| Description |
1 online resource (76 pages) : color illustrations |
| Series |
IMF country report ; no. 08/46 |
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IMF country report ; no. 08/46.
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| Contents |
Cover; Contents; Overview; I. The Inflation Process in Uruguay; A. Introduction; B. Inflation Dynamics and Inflation Expectations; C. Determinants of Inflation Expectations; D. Conclusions; Appendices; I. 1. Co-integration Tests, Bivariate VEC Model, and Efficiency of Inflation Forecasts; II. Pass-Through, Dollarization, and Credibility in Uruguay; A. Introduction; B. Background; C. Has Pass-Through Declined in Uruguay?; D. Is Monetary Policy Credibility Linked to Financial Dollarization?; E. Conclusions; II. 1. Measuring Credibility |
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III. External Financial Linkages: What Drives Uruguayan Sovereign Spreads?A. Introduction; B. Stylized Facts; C. What Drives Sovereign Spreads?; D. Conclusions and Policy Implications; IV. Bank-Lending Behavior in Uruguay; A. Introduction; B. Bank Credit in Uruguay -- Background; C. The Behavior of Bank Lending: Microeconomic Evidence; D. What is the Degree of Competition Intensity in the Uruguayan Banking System?; E. Conclusions; V. The Optimal Level of Reserves in Financially Dollarized Economies: The Case of Uruguay; A. Introduction; B. Vulnerabilities and the Role of Reserves in Uruguay |
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C. The Optimal Level of ReservesD. Sensitivity Analysis; E. Conclusions; V. 1. A Model of Optimal Reserve Levels in Financially Dollarized Economies; 2. Level Reserves Required to Cover a 2002-Like Crisis; VI. Has the Financial System Become More Resilient to Shocks? An Analysis Adapting the Merton Framework to a Country without Equity Market Data; A. Introduction; B. The Merton Framework; C. The Stress Tests; D. The Modified Merton Framework; E. Concluding Remarks; VI. 1. Estimating Risk Indicators for the Corporate and Banking Sectors |
| Summary |
This paper examines the inflation expectations, monetary policy credibility, and dollarization. Country fundamentals have explained variation in sovereign spreads, but external factors play an important role. This paper assesses the role of and prospects for bank-lending from a cyclical and structural perspectives. A model calibrated for Uruguay, a financially dollarized economy, suggests that reserves are nearing optimal prudential levels. The results of a modified Merton framework, applied to the case of the Uruguayan banking system, appear to be promising for countries without equity markets |
| Notes |
"Prepared by Marco Piñón, Stephanie Eble, Gastón Gelos, Fernando Gonçalves, Alejandro López Mejía, Fernanda Rossi Iriondo, and Carolina Saizar, Marcos Rietti Souto, Gustavo Adler, and Alessandro Rebucci." |
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"February 2008"--Cover |
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"Prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country." |
| Bibliography |
Includes bibliographical references |
| Notes |
Print version record |
| Subject |
Inflation (Finance) -- Uruguay
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Finance -- Uruguay
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Banks and banking -- Uruguay
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Bank reserves -- Uruguay
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Credit -- Uruguay
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Finance -- Uruguay -- Econometric models
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Markets -- Uruguay
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Government securities -- Uruguay
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Bank reserves
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Banks and banking
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Credit
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Economic history
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Economic policy
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Finance
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Finance -- Econometric models
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Government securities
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Inflation (Finance)
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Markets
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| SUBJECT |
Uruguay -- Economic policy
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Uruguay -- Economic conditions.
http://id.loc.gov/authorities/subjects/sh85141482
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| Subject |
Uruguay
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| Form |
Electronic book
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| Author |
Piñon, Marco, author.
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International Monetary Fund, issuing body.
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| ISBN |
1283566079 |
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9781283566070 |
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9781451990607 |
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145199060X |
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9781451993202 |
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145199320X |
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