This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the...

In the first part of this article is discussed a theoretic comparison of a standard Keynesian (income) approach and a monetary approach to the balance of payments. The monetary adjustment process is based on the monetarist assumption that money market imbalances affect the real economy and...

Der Bericht faßt die wirtschaftlichen Kennzahlen Chiles und Mexikos zusammen. Die Wirtschaftsreform in Mexiko umfaßt die Konsolidierung des Staatshaushalts,die Fortführung des Solidarpakts zwischen Unternehmen, Arbeitern und Staat sowie die Deregulierung und Liberalisierung des Marktes. 1993...

Iran's 2005 Article IV Consultation highlights Fourth Five-Year Development Plan (FFYDP) and the Twenty-Year Vision. The country's real GDP growth reached 5½ percent a year on average, unemployment declined, and macroeconomic indicators improved significantly, supported by favorable oil...

This Article IV Consultation reports that the economic growth of Mauritania is robust, which reflected prudent economic management, sustained donor support, and the beginning of oil production. Executive Directors observed that the return of constitutional order to Mauritania has established a...

This 2007 Article IV Consultation highlights that Belarus’s centralized economy grew rapidly over the past few years, enhancing social development. The state redistributed large and growing terms-of-trade gains stemming from favorable Russian energy pricing across the economy, boosting...

This 2007 Article IV Consultation highlights that Indonesia’s economic performance has been strong since the last Article IV Consultation. Supported by sound policies and a favorable external environment, output has grown strongly, inflation has stabilized, and international reserves have...

This paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities’ response to the downturn relies mostly on fiscal stimulus. The reduction of policy interest rates and ample liquidity...