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The Age of Central Banks
Curzio had one of the most fertile and original minds ever to be deployed on questions relating, first, to the interactions between Central Banks, private sector financial intermediaries and the government, and second to the working of the international monetary system in general, and to the role of the IMF specifically within that. His approach has been to apply a theory of history , which provides a beautifully written and illuminating book, much easier and nicer to read and more rounded than the limited mathematical models that have so monopolised academia in recent decades. From the foreword by Charles A.E. Goodhart Curzio Giannini s history of the evolution of central banks illustrates ...
Signaling by the Fund - A Historical Review
The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both reflected on the ways in which its main activities - especially surveillance and use of Fund resources (UFR) - send signals, and has created instruments for the express purpose of signaling. Overall, attempts to 'design' signaling mechanisms have been less than fully successful. This paper attempts to elucidate why, drawing primarily on the Fund's own thinking and assessments.
Research Activities of the IMF, January 1991-December 1998
A selective index of major research papers prepared by IMF staff in 1991-98.
Payment Systems, Monetary Policy and the Role of the Central Bank
A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.
Governing Global Finance
This title was first published in 2002: As the twenty-first century began, it was easy to assume that the reforms to the international financial system undertaken in the last half of the 1990s were adequate to the core tasks of ensuring stability, sustained growth and broadly shared benefits in the world economy. That comfortable consensus has now been shattered. This volume critically assesses fundamental issues including: -the elements and adequacy of recent G7-led efforts at international financial reform -current causes of and prospects for growth in the new global economy -the challenges of crisis prevention -private sector participation and IFI responsibilities -the world’s monetary supply and sovereignty in the face of market forces. These key topics are examined by leading economists and scholars of political economy from both academic and policy communities in G7 countries, making it an essential addition to the collections of all those concerned with the challenges facing the world economy in the coming years.
Bank Lending Rates and Financial Structure in Italy
This paper discusses the relation between the financial structure and the determination of bank lending rates in Italy. It notes that the high degree of stickiness of bank lending rates observed in Italy in the past was related to constraints on competition within the banking and financial markets. In this light, it discusses the effect on the lending rate determination process of the sweeping financial liberalization process that characterized the last few years. The paper discusses also the role of the discount rate in speeding up the adjustment process of bank interest rates, and the pros and cons of its possible indexation. The empirical analysis is characterized by use of microeconomic (individual bank) data for a group of 63 Italian banks operating in locally different financial environments. This approach allows the identification of some aspects of the relation between financial structure and lending rate stickiness that were not highlighted in previous studies.
Finance and Development
Progress towards economic and monetary union in Western Europe has highlighted the importance of regional policies, while events in Eastern Europe have focused attention on the role of finance in development and may lead to a substantial diversion of capital flows. This volume from the Centre for Economic Policy Research addresses the relationships between growth, convergence, and capital market imperfections. Theoretical papers shed light on the debates over the role of financial structure in economic development and the scope for government intervention to promote regional development. Highly topical empirical papers examine the relationship between international lending and economic development in a historical perspective; the experience of regional policies in the European Community, and of financial liberalization in high-growth East Asian economies; and the development of financial markets in Eastern Europe.
Multimod Mark III
This study describes the Mark III version of MULTIMOD, the IMF's multi region macroeconomic model. Mark III version of MULTIMOD differs from its predecessor in several important respects. New features include a core steady-state analogue model, a new model of teh inflation-unemployment nexus, and extended non-Ricardian specification of consumption-saving behavior, and improved specifications and estimates of investment behavior and international trade equations. In addition, the introduction of a new solution algorithm has greatly increased the robustness, speed of convergence, and accuracy of the simulations.
Liquidity and Crises
One important cause of the 2007-2009 crisis was illiquidity combined with exposure of many financial institutions to liquidity needs. But what is liquidity and why is it so important for financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field.
