Showing 1 - 10 of 202
This paper discusses a request from the Republic of Latvia for a Stand-By Arrangement. The Latvian authorities are launching a decisive economic reform program and are seeking substantial international financial assistance to quell the crisis. With international reserves falling precipitously...
Persistent link: https://www.econbiz.de/10011245750
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...
Persistent link: https://www.econbiz.de/10005824823
This paper evaluates ways to protect highly dollarized banking systems from systemic liquidity runs (such as the ones that took place recently in Argentina, Uruguay, and Paraguay). In view of the limitations of available (private or official) insurance schemes, and the distortions introduced by...
Persistent link: https://www.econbiz.de/10005769200
Until recently, Croatia's economic performance was the envy of many countries in transition: a successful stabilization effort in late 1993 was followed by virtual price stability and real GDP growth of 6 percent a year during 1994–97. Monetary tightening, the weak economy, and a...
Persistent link: https://www.econbiz.de/10005591281
Following a two-year long recession, a gradual recovery of St. Kitts and Nevis’ highly indebted economy is under way. The government has shown remarkable resolve in pursuing fiscal consolidation. Notwithstanding the fiscal adjustment, a comprehensive and timely public debt restructuring...
Persistent link: https://www.econbiz.de/10011243695
Albania enjoyed strong growth with comparatively benign external vulnerabilities before the crisis. Monetary policy provided timely support, and the exchange rate functioned as a shock absorber. However, policy buffers are now exhausted and must be rebuilt. Fiscal tightening has to be quickly...
Persistent link: https://www.econbiz.de/10011244179
The sharp global recession has been taking a toll on the St. Kitts and Nevis economy. The staff report examines the St. Kitts and Nevis 2009 Article IV Consultation and request for Emergency Natural Disaster Assistance. Economic activity has weakened markedly, particularly in tourism and foreign...
Persistent link: https://www.econbiz.de/10011244309
The authorities announced a strategy to restore fiscal and debt sustainability, in conjunction with a transition out of sugar production. Discussions centered on restoring fiscal and debt sustainability, enhancing competitiveness and growth, and containing risks. However, policies need to be...
Persistent link: https://www.econbiz.de/10011244368
Bosnia and Herzegovina has enjoyed rapid growth and price stability in recent years, but stronger policy ownership, improved policy coordination, and meaningful progress in structural reform are needed to provide the basis for sustained, private sector-led growth. Ensuring the sustainability of...
Persistent link: https://www.econbiz.de/10011244454
This paper discusses the request from the Bosnia and Herzegovina authorities for a Stand-By Arrangement. The global financial and economic crisis hit Bosnia and Herzegovina when the overheating was already raising doubts about the sustainability of the economic expansion. The authorities’...
Persistent link: https://www.econbiz.de/10011244464