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 proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....

The report provides the IMF's projections and estimates of Cape Verde on selected economic and financial indicators, 2001–05; social and demographic indicators, 2001–04; consumer prices; gross domestic product sources and uses of resources; gross domestic product by industry at current...

In this study, economic recovery and growth of Macedonia are discussed. In the financial sector, nonperforming loans (NPLs) rose, and bank profitability declined as a result of the crisis. Executive Directors agreed with the thrust of the staff appraisal. Directors were encouraged by the overall...

The paper describes the impressive economic progress made by Iceland in implementing program policies, stabilizing the exchange rate, and bringing inflation down, under a program supported by a Stand-By Arrangement (SBA). The authorities noted that key challenges are to reduce the high level of...

This 2004 Article IV Consultation highlights that following a rather tepid recovery, the United States economy gathered strength in 2003. Supported by continued robust productivity growth, real GDP growth began to exceed the growth rate of potential output around midyear. The recovery broadened...

This Selected Issues paper presents updated IMF staff estimates of potential output growth for the United States, using data through 2001 that incorporates the full cyclical upswing of the 1990s and the subsequent mild recession, as well as taking into account the revisions to the national...

The 2005 Article IV Consultation for the United States reports that robust productivity growth and high corporate profits have contributed to a strong rebound in business investment and some acceleration in employment. The financial sector appears well positioned to provide continued support to...