Mexico is an open economy with strong real and financial links to the rest of the world with risks of spillovers from global turbulence. Recent gains in market share in the U.S. manufacturing market are owed to improved relative unit labor costs and reemergence of a location advantage....

This Selected Issues paper analyzes Jamaica’s experience of low growth despite consistently high investment rates. It suggests that the link between public debt and productivity is part of the answer to the puzzle. The paper considers Jamaica’s debt management strategy and its...

This Selected Issues paper discusses Ireland’s trade and financial linkages with key partner countries. The paper uses a vector autoregression to examine the impact of shocks to partner country GDP and shocks to Irish competitiveness on Irish GDP. Two main findings are that shocks to U.S....

This report reviews developments during 2004 in the context of the Sixth and Final Program Review Under Sierra Leone’s Poverty Reduction and Growth Facility (PRGF) arrangement with the IMF. The authorities have implemented an economic reform program supported by a PRGF arrangement since...

This paper discusses a Detailed Assessment of the Observance of Monte Titoli (MT) for Securities Settlement Systems for Italy. The paper discusses that the rules and regulations governing the operations and activities of MT are public and accessible to participants. The Italian laws and...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This Financial System Stability Assessment Update on Senegal reports that the banking sector remains the cornerstone of the financial sector, and risk concentration remains the main source of vulnerability. The largest microfinance institutions (MFI) are sound, but smaller ones are weaker and...

This paper evaluates the 2003 Article IV Consultation and a Request for a Stand-By Arrangement (SBA) for the Former Yugoslav Republic of Macedonia (FYRM). The Article IV policy discussions focused on regaining a sustainable fiscal and external position, restarting economic growth and job...

This paper evaluates Azerbaijan’s 2003 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Waivers of Performance Criteria, Extension of Arrangement and Rephasing of Purchases. Performance relative to the quantitative targets...

Romania’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA) are discussed. The authorities have requested a new precautionary 24-month SBA to secure macroeconomic stabilization and keep European Union accession on track. Romania has preserved competitiveness, despite...