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Cover -- CONTENTS -- ASSESSING RISKS IN THE PANAMANIAN BANKING SECTOR: STRESS TESTING AND CONTAGION ANALYSIS -- A. Executive Summary -- B. Introduction -- C. Banking Sector Performance and Vulnerabilities -- D. Solvency and Liquidity Risk -- E. Interbank Contagion Risk -- F. A Combined Shock Scenario Based on Stress Testing Results -- G. Concluding Remarks -- APPENDICES -- I. Contagion Analysis - Capital Losses by License Type -- II. Foreign Downstream Exposures -- III. Assessing Foreign Funding Risk -- REFERENCES -- FIGURES -- 1. Selected Financial Soundness Indicators, 2005-14 -- 2. Financial Soundness Indicators in Peer Comparison -- 3. Total Capital Losses and Number of Defaults -- 4. Capital Losses as Function of Original Defaulting Bank -- INTEREST RATES IN PANAMA: U.S. PASS-THROUGH AND ITS EFFECTS ON LOCAL ECONOMIC ACTIVITY -- A. Executive Summary -- B. U.S. Interest-Rate Pass-Through -- C. Effects on the Real Economy -- D. Concluding Remarks -- APPENDIX -- I. Asymmetric Response to U.S. Rates -- REFERENCE -- PANAMA: INVESTMENT AND GROWTH -- A. Executive Summary -- B. Brief Review of Economic Growth -- C. Growth Accounting -- D. Impact of Public Investment on Real GDP and Private Investment -- E. Public Investment Since 2007 -- F. Going Forward -- G. Conclusions -- REFERENCES -- PANAMA: ENERGY AND GROWTH -- A. Executive Summary -- B. Energy Production and Consumption in Panama -- C. Energy Prices and Subsidies -- D. Energy Prices and Growth Estimates for Panama and the Region -- E. Concluding Remarks -- APPENDICES -- I. Country Samples -- II. Oil Price Effect on Output - Evidence for Advanced Economies -- REFERENCES.

Cover -- CONTENTS -- IS THERE A MIDDLE-INCOME TRAP? SINGULAR GROWTH PATTERNS IN PANAMA -- A. Introduction -- B. Growth Performance -- C. Middle-Income Trap -- D. Evidence from Past Episodes -- E. Sustainability of Panama's Growth -- F. Concluding Remarks -- FIGURES -- 1. Growth Performance (1960-90) -- 2. Growth Performance (1990-2015) -- 3. Middle-Income Trap -- 4. Exit from the Middle-Income Trap -- 5. Evidence from Growth Episodes -- 6. Growth Accounting -- FINANCIAL INTEGRITY IN PANAMA -- A. Introduction -- B. Overview of Financial and Corporate Services Sectors -- C. Illicit Proceeds and Vulnerability to Money Laundering and Terrorist Financing -- D. Compliance with Global AML/CFT and Tax Transparency Standards -- E. Critical Areas for Further Reform -- F. Priority Actions and Way Forward -- G. Concluding Remarks -- FIGURES -- 1. OFC Portfolio Investment Liabilities -- 2. Cocaine Trafficking Routes in Panama -- 3. Global Cocaine Trafficking Flows -- TABLES -- 1. Structure of the Financial System -- 2. Technical Compliance with FATF Recommendations, 2018 -- PANAMA: GROWTH AT RISK -- A. Introduction -- B. Financial Conditions in Panama -- C. Growth and Financial Conditions -- D. Conclusions -- FIGURES -- 1. FCIs for the Subdimensions of Financial Risk and Variable Loadings -- 2. Coefficients from Quantile Regressions of Financial Conditions on Future GDP Growth -- TABLE -- 1. Financial Variables by Dimension of Financial Risk -- INTERCONNECTIONS WITHIN PANAMA'S REGIONAL BANKING SECTOR AND WITH FOREIGN BANKS -- A. Introduction -- B. Interbank Exposures in the Panamanian Banking System -- C. Spillovers from Stress in International Banks -- D. Conclusions -- FIGURES -- 1. Panamanian Bank Performance by Bank License Type -- 2. Total Capital Losses and Number of Defaults -- 3. Capital Losses as a Function of Original Defaulting Bank.

Cover -- CONTENTS -- BACKDROP AND ECONOMIC OUTLOOK -- RISKS TO THE OUTLOOK -- POLICY ISSUES -- A. Strengthening Financial Integrity -- B. Strengthening the Fiscal Framework and Building Fiscal Buffers -- C. Bolstering Financial System Resilience -- D. Ensuring a Sustainable and Inclusive Growth Path -- E. Other Issues -- STAFF APPRAISAL -- BOXES -- 1: Panama: The Exclusively Defined Benefit Portion of the Pension System -- 2. Panama's Financial Sector Remains Sound -- 3. Panama's Electricity Subsidies -- FIGURES -- 1. Real Sector Developments, 2009-15 -- 2. Fiscal Developments, 2010-19 -- 3. Financial Sector Developments, 2005-15 -- 4. External Sector Developments, 2010-14 -- 5. External Linkages, 1996-2014 -- 6. Social and Labor Indicators, 2003-14 -- TABLES -- 1. Selected Economic and Social Indicators -- 2. Summary Operations of the Non-Financial Public Sector -- 3. Summary Operations of the Central Government -- 4. Monetary Accounts -- 5. Commercial Bank Performance Indicators -- 6. Medium-Term Balance of Payments -- 7. Medium-Term Macroeconomic Framework -- 8. Vulnerability Indicators -- 9. Net International Investment Position (NIIP) -- ANNEXES -- I. Implementation of Past IMF Policy Advice -- II. Panama Risk Assessment Matrix -- III. Implementation of 2011 FSAP Recommendations -- IV. External Sector Assessment -- V. Debt Sustainability Analysis (DSA) -- VI. Existing and Forthcoming Free Trade Agreements -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE WORLD BANK-UNDER JMAP -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

Darstellung der gegenwärtigen Bedrohung des Lebensraums, der kulturellen Identität und der Kollektivorganisation der Camarca bei den indianischen Gruppen der Guaymi, der Kuna, der Embera und der Teribe in Panama durch Straßen-, Bergbau-, Wasserkraft- und Tourismus-Projekte. Bericht über Aufrufe und Kongresse zur Verteidigung des Rechts auf Land und Selbstbestimmung

Ausgehend von den historischen und wirtschaftspolitischen Entwicklungen des Landes skizziert der Verfasser des Handbuchartikels die Rahmenbedingungen gewerkschaftlicher Arbeit in Panama. Bei seiner Darstellung betont der Autor die Bedeutung des Panama-Kanals und der dort Beschäftigten für die Gewerkschaftspolitik. Ergänzt wird die inhaltliche Darstellung durch Literaturhinweise und die Anschriften der Gewerkschaftsbünde. (KS)

Este ensayo, en su primera parte, contiene una vision general de los sucesos politicos acontecidos en Panama desde las elecciones del 7 de mayo de 1989, las cuales fueron anuladas por el gobierno, hasta el fracasado intento de golpe contra el general Noriega en octubre. En un informe adicional es abordada la intervencion militar norteamericana que llevo al derrocamiento del dictador

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Advancing Financial Integrity and Tax Transparency -- B. Strengthening the Effectiveness of Fiscal Policy -- C. Financial Sector Reform to Build Resilience -- D. Other -- STAFF APPRAISAL -- BOXES -- 1. Growth at Risk (GaR) -- 2. Compliance with FATF and Global Forum's Standards. -- 3. Asset Quality and Economic Activity -- FIGURES -- 1. Socio-Economic Indicators -- 2. Real Sector Developments -- 3. External Sector Developments -- 4. Macrofinancial Developments -- 5. Fiscal Developments -- 6. Banking Sector Soundness -- TABLES -- 1. Selected Economic and Social Indicators -- 2. Summary Operations of the Non-Financial Public Sector -- 3. Summary Operations of the Central Government -- 4. Summary Balance of Payments -- 5. External Vulnerability Indicators -- 6. Summary Accounts of the Banking System -- 7. Financial Soundness Indicators -- ANNEXES -- I. Implementation of Past IMF Policy Advice -- II. Risk Assessment Matrix -- III. External Stability Assessment -- IV. Debt Sustainability Analysis (DSA) -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE WORLD BANK-UNDER JMAP -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

EXECUTIVE SUMMARYPanama is vulnerable to money laundering (ML) from a number of sources including drug trafficking and other predicate crimes committed abroad such as fraud, financial and tax crimes. It is a country with an open, dollarized economy and, as a regional and international financial and corporate services center, offers a wide range of offshore financial and corporate services. It is also a transit point for drug trafficking from South American countries with some of the highest levels of production and trafficking of illegal drugs in the world. These factors put the country at hig

This 2014 Article IV Consultation highlights that Panamaâ??s economic performance remains buoyant. Real GDP growth averaged about 8.5 percent over the past decade, the highest in Latin America, supported by an ambitious public investment program, and accompanied by strong reduction in unemployment, poverty, and income inequality. After exceeding 10 percent in 2011â??2012, growth slowed to 8.4 percent in 2013 reflecting mainly a decline in Colon Free Zone activity and in Canal traffic. Growth is expected to remain strong over the medium term. Inflation is moderating, owing to the deceleration o