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Challenges for Central Banking
In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.
Brazil
Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contributory factor, and included the pursuit of countercyclical policies, introduced to deal with the effects of the global financial crisis, beyond the point where they were helpful. More fundamentally, it reflects longstanding structural weaknesses plaguing the economy, that also help explain Brazil’s uninspiring growth performance over the past four decades.
People’s Republic of China
Following an impressive recovery from the initial impact of the pandemic, China’s growth has slowed significantly in 2022. It remains under pressure as more transmissible variants have led to recurring outbreaks that have dampened mobility, the real estate crisis remains unresolved, and global demand has slowed. Macroeconomic policies have been eased appropriately, but their effectiveness has been diminished by a focus on enterprises and increasingly less effective traditional infrastructure investment rather than support to households. The pandemic and its impacts have also been a setback to economic rebalancing toward private consumption and to reducing greenhouse gas emissions. A slowdown in growth-enhancing reforms against the backdrop of increasing geoeconomic fragmentation pressures stand in the way of a much-needed lift to productivity growth, weighing on China’s medium-term growth potential.
Papua New Guinea
Papua New Guinea (PNG) is a fragile state, vulnerable to natural disasters and terms of trade shocks. Low commodity prices in 2014-20, a severe drought in 2015-16, and a major earthquake in 2018 softened growth, led to shortages of FX, and contributed to a pre-pandemic build-up of public debt. The pandemic further increased public debt, which is now at high risk of distress, while development needs remain considerable.
Papua New Guinea
Background. On March 22, 2023, the IMF Executive Board approved 38-month Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements with Papua New Guinea to help address a protracted balance of payments need manifested in foreign exchange shortages and to support the authorities’ reforms to address long-standing structural impediments to inclusive growth. The authorities have made progress in implementing reforms supported by the program, demonstrating continued commitment to program’s objectives. The tense political and social environment, culminating in civil unrest in January 2024, has affected the parliamentary calendar and delayed the adoption of laws.
International Organizations and the Law of the Sea 1997
Now in its 13th year, the NILOS Documentary Yearbook provides the reader with an excellent collection of documents related to ocean affairs and the law of the sea, issued each year by organizations, organs and bodies of the United Nations system. Documents of the UN General Assembly, Meeting of State Parties to the 1982 UN Law of the Sea Convention, ISBA, ITLOS, Follow-Up to the UN Straddling Fish Stocks and Small Island States Conferences, Panama Canal, ECOSOC, UNEP and UNCTAD are included first, followed by the documents of FAO, IAEA, IMO, UNESCO/IOC. As in the previous volumes, documents which were issued in the course of 1997 are reproduced, while other relevant documents are listed. The...
Barbados: Fifth Review Under the Extended Arrangement, Request for Waiver of Nonobservance of Performance Criterion, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados
Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth. International reserves have increased to US$1.3 billion at end-March 2021, supported by IFI loans. This, and a successful 2018-19 public debt restructuring, have helped rebuild confidence in the country’s macroeconomic framework. However, a virtual standstill in the tourism sector during the pandemic took a significant toll in 2020, with the economy contracting by 18 percent. While Barbados was successful in containing the outbreak during 2020, a surge in COVID-19 cases in early 2021 resulted in the country’s second national lockdown in February. Economic growth is projected at 3 percent for 2021 premised on a modest recovery of tourism in the second half of the year, but the outlook remains highly uncertain, and risks are elevated, also in light of the possible impact of recent volcanic activity in neighboring Saint Vincent.
International Organizations and the Law of the Sea
Now in its 15th year, "The NILOS Documentary Yearbook" provides the reader with an excellent collection of documents related to ocean affairs and the law of the sea, issued each year by organizations, organs and bodies of the United Nations system. Documents of the UN General Assembly, Meeting of State Parties to the 1982 UN Law of the Sea Convention, CLCS, ISBA, ITLOS, Follow-Up to the UN Straddling Fish Stocks and Small Island States Conferences, ECOSOC, UNEP, and UNCTAD are included first, followed by the documents of FAO, IAEA, IMO, and UNESCO/IOC. As in the previous volumes, documents which were issued in the course of 1999 are reproduced, while other relevant documents are listed. "The...
International Organizations and the Law of the Sea 1999
Now in its 15th year, The NILOS Documentary Yearbook provides the reader with an excellent collection of documents related to ocean affairs and the law of the sea, issued each year by organizations, organs and bodies of the United Nations system. Documents of the UN General Assembly, Meeting of State Parties to the 1982 UN Law of the Sea Convention, CLCS, ISBA, ITLOS, Follow-Up to the UN Straddling Fish Stocks and Small Island States Conferences, ECOSOC, UNEP, and UNCTAD are included first, followed by the documents of FAO, IAEA, IMO, and UNESCO/IOC. As in the previous volumes, documents which were issued in the course of 1999 are reproduced, while other relevant documents are listed. The NI...
International Organizations and the Law of the Sea 1998
Now in its 14th year, the NILOS Documentary Yearbook provides the reader with an excellent collection of documents related to ocean affairs and the law of the sea, issued each year by organizations, organs and bodies of the United Nations system. Documents of the UN General Assembly, Meeting of State Parties to the 1982 UN Law of the Sea Convention, CLCS, ISBA, ITLOS, Follow-Up to the UN Straddling Fish Stocks and Small Island States Conferences, Panama Canal, ECOSOC, UNEP and UNCTAD are included first, followed by the documents of FAO, IAEA, IMO, UNESCO/IOC. As in the previous volumes, documents which were issued in the course of 1998 are reproduced, while other relevant documents are liste...
