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Argentina's government has resorted to fiscal policy as a countercyclical tool to mitigate the negative impact of the current economic downturn on aggregate demand. Empirical results based on a vector error correction model suggest, however, that the fiscal multiplier is relatively small and short-lived. This could reflect a number of factors, including the higher propensity of households to save during the economic downturn, the implementation lag of public expenditures, particularly of capital expenditures, and the narrow tax base that limits the impact of countercyclical revenue measures on domestic demand.

Auction --- Bids --- Credit lines --- Debt Markets --- Economic Stabilization --- Economic Theory & Research --- Emerging economies --- Emerging Markets --- Expenditures --- Finance and Financial Sector Development --- Financial crisis --- Fiscal Adjustment --- Fiscal policies --- Fiscal policy --- Income tax --- Infrastructure investment --- International bank --- Liquidity --- Liquidity constraints --- Macroeconomics and Economic Growth --- Pension --- Pension funds --- Private Sector Development --- Return --- Safety nets --- Tax --- Tax collection --- Time deposits

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As world leaders have agreed to massively support trade finance, this paper discusses the singularity of the issues related to trade finance in the context of the global economic crisis. Why should international trade finance be a particular issue of concern in the current circumstances? Are there specific market or government failures associated with trade finance that justify a special and differential treatment of the issue by policymakers? If so, what would then be the most appropriate policy instruments to address those concerns? The paper cautions against the notion of a large trade finance "gap," yet highlights the possible rationales and conditions for an effective intervention in support of trade finance.

Access to Finance --- Bank credit --- Banks and Banking Reform --- Central banks --- Credit lines --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Emerging markets --- Exporters --- Finance and Financial Sector Development --- Financial crisis --- Financial Intermediation --- Forms of credit --- Information asymmetries --- International bank --- International markets --- International trade --- Labor Policies --- Lines of credit --- Liquidity --- Liquidity crisis --- Macroeconomics and Economic Growth --- Market failure --- Missing markets --- Policy responses --- Political economy --- Private Sector Development --- Social Protections and Labor --- Trade finance --- Working capital

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The report discusses the important role of the Flexible Credit Line (FCL) in helping Mexico to survive in the fragile global economic environment. The FCL’s contribution in maintaining an orderly financial market in Mexico is noteworthy. IMF staff reaffirms their commitment toward Mexico in taking the necessary actions to manage unforeseen risks. According to the IMF staff report, Mexico meets the qualification criteria for access to FCL resources, and staff recommends approval of a fund of SDR 47.292 billion for a period of 24 months.

Fiscal policy --- Monetary policy --- Lines of credit --- Credit lines --- Loans --- Overdraft banking --- Mexico --- Economic conditions. --- Exports and Imports --- Investments: Stocks --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Public finance & taxation --- Finance --- Investment & securities --- Monetary economics --- External debt --- Public debt --- Stocks --- Debt service --- Current account --- Financial institutions --- Balance of payments --- Debts, External --- Debts, Public

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Strong economic fundamentals, robust policy framework, and a sustained track record of excellent policy implementation have facilitated the maintenance of orderly economic conditions in Mexico even amidst the substantial external volatility during the global crisis. Executive Directors welcomed the authorities’ commitment to maintain Mexico’s strong policy frameworks and take needed actions to manage unforeseen risks. The arrangement of contingent financing with the IMF through the Flexible Credit Line has helped Mexico to maintain confidence and also to insure against external risks while supporting a macroeconomic strategy.

Lines of credit --- Economic indicators --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Credit lines --- Loans --- Overdraft banking --- Mexico --- Economic conditions. --- Exports and Imports --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public Enterprises --- Public-Private Enterprises --- Price Level --- Deflation --- International economics --- Public finance & taxation --- Monetary economics --- Civil service & public sector --- External debt --- Public debt --- Credit --- Debt service --- Public sector --- Money --- Economic sectors --- Debts, External --- Debts, Public --- Finance, Public

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Lesotho’s economic growth has weakened compared with the earlier forecast, owing to adverse exogenous shocks. In 2011/12, despite weather-related shocks (floods), robust growth was maintained. To address these shocks, the authorities have sought external assistance. Lesotho continued to face the challenges in rebuilding its international reserve cushion. The authorities continued commitment to implement reforms in improving the business climate to support private sector-led growth and economic diversification. The authorities have also requested a waiver for the missed cumulative quantitative performance.

Lines of credit --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Credit lines --- Loans --- Overdraft banking --- Lesotho --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Business and Financial --- Monetary Policy --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Banking --- Public finance & taxation --- Financial services law & regulation --- International economics --- International reserves --- Revenue administration --- Fiscal stance --- Government debt management --- Central banks --- Fiscal policy --- Fiscal consolidation --- Public financial management (PFM) --- Foreign exchange reserves --- Finance, Public --- Revenue --- Banks and banking --- Debts, Public --- Lesotho, Kingdom of