Monetary Council, Council of Finance Ministers, and International Monetary Fund
IX Annual Regional Conference on Central America, Panama, and the Dominican Republic
Marriot Hotel, Tegucigalpa, Honduras
July 15–16, 2010
While stress in global financial markets has abated and many countries are leaving the recession behind, the recovery in Central America, Panama, and the Dominican Republic has been uneven and slower than in other regions, reflecting strong linkages to the U.S. and their export-oriented growth model.
The recent crisis has had the largest and most pervasive negative impact on public finances since World War II, particularly in advanced economies. As the crisis winds down, policy makers need to progressively eliminate crisis-related fiscal impulse and restore sustainability.
In this year’s conference we will analyze the short and medium-term outlook for global growth, including financial market conditions, and commodity prices. Moreover, we will discuss the daunting challenges that exist in the fiscal area at the global level. What strategies should they follow? Finally, we will seek to draw lessons from the crisis response and discuss steps to enhance the region’s resilience to future shocks. In particular, we will discuss the effectiveness of countercyclical fiscal policies and the need to rebuild the fiscal space; the weaknesses of the monetary transmission channel and its implications for the conduct of monetary and exchange rate policies; and the scope for reviving financial intermediation after the global credit crunch.
The event is not open to the public, but concludes with a Press Conference
| IX Annual Regional Conference on Central America, Panama and The Dominican Republic | |
|---|---|
| Thursday, July 15, 2010 | |
| Opening Remarks | Maria Elena Mondragón de Villar, President, Central Bank of Honduras Nicolás Eyzaguirre, Director, Western Hemisphere Department, IMF |
| Begin Closed Session | |
| 3:00–4:15 p.m. | Session 1 Economic Perspectives for Central America, Panama and the Dominican Republic This session will analyze the short and medium-term outlook for global growth, including financial market conditions, and commodity prices. While stress in global financial markets has abated and many countries are leaving the recession behind, the recovery in Central America, Panama, and the DR has been uneven and slower than in other regions, reflecting strong linkages to the U.S. and their export-oriented growth model. What are the economic perspectives for 2010 and 2011 for the region? |
Speaker Nicolás Eyzaguirre, Director, Western Hemisphere Department, IMF | |
Questions and Discussion | |
| 4:15–4:45 p.m. | Coffee Break |
| 4:45–6:00 p.m. | Session 2 The Global Post-Crisis Fiscal Outlook and Strategies for Fiscal Consolidation This session will discuss the daunting challenges that exist in the fiscal area at the global level. The recent crisis has had the largest and most pervasive negative impact on public finances since World War II, particularly in advanced economies. As the crisis winds down, policy makers need to unwind crisis-related fiscal policies and restore sustainability. What strategies should they follow? How would the required adjustment in advanced economies affect emerging markets? What are the policy implications for countries in Central America? Carlo Cottarelli, Director, Fiscal Affairs Department, IMF |
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Questions and Discussion |
7:00–8:00 p.m. |
Reception |
8:00–10:00 p.m. |
Dinner Introduction Maria Elena Mondragón de Villar, President, Central Bank of Honduras Keynote Speaker Murilo Portugal, Deputy Managing Director, IMF “The Role of the IMF in the Post-Crisis World” |
| Friday, July 16, 2010* | |
8:30–10:30 a.m. |
Session 3 The Lessons and Challenges for the Region after the Global Crisis—Policies for Stability and Sustained Growth The region has been adversely affected by the global recession but has avoided a major crisis. However, despite active policy responses in many countries, simulations suggest that the growth outcome was not much different from the performance that would have been expected based on historical relationships (Swiston 2010). Against the background of the evolving debate about a new macroeconomic policy framework for the post-crisis period (e.g., IMF Staff Position Notes 10/03 and 10/04), this session will seek to draw lessons from the crisis response and discuss steps to enhance the region’s resilience to future shocks. Topics include: the effectiveness of countercyclical fiscal policy and the case for re-building fiscal space; the weakness of the monetary transmission channel and its implications for the conduct of monetary and exchange rate policies (including the targeted level of inflation); and the scope for reviving sustainable credit growth after a global credit crunch. Moderator Murilo Portugal, Deputy Managing Director, IMF Speaker Speaker Miguel Savastano, Senior Advisor, Western Hemisphere Department, IMF Questions and Plenary Discussion |
10:30-11:00 a.m. |
Closing Remarks Antenor Rosales, President, Central American Monetary Council Murilo Portugal, Deputy Managing Director, IMF |
11:00–11:30 a.m. |
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