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Mr. Francisco Roch
This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks.
Mr. Francisco Roch

This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks.

International Monetary Fund. Western Hemisphere Dept.

-7201 E-mail: publications@imf.org Web: http://0-www-imf-org.library.svsu.edu Price: $18.00 per printed copy International Monetary Fund Washington, D.C. © 2016 International Monetary Fund Front Matter Page PERU SELECTED ISSUES June 3, 2016 Approved By Western Hemisphere Department Prepared by M. Esteväo, Z. Leal, F. Roch, S. Vtyurina (all WHD), G. Everaert (SPR), and R. Schatan (FAD). Contents THE ADJUSTMENT TO COMMODITY PRICE SHOCKS IN CHILE, COLOMBIA AND PERU A. Introduction B. Data and Methodology C. Results from VAR

International Monetary Fund
This paper recommends changes to the economic priorities of the Statement of Surveillance Priorities (SSP) and provides an update on actions taken towards implementing the operational priorities.
International Monetary Fund

B. External Competitiveness C. External Developments D. Financial Market Trends E. Linkages to U.S. Financial Markets 1. Household Activity and Balance Sheets 2. Corporate Sector Indicators 3. Adjustment to Commodity Price Gains and Real Appreciation 4. Monetary Policy Indicators 5. Fiscal Policy Indicators 6. Structural Indicators Front Matter Page INTERNATIONAL MONETARY FUND CANADA Staff Report for the 2008 Article IV Consultation—Informational Annex Prepared by Western Hemisphere Department (In consultation with other

Mr. Aasim M. Husain
This paper proposes a template for assessing whether or not a country's economic and financial characteristics make it an appropriate candidate for a pegged exchange rate regime. The template employs quantifiable measures of attributes-trade orientation, financial integration, economic diversification, macroeconomic stabilization, credibility, and "fear-offloating" type effects-that have been identified in the literature as key potential determinants of regime choice. To illustrate, the template is applied to Kazakhstan and Pakistan. The results indicate a fairly strong case against a pegged regime in Pakistan. The implications for Kazakhstan are mixed, although changes in that economy in recent years strengthen the case against a peg.
International Monetary Fund. Research Dept.
The Fall 2017 IMF Research Bulletin includes a Q&A article covering "Seven Questions on the Globalization of Farmland" by Christian Bogmans. The first research summary, by Manmohan Singh and Haobing Wang is "Central Bank Balance Sheet Policies: Some Policy Implications." The second research summary is "Leaning Against the Windy Bank Lending" by Giovanni Melina and Stefania Villa. A listing of new IMF Working Papers and Staff Discussion Notes is featured, as well as new titles from IMF Publications. Information on IMF Economic Review is also included.
International Monetary Fund. Research Dept.

Productivity, Structural Change and Growth Sakai Ando, Koffie Ben Nassar Working Paper No. 17/206 Did the Exchange Rate Floor Prevent Deflation in the Czech Republic? Francesca G. Caselli Working Paper No. 17/207 FX Intervention in the New Keynesian Model Zineddine Alla, Raphael A. Espinoza, Atish R. Ghosh Working Paper No. 17/208 The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru Francisco Roch Working Paper No. 17/209 Loss of Correspondent Banking Relationships in the Caribbean: Trends, Impact, and