This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Throughout the twentieth century, there was a notable population shift in the countries of Latin America and the Caribbean, from rural living situations to urban centers. In 2000 there were 49 cities with populations of over one million, four of them among the 10 largest cities in the world....

Throughout the twentieth century, there was a notable population shift in the countries of Latin America and the Caribbean, from rural living situations to urban centers. In 2000 there were 49 cities with populations of over one million, four of them among the 10 largest cities in the world....

This report focuses on Observance of Standards and Codes on Fiscal Transparency for Turkey. Turkey has continued to make progress toward meeting the requirements of the fiscal transparency code, in particular through a substantial overhaul of the legal system. The adoption of the Public...

This report summarizes the Observance of Standards and Codes on Fiscal Transparency for the Former Yugoslav Republic of Macedonia. It provides an assessment of fiscal transparency practices in the Former Yugoslav Republic (FYR) of Macedonia in relation to the requirements of the IMF Code of Good...

Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the...

Austria’s federal system comprises the federal government and nine provinces (Länder). The federal system is rather centralized by international standards, with the federal government (including social security funds) accounting for about 70 percent of general government spending, the...

This paper derives estimates of optimal levels of reserves for Bolivia, focusing on current account shocks as the key balance of payments risk. Bolivia’s foreign reserves are adequate, with an optimal level between 29 percent of GDP and 37 percent of GDP. The accumulation of foreign...