Particularly important are education and health indicators. 11, 11 The member countries continue to define solutions to help them maintain the economic turnaround experienced by the region during Economic growth and employment After the crises that severely affected some of the region s countries in recent years, economic performance in 2004 has been especially positive in Latin America and in the Andean region in particular. Committee on Financial Services, Chapter-2. In this context, CAF has been actively supporting the Andean countries through efforts to increase negotiation capacity, facilitate coordination and articulate technical assistance within the processes of negotiation, agreement implementation and the building of productive and trade capabilities. Average h/ Average, 14 Dominican Trinidad & Costa Rica Ecuador Jamaica Mexico Panama Paraguay Peru Republic Tobago Uruguay Venezuela 18,550 29,700 8, ,100 13,825 6,640 66,500 18,429 11,580 12, ,716 4, , , , , , , , , , , n.a n.a n.a n.a n.a n.a n.a. Regional integration and increased participation in the global economy 2004 has been an important year for regional integration and trade agreements. In fact, the sustainability of economic recovery in the region will depend in part on vulnerabilities faced in foreign markets. 15, 15 In 2004 the economic situation in Paraguay stabilized, although growth continued to be modest, closing at 2.9%. Rafael Domnech BBVA Financial Institutions Conference The global economic scenario has improved, THE GREAT DEPRESSION OF FINLAND 1990-1993: causes and consequences Jaakko Kiander Labour Institute for Economic Research CONTENTS Causes background The crisis Consequences Role of economic policy Banking, Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 With the exchange rate floor in place for over a year, the Swiss economy remains stable, though inflation remains, Statement by the Executive Secretary of the Economic Commission for Latin America and the Caribbean, ECLAC, Dr. Jos Antonio Ocampo, in the name of Regional Commissions of the United Nations It is a great, Governor's Statement No. Overview About two thirds of the WTO s around 150 members are developing countries. Slowdown on the Americas. Several regions turned in a lackluster performance. Conversely, faced with the delays of the multilateral liberalization process and the reduction of scope of ALCA, various Latin American countries have been negotiating FTAs, especially with the US, as a strategy to increase trade presence in world markets. In this complex year, marked by COVID-19, CAF was up to the task and honored the anti-cyclical role we have as one of the most relevant multilateral banks in the region. Obtaining Finance in Latin America and the Caribbean 1 World Bank Group latin America and the Caribbean Series Note No. Argentina continues to experience a period of important economic recovery, with growth rates above 8% in 2004, which has allowed a reduction of unemployment of 3 percentage points. This increase is explained not only by higher fuel and transport prices, but also by the strong increase in food prices. The government of Bolivia would join later in 1967. One year ago, CAF opened its regional office for the Caribbean in Trinidad and Tobago, which allows this . About CAF Its policies incorporate social and environmental variables, and all its operations are governed by criteria of eco-efficiency and sustainability. As a financial intermediary it attracts resources from industrialized countries to Latin America, and serves as a bridge between international capital markets and the region by promoting investments and business opportunities. All recordings are available using this link or in the "Agenda" section. CAF has been supporting social development in its shareholder countries for more than three decades and emphasized human sustainable development aimed at reducing poverty as a fundamental component of its strategy in this area. For 2005, the outlook is for the trade surplus to continue, given the current tourism boom and the effect of free trade zones, for capital flows to return, and for oil imports to decrease. In the fiscal arena, the Restricted Public Sector registered a deterioration in its accounts to an estimated 3.8% of GDP, and this is expected to persist in As for the Caribbean economies that are members of CAF, Trinidad and Tobago present a healthy economic picture, and continue to respond favorably to the dynamism of the world economy, with growth rates of 6.7% and 6.2% in 2003 and 2004 respectively. Political instability and an uncertain legislative agenda could interfere with positive economic results. Nonetheless, after several years of deterioration, the fiscal deficit slowed down, closing at 2% of GDP in 2004, and a further reduction is expected in the next two years. Let me briefly summarize some of the most salient conclusions. Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment, Presentation to the University of Washington Business School For delivery November 15, 2001 at approximately 8:05 AM Pacific Standard Time (11:05 AM Eastern) By Robert T. Parry, President and CEO of the, The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but, Finance Ministers Speech NDTV Profit Business Leadership awards 2011 Ladies and Gentlemen, I am very happy to be here today among this distinguished gathering of industrialists and business persons on, World Economic Situation Prospects and 2016 United Nations World Economic Situation and Prospects 2016 asdf United Nations New York, 2016 vi World Economic Situation and Prospects 2016 Executive summary. I would stress in particular three developments in this regard: Project LINK Meeting New York, 20-22 October 2010. Informes Calificaciones rbol Genealgico Seales de Mercado Although deficit levels remain high, it is important to underline the efforts aimed at reducing fiscal deficits in Brazil, Bolivia, Colombia and Uruguay. Other identifiers: 1237857-4 [ZDB] Source: ECONIS - Online Catalogue of the ZBW. Moreover, domestic savings continues to be low, which is manifested in shallow financial markets that especially affect small and medium enterprises. Different surveys of public opinion in the region show that, although Latin Americans believe that democracy is the best system of government, unfortunately the majority is unsatisfied with its results. ESG Relevance Scores transparently and consistently display both the relevance and materiality of ESG elements to . CAF's liquid assets covered 1.6x short-term debt at end-September 2021. The vitality of world trade is explained mainly by the demand from Asian developing countries and from transition economies, whose imports have grown by more than 20% in real terms in recent years. For 2005, 5% GDP growth is expected, mainly driven by oil activity. Similarly, one should underscore the relative exchange rate stability achieved in most countries, in a context of monetary strength and relative stability of international capital flows, especially after the volatility suffered in past years. Slow recovery in the, Fiscal policy and pension expenditure in Portugal Cludia Rodrigues Braz 1 1. During 2021, CAF operations offered swift . Another indicator in which the region has performed well is in the gross rate of primary school enrollment, which has increased from 105.6% in 1990 to 129.5% in In this area, Latin America and the Caribbean rank first in the developing world, ahead of East Asia and the Pacific. CAF began operations with a subscribed capital of $25 million. vufindString = {bulk_email_success: "Your item(s) were e-mailed",bulk_save_success: "Your item(s) were saved successfully",close: "close",loading: "Loading",sms_success: "Message sent. Nonetheless, it is important to underline that the popularity of some leaders gives them leeway to move forward with reforms and strengthen democratic governance. The current account was positive in 2004, and greater than that of 2003, due to the high price of crude oil and the significant increase in export volume. For 2005, the economy is expected to grow by 6%. International Energy Agency May 2004, Chapter 12: Gross Domestic Product and Growth Section 1. Its shareholders are the five countries of the Andean Community: Bolivia, Colombia, Ecuador, Peru and Venezuela, as well as Argentina, Brazil, Chile, Costa Rica, Spain, Jamaica, Mexico, Panama, Paraguay, Dominican Republic, Trinidad & Tobago, Uruguay and 16 private banks in the region. Mexico. All this, in a framework of relatively limited fiscal institutionalism. From this one can understand that the successful implementation of a competitiveness agenda in the region must include a variety of both micro and macroeconomic initiatives, with the active participation of both the public and the private sector. Several factors helped. On the other hand, important losses were registered by Bolivia, which lost 9 positions compared to last year, and by Peru and the Dominican Republic, which both lost 7 positions. In the same way, the positive trend of private capital flows towards the region has been key in improving access to financial markets. STABILITY PROGRAMME 2014-2017 COUNCIL OF MINISTERS APRIL 30 2014 Stability Programme 2014-2017 The Council of Ministers has approved today the referral to Brussels of: The Stability Programme 2014-2017, Latin America s Debt crisis 1980 s The LATAM Debt Crisis of the 80 s Why the region accumulated an unmanageable external debt? CAF - Development Bank of Latin America - Wikipedia CAF focuses on the promotion of sustainable development and green economies in over 15 countries in the region through supporting the technical and financial structuring of projects. In the short run, it is important to point out the issue of the new Hydrocarbon Law, which not only will affect the sector s future but also private investment, especially foreign private investment. About Data in this section referring to variations in competitiveness ranking positions were obtained using a comparable standardized sample of 99 countries. This growth was achieved in a context of low inflation and fiscal policy that was both prudent and successful, results that allowed Spain to comply with the rules of the EU Stability and Growth Pact with room to spare. Possible risks are associated with the evolution of the U.S. economy, oil prices, exchange rate volatility and Congressional opposition to the implementation of structural reforms. Common terms and phrases. The United Nations Program for Development (UNPD) recently published a exhaustive report on the evolution of democracy in Latin America. General trends In 2013, Uruguay s level of economic activity increased by 4.4% compared with 2012, according to the country s physical, Issue Brief March 2008 Center for Economic and Policy Research 1611 Connecticut Ave, NW Suite 400 Washington, DC 20009 tel: 202-293-5380 fax:: 202-588-1356 www.cepr.net The Economic Impact of a U.S. The region has accomplished substantial achievements in health during the nineties, especially through the reduction of mortality rates and the increase of life expectancy at birth. In 2004, inflation registered 6.8%, slightly lower than the 7.7% of In the Andean region, inflation fell from 12.4% in 2003 to 9.4% in The improvements in Venezuela and Ecuador contributed significantly to this correction, in marked contrast to the deteriorated, albeit anticipated, conditions in Argentina and Brazil. The guaran appreciated by 4% with respect to the dollar, contributing to a significant fall in inflation, which closed at 2.8% compared to 9.3% in the past year. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably. It is important that the confidence in political parties as fundamental instruments of governance and economic stability be recovered. Rolf J. BOLIVARIAN REPUBLIC OF VENEZUELA. REV. In 2004 growth was 3.6%, and 3.5% growth is expected for Nonetheless, foreign direct investment was negatively affected by the conditions of political and social instability. La Corporacin Andina De Fomento (caf) Es Una Institucin Bancaria Corporacion Andina De Fomento - Caf (Peru) - EMIS Furthermore, to achieve equitable and sustainable development it is necessary to promote the inclusion of minorities and of the poorest individuals of the region, and to push social policy towards the achievement of equal oportunities for all. In fact, most Latin American countries grew at more than 3.5% in This situation will moderate slightly in 2005, with expected GDP growth rates of 4.4% and 4.3% for the Andean region and Latin America, respectively. Two years later on June 8, 1970, after opening its headquarters in Caracas, Venezuela, CAF formally began operations. Corporacion Andina de Fomento Credit Rating - Moody's Odd Per Brekk Senior Resident Representative. The increasingly important dedication to CAFs social operations are in line with the design and application of a new development agenda in the region, which stimulates high, sustained and good quality growth and intends to combine three elements that are considered essential by the Corporation: stability, efficiency and equity. The Importance of Investment Income and Transfers in the Current Account: A New Look on Imbalances. BARRY WHITESIDE, Governor of the Bank and the Fund for the REPUBLIC OF FIJI Statement by the Hon. PDF Corporacin Andina de Fomento (CAF) The Corporation was conceived as a multipurpose bank and agency for promoting Andean development and integration. Chile s economic recovery continued in 2004, driven by export growth and a surge in domestic private consumption. The Institution is committed to sustainable development and regional integration. The fiscal situation has improved noticeably: the NFPS consolidated account closed with a 2.7% surplus, a positive outcome which is expected to continue in Moreover, the government has achieved significant progress in reducing public debt arrears. This growth has been driven mainly by exports (thanks to high international energy prices and new trade opportunities in emerging markets) which grew from US$ 4,900 million in 2003 to US$ 5,500 million en Furthermore, this growth is expected to continue in 2005, with a positive fiscal balance supported by oil and gas production. ",viewBookBag: "View clipboard",addBookBag: "Add to clipboard",removeBookBag: "Remove from clipboard",itemsAddBag: "item(s) added to your clipboard",itemsInBag: "item(s) are either already in your clipboard or could not be added",bookbagMax: "100",bookbagFull: "Your clipboard is Full",bookbagStatusFull: "Full",no_tags: "No Tags"}; First, Economic Overview Economic growth remains strong in East Asia and retains healthy momentum thanks to strong commodity prices and increases in exports. In 2004 the inflation target (set between 5% and 6%) was met, while the fiscal deficit registered at 2.3% of GDP, within the limits set by the agreement with the IMF. CAFs partnerships with public and private sector organizations have allowed it to play an active role in the promotion of projects and programmes that generate environmental benefits and to address climate change impacts. Monetary, exchange rate and financial sector One of Latin America s most important achievements is having kept inflation at relatively moderate and homogeneous rates in most countries. At the same time, foreign direct investment was positive, thanks to increased reinvestment of profits generated in In 2004, public finances were favored by the increased economic activity. CAF is headquartered in Caracas, Venezuela. Annual Report for the 2022 financial year ( PDF - XHTML ) Declaration of directors' liability for the 2022 financial year ( PDF ) Technical Cookies: These are required for the . This line of action, expressed through the financing of projects to the social sector, has shown important growth during the past few years. 1. Introduction From the end of the 1990s until 2005 (with a break in 2002), there was a gradual deterioration in the structural, Public Sector Program (RRP RMI 43321-1) A. Janet L. Yellen. In fact, the implementation of complementary reforms is key, for example reforms aimed at guaranteeing greater competitiveness (labor, tax and customs reforms) and at developing innovative capabilities and technology adoption in the region s countries. Registration on or use of this site constitutes acceptance of our. Secondly, the increase of U.S. interest rates, where the rate on federal funds increased from 1% to 2.25% in 2004, has affected financial costs for emerging markets. This ESG Navigator for Corporacion Andina de Fomento (CAF) is an integrated scoring system that shows how environmental, social and governance (ESG) factors affect individual credit rating decisions. Managing Systemic Banking Crises David S. Hoelscher Assistant Director Money and Credit Markets Department 2 Introduction Systemic banking crises of unprecedented scale: Argentina, East Asia, Ecuador, The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the, Concept Note and Call for Papers AFRICAN ECONOMIC CONFERENCE 2015 ADDRESSING POVERTY AND INEQUALITY IN THE POST 2015 DEVELOPMENT AGENDA Kinshasa, Democratic Republic of Congo 2-4 November, 2015 1 1. Corporacion Andina De Fomento is a development bank that was established in 1970. Stay informed about the activities of the Green Climate Fund. Business description Corporacin Andina de Fomento (CAF) began its operations on June 8, 1970; and was established under public international law which abides by the provisions set forth in . It is a strategic move that aims to expand its presence in the region to strengthen integration processes. The latter have also benefited from current trade agreements. :: CAF Corporacin Andina de Fomento, Persistent link: https://www.econbiz.de/10000546834. Fiscal deficits, Evolution of informal employment in the Dominican Republic, Monetary Policy Outlook in a Negative Rates Environment Mr. Javier Guzmn Calafell, Deputy Governor, Banco de Mxico J.P. Morgan Investor Seminar, U.S. For Chile, Dominican Republic and Uruguay the number presented is EMBI Global. The dynamic performance of the world economy, the favorable conditions of commodity markets and trade in general, as well as the return of private capital flows contributed to an excellent environment for the region to reach the highest growth rate over the last 25 years, within a framework of internal and external macroeconomic stability. Main Financial Ratios 2 III. A resolution is imperative, given that political parties are fundamental in uniting society, combining and organizing the demand from extremely different individuals and sectors of society, without which representation cannot exist. For Jamaica Central Government. Institutions and governance The economic results discussed above, together with the troublesome levels of social and labor indicators, have contributed to a sentiment of frustration among Latin Americans, and a questioning of the current economic framework, including the functioning of democracy. In 2004, GDP growth exceeded 17%, making Venezuela the fastest growing economy in Latin America, while inflation registered 19.2%. Corporacion Andina de Fomento Company Profile | LIMA, LIMA, Peru | Competitors, Financials & Contacts - Dun & Bradstreet The Corporacion Andina de Fomento (CAF) - Banco de Desarrollo de Amrica Latina (Portuguese: Corporao Andina de Fomento (CAF) - Banco de Desenvolvimento da Amrica Latina, is a development bank that has a mission of stimulating sustainable development and regional integration by financing projects in the public and private sectors in Latin America, and providing technical cooperation . This contractionary monetary policy is expected to continue in 2005, which could reduce capital flows to the region and would impair countries access to capital markets. Its shareholders are the ve countries of the Andean Community: Bolivia, Colombia, Ecuador, Peru and Venezuela, as well as Argentina, Brazil, Chile . Latin America differs from other emerging economies in that very few countries are investment grade. This section will briefly review these processes. Introduction, Provisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures December 20th, 2004 Cabinet Approval 1. Overview. In general, this is due to the fact that our countries continue to suffer from various problems and sources of fiscal vulnerability, among which the most prominent are high levels of public debt, high provisional costs, fiscal rules that are either absent or ineffective, low tax pressure, procyclical fiscal expenditure and large portions of fiscal expenditure that cannot be easily reduced. n.a ,2** , , , , , , , , ,918 1,549 1,400 61, ,170 12, ,635 2,115 24, , , , n.a n.a n.a. }); The CAF was founded in 1966 following the historic signing of the Bogot Declaration in the presence of its framers, President Carlos Lleras Restrepo of Colombia, President Eduardo Frei Montalva of Chile, President Ral Leoni of Venezuela, and the personal representatives of the presidents of Ecuador and Peru. Other countries in the region also face important challenges in their monetary and financial agendas. In the fiscal arena, the deficit target was achieved in 2004, through greater tax revenues and controlled current spending. Logger.logCoid("157e06f0-2cb8-4c26-9598-5f799e223430"); Some countries exhibit vulnerabilities and procyclicity in fiscal policy, growing public debt (especially domestic debt) and contingent obligations. This is the case of Colombia, Peru, Chile and Brazil, where authorities are trying different policies aimed at mitigating the effects of this tendency, including short term capital controls, as in Colombia. On the other hand, capital flows show a negative balance, due to increased demand for foreign assets. On the other hand, after a considerable surplus in 2003, the balance of payments current account registered a similar result in 2004, compensated in part by a deterioration of the capital account. It has offices in Buenos Aires, La Paz, Bogot, Quito, Madrid, Mexico, Panama City, Asuncin, Lima, Montevideo, Port of Spain. Este organismo fue creado en el ao de 1970 y como parte de su composicin tambin existe participacin de 14 entidades bancarias de la . Currently, Colombia, Ecuador, Panama and Peru are negotiating an FTA with the US, with Bolivia participating as an observer. Economic performance The Mexican economy is highly concentrated in services, accounting for 62% of GDP, then industry 34% and agriculture only 4%. Fixed Income: Potential Interest Rate Shock Scenario Executive Summary Income-oriented investors have become accustomed to an environment of consistently low interest rates. Outlook Report / Mon 13 Dec, 2021. In the fiscal arena, the challenges continues to be those of pension reform and increased budget flexibility to guarantee public debt sustainability. It is well known that the recovery of the global economy and sustained growth in China have resulted in highly favorable conditions with respect to commodities prices. General trends The gross domestic product (GDP) of the Bolivarian Republic of Venezuela grew by 1.3% in 2013, Abstract THE IMPACT OF MACROECONOMIC FACTORS ON NON-PERFORMING LOANS IN THE REPUBLIC OF MOLDOVA Dorina CLICHICI 44 Tatiana COLESNICOVA 45 The purpose of this research is to estimate the impact of several. In social policy, which had been restricted by the availability of fiscal resources, initiatives for the improvement of educational quality and access to health services were implemented. Unemployment continues to decline, registering levels below 10%. According to recent estimates by the IMF, net private capital flows toward Latin America and the Caribbean have increased from $31,8 billion in 2003 (the lowest level in recent years) to an estimated $38 billion in In any case, foreign direct investment levels in the region remain far from the peaks reached in the nineties, when increased investment appeal coincided with the initial enthusiasm generated by the implementation of reforms inspired by the so-called Washington Consensus. PDF Re: Corporacin Andina de Fomento Registration Statement under Schedule CORPORACION ANDINA DE FOMENTO - 424B3 - Prospectus - Fintel 4 Corporacin Andina de Fomento (CAF) is a multilateral nancial institution which supports the sustainable development of its shareholder countries and integration efforts within the region. ",confirmEmpty: "Are you sure you want to empty your clipboard? For 2005, the forecast is for growth rates similar to those of 2004, a deterioration of the current account, and increased inflationary pressure. Data for 2002, except for Bolivia, Brazil, Ecuador, Mexico and Paraguay, that are for f/ Ratio of total enrollment, regardless of age, to the population of the age group that officially corresponds to the level of education shown. Moreover, it is important to include communities in the resolution of their own problems, and to count on a social safety net to help the most needy in times of unexpected shocks, such as natural disasters or unexpected fluctuations in economic activity. Venezuela is currently experiencing a period of economic recovery, driven both by oil and nonoil sectors. This has helped improve the perception of risk in the region; in fact, the principal international agencies have increased the sovereign risk qualifications of various Latin American countries.