Central America: Challenges Following the 2008-09 Global Crisis

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Central America: Challenges Following the 2008-09 Global Crisis by Marco Mr. Pinon, Alejandro Mr. López Mejía, Mario Garza, Fernando Mr. Delgado, INTERNATIONAL MONETARY FUND
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Author: Marco Mr. Pinon, Alejandro Mr. López Mejía, Mario Garza, Fernando Mr. Delgado ISBN: 9781475572018
Publisher: INTERNATIONAL MONETARY FUND Publication: June 28, 2012
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Marco Mr. Pinon, Alejandro Mr. López Mejía, Mario Garza, Fernando Mr. Delgado
ISBN: 9781475572018
Publisher: INTERNATIONAL MONETARY FUND
Publication: June 28, 2012
Imprint: INTERNATIONAL MONETARY FUND
Language: English
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.
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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.

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