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Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks

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  • International Monetary Fund

Abstract

After reviewing the economic reform strategy of Mauritius for the past 10 years in the face of several external shocks, we apply a balance sheet analysis (BSA) focusing on currency, maturity, and intersectoral mismatches. In reviewing developments over this decade, we find that the currency and maturity mismatches have fallen across various sectors, and the intersectoral risks to each analyzed sector’s balance sheet appear controllable. The government has implemented reforms in recent years that have contributed to general improvement in the balance sheet of the Mauritian economy and its subsectors. We conclude that from a BSA perspective, the macroeconomic vulnerabilities of Mauritius seem manageable, though vulnerabilities remain, and data gaps mean that more work will be needed to support these findings.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/148.

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Length: 42
Date of creation: 01 Jun 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/148

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Keywords: External shocks; Mauritius; Balance of payments; Currencies; Credit risk; Monetary policy; Fiscal policy; domestic currency; central bank; currency mismatch; financial sector; financial derivatives; public debt; financial corporations; domestic debt; external debt; currency risk; financial services; currency mismatches; financial system; financial assets; debt statistics; financial instruments; external borrowing; debt reduction; foreign debt; external financing; interest rate risk; central banks; government debt; public sector debt; financial institutions; debt management; reserve requirements; international standards; currency debts; external debt statistics; financial stability; domestic capital; bond; liquid foreign currency; debt stock; stock of debt; forward market; hedging; cash flows; bonds; foreign currency debt; financial intermediation; foreign currency debts; domestic capital markets; debt portfolio; sovereign debt; corporate bonds; external debt data; reserve asset; deposit insurance; government bonds; domestic borrowing; bilateral creditors; international capital; direct loan; foreign loans; financial intermediaries; current account; domestic bond; liquidity crisis; private sector debt; public finances; external debt stock; bond market; net present value; short-term debt; stock exchange; domestic savings; financial economics; local bond markets; stock market; public external debt; international capital markets; international reserves; debt ratio; current account deficit; public debt management; hedge; domestic bond market; debt management strategy; international currencies; debt burden; portfolio investment; reserve bank; financial markets; financial statements; access to international capital;

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References

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  1. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
  2. Camelia Minoiu & Patrick A. Imam, 2008. "Mauritius," IMF Working Papers 08/212, International Monetary Fund.
  3. Ernesto Talvi & Carlos A. Vegh, 2000. "Tax Base Variability and Procyclical Fiscal Policy," NBER Working Papers 7499, National Bureau of Economic Research, Inc.
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Cited by:
  1. Frankel, Jeffrey, 2010. "Mauritius: African Success Story," Working Paper Series rwp10-036, Harvard University, John F. Kennedy School of Government.

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