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Haiti: 2012 Article IV Consultation and Fifth Review Under the Extended Credit Facility. (2013). International Monetary Fund, .
In: IMF Staff Country Reports.
RePEc:imf:imfscr:2013/090.

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  1. 1/ The projections for 2013 will be updated when more information is available about the impact of Hurricane Sandy.
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  3. –––––, 2008, “Financial System Stability Assessment, February 5.
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  4. Banco Central de la Republica Dominicana, 2012, “Encuesta de gastos de estudiantes extranjeros en la Republica Dominicana” Bernanke, B. and A. Blinder, 1992, “The Federal Funds Rate and Channels of Monetary Transmission” American Economic Review, Vol.82, pp.901-921.
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  6. Calderon C., and K. Schmidt-Hebbel, 2008, “Business Cycles and Fiscal Policies: The Role of Institutions and Financial Markets”, Working Paper Central Bank of Chile No 481.

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  10. Crowley, J., 2008, “Credit Growth in the Middle East, North Africa, and Central Asia Region”, IMF Working Paper No. 08/184.

  11. Directors were encouraged by progress in implementing the 2008 Financial Sector Assessment Program recommendations and regulating the microfinance and cooperative sectors, and underscored the need to further improve the regulatory and supervisory framework. Public Information Notices (PINs) form part of the IMF's efforts to promote transparency of the IMF's views and analysis of economic developments and policies. With the consent of the country (or countries) concerned, PINs are issued after Executive Board discussions of Article IV consultations with member countries, of its surveillance of developments at the regional level, of post-program monitoring, and of ex post assessments of member countries with longer-term program engagements.
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  12. Eichengreen, Barry, and Carlos Artera, 2000, “Banking Crisis in Emerging Markets: Presumptions and Evidence”, CIDER Working Paper No. C00-115, (Berkley, California).

  13. Energy sector 13. The Haitian authorities remain mindful that an orderly reduction of the Treasury’s subsidies to the public utility company Electricité d’Haïti (EDH) is imperative. With the ensuing savings, fiscal space will be generated for social expenditures and the funding of job creation and growth enhancing projects. However, they are also conscious that the strengthening of EDH’s financial situation and production capacity will occur only gradually. Hence, the government adopted a set of measures to phaseout the subsidies and achieve sustainable financial soundness at EDH. The phasing out of budget transfers to EDH has been initiated with a target date of 2016 for complete elimination. An MOU was also signed between EDH and the MEF at end2012.
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  14. François, Lhermite , 2012, “Recensementde L’Industrie de la Microfinance en Haiti – Anne 20102011 ”, USAID / HIFIVE Publication, September.
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  15. Gourinchas, Pierre-Olivier, Rodrigo Valdes, and Oscar Landerretche, 2001, “Lending Booms: Latin America and the World”, NBER Working Paper No. 8249 (Cambridge, Massachusetts: National Bureau of Economic Research).

  16. HAITI 36 INTERNATIONAL MONETARY FUND Sulla Olga, 2012, “Credit Growth in Bolivia: Opportunities and Risks”, May, IMF Selected Issues Paper.
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  17. HAITI INTERNATIONAL MONETARY FUND 35 Hoek-Smit, Marja C., 2009, “Subsidizing Housing Finance for the Poor”, Paper prepared for Development Initiatives Group, January.
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  18. Harbo N. and Sulla O., 2013, “Credit Growth in Latin America: Financial Development or Credit Boom”, IMF Working Paper, forthcoming.

  19. Hedstrom, Pamela, 2011, “Support Development of a Government-of-Haiti-Led Action Plan for Expanding theAvailability of Housing Finance, Analysis of the Enabling Environment for Housing Finance in Haiti”, USAID Publication, October.
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  20. Hoek-Smit, Marja C. , 2009, “Housing Finance Subsidies”, in, Loic Chiquier and Michael Lea eds., Housing Finance in Emerging Market Economies, World Bank, June.
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  21. Hoelscher, David S., and Marc Quintyn, 2003, “Managing Systemic Banking Crisis,” IMF Occasional Paper 224 (Washington: International Monetary Fund).

  22. International Monetary Fund, 2012, “Enhancing Financial Sector Surveillance in Low-Income Countries —Financial Deepening and Macro-Stability” (FO/DIS/12/66, 4/18/12).
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  23. Iossifov P. and Khamis M., 2009, ‘Credit Growth in Sub-Saharan Africa – Sources, Risks, and Policy Responses” IMF Working Paper No. 09/180.

  24. It includes a commitment by the management of the electric company to present a financial sustainability plan by end-March 2013 on which an agreement will have to be reached by the end of the year. 14. A delegate minister for energy was appointed with a specific mandate that includes the responsibility of overseeing the sector and preparing a financial recovery program and an investment master plan that addresses EDH’s financing needs. However, the Ministry of Public Works continues to be the lead oversight institution for the electricity sector.
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  25. Kaminsky, Graciela, and Carmen Reinhart, 1999, “The Twin Crisis: The Causes of Banking and Balance of Payment Problems,” American Economic Review, Vol.89 (June), pp.473-500.

  26. Lim, F. Columba, A. Costa, P. Kongsamut, A. Otani, M. Saiyid, T. Wezel, and X. Wu , 2011, “Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences,” IMF Working Paper No. 11/238.

  27. Magud N., Reinhart C. and Vesperoni E., 2011, “Capital Inflows, Exchange Rate Flexibility, and Credit Booms” NBER Working Paper 17670.

  28. Mendoza E. and Terrones M. “An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data, 2008 NBER Working Paper 14049.

  29. Mishra, P., and P. Montiel, 2012, “How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence”, IMF Working Paper No. 12/143.

  30. Mishra, P., P. Montiel, and A. Spilimbergo, 2012, “Monetary transmission in low-income countries”, IMF, February.

  31. Orozco, Manuel , 2011,“Haiti Country Profile”, Inter-American Dialogue Internal Document .
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  32. Orozco, Manuel and Burgess, Elisabeth, 2011, “A Commitment Amidst Shared Hardship: Haitian Transnational Migrants and Remittance”, Journal of Black Studies, Vol. 42, pp. 225-246, March 2011.
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  33. Orozco, Manuel, 2006, “Understandingthe remittance economy in Haiti”, Inter-American Dialogue / World Bank Publication, March 2006.
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  34. PINs are also issued after Executive Board discussions of general policy matters, unless otherwise decided by the Executive Board in a particular case. The staff report (use the free Adobe Acrobat Reader to view this pdf file) for the 2012 Article IV Consultation with Haiti is also available.
    Paper not yet in RePEc: Add citation now
  35. Sadikov A. et al, 2012, “Private Sector Credit Growth in Lebanon – Supply or Demand Driven?” in Lebanon: Selected Issues Paper, Country Report No. 12/40, IMF.
    Paper not yet in RePEc: Add citation now
  36. Statement by Mr. Nogueira Batista, Executive Director for Haiti, Ms. Florestal, Government-Provided Advisor, and Mr. Robergeau, Government-Provided Advisor March 11, 2013 1. During the period under review Haiti suffered two new natural disasters (a hurricane and a spring drought). Although there have been significant improvements in disaster preparedness and risk management, the country remains very vulnerable to these shocks. Scarce public resources had to be reallocated to emergency responses, including those related to spikes in cholera infection. Damages in the agricultural sector led to significant material losses with ensuing pressures on imports and prices. The deceleration of exports and the shrinking of agricultural output led to a slowdown in GDP growth.
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  37. Tamirisa Natalia and Igan Deniz, 2008, “Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe,” IMF Working Paper No. 08/219.

  38. Terrier Gilbert, Rodrigo Valdes, Camilo Tovar, Jorge Chan-Lau, Carlos Fernandez-Valdovinos, Mercedes Garcia-Escribano, Carlos Medeiros, Man-Keung Tang, Mercedes Vera Martin, and Chris Walker, 2011, “Policy Instruments to Lean Against the Wind in Latin America,” IMF Working Paper No. 11/159.

  39. The recovery is expected to be firmer in FY2013 and medium-term prospects are promising, albeit with serious downside risks. Growth is projected to accelerate to 6.5 percent in 2013, assuming a pickup in reconstruction and a rebound in agriculture. Inflation should remain stable, in the mid-single digits. In the medium term, maturing ongoing agricultural and industrial projects and persistence in efforts to improve the business environment will help sustain growth and strengthen the external position. However, a worsening in global economic conditions, continued weak capacity, heightened domestic political and social tensions- fueled by pervasive poverty and lack of progress in improving living standards- and natural disasters could impede the fragile recovery and constrain Haiti’s growth prospects.
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  40. World Bank, 2001, “Finance for Growth: Policy Choices in a Volatile World” World Bank Policy Research Report.

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