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2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Preempting and Mitigating Spillovers
The Fund has a range of modalities and tools to cover spillovers. However, there remains scope to enhance synergies between global and country-specific spillover coverage and to foster cross-country dialogue. Practical guidance and enhanced information-sharing would also allow for more systematic surveillance of spillovers. Furthermore, the COVID-19 pandemic has underscored the need to continue expanding the research frontier covering new spillovers and channels and developing new tools and data sets. Therefore, filling these remaining gaps in the Fund’s spillover work would allow for a more coordinated and evenhanded surveillance of spillovers.
World Development Report 2022
The COVID-19 pandemic triggered the largest global economic crisis in more than a century. In 2020, economic activity contracted in 90 percent of countries, the world economy shrank by about 3 percent, and global poverty increased for the first time in a generation. Governments responded rapidly with fiscal, monetary, and financial policies that alleviated the worst immediate economic impacts of the crisis. Yet the world must still contend with the significant longer-term financial and economic risks caused by, or exacerbated by, the pandemic and the government responses needed to mitigate its effects. World Development Report 2022: Finance for an Equitable Recovery examines the central role...
Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond
Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.
Asset Purchase Programs in European Emerging Markets
Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global an...
Monetary Finance: Do Not Touch, Or Handle with Care?
This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.
Emerging Markets: Prospects and Challenges
This article documents recent developments in emerging markets in the context of the COVID-19 pandemic, assesses their prospects and challenges, and discusses appropriate policy settings for the medium term. It argues that EM policymakers’ ability to grapple with an incomplete and uneven recovery will be constrained by high public debt and uncertain inflation prospects as well as external risks surrounding capital flows and exchange rate developments. The paper also discusses potential impact of a tightening in global financial conditions and appreciation of the US dollar that could be triggered by a general increase in risk aversion or a reassessment of the likely path of US monetary policy.
Key Trends in Implementing the FUND's Transparency Policy
At the time of the 2005 Review of the Fund’s Transparency Policy, the Executive Board required regular updates on trends in implementing the transparency policy. This report provides an overview of recent developments, reflecting information on documents considered by the Board in 2019 and their respective publication status up to June 2020, and updating the previous annual report on Key Trends.
Key Trends in Implementing The Fund's Transparency Policy
At the time of the 2005 Review of the Fund’s Transparency Policy, the Executive Board requested regular updates on trends in implementing the transparency policy. The tables in this report provide an overview of recent developments, reflecting information on documents considered by the Board in 2017 and updating the previous annual report on Key Trends. Deeper analysis of these trends is undertaken in the context of periodic reviews of the Fund’s Transparency Policy.
Chile: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile
The Chilean economy has been hit by the pandemic while recovering from the social unrest in late 2019, requiring substantial adjustment of economic policies and the appropriate use of existing policy buffers. Following a sharp decline in mid-2020, economic activity started recovering in 2020H2 in the wake of ample policy stimulus. Inflation remains near the policy target, with inflation expectations anchored, and the current account balance has improved amid a sharp drop in imports and relatively resilient exports. Fiscal and monetary policies remain guided by the structural fiscal balance rule and the inflation-targeting framework, respectively. Beyond the pandemic-related risks, there is uncertainty stemming from a series of elections and the outcome of a New Constitution process—scheduled to finish in mid-2022—which are expected to shape the public discourse and influence the policy agenda.
A Companion to Marsilius of Padua
Few authors of the Latin Middle Ages have been the subject of so much attention as Marsilius of Padua (c. 1275-1342/43). Known primarily for his Defensor pacis, Marsilius quickly garnered for himself the reputation of being a heretic as well as a schismatic. At the same time, however, it became evident that he was perhaps one of the brightest - if not most dangerous - thinkers of the fourteenth century. The political ideas and activities of Marsilius of Padua have engendered a substantial literature and numerous debates. The present volume serves as a much needed guide to the life and works of the Paduan thinker. It provides readers with a scholarly treatment and evaluation of the various interpretative schools and debates concerning Marsilus based on the latest relevant research. As such, the present volume will appeal to scholars interested in the importance and influence of one of the greatest authors of the European Middle Ages. Contributors include: Gerson Moreno-Riaño, Cary J. Nederman, Frank Godthardt, William Courtenay, Michael Sweeney, Gianluca Briguglia, Takashi Shogimen, Roberto Lambertini, Bettina Koch, and Thomas Izbicki.
