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This paper describes the functions, policies, and operations of the IMF. The IMF is an independent international organization, and is a cooperative of 185 member countries, whose objective is to promote world economic stability and growth. The member countries are the shareholders of the cooperative, providing the capital of the IMF through quota subscriptions. In return, the IMF provides its members with macroeconomic policy advice, financing in times of balance-of-payments need, and technical assistance and training to improve national economic management.
Governments, firms and people in developed countries, above all, the United States, by failing to live up to these responsibilities, take advantage of people in developing countries.
This 2009 Article IV Consultation highlights that the global economic crisis and collapse in copper prices in 2008 hit the Mongolian economy hard. The loose macropolicies and tightly managed exchange rate pursued during the preceding boom years had made the economy particularly vulnerable, and the situation deteriorated markedly in early 2009. The authorities are making progress toward restoring health to public finances. Executive Directors have supported the authorities’ policy priorities to restore health to public finances, rebuild international reserves while maintaining a flexible exchange rate, bolster confidence in the banking system, and protect the poor.
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.
This Handbook provides a robust collection of vibrant discourses on African social ethics and ethical practices. It focuses on how the ethical thoughts of Africans are forged within the context of everyday life, and how in turn ethical and philosophical thoughts inform day-to-day living. The essays frame ethics as a historical phenomenon best examined as a historical movement, the dynamic ethos of a people, rather than as a theoretical construct. It thereby offers a bold, incisive, and fresh interpretation of Africa’s ethical life and thought.
The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, wh...
The EU has become an important international actor. Its internal policies often have repercussions far beyond its borders. It is also increasingly becoming a proactive global actor, defending its interests and projecting its norms and values in both bilateral and multilateral external relations. This volume has a special focus on external economic relations and includes chapters on the Euro, trade policy, and competition policy as well as on specific bilateral relationships. The section on relations with industrialized countries deals with the United States, Canada, Russia, Japan and China, while the section on relations with developing countries has chapters on administrative reform, environmental cooperation, Cuba, Central America and Iran. The book thus gives an up-to-date overview of important aspects of the EU's external relations. With a focus on political economy, it traces the continuous interplay of economics and politics that has characterized the EU's development of a fully-fledged foreign policy. What emerges is a picture of a European Union that is better equipped institutionally to deal with economic, rather than political issues.
This paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations. It discusses the macroeconomic context in which buybacks and swaps are undertaken, the objectives of buybacks and swaps, the analytical framework for deciding whether to undertake a particular buyback or swap operation and for selecting among alternative operations, and some key issues in the determination of the strategy for executing buybacks and swaps. The focus is on developing the analytical framework for evaluating sovereign debt buyback and swap operations, since very little work has been done in this area. In this regard, the paper presents a step-wise decision-making procedure, in which discounted cash flow analysis and the use of strategic benchmarks for the debt play central roles.
The paper provides estimates of an error-correction model of the demand for narrow money (M1) and broad money (M2) in Mozambique. In addition, it assesses whether the rapid growth in money balances during 1996–97 represents a structural break or can be associated with the rapidly expanding economic activity and lower opportunity costs of holding money. In contrast with several studies of economies at a similar level of development as Mozambique, the paper obtains statistically significant coefficients for both financial and real explanatory variables. In this connection, it successfully includes the yield of foreign instruments (expressed in local currency) as one of the key explanatory variables.
自《馬斯垂克條約》生效以來,歐盟成立迄今已超過二十年, 它在全球事務中能否持續扮演要角,更拓展其影響力? 冷戰的結束為歐洲統合繼續深化與廣化提供時代的機遇。透過《馬斯垂克條約》的擘劃,揭櫫發展「經濟與貨幣聯盟」以及「政治聯盟」的企圖心,伴隨歐洲聯盟的擴大、歐元的發行以及共同外交暨安全政策機制的制度化,為歐洲在全球政治舞臺注入新的動力。 歐洲聯盟目前已擁有二十八個會員國,卻尚未停止其深化及廣化之路,仍不斷嘗試構建與發展全球性的角色與影響力。本書邀請國內的歐盟學者專家,從不同面向探 究歐盟的全球角色,及其所發揮的影響力。內容包括歐盟與美國、俄羅斯、中國大陸等強權的雙邊關係,歐盟對外決策的結構和運作,在全球經貿、衛生、安全、援 助等領域的作為,及歐盟與烏克蘭、非加太關係的發展與挑戰。本書《歐洲聯盟的全球角色》是近年來探討歐盟對外關係最完整且深入的中文專書。