In a 2004 study, Harvey, Lin and Roper argue that debt makers with a commitment to monitoring can create value for outside shareholders whenever information asymmetry and agency costs are pronounced. I investigate Harvey, Lin and Roper's claim for bank loans by empirically testing the effect of...

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...

This Selected Issues paper examines prospects for increasing growth and reducing poverty in the Solomon Islands. The paper highlights that agriculture constitutes the largest sector of the Solomon Islands economy, averaging about 20 percent of GDP throughout the 1990s. The Solomon Islands also...

Good progress has been made in stabilizing the economic and social situation since the crisis. Fiscal adjustment over a prolonged period will bring the public finances to a sustainable path. To protect social expenditures and allow higher public investment, a comprehensive tax reform is...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Lao People's Democratic Republic (Lao PDR) showed commendable growth owing to its strong macroeconomic performance and structural reforms under the economic program. Executive Directors commended the fiscal performance, bank restructuring, and the private sector developments, and stressed the...

The ending of the civil war has brought to the fore the need to reconstruct the Angolan economy and address the problem of widespread poverty. A strong medium-term fiscal adjustment effort, including a reduction of the National Bank of Angola's operational deficit, is needed. The government...

This paper presents key findings of the Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and Payment Systems for the Kyrgyz Republic. Though the Kyrgyz Republic has made progress...

The report provides the details of the Malta Financial Stability Assessment (MFSA). It defines its roles, responsibilities, and objectives for financial policies. It reviews the reports on the observance of standards and codes on monetary and financial policy transparency, banking supervision,...