Uruguay: Selected Issues Paper

March 3, 2011

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Format: Chicago

Uruguay: Selected Issues Paper, (USA: International Monetary Fund, 2011) accessed December 23, 2024

Summary

This paper estimates cyclically adjusted balances for Uruguay, and discusses methodological and practical implementation issues. In line with standard practice, this paper assumes aggregate fiscal revenue elasticity equal to one. The study also focuses on the cyclically adjusted primary balance, so interest payments are excluded from the analysis. It also estimates Cyclically Adjusted Balances (CABs) for both the consolidated public sector and the general government. The economic development and the credibility of the inflation target are discussed. This study identifies the drivers of the low profitability of Uruguayan banks.

Subject: Central bank policy rate, Financial services, Fiscal policy, Fiscal stance, Inflation, Potential output, Prices, Production

Keywords: Bank, Bank efficiency, Central bank policy rate, Cost, CR, Fiscal stance, Global, Inflation, ISCR, Loss-making bank, Policy rate, Potential output, Reaction function, Return on assets, Uruguay

Publication Details

Pages:

43
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/063
Stock No:

1URYEA2011002
ISBN:

9781455219025
ISSN:

1934-7685

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