The 2005 Article IV Consultation for the United Arab Emirates reports that the prices in real estate and stock markets, have soared aided by stronger economic fundamentals and investor optimism. An outward-oriented development strategy and prudent financial policies have resulted in impressive...

The staff report for the 2004 Article IV Consultation on Denmark focuses on economic developments and policies. Labor market reforms led to a sustained increase in structural employment, while careful fiscal policy in the context of a clear medium-term sustainability strategy delivered budget...

This paper discusses two opposing views on global imbalances: The "traditional view", which regards the imbalances as a threat to global economic and financial stability, and the "new paradigm" view, which considers that they are the natural consequence of economic and financial globalization....

The recent recovery in Latin America has been impressive but also raises the question whether this represents a fundamental break with the region's history of boom-bust cycles. The paper traces how this history of macroeconomic volatility and financial crisis over the past century has adversely...

This Selected Issues paper takes stock of the progress made in meeting the objectives under Indonesia’s Extended Arrangements (1998–2003) program. The paper addresses progress in achieving the programs’ core macroeconomic objectives, with an emphasis on how...

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...

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...

The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency,...

Belarus’s economy has performed well owing to its strong macroeconomic policies, which facilitated rapid real income growth, near-full employment, and a reduction in poverty to the lowest level in the Commonwealth of Independent States (CIS). Executive Directors welcomed the disciplined...