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Cover IMF Working Papers
The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru
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.
Keywords:
WP; commodity price; commodity; Chile; Peru; Commodity Prices; Fiscal Policy; Flexible Exchange Rates; Colombia; Peru t; commodity exporters' emerging economies; oil price decline; large commodity price shock; shock to commodity price; country-specific commodity price index; propagation mechanism of commodity price shock; contribution of commodity price; effects of commodity-price fluctuation; Colombia t; adjustment to commodity price; Commodity price shocks; Current account; Technology transfer; Current account deficits; Sub-Saharan Africa
Cover IMF Working Papers
The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru
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.

Keywords:
WP; commodity price; commodity; Chile; Peru
Cover IMF Staff Country Reports
Front Matter
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

Keywords:
ISCR; CR; commodity; Peru; exchange rate
Cover Policy Papers
Statement of Surveillance Priorities-Revisions of Economic Priorities and Progress on Operational Priorities
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.
Keywords:
PP; fund-FSB Early Warning Exercise; fund; fund's work; Financial sector surveillance
Cover IMF Staff Country Reports
Front Matter
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

Keywords:
ISCR; CR; hedging counterparty; monetary policy; core inflation; headline inflation; leading indicator index
Cover IMF Working Papers
To Peg or Not to Peg: A Template for Assessing the Nobler
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.
Keywords:
WP; regime choice; demand shock; trade orientation; economic cycle
Cover IMF Research Bulletin
IMF Research Bulletin, Fall 2017
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.
Keywords:
IRB; IMF research bulletin; journal website; journal content; research journal; IMF research; food-independence motive investor; Financial statements; Credit; Central bank balance sheet; Bank credit; Global; Sub-Saharan Africa
Cover IMF Research Bulletin
IMF Working Papers
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

Keywords:
IRB; IMF research bulletin; journal website; journal content; research journal; Policy mix; understanding correspondent banking trend; capital grant; policy option; mining spillover; Lerner symmetry result