Western Hemisphere > Dominican Republic

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  • Type: Journal Issue x
  • Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy x
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Abstract

The IMF carries out its mandate to foster macroeconomic stability and thereby facilitate prosperity by promoting the adoption of sound policies and international cooperation. Ultimately, the means to achieve these goals is to have Fund policy advice translated into concrete action. Key to achieving such traction is the relationship between Fund staff and member country authorities, together with the quality of the advice and members’ confidence in it. That is, the Fund needs to be seen as a trusted advisor. This evaluation examines in what circumstances the Fund is viewed as a trusted advisor to its member countries. It uses evidence gathered since 2005, but emphasizes the period since the onset of the global crisis in 2007–08. Because the concept of trusted advisor is “in the eyes of the beholder,” the evaluation derives the main attributes from country authorities themselves.

International Monetary Fund. Western Hemisphere Dept.

Abstract

El efecto de la crisis financiera y la recesión mundial en la región de América Latina y el Caribe fue considerable, pero para la mayoría de los países lo peor ya quedó atrás. La región evitó caer en una crisis propia, mostrando resultados relativamente buenos a pesar de los fuertes shocks externos. Muchos países han reanudado su senda de crecimiento. Hoy en día, la región hace frente al reto de adaptarse a una nueva coyuntura internacional que no es tan favorable como antes. La última edición del informe analiza las enseñanzas obtenidas y un programa de políticas a partir del desempeño reciente de la región de América Latina y el Caribe, también basándose en la experiencia internacional más amplia. Se publica en forma semestral, en mayo y octubre.

International Monetary Fund. Western Hemisphere Dept.

Abstract

The impact of the global financial crisis and recession on the Latin America and Caribbean region was substantial, but the worst is over for most countries. The region avoided falling into a crisis of its own, performing relatively well amid strong external shocks. Many countries have now returned to growth. The region now faces the challenge of adapting to a new global environment that will not be as favorable as in the past. The latest edition of the report explores the lessons and policy agenda emerging from the recent performance of the Latin America and Caribbean region, drawing also on the broader international experience. Published biannually in May and October.

Mr. Rupert D Worrell
This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In addition, the central bank and the treasury must work together on the design, implementation, monitoring and, when necessary, the revision of macroeconomic policy, and on providing the public with information on ongoing economic developments and interpretation of the macroeconomic strategy.