A 28-month Stand-By Arrangement (SBA) for the Dominican Republic was introduced against the global recession. The main objective of the program is to limit the procyclicality of policies. The countercyclical macroeconomic program improved confidence and fostered aggregate demand. Monetary policy...

In this study, owing to the global financial crisis, a Stand-By Arrangement (SBA) for the Dominican Republic was approved. The aim is to limit the procyclical policies in the short-term and discussions focused on policies necessary to ensure that the end-2011 and 2011 targets are observed....

Policy implementation has improved since the completion point. Recent economic performance has been encouraging, but sustaining it will require an acceleration of reforms by the government. Rwanda’s medium-term program aligned with the Poverty Reduction Strategy Program priorities...

Do Highly Indebted Poor Countries (HIPCs) suffer from a debt overhang? Is debt relief going to improve their growth rates? To answer these important questions, we look at how the debt-growth relationship varies with indebtedness levels and other country characteristics in a panel of developing...

This 2004 Article IV Consultation highlights that from 1999 to 2002, Korea’s economy grew rapidly, by an average of 7¼ percent per year. But starting in 2003, the economy has begun to sputter. Growth suddenly stopped in the first half of the year, leapt ahead in the second half as...

Climate change is the most complex challenge that humankind has had to face in recent times. With each successive generation, redressing the imbalance will be more difficult. Diverse and complex requirements of maintaining life on Earth, collectively called the environment, can be caused both by...

Climate change is the most complex challenge that humankind has had to face in recent times. With each successive generation, redressing the imbalance will be more difficult. Diverse and complex requirements of maintaining life on Earth, collectively called the environment, can be caused both by...

Recent research highlights that countries differ with respect to their experience with capital flows and do not systematically gain from capital account liberalization. This paper contributes to the empirical literature that investigates the circumstances under which international financial...

We provide an estimate of China's impact on the growth rate of resource-rich countries after its WTO accession on 11 December 2001. Our empirical approach follows the logic of the differences-in-differences estimator. In addition to temporal variation arising from the WTO accession, which we...

This paper explores the real exchange rate (RER)-economic growth relationship for a wide sample of countries over the period 1960-2009. After removing influential observations, the system-GMM estimates suggest a positive link between an undervalued RER and growth in non-industrial countries,...