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Cover IMF Working Papers
Front Matter
Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

Front Matter Page Research Department Contents I. Introduction II. International financial activities of Small Financial Centers III. Data Construction IV. Country Characteristics and External Balance Sheet of the sifc group V. Bilateral patterns VI. The Effects of the Financial Crisis: A Preliminary Look VII. Concluding Remarks Appendix 1 Appendix 2 References Tables 1. Small Financial Centers: Main International Financial Activity 2. Basic Country Characteristics 3. Political Status of Small International Financial

Keywords:
WP; portfolio; holding; SIFCs; liability
Cover IMF Working Papers
Cross-Border Investment in Small International Financial Centers
Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

arbitrage. In relation to emerging markets, the existence of capital controls and rules that differentiate between foreign and domestic investors can also induce significant round-tripping activity. For instance, Hong Kong plays a significant role in FDI and portfolio round-tripping for China, while Mauritius fulfills a similar function for India. III. D ata C onstruction We consider a group of thirty-two small international financial centers, which we will label the SIFC group. We omit from this list several important international financial centers such as

Keywords:
WP; portfolio; holding; SIFCs; liability; equity category; equity liabilities of the Cayman Islands; banking assets; portfolio assets; debt share
Cover IMF Working Papers
Cross-Border Investment in Small International Financial Centers
Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti
This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context by calculating the importance of these locations in the global aggregate of cross-border investment positions. It also reports some information on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers.
Keywords:
WP; portfolio; holding; SIFCs; liability; Capital flows; financial centers; international investment position; BIS securities statistics; vis-à-vis SIFCs; portfolio equity share; SIFC Group; portfolio liability; Financial statements; Foreign direct investment; Offshore financial centers; Portfolio investment; Global
Cover IMF Staff Country Reports
Costa Rica: Report on the Observance of Standards and Codes (ROSC)—Data Module
International Monetary Fund
This report provides a summary of Costa Rica’s macroeconomic data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS), together with a summary assessment of the dimensions of data quality underlying national accounts statistics, consumer and producer price statistics, government finance statistics, monetary statistics, and balance-of-payments statistics. The authorities are in observance of nearly all SDDS specifications used by the IMF to determine observance of the Standard—that is, coverage, periodicity, and timeliness of the data and the dissemination of advance release calendars. In some instances, timeliness exceeds SDDS requirements.
Keywords:
ISCR; CR; information; BCCR; authority; finance statistics; BCCR web site; government finance statistics; BCCR balance sheet; statistics policy; Government finance statistics; Balance of payments statistics; Monetary statistics; Public sector; Central America
Cover IMF Working Papers
Capital Account Liberalization and the Real Exchange Rate in Chile
International Monetary Fund
After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi-pegged within a band that targeted the real exchange rate (RER). Still, the policy framework directed at stabilizing the RER appears to have been of limited effectiveness, with the surges and sudden-stops in capital flows playing an important role in RER dynamics. Foreign exchange market intervention appears not to have affected the RER while reserve requirement appears to have exerted a depreciating effect. Government spending and import tariffs, appear to be significant tools to moderate the real appreciation thus providing one additional reason for adopting a countercyclical fiscal policy and accelerating trade openness
Keywords:
WP; exchange rate; net capital; Chilean peso; terms of trade
Cover IMF Staff Country Reports
Thailand: Selected Issues
International Monetary Fund
This Selected Issues paper reviews the aggregate balance-sheet analysis that describes the improvement in Thailand's overall balance sheet since the crisis, and also highlights the potential vulnerabilities. It assesses the public debt and contingent liabilities, and developments in the banking sector. It discusses the operations of Specialized Financial Institutions and related regulatory issues, the financial and corporate sector restructuring, and also presents an overview of developments in nonperforming loans and assets. It reviews the growth without credit feature of Thailand, which explains how firms have financed their operations after the crisis.
Keywords:
ISCR; CR; bank; Total NPLs; loan; firm; NFPE debt; credit contraction; financing source; growth prospect; sources firm; B. credit trend; foreign currency; Nonperforming loans; Loans; Credit; Financial statements; Global; Asia and Pacific
Cover IMF Staff Country Reports
Thailand: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix examines the channels of monetary policy transmission in Thailand. The main findings are that changes in monetary policy are associated with changes in real output, and that the main channel for transmission is not bank lending but asset prices. The paper takes stock of the performance of the Thai corporate sector emerging from the crisis and discusses remaining challenges and vulnerabilities. An assessment of Thailand’s fiscal vulnerability is also presented.
Keywords:
ISCR; CR; asset; debt; lending; interest rate; bank-lending channel; asset recovery; asset price; import duty; recovery from the crisis; Contingent liabilities; Fiscal stance; Emerging and frontier financial markets; Public enterprises; Europe; Africa; Asia and Pacific; East Asia; Global
Cover IMF Staff Country Reports
Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement
International Monetary Fund
In 1999, Executive Board deliberations on Bulgaria focused on the need for the authorities to persevere with structural reform. Under the currency board arrangement introduced in mid-1997, Bulgaria has achieved macroeconomic stabilization and made substantial progress in structural reform. Banking supervision has improved markedly. Executive Directors stressed the importance of wage moderation and flexible labor markets for maintaining competitiveness and reducing unemployment. The emerging private sector also faces many obstacles, including burdensome bureaucracy and red tape, weak governance, and a banking system hesitant to extend credit.
Keywords:
ISCR; CR; government; Policy implementation; policy; enterprise; Bulgarian authorities; government decision; government's commitment; authorities aim; district heating sector; Current account deficits; Structural reforms; Budget planning and preparation; Europe; Western Europe; Global
Cover IMF Staff Country Reports
Burkina Faso: Staff Report for the 2002 Article IV Consultation and Fifth Review Under the Poverty Reduction and Growth Facility
International Monetary Fund
This paper examines the 2002 Article IV Consultation and Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) for Burkina Faso. Performance under the PRGF-supported program has been generally satisfactory, as all end-December 2001 quantitative performance criteria, benchmarks, and indicators were met, except for the indicator on current revenue. The IMF staff commends the authorities for vigorously pursuing the poverty reduction objectives imbedded in the Poverty Reduction Strategy Paper and for improving in social outcomes. However, further efforts are needed to improve the planning and execution of the poverty reduction strategy.
Keywords:
ISCR; CR; HIPC resource; PRGF arrangement; growth facility arrangement; resource; regular gasoline; priority sector; petroleum product; Poverty reduction strategy; Poverty reduction; Agricultural commodities; West Africa
Cover IMF Staff Country Reports
Albania: Recent Economic Developments
International Monetary Fund
This paper describes economic developments in Albania during the 1990s. Macroeconomic performance deteriorated in 1996, as the fiscal stance was weakened ahead of the parliamentary elections in May. Although two large public sector wage increases contributed, it was mainly revenue shortfalls that drove the domestically financed budget deficit to more than 10½ percent of GDP—the highest level since 1992. Reflecting higher demand in the economy, the trade deficit increased from 19½ percent of GDP to 25 percent of GDP, and inflation nearly tripled to 17½ percent.
Keywords: