In the last decade Cape Verde has experienced a strong accumulation of emigrant deposits. These deposits have provided much needed foreign exchange to the country, adding support to the exchange rate peg. This paper studies the long-run determinants of emigrant deposits with respect to risk,...

Executive Directors welcomed the report by the Independent Evaluation Office (IEO) on the IMF and the Crises in Greece, Ireland, and Portugal, and appreciated the accompanying statement by the Managing Director. They agreed that the report's findings provide valuable insights and lessons for...

This paper sets out Management's response to the Independent Evaluation Office's (IEO) report The IMF and the Crises in Greece, Ireland, and Portugal as part of the Management and staff follow-up to an IEO evaluation. The implementation plan proposes specific actions to address the...

Ireland’s major property bubble burst at the same time as the global financial crisis erupted, plunging the country into a severe recession in 2008–10. Public debt climbed rapidly as revenues collapsed and as banks’ rising loan losses increasingly required public support. Following the...

Irish policymakers have gained significant credibility, through assertive steps, to deal with the most potent sources of vulnerability. A continuation of vigorous policy efforts is required with an emphasis on risk management. Much progress has been made on the financial stability agenda, but a...

This 1999 Article IV Consultation highlights that the Danish economy continued to perform well in 1997–98. Real GDP growth of about 3 percent remained above potential and unemployment fell to 6 percent, less than half its level only five years earlier. Consumer price inflation remained subdued...

The staff report for Ireland’s fifth review under the Extended Arrangement states that financial sector reforms continued to advance, with the two structural benchmarks for end-2011 observed. In particular, targets for bank deleveraging in 2011 were met, with almost €15 billion of...