Macroeconomic Policy Frameworks Of Small States
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| Author | : Gérard Adonis |
| Publisher | : Commonwealth Secretariat |
| Total Pages | : 74 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 1849290636 |
This book reviews the implementation of macroeconomic policies in Malta, identifying the key issues, lessons learnt and best practices which could be adapted by other small states. It also sets out the country's challenges for the future, including attending to the conflicting demands of environmental conservation and economic development.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 2015-10-23 |
| Genre | : Business & Economics |
| ISBN | : 1498344062 |
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
| Author | : Hoe Ee Khor |
| Publisher | : International Monetary Fund |
| Total Pages | : 462 |
| Release | : 2016-08-10 |
| Genre | : Business & Economics |
| ISBN | : 1475522711 |
Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.
| Author | : International Monetary Fund |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 54 |
| Release | : 2020-10-08 |
| Genre | : Business & Economics |
| ISBN | : 9781513558769 |
Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the understanding of the policy options and tradeoffs available to policymakers in a systematic and analytical way. The paper recognizes that the optimal path of the IPF tools depends on structural characteristics and fiscal policies. The operational implications of IPF findings require careful consideration. Developing safeguards to minimize the risk of inappropriate use of IPF policies will be essential. Staff remains guided by the Fund’s Institutional View (IV) on the Liberalization and Management of Capital Flows.
| Author | : Ms.Shari Boyce |
| Publisher | : International Monetary Fund |
| Total Pages | : 14 |
| Release | : 2014-08-01 |
| Genre | : Nature |
| ISBN | : 1498312039 |
This issue of the Asia & Pacific Small States Monitor focuses on the challenges facing Asia and Pacific small states associated with natural disasters and climate change. Most tourism-oriented economies experienced a robust increase in arrivals, partly reflecting country-specific factors. Among commodity exporters (Bhutan, Solomon Islands, and Timor-Leste) and other Asia and Pacific small states, growth remains uneven: robust activity in Bhutan was driven mainly by hydropower-related construction activities; Solomon Islands experienced a continuing decline of logging stocks and a short-term disruption of gold production; and Timor-Leste’s ongoing depletion of oil reserves has led to a tighter budget constraint and lower government spending in the non-oil sector.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2014-03-24 |
| Genre | : Business & Economics |
| ISBN | : 1498343619 |
This note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small country size might influence the use of Fund facilities and instruments, program design, capacity building activities, and collaboration with other institutions and donors. The guidance note draws on the March 2013 Board papers on small states and the associated Executive Board discussion. The findings of the paper and implications for Fund engagement with small states were presented to small states authorities during the 2013 Annual Meetings, as well as in regional IMF conferences with small states in the Bahamas (September 2013) and Vanuatu (November 2013). Series
| Author | : Yair Listokin |
| Publisher | : Harvard University Press |
| Total Pages | : 281 |
| Release | : 2019-03-11 |
| Genre | : Law |
| ISBN | : 0674976053 |
A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis. After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies. Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal and including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing.
| Author | : Mr.Olivier J. Blanchard |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2013-04-15 |
| Genre | : Business & Economics |
| ISBN | : 1484365860 |
This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.
| Author | : Laurent Goetschel |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 306 |
| Release | : 1998-10-31 |
| Genre | : Political Science |
| ISBN | : 9780792382805 |
Small States in and outside the European Union offers a broad overview of the small states problematic in Europe. It touches upon definition issues, history, security policy, neutrality, EU institutional aspects and also includes contributors from Central and Eastern European countries. It presents a thorough analysis of different scenarios for EU institutional reform and their repercussions on the influence of small member states. The comparative results are visualized in tables. The work contains several contributions from practitioners who give insight into policy games and issues of national sensitivity not usually covered by purely scholarly publications. The European environment has changed dramatically through the processes of regional integration and rising interdependence. Relations between European states both inside and outside the EU are governed as never before by rules, norms, and fixed procedures. The book investigates the consequences of these developments on the foreign and security policy of small states. Academics and professionals from Austria, Denmark, Finland, Ireland, Lithuania, Luxembourg, Slovenia, Sweden, and Switzerland, as well as from the European Commission and the Council of Ministers, elaborate on these issues. Institutional regulations and traditional power politics as well as the foreign and security policy traditions of the states concerned, including the question of neutrality, are investigated. In addition, the book identifies the main interests of small states in today's Europe and offers an overview of different strategies these states apply in the realm of foreign and security policy. The book is interesting for the case studies it offers as well as for the reflections it contains regarding fundamental questions of the essence of statehood in today's Europe.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 67 |
| Release | : 2013-02-20 |
| Genre | : Business & Economics |
| ISBN | : 1498342310 |
This paper reviews the macroeconomic characteristics and performance of small states and discusses ways in which the Fund’s engagement with these countries could be better tailored to meet their needs. The Fund previously examined small states issues in 2000, informed by a Joint Task Force Report of the Commonwealth Secretariat (CS) and World Bank. Small states continue to face many of the same challenges they did then, and the 2000 Small States Report remains the foundation for much of the work in this area, both inside and outside the Fund. However, the relative macroeconomic performance of small states has deteriorated since the late 1990s, and a fresh look is warranted.
