal agencies under a currency union with a fixed exchange rate can have the largest incentive to overspend or "free-ride" (compared to those under other exchange rate regimes) owing to their ability to spread the costs of overspending in terms of the inflation tax across both time-given the fixed exchange rate-and space-given the currency union. In contrast, such free-riding behavior does not arise under flexible regimes owing to the immediate inflationary impact of spending. Next, empirically, it shows that fiscal stances in countries with fixed pegs and currency unions regime demonstrate greater free-riding behavior than countries with more flexible regimes in 15 Caribbean countries during 1983-2004
Assessing banking sector soundness in a long-term framework : the case of Venezuela by Rodolphe Blavy( Book )

6 editions published in 2006 in English and held by 10 WorldCat member libraries worldwide

This paper combines financial soundness indicators (FSIs) and stress-testing methodologies to provide a broad assessment of the soundness of Venezuela's banking sector, based on a diagnosis of its structural and transient shortcomings. While the Venezuelan banking sector appears sound under current favorable economic conditions, it remains significantly vulnerable to cyclical downturns-which have been severe in the past. Banks are particularly exposed to interest rate and credit risks. This suggests that the strong FSIs may be partly the result of a conjunctural credit boom in the context of capital controls and very low real interest rates
Determinants of Venezuela's equilibrium real exchange rate by Juan Zalduendo( Book )

6 editions published in 2006 in English and held by 10 WorldCat member libraries worldwide

The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela's oil dependency and the concentration of oil income in government hands
Spillovers across NAFTA by Andrew Swiston( Book )

5 editions published in 2008 in English and held by 10 WorldCat member libraries worldwide

This paper examines linkages across North America by estimating the size of spillovers from the major regions of the world-the United States, euro area, Japan, and the rest of the world-to Canada and Mexico, and decomposing the impact of these spillovers into trade, commodity price, and financial market channels. For Canada, a one percent shock to U.S. real GDP shifts Canadian real GDP by some 3/4 of a percentage point in the same direction- with financial spillovers more important than trade in recent decades. Thus, a large proportion of the reduction in Canadian output volatility since the 1980s can be accounted for by the "Great Moderation" in U.S. growth. Before 1996, domestic volatility in Mexico swamped the contribution of external factors to the business cycle. After 1996, the response of Mexican GDP is 11/2 times the size of the U.S. shock-"when the U.S. sneezes, Mexico catches a cold". These spillovers are transmitted through both trade and financial channels
Is the Canadian housing market overvalued? : a post-crisis assessment by Evridiki Tsounta( Book )

4 editions published in 2009 in English and held by 6 WorldCat member libraries worldwide

Canadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that, following recent declines, home prices are now generally close to equilibrium throughout Canada. However, house prices in Alberta and British Columbia remain around 8 percent overvalued at the end of the sample (second quarter of 2009). Despite the limitations of econometric estimates of house-price dynamics, the measured small degree of overvaluation suggests that the Canadian housing market is essentially at equilibrium
Riding global financial waves : the economic impact of global fiscal shocks on emerging market economies by Gustavo Adler( Book )

3 editions published in 2012 in English and held by 2 WorldCat member libraries worldwide

"Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime."--- Abstract
Why are canadian banks more resilient? by Lev Ratnovski( )

5 editions published in 2009 in English and held by 2 WorldCat member libraries worldwide

This paper explores factors behind Canadian banks' relative resilience in the ongoing credit turmoil. We identify two main causes: a higher share of depository funding (vs. wholesale funding) in liabilities, and a number of regulatory and structural factors in the Canadian market that reduced banks' incentives to take excessive risks. The robust predictive power of the depository funding ratio is confirmed in a multivariate analysis of the performance of 72 largest commercial banks in OECD countries during the turmoil
Caribbean Growth in an International Perspective: The Role of Tourism and Size by Nita Thacker( Book )

2 editions published in 2012 in Undetermined and English and held by 1 WorldCat member library worldwide

Table 5. ECCU: Output Growth and its Components: Ratio to U.S. Values, 1970-2007Table 6. Other Caribbean: Output Growth and its Components: Ratio to U.S. Values, 1970-2007; Table 7. Tourism and Growth Estimations; Table 8. Tourism and Small Islands Interaction Estimations; Table 9. Tourism and Growth Estimations Robustness; Table 10. Growth Volatility Estimations; Table 11. Growth Accounting Estimations; Table 12. List of Countries
Natural Disasters: Mitigating Impact, Managing Risks by Nicole Laframboise( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

Cover; Contents; List of Acronyms; Executive Summary; I. Introduction; II. Macroeconomic Impact of Natural Disasters; A. Incidence and Trends; Figures; 1. Number of Natural Disasters, Worldwide; 2. Total People Affected by Natural Disasters, Worldwide; B. Damages, Costs, and Long-Term Welfare Losses; 3. Number of Natural Disasters; 4. Average Number of People Affected as % of Population; 5. Total Estimated Cost of Natural Disasters Worldwide; III. IMF Financing Support; Tables; 1. Case Studies--Disaster Estimates; A. IMF Financing; 2. Case Studies--IMF Financing; 6. IMF Emergency Assistance
Latin America: Vulnerabilities Under Construction? by Luis M Cubeddu( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes in economic fundamentals; and (iii) the extent to which household and banking sector vulnerabilities could lead to potential fragilities. Although data limitations hamper a rigorous analysis of trends, our analysis suggests that while there are no imminent misalignments in the real estate and mortgage sectors, they could emerge if current trends persist. Strengthening supervision and addressing data gaps is thus critical to ensure adequate monitoring of risks and vulnerabilities in these sectors
Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis by Gustavo Adler( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence between fiscal and bank solvency. This paper presents a simple model of twin (sovereign and banking) crisis that stresses how this interdependence creates conditions conducive to a self-fulfilling crisis
Inflation Responses to Commodity Price Shocks - How and Why Do Countries Differ? by Gaston Gelos( )

2 editions published in 2012 in English and held by 0 WorldCat member libraries worldwide

VII. ConclusionsReferences; Appendices; I. List of Countries Included; II. Data Sources
Brazil's Capital Market: Current Status and Issues for Further Development by Joonkyu Park( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil?s capital markets are still facing a number of challenges including prevalent short-term indexation, investors? risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance
Central America, Panama, and the Dominican Republic : trade integration and economic performance by Stephanie Medina Cas( )

1 edition published in 2012 in English and held by 0 WorldCat member libraries worldwide

This paper studies the potential for the export sector to play a more important role in promoting growth in Central America, Panama, and the Dominican Republic (CAPDR) through deeper intra-regional and global trade integration. CAPDR countries have enacted many free trade agreements and other regional integration initiatives in recent years, but this paper finds that their exports remain below the norm for countries of their size. Several indexes of outward orientation are constructed and suggest that the breadth of geographic trading relationships, depth of integration into global production chains, and degree of technological sophistication of exports in CAPDR are less conducive to higher exports and growth than in fast-growing, export-oriented economies. To boost exports and growth, CAPDR should implement policies to facilitate economic integration, particularly building a customs union, harmonizing trade rules, improving logistics and infrastructure, and enhancing regional coordination
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The macroeconomy of Central America
Alternative Names

controlled identityInternational Monetary Fund

IMF. Western Hemisphere Department.

International Monetary Fund. Western Hemisphere Department.

International Monetary Fund. Western Hemisphere Dept.


Western Hemisphere Department.


English (77)