This 2004 Article IV Consultation highlights that economic activity has been gathering speed in Estonia. Year-over-year growth accelerated to 6.8 percent in 2004 Q1 from 5.8 percent in 2003 Q1, driven by domestic demand and supported by technology sector exports. Inflation accelerated in the...

This paper examines Uruguay’s Fifth Review Under the Stand-By Arrangement and Requests for Modification of the Arrangement and Waiver of Nonobservance and Applicability of Performance Criteria. The macroeconomic framework is broadly on track, but progress with structural reform remains...

This paper reviews the reserve requirement arrangements of sub-Saharan Africa, focusing on the differences between reserve requirements on domestic- and foreign-currency deposits. The reserve requirement systems in sub-Saharan Africa are relatively simple and transparent, but in some countries...

This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...

Numerous empirical studies have found that the strength of the interest rate pass-through varies markedly across countries and markets. The causes of such heterogeneity have attracted considerably less attention so far. Unlike other studies that mainly focus on small groups of mostly developed...

The Republic of Estonia’s 2007 Article IV Consultation reports that surging domestic demand has widened the external current account deficit and pushed the economy against capacity constraints. Wage increases have begun to erode competitiveness and kept inflation above the Maastricht...

Mexico’s strong policy framework has helped cushion the impact of the global crisis. The staff report highlights Mexico’s review under the Flexible Credit Line Arrangement. The flexible exchange rate has adjusted, the inflation targeting framework has provided an anchor for...