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Uruguay: Selected Issues

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  • International Monetary Fund

Abstract

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.

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  • International Monetary Fund, 2008. "Uruguay: Selected Issues," IMF Staff Country Reports 2008/046, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2008/046
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    References listed on IDEAS

    as
    1. International Monetary Fund, 2006. "Indonesia: Selected Issues," IMF Staff Country Reports 2006/318, International Monetary Fund.
    2. Dale F. Gray & Robert C. Merton & Zvi Bodie, 2006. "A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy," NBER Working Papers 12637, National Bureau of Economic Research, Inc.
    3. Ms. Yingbin Xiao & Mr. Dale F Gray & Cheng Hoon Lim & Michael T. Gapen, 2004. "The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economy-Wide Risk Transfer," IMF Working Papers 2004/121, International Monetary Fund.
    4. Michael T. Gapen & Mr. Dale F Gray & Cheng Hoon Lim & Ms. Yingbin Xiao, 2005. "Measuring and Analyzing Sovereign Risk with Contingent Claims," IMF Working Papers 2005/155, International Monetary Fund.
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