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A Debt Intolerance Framework Applied To Central America Panama And The Dominican Republic
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Book Synopsis A Debt Intolerance Framework Applied to Central America, Panama and the Dominican Republic by : Mr.Geoffrey J. Bannister
Download or read book A Debt Intolerance Framework Applied to Central America, Panama and the Dominican Republic written by Mr.Geoffrey J. Bannister and published by International Monetary Fund. This book was released on 2011-09-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an alternative method for calculating debt targets using the debt intolerance literature of Reinhart, Rogoff, and Savastano (2003) and Reinhart and Rogoff (2009). The methodology presented improves on the previous papers by using a dynamic panel approach, correcting for endogeneity in the regressors and basing the calculation of debt targets on credit ratings, a more objective criteria. In addition the study uses a new data base on general government debt covering 120 countries over 21 years. The paper suggests a ranking of Central America, Panama, and Dominican Republic (CAPDR) countries in terms of debt intolerance - an index which could be used to further investigate the main components of debt intolerance.
Book Synopsis Central America, Panama, and the Dominican Republic by : Mr.Marco Pinon
Download or read book Central America, Panama, and the Dominican Republic written by Mr.Marco Pinon and published by International Monetary Fund. This book was released on 2012-07-16 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Book Synopsis Paving the Way to Sustained Growth and Prosperity in Central America, Panama, and the Dominican Republic by : Ms.Kimberly Beaton
Download or read book Paving the Way to Sustained Growth and Prosperity in Central America, Panama, and the Dominican Republic written by Ms.Kimberly Beaton and published by International Monetary Fund. This book was released on 2019-09-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Accelerating economic growth in Central America, Panama and the Dominican Republic (CAPDR) remains an elusive task. While the region performed relatively well in the post-global financial crisis period, over the last five years obstacles to growth have become more evident and new challenges have emerged. In response, the region has strengthened macro-financial frameworks but more progress will be required to pave the way to sustained growth and prosperity. This book considers the structural factors underlying the region’s growth outlook and assesses its macroeconomic and financial challenges to help shape the policy agenda going forward. The book first identifies the structural determinants of growth in the region related to: capital formation; employment; demographic factors, including immigration; productivity; and violence. It then highlights the importance of creating fiscal space through the design and implementation of fiscal rules and mechanisms to increase accountability (better quality of public spending, adequate policies to reduce income inequality and sustainable retirement plans). Finally, it presents recent evidence on the importance of a supportive financial sector for growth (including through financial inclusion and development).
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1484370317 Total Pages :20 pages Book Rating :4.4/5 (843 download)
Book Synopsis Excerpt: Paving the Way to Sustained Growth and Prosperity in Central America, Panama, and the Dominican Republic by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Excerpt: Paving the Way to Sustained Growth and Prosperity in Central America, Panama, and the Dominican Republic written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2018-07-23 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an excerpt from Paving the Way to Growth and Prosperity in Central America, Panama, and the Dominican Republic edited by Kimberly Beaton, Roberto Garcia Saltos, and Lorenzo Figliuoli. Over the past three decades, countries in Central America, Panama, and the Dominican Republic have experienced sustained economic transfor-mation. The region has moved away from its rural and agricultural past to a modern and urban present and has significantly integrated its econ-omies regionally and globally. Many factors have shaped the region’s economic performance and are expected to contribute to its future development. The book aims to foster policy dialogue and contribute to the efforts to address the region’s unique challenges. The first part looks at the region’s growth with a view to understanding how structural determinants have contributed to the region’s uneven gains and the resulting priorities to strengthen the foundations of growth. The second part of the book high-lights the importance of addressing the region’s fiscal challenges and supporting growth and improved social outcomes. Finally, the third part of the book emphasizes the importance of a supportive financial sector for growth, including through financial inclusion and development. This excerpt is taken from uncorrected page proofs. Please check quota-tions and attributions against the final published volume.
Book Synopsis Public Debt Markets in Central America, Panama, and the Dominican Republic by : Laura Valderrama
Download or read book Public Debt Markets in Central America, Panama, and the Dominican Republic written by Laura Valderrama and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-06-01 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between central banks and the sovereigns and across instruments, poor debt management practices, weaknesses in securities market, and small investor bases all of which result in high transaction costs and a lack of liquid benchmarks. The paper also briefly discusses efforts towards and impediments to regional integration of public debt markets. The authorities recognize these problems and the paper takes note of the regional efforts to harmonize debt standards and improve issuance practices. It offers several recommendations to improve strategic debt management, issuance mechanics, and secondary trading.
Book Synopsis Centroamérica, Panamá y la República Dominicana by : Mr.Marco Pinon
Download or read book Centroamérica, Panamá y la República Dominicana written by Mr.Marco Pinon and published by International Monetary Fund. This book was released on 2012-12-11 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: América Central, Panamá y la República Dominicana sobrellevaron bien la crisis financiera mundial de 2008-09. El impacto fue en general menos severo y de menor duración que en episodios anteriores, el ajuste de la balanza de pagos fue ordenado, y la estabilidad del sistema financiero no se vio comprometida. Esta capacidad de resistencia puede atribuirse en gran medida al fortalecimiento de los marcos fiscales, a la gestión monetaria y a las reformas financieras introducidas en los años anteriores a la crisis internacional. Sin embargo, la región se enfrenta a considerables desafíos en el período venidero, entre ellos el de elevar el crecimiento a mediano plazo por encima de los niveles históricos y el de proteger la estabilidad macroeconómica y financiera. Este libro sostiene que la respuesta a estos desafíos deberá provenir de la demanda interna, considerando que se prevé un magro crecimiento de la demanda en los países que son socios comerciales. Por lo tanto, para estimular el crecimiento en la región será esencial adoptar reformas estructurales que generen mejoras sustanciales de la productividad. La reconstrucción del espacio fiscal y el logro de la sostenibilidad de la deuda dependerán de las medidas que se tomen para aumentar los ingresos fiscales y reorientar los gastos en función de las prioridades sociales y de inversión. En las economías no oficialmente dolarizadas también será fundamental fortalecer los marcos de política monetaria a fin de mantener la inflación en un bajo nivel y flexibilizar el tipo de cambio, y mejorar la regulación y supervisión financiera.
Book Synopsis Debt and Credit Quality in Central America, Panama, and the Dominican Republic by : Guillermo Lagarda
Download or read book Debt and Credit Quality in Central America, Panama, and the Dominican Republic written by Guillermo Lagarda and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit quality has long been associated with the level of indebtedness. But the sole fact that there are countries with high creditworthiness and large stocks of debt suggests that indebtedness is just one of many factors which determine credit quality. In this paper we investigate the role that economic fundamentals have on risk perception of public debt, through both direct and indirect effects. Countries are grouped into four clusters, each corresponding to a different stage of development in their economic fundamentals. We find that the effect of the debt burden on credit quality is conditional on the current level of economic fundamentals and the degree to which they are improving. A transition to stronger fundamentals would require moving to a better cluster but would ease pressure on any debt adjustment necessary to improve creditworthiness. Consequently, there are two types of approaches countries in CAPDR could focus on to improve credit quality. On the one hand, there are a set of actions which could be carried out in the short run to move within a particular group or cluster-fiscal toolkit. On the other hand, there are actions, which in the medium term may enable a country to transition to a group with better credit perception-structural changes.
Book Synopsis Central America, Panama, and the Dominican Republic by : Mr.Marco Pinon
Download or read book Central America, Panama, and the Dominican Republic written by Mr.Marco Pinon and published by International Monetary Fund. This book was released on 2012-06-28 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Book Synopsis Institutional Frameworks for Social Policy in Latin America and the Caribbean by : Rodrigo Martínez
Download or read book Institutional Frameworks for Social Policy in Latin America and the Caribbean written by Rodrigo Martínez and published by UN. This book was released on 2018 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword .-- Introduction .-- Part 1. Social policy institutions. -- Chapter I. Institutional framework for social development / Rodrigo Martínez, Carlos Maldonado Valera .-- Chapter II. Social development and social protection institutions in Latin America and the Caribbean: overview and challenges / Rodrigo Martínez, Carlos Maldonado Valera .-- Part 2. Components and institutional framewoek of social protection. -- Chapter III. Labour market regulation and social protection: institutional challenges / Mario D. Velásquez Pinto .-- Chapter IV. Institutional aspects of Latin America's pension systems / Andras Uthoff .-- Chapter V. Care as a pillar of social protection: rights, policies and institutions in Latin America / María Nieves Rico, Claudia Robles .-- Part 3. Policies for specific populations and their institutional framework .-- Chapter VI. Life cycle and social policies: youth institutions in the region / Daniela Trucco .-- Chapter VII. Disability and public policy: institutional progress and challenges in Latin America / Heidi Ullmann .-- Chapter VIII. Latin American Afrodescendants: institutional framework and public policies / Marta Rangel.
Book Synopsis Threshold Effects of Sovereign Debt by : Kevin Greenidge
Download or read book Threshold Effects of Sovereign Debt written by Kevin Greenidge and published by International Monetary Fund. This book was released on 2012-06-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the issue of threshold effects between public debt and economic growth in the Caribbean. The main finding is that there exists a threshold debt to gross domestic product (GDP) ratio of 55–56 percent. Moreover, the debt dynamics begin changing well before this threshold is reached. Specifically, at debt levels lower than 30 percent of GDP, increases in the debt-to-GDP ratio are associated with faster economic growth. However, as debt rises beyond 30 percent, the effects on economic growth diminishes rapidly and at debt levels reaching 55-56 percent of GDP, the growth impacts switch from positive to negative. Thus, beyond this threshold, debt becomes a drag on growth.
Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1484311795 Total Pages :39 pages Book Rating :4.4/5 (843 download)
Book Synopsis Guatemala by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Guatemala written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2013-08-02 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates both Guatemala’s potential output and output gap using a wide range of econometric techniques. The analysis suggests that Guatemala’s potential output growth is about 3.5 percent for the whole sample period and that the output gap is almost closed. Results are highly robust among different methodologies. Among the methods used, several well-known time series filters and two different estimations of a state-space model are included. Additionally, a test for structural breaks in the series of potential GDP is presented. All methodologies conclude that the output gap at the end of 2012 is almost closed at -0.2 percent of potential GDP.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1616352531 Total Pages :71 pages Book Rating :4.6/5 (163 download)
Book Synopsis Regional Economic Outlook, April 2012, Western Hemisphere by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Regional Economic Outlook, April 2012, Western Hemisphere written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2012-04-25 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in much of Latin America remains solid, although it slowed during the second half of 2011 as result of the combined effects of policy tightening and global uncertainties. Under our baseline, we expect growth in Latin America and the Caribbean to moderate to about 33⁄4 percent in 2012, from about 41⁄2 last year. For many countries, high commodity prices and easy external financing conditions will provide tailwinds. For others, weak growth in the United States and other advanced-country partners, or homegrown fiscal problems, will hold back activity. This edition of the Regional Economic Outlook: Western Hemisphere elaborates on three key themes. First, the global economic environment is somewhat better than in late 2011, but remains risky as renewed tensions from Europe and the likelihood of an oil price shock cannot be discarded. Second, external conditions will remain stimulative for much of Latin America: The double tailwinds of easy external finance and high commodity prices are likely to persist for a while, though not forever. And third, this environment creates opportunities for Latin America-opportunities to build on the resilience and flexibility that has served it so well during the global crisis of 2008-09. This edition also expands on these themes through analytical features on regional spillovers, the growth effects of global financial shocks, and housing and mortgage markets in the region.
Book Synopsis Central Banking in Latin America by : Mr.Luis Ignacio Jácome
Download or read book Central Banking in Latin America written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2015-03-17 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.
Book Synopsis Law and Employment by : James J. Heckman
Download or read book Law and Employment written by James J. Heckman and published by University of Chicago Press. This book was released on 2007-11-01 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law and Employment analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that were introduced or reformed in Latin America in the past thirty years have had important economic consequences. Nobel Prize-winning economist James J. Heckman and Carmen Pagés document the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this volume shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, Law and Employment provides comparative analysis of Latin American economies against a range of European countries and the United States. The book breaks new ground by quantifying not only the cost of regulation in Latin America, the Caribbean, and in the OECD, but also the broader impact of this regulation.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis Monetary and Financial Statistics Manual and Compilation Guide by : Mr.Jose M Cartas
Download or read book Monetary and Financial Statistics Manual and Compilation Guide written by Mr.Jose M Cartas and published by International Monetary Fund. This book was released on 2017-11-09 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of Monetary and Financial Statistics Manual and Compilation Guide (Manual) updates and merges into one volume methodological and practical aspects of the compilation process of monetary statistics. The Manual is aimed at compilers and users of monetary data, offering guidance for the collection and analytical presentation of monetary statistics. The Manual includes standardized report forms, providing countries with a tool for compiling and reporting harmonized data for the central bank, other depository corporations, and other financial corporations.
