The International Monetary Fund Under Constraint
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| Author | : International Monetary Fund. Secretary's Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 2021-10-04 |
| Genre | : Business & Economics |
| ISBN | : 1513568817 |
A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.
| Author | : Eva Riesenhuber |
| Publisher | : BRILL |
| Total Pages | : 440 |
| Release | : 2021-08-04 |
| Genre | : Business & Economics |
| ISBN | : 9004479007 |
The International Monetary Fund under Constraint exposes a legal dilemma facing the IMF as it tackles international crisis management. Using the Asian crisis - and more particularly economic and political events in Indonesia - as an example, this volume examines whether the Fund's activities in Asia were legally justified. The results of this analysis lead to the following question: What future role can the IMF play in the international financial architecture? The principles of international law and the legal foundations of the Fund are used to analyse the reform suggestions of economic experts and to find a suitable concept for future IMF involvement in financial crises and crises prevention. This volume is a long-overdue legal analysis of IMF activities. It presents the combination of law and economics which was originally at the heart of the IMF but which so far has been ignored in today's reform discussion.
| Author | : Mr.Mauricio Vargas |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2015-01-14 |
| Genre | : Business & Economics |
| ISBN | : 1498365051 |
As emphasized by Hausmann, Rodrik and Velasco, the policy challenge of boosting growth requires prioritization and identifying what are the most binding constraints. This paper draws on firm-level data from the World Bank Enterprise Survey, which suggests that the obstacles for the functioning of firms is related to firm size. Recognizing the potential endogeneity and simultaneity between firms' constraints and firm size, we implement an Ordered-Probit model with a potential categorical endogenous regressor to estimate, for the case of Bolivia, the conditional probability of facing obstacles given the firm size category, while controlling for other factors. The results confirm the importance of allowing for the roles of firm size in identifying constraints and suggest priorities for policies to remove constraints to economic performance.
| Author | : Mr.Jaromir Benes |
| Publisher | : International Monetary Fund |
| Total Pages | : 71 |
| Release | : 2012-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505523 |
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
| Author | : Mr.James M. Boughton |
| Publisher | : International Monetary Fund |
| Total Pages | : 68 |
| Release | : 2000-09-11 |
| Genre | : Business & Economics |
| ISBN | : 9781557759702 |
This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.
| Author | : Mr. Romain A Duval |
| Publisher | : International Monetary Fund |
| Total Pages | : 56 |
| Release | : 2021-07-09 |
| Genre | : Business & Economics |
| ISBN | : 1513588001 |
We show that firms’ market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm’s markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission. We also find some evidence that the role of markup in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics — notably size and age — are likely to be associated with greater financial constraints. We rationalize these findings through a simple partial equilibrium model in which borrowing constraints amplify disproportionately low-markup firms’ responses to changes in interest rates.
| Author | : Oya Celasun |
| Publisher | : International Monetary Fund |
| Total Pages | : 51 |
| Release | : 2022-02-17 |
| Genre | : Business & Economics |
| ISBN | : |
Supply constraints hurt the economic recovery and boosted inflation in 2021. We find that in the euro area, manufacturing output and GDP would have been about 6 and 2 percent higher, respectively, and half of the rise in manufacturing producer price inflation would not have occurred in the absence of supply bottlenecks. Globally, shutdowns can explain up to 40 percent of the supply shocks. Sectors that are more reliant on differentiated inputs—such as autos—are harder hit. Late last year industry experts expected supply shortages for autos to largely dissipate by mid-2022 and broader bottlenecks by end-2022, but given the Omicron wave, disruptions will last for longer, possibly into 2023. With supply constraints adding to price pressures, the challenge for policymakers is to support recovery without allowing high inflation to become entrenched.
| Author | : Mrs.Sage De Clerck |
| Publisher | : International Monetary Fund |
| Total Pages | : 470 |
| Release | : 2015-03-10 |
| Genre | : Business & Economics |
| ISBN | : 1498379214 |
The 2007–09 international financial crisis underscored the importance of reliable and timely statistics on the general government and public sectors. Government finance statistics are a basis for fiscal analysis and they play a vital role in developing and monitoring sound fiscal programs and in conducting surveillance of economic policies. The Government Finance Statistics Manual 2014 represents a major step forward in clarifying the standards for compiling and presenting fiscal statistics and strengthens the worldwide effort to improve public sector reporting and transparency.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2014-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1498342620 |
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
| Author | : Andreas Jobst |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2016-08-10 |
| Genre | : Business & Economics |
| ISBN | : 1475524471 |
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
