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Internationalization of Emerging Market Currencies
  • Language: en
  • Pages: 26

Internationalization of Emerging Market Currencies

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Evaluation of the IMF's Role in Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility
  • Language: en
  • Pages: 141

Evaluation of the IMF's Role in Poverty Reduction Strategy Papers and the Poverty Reduction and Growth Facility

In 1999, the IMF and the World Bank adopted a new frame work for supporting economic reform in low-income member countries to achieve the objectives of poverty reduction and economic growth. The frame work consists of two key elements: country-authored Poverty Reduction Strategy Papers, drawing on broad-based consultations with key stake holder groups; and a vehicle for the provision of IMF concessional lending, the Poverty Reduction andGrowth Facility. This evaluation takes stock of progress to date and attempts to identify short comings that may require course corrections in the design and implementation of the initiative.

The IMF and Argentina, 1991-2001
  • Language: en
  • Pages: 132

The IMF and Argentina, 1991-2001

This report evaluates the role of the IMF in Argentina during 1991-2001, focusing particularly on the period of crisis management from 2000 until early 2002. The primary purpose of the evaluation is to draw lessons for the IMF in its future operational work. The evaluation suggests ten lessons, in the areas of surveillance and program design, crisis management, and the decision-making process, and, on the basis of these lessons, offers six sets of recommendations to improve the effectiveness of IMF policies and procedures.

Financial Deepening and International Monetary Stability
  • Language: en
  • Pages: 22

Financial Deepening and International Monetary Stability

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Review of the Fund's Transparency Policy
  • Language: en
  • Pages: 57

Review of the Fund's Transparency Policy

This review analyzes trends in publication of IMF documents and experience with various aspects of the transparency policy since July 2003, based on: Fund-wide data on publication; records of changes made to published staff reports; a survey of mission chiefs; and ten country case studies involving interviews with staff and Executive Directors.

2008 Triennial Surveillance Review - Overview Paper
  • Language: en
  • Pages: 30

2008 Triennial Surveillance Review - Overview Paper

This triennial surveillance review (TSR) takes place in a time of change, with the Fund in the midst of a major refocusing effort. That surveillance has not been as effective as it should be has been amply documented, notably in previous surveillance reviews and several IEO evaluations. Since the 2004 review of bilateral surveillance (BSR), considerable efforts have been made to enhance its effectiveness, including an overhaul of the policy framework with the adoption of a new Surveillance Decision in 2007. And as part of the refocusing effort, more change is underway to deliver on the Managing Director’s vision of an institution making better use of its comparative advantage, to be “more alert to emerging issues, more critical in its assessments (especially in good times), and more assertive in communicating its concerns.”

Exploring the Dynamics of Global Liquidity
  • Language: en
  • Pages: 47

Exploring the Dynamics of Global Liquidity

This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers.

Strengthening the International Monetary System - Taking Stock and Looking Ahead
  • Language: en
  • Pages: 33

Strengthening the International Monetary System - Taking Stock and Looking Ahead

The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives. As a result, interdependence among the world’s economies has grown dramatically, making the existence of a sound system ever more important. At the same time, the system has exhibited many symptoms of instability—frequent crises, persistent current account imbalances and exchange rate misalignments, volatile capital flows and currencies, and unprecedentedly large reserve accumulation. These symptoms have come to a head since the 2008 crisis and brought renewed international momentum to the idea of attempting to reform the...

Coalition of the unWilling and unAble
  • Language: en
  • Pages: 275

Coalition of the unWilling and unAble

Why does the United States need European allies, and why is it getting more difficult for those allies to partner with Washington in standing up to China, pushing back against Russia, and pursuing other common interests around the world? This book addresses the economic, demographic, political, and military trends that are fundamentally upending the ability and willingness of European allies to work with Washington. Brexit and its impact on Britain’s economy and its military, Germany’s seemingly relentless economic and political rise, France’s continuing economic malaise, Italy’s aging population and its withdrawal from major overseas operations, and Poland’s demographic decline an...