Adequacy Of Fund Resources Further Considerations
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Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 56 |
Release | : 2021-03-05 |
Genre | : Business & Economics |
ISBN | : 1513571257 |
This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The second pillar of the framework is qualitative in nature. The paper also provides information to support a discussion on the mix of Fund resources.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2021-03-05 |
Genre | : Business & Economics |
ISBN | : 1513571176 |
This paper provides background for initial considerations on the appropriate size of the Fund’s overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during the global crisis. The paper also argues that the global economy is changing in fundamental ways, with implications for the size of the Fund. Against this background, the analysis suggests that the current overall lending capacity of the Fund should be seen as a minimum. Additional resources would be needed if the Fund were to introduce changes to its lending framework. While the financing structure of the Fund should be largely quota-based, staff sees a strong case for continuing to backstop quota resources with a standing borrowing facility. Maintaining the Fund’s current overall lending capacity would require swift action by the membership.
Author | : International Monetary |
Publisher | : International Monetary Fund |
Total Pages | : 51 |
Release | : 2021-12-16 |
Genre | : Business & Economics |
ISBN | : 1616357525 |
Precautionary balances are a key element of the Fund’s multilayered framework to mitigate financial risks. Overall financial risks remain elevated but have not increased significantly since the last review. Staff proposes to leave the medium-term target of SDR 25 billion, and the minimum floor of SDR 15 billion, unchanged at this time. With the projected increase in lending income, the pace of reserve accumulation is expected to remain adequate relative to the medium-term indicative target. The paper also reviews policy factors discussed in recent Board meetings that affect the level and accumulation of reserves.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 65 |
Release | : 2013-11-14 |
Genre | : Business & Economics |
ISBN | : 149834111X |
Reserves remain a critical liquidity buffer for most countries. They are generally associated with lower crisis risks (crisis prevention) as well as space for authorities to respond to shocks (crisis mitigation). While other instruments, such as official credit lines and bilateral swap lines, are also external buffers, for most countries they principally act as a complement to their official reserves. For countries with sound fundamentals and a good policy framework, reserves provide policy makers with considerable space to respond to transitory shocks. However, this space diminishes as fundamentals deteriorate and the existence of adequate reserves does not, by itself, eliminate the risk of market pressures.
Author | : National Research Council |
Publisher | : National Academies Press |
Total Pages | : 368 |
Release | : 1999-11-30 |
Genre | : Education |
ISBN | : 0309172888 |
The United States annually spends over $300 billion on public elementary and secondary education. As the nation enters the 21st century, it faces a major challenge: how best to tie this financial investment to the goal of high levels of achievement for all students. In addition, policymakers want assurance that education dollars are being raised and used in the most efficient and effective possible ways. The book covers such topics as: Legal and legislative efforts to reduce spending and achievement gaps. The shift from "equity" to "adequacy" as a new standard for determining fairness in education spending. The debate and the evidence over the productivity of American schools. Strategies for using school finance in support of broader reforms aimed at raising student achievement. This book contains a comprehensive review of the theory and practice of financing public schools by federal, state, and local governments in the United States. It distills the best available knowledge about the fairness and productivity of expenditures on education and assesses options for changing the finance system.
Author | : |
Publisher | : Lulu.com |
Total Pages | : 294 |
Release | : 2004 |
Genre | : Bank capital |
ISBN | : 9291316695 |
Author | : International Monetary Fund. Strategy, Policy, & Review Department |
Publisher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 2017-12-19 |
Genre | : Business & Economics |
ISBN | : 1498346162 |
liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncertainty, marked by frequent episodes of volatility. Demand for liquidity has intensified, in particular from emerging markets, which are experiencing a build-up of vulnerabilities and the depletion of their fiscal buffers. The enhanced GFSN meets only partially this higher demand for liquidity. The IMFC and G20 have called on the Fund to further strengthen the safety net. The uneven use of the Fund’s toolkit for crisis prevention suggests the need to reconsider its design. Despite a major overhaul of the Fund’s lending instruments available for precautionary financing, only a modest number of countries have used them. In particular, the lack of access to a liquidity backstop for members with strong policies—similar to the standing bilateral swap arrangements (BSAs) among central banks—limits the availability of Fund support over the whole duration of the shock during protracted periods of global uncertainty. Moreover, the need to resort to Fund financing still carries a high political cost (stigma) for some members. To enhance further the Fund’s toolkit for crisis prevention, consideration could be given to revisiting the existing toolkit and introducing new instruments. The toolkit could thus be enhanced by: establishing a new facility for precautionary financing that would provide a "standing" liquidity backstop to members with strong fundamentals and policies for use when hit by liquidity shocks; and adjusting the existing toolkit to maintain cohesion. Any change to the Fund toolkit would need to take into account the tradeoffs between reducing stigma and containing moral hazard, while simultaneously safeguarding Fund resources. A Fund policy monitoring instrument could improve the cohesion of the global safety net. As the GFSN has expanded and become more multi-layered, there is a need to improve cooperation across the different layers to unlock financing and signal commitment to reforms. Creating a policy monitoring instrument that is available to all Fund members could help in this regard. Next steps . In light of Directors’ views on these points, staff could come back with subsequent papers that lay out specific and detailed proposals for reforming the lending toolkit. While these papers focus on the GRA lending toolkit, a separate forthcoming paper will assess some aspects of the concessional lending toolkit.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2007-11-27 |
Genre | : Business & Economics |
ISBN | : 1498333141 |
The Thirteenth Review provides an opportunity to take stock of the overall adequacy of IMF resources in light of developments in the world economy and the international monetary system. The Resolution concluding the Twelfth Review indicated that the Executive Board intended, during the period of the Thirteenth Review, to monitor closely and assess the adequacy of Fund resources and to consider measures to achieve a distribution of quotas that reflects developments in the world economy and to strengthen the governance of the Fund. The latter two issues have since been taken up under the work program on quota and voice reform. Accordingly, the focus of this paper is on the adequacy of Fund resources.
Author | : National Research Council |
Publisher | : National Academies Press |
Total Pages | : 328 |
Release | : 1999-02-12 |
Genre | : Education |
ISBN | : 0309173957 |
Spending on K-12 education across the United States and across local school districts has long been characterized by great disparitiesâ€"disparities that reflect differences in property wealth and tax rates. For more than a quarter-century, reformers have attempted to reduce these differences through court challenges and legislative action. As part of a broad study of education finance, the committee commissioned eight papers examining the history and consequences of school finance reform undertaken in the name of equity and adequacy. This thought-provoking, timely collection of papers explores such topics as: What do the terms "equity" and "adequacy" in school finance really mean? How are these terms relevant to the politics and litigation of school finance reform? What is the impact of court-ordered school finance reform on spending disparities? How do school districts use money from finance reform? What policy options are available to states facing new challenges from court decisions mandating adequacy in school finance? When measuring adequacy, how do you consider differences in student needs and regional costs?
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 74 |
Release | : 2016-01-26 |
Genre | : Business & Economics |
ISBN | : 1498346057 |
This paper reviews the adequacy of the Fund’s precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle. The paper discusses developments since the last review in 2014 and revisits several issues discussed at that time. The framework provides an indicative range for the target for precautionary balances linked to credit outstanding, and allows for judgment in setting this target. A reserve coverage ratio of 20-30 percent draws on approaches in other IFIs, adapted to the circumstances of the Fund, and is a guide for determining the target. At the same time, Directors have emphasized the continued importance of judgment and Board discretion in light of a broad assessment of financial risks facing the Fund.