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Uruguay: Selected Issues Paper

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2011. "Uruguay: Selected Issues Paper," IMF Staff Country Reports 2011/063, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2011/063
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=24685
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    References listed on IDEAS

    as
    1. Torsten Wezel & Mr. Mario Mansilla & Gustavo Adler, 2009. "Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay," IMF Working Papers 2009/199, International Monetary Fund.
    2. Battese, George E. & Coelli, Tim J., 1988. "Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data," Journal of Econometrics, Elsevier, vol. 38(3), pages 387-399, July.
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    Cited by:

    1. Mr. Rafael A Portillo & Ms. Yulia Ustyugova, 2015. "A Model for Monetary Policy Analysis in Uruguay," IMF Working Papers 2015/170, International Monetary Fund.
    2. repec:udt:wpecon:wp201401 is not listed on IDEAS
    3. repec:udt:wpecon:2014-01 is not listed on IDEAS
    4. Martín Gonzalez-Rozada & Mat�as Escudero & Mart�n Sol�, 2014. "Toward a “New” Inflation-Targeting Framework: The Case of Uruguay," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2014), pages 89-131.

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