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Western Hemisphere > Chile

You are looking at 1 - 10 of 17 items for :

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Cover IMF Working Papers
Mexico Needs a Fiscal Twist: Response to Covid-19 and Beyond
Mrs. Swarnali A Hannan, Ms. Keiko Honjo, and Mr. Mehdi Raissi
Mexico’s fiscal response to the pandemic has been modest compared to its peers, reflecting the authorities’ desire to not issue new debt for spending. This approach, however, risks a more severe recession and a weaker economic recovery, with further costs in the future. Balancing the need for stronger near-term fiscal support for the people and the recovery against medium-term discipline, this paper lays out an alternative strategy. We show that credibly announcing a pro-growth and inclusive medium-term fiscal reform upfront—including increased tax capacity, higher public investment and strengthened social safety nets—would open space for larger short-term support and close medium-term fiscal gaps. Model simulations suggest that this package would boost output, limit lasting economic damage from the pandemic, and put debt trajectory on a declining path in the medium term as tax reforms pay off and risk premia decline.
Keywords:
Covid-19; fiscal response; tax; social safety nets; general equilibrium model.; WP; social security contribution deferral; cost reduction; tax payment; personal income; property tax; tax administration record; general equilibrium model; WEO GDP; tax instrument; expense estimate; GDP fall; zero rating; lumpsum tax; Social assistance spending; Health care spending; Global
Cover IMF Working Papers
Highways to Heaven: Infrastructure Determinants and Trends in Latin America and the Caribbean
Ms. Valerie Cerra, Mr. Alfredo Cuevas, Carlos Góes, Ms. Izabela Karpowicz, Mr. Troy D Matheson, Issouf Samaké, and Svetlana Vtyurina
Inadequate infrastructure has been widely viewed as a principal barrier to growth and development in Latin America and the Caribbean. This paper provides a comprehensive overview of infrastructure in the region and highlights key areas in which infrastructure networks can be enhanced. The public and private sectors play complementary roles in improving the infrastructure network. Therefore, it is critical to strengthen public investment management processes as well as the regulatory framework, including to ensure an appropriate mix of financing and funding for projects and to address environmental concerns.
Keywords:
WP; private sector; Inter-American Development Bank; LAC country; fiscal policy; Latin America and the Caribbean; infrastructure; public investment; investment efficiency; public-private partnerships; infrastructure investment; management process; infrastructure financing; PPPS investment; investment route; investment in infrastructure; investment climate; D. financing option; investment commitment; greenfield investment; financing gap; road infrastructure availability; Public investment and public-private partnerships (PPP); Public investment spending; Private investment; Transportation; Asia and Pacific; Europe; Sub-Saharan Africa; Caribbean
Cover IMF Staff Country Reports
Peru: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues 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: (1) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (2) 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 that of Chile and Peru, gives more room for accommodating terms-of-trade shocks.
Keywords:
ISCR; CR; commodity; Peru; exchange rate; commodity price; exchange rate volatility; investment spending; loan dollarization; commodity transfer pricing; Public investment spending; Public investment and public-private partnerships (PPP); Capital spending; Exchange rates; Dollarization; Global
Cover Perspectivas económicas regionales, abril de 2016: Departamento del Hemisferio Occidental
Perspectivas económicas regionales, abril de 2016: Departamento del Hemisferio Occidental
Administrando transiciones y riesgos
Mr. Hamid Faruqee

Abstract

La actividad económica en Estados Unidos ha mejorado gracias al impulso del consumo y ha dado un primer paso hacia una normalización gradual de las tasas de interés. La recuperación en Estados Unidos continúa respaldando la actividad en México, América Central y el Caribe, pero la desaceleración en China ha sido perjudicial para la demanda de exportaciones de América del Sur. Al mismo tiempo, los exportadores de materias primas de la región han experimentado nuevos shocks en los términos de intercambio conforme los precios de las materias primas han seguido bajando a escala mundial. En este informe se describen las políticas y las reformas económicas necesarias para abordar la decreciente capacidad productiva en América Latina y el Caribe. En tres capítulos se evalúan, respectivamente, las vulnerabilidades en América Latina, el grado de traspaso de los tipos de cambio en la región y las tendencias de la inversión pública y privada en infraestructura.

Keywords:
REO; commodity; price; exchange rate; firm
Cover Regional Economic Outlook, April 2016, Western Hemisphere Department
Regional Economic Outlook, April 2016, Western Hemisphere Department
Managing Transitions and Risks
Mr. Hamid Faruqee

Abstract

The United States has seen an improvement in economic activity, driven by consumption, and has taken a first step toward gradual normalization of interest rates. The U.S. recovery continues to support activity in Mexico, Central America, and the Caribbean, but China’s slowdown has reduced the demand for exports from South America. At the same time, the region’s commodity exporters have experienced further terms-of-trade shocks as commodity prices continue their decline globally. This report describes the policies and economic reforms needed to address the declining productive capacity in Latin America and the Caribbean. Three chapters assess corporate vulnerabilities in Latin America, analyze the degree of exchange rate pass-through in the region, and evaluate trends in public and private infrastructure investment.

Keywords:
REO; commodity; price; exchange rate; firm; inflation expectation; exchange rate pass-through; oil price; current account adjustment; IMF staff calculation; Inflation; Infrastructure; Exchange rate pass-through; Public investment and public-private partnerships (PPP); Commodity prices; Global; Caribbean; Central America; Asia and Pacific; Sub-Saharan Africa; nonfinancial firm; pass-through estimate; firm fundamental; probabilities of default; inflation objective; Oil prices; South America
Cover Staff Discussion Notes
Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries
Ms. Maria A Albino, Ms. Svetlana Cerovic, Mr. Francesco Grigoli, Mr. Juan C Flores, Mr. Javier Kapsoli, Mr. Haonan Qu, Mr. Yahia Said, Mr. Bahrom Shukurov, Mr. Martin Sommer, and Mr. SeokHyun Yoon
Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.
Keywords:
SDN; investment; MCDOEs; investment efficiency; efficiency; public investment
Cover Staff Discussion Notes
Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries
Ms. Maria A Albino, Ms. Svetlana Cerovic, Mr. Francesco Grigoli, Mr. Juan C Flores, Mr. Javier Kapsoli, Mr. Haonan Qu, Mr. Yahia Said, Mr. Bahrom Shukurov, Mr. Martin Sommer, and Mr. SeokHyun Yoon
Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.
Keywords:
SDN; investment; MCDOEs; investment efficiency; efficiency; public investment; Public investment efficiency; natural resources; oil exporters; resource wealth management; management Index; investment project; unit investment cost; investment decision; diminishing returns on investment; Public investment spending; Public investment and public-private partnerships (PPP); Infrastructure; Capital spending; Global
Cover IMF Staff Country Reports
Brazil: Selected Issues Paper
International Monetary Fund
This Selected Issues Paper discusses the macroeconomic implications of pension reforms in Brazil. It assesses empirically the relationship between fiscal policy and the real effective exchange rate in emerging markets and draws policy implications. It reviews the current status of local capital markets in the country, the key challenges, and policy options for further development. The paper also provides a detailed description of consumer credit developments and analyzes recent indicators of household financial distress associated with the credit expansion that has taken place in the last couple of years.
Keywords:
ISCR; CR; GDP; loan; interest rate; investment; government spending; transition cost; real GDP; retirement age; lending product; RPPS subsystem; extent fiscal policy; appreciation pressure; consumer lending; investor base; Public investment spending; Public investment and public-private partnerships (PPP); Real exchange rates; Credit; Consumer credit; Global; Eastern Europe; Asia and Pacific
Cover IMF Working Papers
Natural Resources, Volatility, and Inclusive Growth: Perspectives From the Middle East and North Africa
Mr. Mustapha K. Nabli and Mr. Rabah Arezki
This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels of income per capita, they have performed poorly when going beyond the assessment based on standard income level measures. Resource rich countries in MENA have experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important improvements in health and education have taken place but the quality of the provision of public goods and services remains an important source of concerns. Looking forward we argue that the success of economic reforms in MENA rests on the ability of those countries to invest boldly in building inclusive institutions as well as high levels of human capacity in public administrations.
Keywords:
WP; MENA country; country; MENA region; GCC country; curse literature; resource rich.; Natural resources; volatility; inclusive growth; Middle East and North Africa.; private sector; Public investment spending; Public investment and public-private partnerships (PPP); Human capital; Fiscal rules; Middle East; North Africa; East Africa
Cover IMF Working Papers
Public Expenditure in Latin America: Trends and Key Policy Issues
Mr. Benedict J. Clements, Christopher Faircloth, and Marijn Verhoeven
This paper examines trends in government spending in Latin America from the mid-1990s to 2006. It also examines key policy issues, including the cyclicality of spending, public investment, public employment, and social expenditures. It finds that primary expenditures have trended upward for the past ten years as a share of GDP, driven by increases in current spending, in particular for social expenditures. Fluctuations in real spending have continued to follow a procyclical pattern. The paper finds that there is substantial scope to improve the efficiency of public investment, public employment, and social spending.
Keywords:
WP; expenditure policy; government expenditure; GDP; policy issue