Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial mark...
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ftrepec:oai:RePEc:imf:imfscr:09/306 2024-04-14T08:13:33+00:00 Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access International Monetary Fund http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378 unknown http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378 preprint ftrepec 2024-03-19T10:32:21Z This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial markets. Several quantitative and structural program targets were missed. The authorities and IMF staff have agreed that a faster pace of fiscal adjustment and more gradual pace of capital account liberalization would be the key toward preserving stability and sustainability. Economic indicators;Banking sector;Bank reforms;Economic growth;Flexible exchange rate policy;Fiscal policy;Fiscal reforms;Monetary policy;Performance criteria waivers;Phasing of purchases;Staff Reports;Stand-by arrangement reviews;debt, interest, external debt, central bank, financial sector Report Iceland RePEc (Research Papers in Economics) |
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Open Polar |
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RePEc (Research Papers in Economics) |
op_collection_id |
ftrepec |
language |
unknown |
description |
This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial markets. Several quantitative and structural program targets were missed. The authorities and IMF staff have agreed that a faster pace of fiscal adjustment and more gradual pace of capital account liberalization would be the key toward preserving stability and sustainability. Economic indicators;Banking sector;Bank reforms;Economic growth;Flexible exchange rate policy;Fiscal policy;Fiscal reforms;Monetary policy;Performance criteria waivers;Phasing of purchases;Staff Reports;Stand-by arrangement reviews;debt, interest, external debt, central bank, financial sector |
format |
Report |
author |
International Monetary Fund |
spellingShingle |
International Monetary Fund Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access |
author_facet |
International Monetary Fund |
author_sort |
International Monetary Fund |
title |
Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access |
title_short |
Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access |
title_full |
Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access |
title_fullStr |
Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access |
title_full_unstemmed |
Iceland; Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access |
title_sort |
iceland; staff report for first review under stand-by arrangement and requests for extension of the arrangement, waivers of nonobservance of performance criteria, and rephasing of access |
url |
http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378 |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
http://www.imf.org/external/pubs/cat/longres.aspx?sk=23378 |
_version_ |
1796311561772466176 |