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International Monetary Fund

available through 2009. Preliminary unpublished expenditure-side estimates for 2007-09 are available for Curaçao but not for Sint Maarten. Detailed price indices to deflate national accounts aggregates are not available. The CBS uses the total consumer price index (CPI) to deflate total GDP. This method gives rise to distortions in the measurement of real growth. Price statistics : CPI data are compiled and published on a monthly basis, although with some lag for Sint Maarten. Government finance statistics : The Ministry of Finance in Curaçao provides fiscal

International Monetary Fund. Western Hemisphere Dept.

in Sint Maarten, while there is still no production-side data. Detailed price indices to deflate national accounts aggregates are not available. The statistical offices and Central Bank continue to use the total consumer price index (CPI) to deflate nominal GDP, which gives rise to potential distortions in the measurement of real growth. Price statistics : CPI data are compiled and published on a monthly basis but measures of core inflation are not readily available, particularly for Sint Maarten. Government finance statistics : The Ministry of Finance

International Monetary Fund
The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.
International Monetary Fund

The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.

International Monetary Fund

The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.

International Monetary Fund. External Relations Dept.

generally conforms to the total consumer price index (CPI) over time but excludes the more volatile energy and food commodities and the effects of changes in indirect taxes. At present, total CPI inflation is about 3 percent, reflecting the effect of energy prices that have been rising sharply since early 1999, but core inflation is about 2 percent. Ultimately, of course, households and business-people are concerned about the overall rate of inflation. So if the divergence between core inflation and total CPI inflation were to persist, we would want to make sure that

Mr. David T. Coe

) which were imposed to conserve degrees of freedom. 13 A number of alternative equations, estimated by ordinary least squares, are reported in Table 1 . The notation for the variables is as follows: 14 U denotes the unemployment rate, CU capacity utilization in goods-producing industries, GDPGAP the logarithm of the ratio of real gross domestic product (GDP) to its quadratic trend, RELPREN the logarithm of the consumer price of energy relative to the total consumer price index (CPI), RELPREX the logarithm of the deflator for exports relative to the

International Monetary Fund. Asia and Pacific Dept

consideration are China, the European Union, India, Japan, Korea, Thailand, and the United States. The macroeconomic variables under consideration are the price of consumption, output, and the price of commodities. The price of consumption is proxied by the seasonally adjusted total consumer price index. Output is measured by seasonally adjusted real gross domestic product. The price of commodities is proxied by a broad commodity price index denominated in U.S. dollars. All macroeconomic data were obtained from the IMF’s World Economic Outlook database. The financial

Mr. Gonzalo C Pastor Campos

⁢ . ( 13 ) Appendix Sectoral Aspects of Price Rigidities in Spain Thierry Pujol Divergence in inflation rates between sectors is a striking feature in many countries (see Table 19 ). It reflects differences in market structures, productivity, labor and intermediate consumption costs, and import contents. In most instances, between 1985 and 1989, the cumulated difference in inflation in the total consumer price index (CPI) and its services component ranged between 4 and 6 percentage points; it represented, very roughly, the