This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly converged to a consistent pattern after the auctions started in 1991. Factors are identified that influenced the expected profitability of auction participation, which was on average...

This paper discusses key findings of the Third Review for Liberia Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The program remains on track. All performance criteria (PC) for end-June 2009 were met, except the PC on total revenue collection. IMF staff...

This paper reviews the progress made by the Tunisian authorities in their efforts to liberalize the capital account and highlights the potential benefits of implementing the remaining reforms in this area. It also analyzes the developments within a unified analytical framework, provides...

This Selected Issues paper and Statistical Appendix on Angola underlie monetary policy framework. Angola has adopted an anti-inflation policy that has led to a sharp decline in inflation. To institute a monetary policy framework, a nominal anchor or constraint on the value of domestic currency...

India’s financial system compares favorably internationally, but rising credit risk and liquidity pressures are putting it under strain. The staff report for India’s 2008 Article IV Consultation discusses economic developments and policies. The authorities have already taken...

India’s strong growth and macroeconomic stability is owed to its sound macroeconomic policies and past structural reforms. Swelling capital inflows have highlighted the key policy challenges: managing financial globalization and tackling the supply constraints to growth. Monetary...

This paper reports on Bangladesh’s Financial System Stability Assessment. Considerable progress has been made in strengthening the resilience of the country's financial sector. Total assets of the banking sector have increased twofold since 2003, and credit to the private sector has risen...

This paper examines Peru’s 2002 Article IV Consultation, First Review Under the Stand-By Arrangement, and a Request for Modification and Waiver of Performance Criteria. The fiscal policy was tightened in early 2002 from the expansionary stance in the second half of 2001. The baseline...

This Selected Issues paper for the Solomon Islands reviews budget trends in the past decade and assesses medium-term budget prospects. Aid flows and revenue from import tariffs and logging are projected to decline. Spending pressures are likely to pick up considerably, owing to the need to...