By International Monetary Fund
Heating Up within the South, Cooler within the North commonly describes the commercial scene for the Western Hemisphere. The record emphasizes how a combined environment--with sluggish restoration within the usa and different complicated economies, yet power in Asia--differently shapes the outlooks for the various economies of Latin the United States and the Caribbean. This factor additionally specializes in monetary concerns in Latin the United States, with a bankruptcy at the demanding situations of permitting credits to extend adequately, with no growing over the top hazards, and a bankruptcy that appears at macroprudential monetary policies--topics particularly very important in contemporary context of low international rates of interest and capital flows to rising economies. the ultimate bankruptcy turns to Caribbean economies, exploring the drivers, and stumbling blocks, that have an effect on their development.
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Extra resources for Regional Economic Outlook, Western Hemisphere, October 2010: Heating Up in the South, Cooler in the North (World Economic and Financial Surveys)
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6. Policies in many countries remain accommodative, despite closing output gaps. A View of the Cycle (Percent) 3 3 2 2 2010 1 Inflation gap¹ continued to strengthen to above precrisis levels (in both nominal and real effective terms), with Brazil, Colombia, and Uruguay experiencing the largest appreciation since end-2009. 1 0 0 2011 -1 -1 BRA -2 -2 CHL -3 -3 COL PERU -4 -4 URY 2009 -5 -5 -4 -3 -2 -1 0 1 2 Output gap² ¹ Projected inflation at end-year minus inflation target. Bands of (+/-1) percentage points apply to all countries, except Brazil (+/- 2).
Dollarization of Credit¹ (Percent of total credit outstanding) Dollarization of Deposits¹ (Percent of total deposits) Dollarization of Deposits¹ (Percent of total deposits) Bolivia Paraguay Peru Uruguay Paraguay Uruguay 100 100 Peru Bolivia 100 100 90 90 80 80 80 80 70 70 70 70 90 90 Guatemala Honduras Nicaragua Costa Rica Dom. Rep. 100 100 90 90 80 80 70 70 60 60 50 50 60 60 60 60 50 50 50 50 40 40 40 40 40 40 30 30 30 30 30 30 20 20 20 20 20 2002 2004 2006 2008 2010 2002 2004 2006 2008 2010 20 2002 2004 2006 2008 2010 Sources: IMF, International Financial Statistics; and IMF staff calculations.
Credit Dollarization and Debt Issuance¹ (Percent of domestic credit) 95 95 Bolivia 85 85 75 Peru 65 65 55 45 75 Uruguay 55 45 Challenges. Experience shows that market-based 2004 2006 2008 2010 dollarization is a long-term process. While the Sources: Dealogic; IMF, International Financial Statistics; and IMF staff calculations. steady decline in financial dollarization in recent ¹ Lines represent credit in foreign currency in percent of total years observed in Bolivia, Paraguay, Peru, and domestic credit.