This 2009 Article IV Consultation highlights that like other open economies, Korea was hard hit by the global financial crisis during the last quarter of 2008. The authorities responded with a timely and comprehensive set of financial market and macrostabilization measures. Executive Directors...

Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...

This paper examines Uruguay’s Fifth Review Under the Stand-By Arrangement and Requests for Modification of the Arrangement and Waiver of Nonobservance and Applicability of Performance Criteria. The macroeconomic framework is broadly on track, but progress with structural reform remains...

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 technical note on financing of the private sector for Mexico describes the evolution, composition, and determinants of financing to the nonfinancial private sector in Mexico between 2000 and 2005. Equity issuance has not played an important role in financing the private sector in Mexico...

This 2009 Article IV Consultation highlights that India’s medium-term growth prospects remain bright. Prompt fiscal and monetary easing, combined with the fiscal stimulus already in the pipeline and the return of risk appetite in financial markets, have brought growth close to pre-crisis...

This paper examines the People’s Republic of China’s Hong Kong Special Administrative Region’s 2008 Article IV Consultation. Growth has slowed in the first half of the year, as external conditions have worsened. Inflation remains elevated, driven by food prices and housing...

Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of...

This Joint Staff Advisory Note on the Republic of Tajikistan’s Poverty Reduction Strategy Paper discusses economic development and policies. The authorities are working on enhancing Tajikistan’s investment climate through a range of measures, including through eliminating...