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derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …
Persistent link: https://www.econbiz.de/10005767345
To test the role of bank lending in transmitting currency crisis we examine a panel of BIS data on bank flows to 30 emerging markets disaggregated by 11 banking centers. We find that bank exposures to a crisis country help predict bank flows in third countries after the Mexican and Asian crisis,...
Persistent link: https://www.econbiz.de/10005599548
This paper discusses key findings of the Second Review Under the Stand-By Arrangement for Peru. The economy continued to perform well in 2004. Real GDP grew by 5.1 percent, inflation was 3.5 percent at end-December, and the fiscal deficit of the combined public sector narrowed to 1.1 percent of...
Persistent link: https://www.econbiz.de/10011244851
Uruguay’s Second Review Under the Stand-By Arrangement and Requests for Modification, Waiver of Nonobservance and Applicability of Performance Criteria are discussed. Growth remains robust, inflation is subdued, and the external position continues to strengthen, with buoyant exports and...
Persistent link: https://www.econbiz.de/10011245054
This paper examines Uruguay’s Request for a Stand-By Arrangement. Although the external current account shifted to a moderate deficit, mainly reflecting the recovery in imports, export performance has been robust, and gross international reserves are now about three-fourths their...
Persistent link: https://www.econbiz.de/10005252958
This paper examines Uruguay’s Fifth Review Under the Stand-By Arrangement and Requests for Modification of the Arrangement and Waiver of Nonobservance and Applicability of Performance Criteria. The macroeconomic framework is broadly on track, but progress with structural reform remains...
Persistent link: https://www.econbiz.de/10005825093
The staff report for the Third Review under the Stand-By Arrangement and request for establishment of performance criteria focuses on Peru’s economic developments, outlook, and program for 2006. The Peruvian economy continues to perform well. Fiscal transparency has been increased,...
Persistent link: https://www.econbiz.de/10005591702
Uruguay’s First Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria are discussed. Growth has slowed from the strong post-crisis recovery, and inflation has remained subdued. Export growth has been strong, and although a sharp recovery in imports...
Persistent link: https://www.econbiz.de/10005598983
Strong economic policies and a supportive external environment have contributed to rapid growth, low inflation, strengthened external position, and an improved debt structure helping Uruguay perform well under the Stand-By Arrangement. Executive Directors commended the fiscal and monetary...
Persistent link: https://www.econbiz.de/10011242975
This 2007 Article IV Consultation highlights that Belarus’s centralized economy grew rapidly over the past few years, enhancing social development. The state redistributed large and growing terms-of-trade gains stemming from favorable Russian energy pricing across the economy, boosting...
Persistent link: https://www.econbiz.de/10011244478