This Selected Issues paper on Mexico presents econometric investigation of the cyclical determinants of remittances to Mexico. The aggregate U.S. business cycle is not necessarily relevant for remittances. Remittances to Mexico do show a significant relationship with employment conditions in...

This Article IV Consultation reports that Malta’s economy continues to perform well amidst considerable turbulence in the euro area. While spillovers have remained contained to date, Malta’s large financial sector and highly open economy heighten contagion and financial stability...

The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers. Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown. A credible plan for a gradual U.S. fiscal...

This staff report discusses Israel’s 2009 Article IV Consultation on economic developments and policies. The economy has been shielded from the global downturn by the absence of prior housing or bank credit booms, high household savings rates, and the fact that investment goods and...

This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used...

This Background Paper on Vanuatu reviews the development of monetary control instruments in five small island economies in the South Pacific (Fiji, Solomon Islands, Tonga, Vanuatu, and Western Samoa) and draws some lessons from their experience. The paper highlights that, except Solomon Islands...

This 2004 Article IV Consultation highlights that the Czech Republic’s GDP expanded by 3.1 percent in 2003 and the first quarter of 2004, mainly supported by household consumption. Investment was also strong in 2003—driven by spending on public infrastructure—and swelled in...