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July 2014

The project Mozambique - Financial Sector DPO is now in the pipeline. To see more information, see the project information in the World Bank project database The development objective of the First Programmatic Financial Sector Development Policy Operation (FSDPO) Project for Mozambique is to reinforce financial stability, increase access to finance by households and firms, and enhance the development of long-term financial markets.

  • To offer credible and evidence-based advice to government on financing Local Governments.

Core Values

  1. Professionalism;
  2. Commitment;
  3. Team Work.
  4. Transparency and Integrity;

A vector autoregression model with time-varying coefficients is used to examine the evolution of wage cyclicality in four Latin American economies: Brazil, Chile, Colombia and Mexico, during the period 1980-2010. Wages are highly pro-cyclical in all countries up to the mid-1990s except in Chile. Wage cyclicality declines thereafter, especially in Brazil and Colombia. This decline in wage cyclicality is in accordance with declining real-wage flexibility in a low-inflation environment.


Annual Report 2014-2015