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Cover IMF Working Papers
Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development
Mr. Johannes Herderschee and Ms. Luisa Zanforlin

indicator of the extent of capital controls, 15 and we use the directional-control level of either inflows (KA Inflow ) or outflows (KA Outflow ) as robustness checks. We use the World Bank’s WDI database for data on GDP per capita in U.S. dollars calculated in purchasing-power-parity (PPP) terms to control for initial conditions. We construct an indicator for the extent of sterilization using data on central-bank balance sheets using IMF’s International Financial Statistics (IFS) database . The database’s Net Foreign Assets of the Central Bank series and Monetary

Keywords:
Resource-Rich Countries; Financial Development; Monetary Policy; monetary policy stance; private-sector credit; monetary policy independence; central bank series; oil resource
Cover IMF Working Papers
Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development
Mr. Johannes Herderschee and Ms. Luisa Zanforlin
Whereas most of the literature related to the so-called “resource curse” tends to emphasize on institutional factors and public policies, in this research we focus on the role of the financial sector, which has been surprisingly overlooked. We find that countries that have financial systems with more depth, as well as those that actively manage their central banks’ balance sheets experience less exchange-rate appreciation than countries that do not. We analyze the relationship between these two findings and suggest that they appear to follow separate mechanisms.
Keywords:
Resource-Rich Countries; Financial Development; Monetary Policy; REER appreciation; credit vis-à-vis credit; monetary policy rate; balance sheet management policy; appreciation of the REER; nonrenewable resource wealth; gas resource; Financial sector development; Real effective exchange rates; Natural resources; Sterilization; Financial sector; Asia and Pacific
Cover IMF Working Papers
Credit Stagnation in Latin America
Mr. Adolfo Barajas and Mr. Roberto Steiner
This study examines the recent marked slowdown in bank credit to the private sector in Latin America. Based on the study of eight countries (Argentina, Bolivia, Brazil, Chile, Colombia, Peru, Mexico, and Venezuela), the magnitude of the slowdown is documented, comparing it to historical behavior and to slowdown episodes in other regions of the world. Second, changes in bank balance sheets are examined to determine whether the credit slowdown is merely a reflection of a slowdown in bank deposits, or whether the asset side has changed. Third, following an econometric disequilibrium approach used in recent studies of credit slowdowns in East Asia and Finland, the paper investigates possible causes for the slowdown in three countries: Colombia, Mexico, and Peru. While both supply and demand factors appear to have played key roles, their relative importance has varied across countries.
Keywords:
WP; credit growth; central bank; credit slowdown; net credit; credit; banking system; Latin America; money bank; credit contraction; Bank credit; Credit booms; Loans; Credit risk; East Asia
Cover IMF Staff Papers
IMF Staff papers: Volume 15 No. 1
International Monetary Fund. Research Dept.
An earlier version of this paper was presented to a conference on the topic “Is the Business Cycle Obsolete?” organized by the Social Science Research Council and held in London, England, on April 3–7, 1967.
Keywords:
SP; mixed-citation publication-type; flow-of-funds ratio; international monetary system; balance of payments; government-owned corporation; central bank; Income; Imports; International liquidity; Business enterprises; Exports; Africa; Asia and Pacific; Europe; Western Europe; Central America
Cover IMF Working Papers
Credit Stagnation in Latin America
Mr. Adolfo Barajas and Mr. Roberto Steiner

consistently obtain negative and statistically significant coefficients both for nonperforming loans as well as for provisions. As was mentioned above, unfortunately we were unable to obtain data on provisions for the period prior to 1997. D. Peru The regression results for Peru are shown in Table 10 , which we divide into two pairs of regressions according to the credit series used. In regressions (1) and (2) we use the IFS series for credit to the private sector by deposit money banks, and in regressions (3) and (4) we use Peru’s central bank series for

Keywords:
WP; credit growth; central bank; credit slowdown; net credit; credit supply; credit demand; expansion period; deposit money bank; credit channel