We estimate sovereign bond spreads of 28 emerging economies over the period January 1998-December 2011 and test the ability of the model in generating accurate in-sample predictions for emerging economies bond spreads. The impact and significance of country-specific and global explanatory...

The Indonesian authorities are to be commended for their continued strong policy performance under their arrangement with the IMF. The economy is sustaining steady growth despite a number of external and domestic shocks; inflation has continued to decline; and there has been an additional buildup...

This paper discusses the intermediation of financial saving in India and the implications for growth. Recent studies linking financial sector development and growth in India are reviewed. The following statistical data are also provided: employment and labor statistics, agricultural production...

The economic downturns and an ongoing industrial restructuring toward capital-intensive sectors, such as chemical and pharmaceuticals, have contributed to rising unemployment. With the economic recovery continuing to gain momentum, the near-term outlook has improved. With broad agreement on the...

The main priority was to seek assurances that policies were on track to facilitate a smooth transition to the postprogram environment. A stable exchange rate and continued declines in inflation have allowed reductions in interest rates in support of the economic recovery. With inflation risks...

Uruguay’s First Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria are discussed. Growth has slowed from the strong post-crisis recovery, and inflation has remained subdued. Export growth has been strong, and although a sharp recovery in imports...

This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important...

This 2004 Article IV Consultation highlights that economic activity has been gathering speed in Estonia. Year-over-year growth accelerated to 6.8 percent in 2004 Q1 from 5.8 percent in 2003 Q1, driven by domestic demand and supported by technology sector exports. Inflation accelerated in the...