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 paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.

This paper reviews economic stabilization and growth in Portugal during the 1970s. Following a decade of rapid growth with external equilibrium, the Portuguese economy in the early 1970s suffered a series of major shocks. The paper highlights that the problem of managing economic growth with a...

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...

This study examines external and domestic influences on Latin America’s economic performance over the past decade and a half. It notes that over the past few years, macroeconomic policies have strengthened and structural reforms have been implemented. Together with a favorable external...

Several years of high inflation rates have negatively affected economic conditions in Angola. Macroeconomic stabilization in Angola entails strict control over central bank credit to the government, an ending of the quasi-fiscal expenditures, and a reduction of the national bank of...

This paper examines Turkey’s 2004 Article IV Consultation and Eighth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion. Economic performance over the last three years has been impressive. For the medium term, the main challenge is to...

This paper discusses the Staff-Monitored Program (SMP) for Guinea. Agreement in principle was reached on the SMP from April 2005 to March 2006. The program would support the authorities’ efforts in restoring macroeconomic stability and establish a track record of policy implementation to...

An important aim of this paper is to take shifts in the long-term anchor in the empirical specifications. The study examines exchange-rate pass-through and external adjustment in the euro area. The impact on third-country trade and investment is also discussed. A better understanding of the...

Honduras’s Third Review under the Poverty Reduction and Growth Facility and Request for Waiver and Modification of Performance Criteria are discussed. The current stance of monetary and exchange rate policies are broadly appropriate, and financial sector reforms are proceeding. Progress...