In designing policy measures, including possible social safety nets, targeted to the poor, it is important to fully understand the efficiency implications of these measures. There is abundant macroeconomic literature on their negative effects on the poor’s work effort. The literature, however,...

The Canadian monetary and fiscal policies have remained accommodative, reflecting in large measure the effective response to the crisis. Canada is expected to set the appropriate policy mix in the future, at a time of high uncertainty and significant external headwinds. Given the advanced stage...

This paper examines economic developments and policies in Canada during 1990–95. Spurred by the robust growth in the United States and the easing of monetary conditions between 1991 and 1993, economic growth in Canada continued to strengthen during 1994. Real GDP grew by 4.5 percent in 1994...

Bolivia showed a solid macroeconomic performance in recent years, owing to its strong trade and prudent economic policies. IMF staff stressed the need to tighten monetary conditions through increasing the policy interest rate as a means to combat inflation. The Executive Board praised...

The Republic of the Marshall Islands (RMI), scattered across an area of nearly 1 million square miles in the Central Pacific, is heavily dependent on external grants. As in past consultations, the current discussions have focused on policies to put public finances on a secure footing and improve...

A credible framework for macroeconomic policy, strong policy response, and resilient financial system have enabled Canada to exit the global crisis on a strong footing. Executive Directors encouraged authorities to maintain their prudent and far-sighted policies while strengthening productivity...

The Canadian economy bounced back strongly from the effects of the Asian financial crisis and the turmoil in world financial markets last year, reflecting a rebound in commodity prices, continued strong U.S. growth, and strengthening domestic demand, particularly investment spending. Executive...

Hungary was severely affected by the crisis. The financial sector has remained resilient throughout the crisis. The Central Bank (MNB) paused in mid-2010 and has tightened interest rates by 50 basis points since November in response to a sharp rise in risk premia and higher headline inflation...

The Bahamas depends heavily on tourism and financial services. Executive Directors have commended the strong track record of prudent macroeconomic management, but have encouraged the government to broaden the domestic tax base, reduce distortions, increase the resilience of revenues to shocks,...