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The 2017 Joint Review of the Standards and Codes Initiative
Balance sheets convey vital information about economic prospects and risks. Balance sheet analysis captures the role that financial frictions and mismatches play in creating fragility and amplifying shocks. This is key to understanding the macroeconomic outlook, identifying vulnerabilities, and tracing the transmission of potential shocks and policies. This paper reviews the use of balance sheet analysis in the Fund’s bilateral surveillance and introduces some practical examples of how it can be deepened. Recent evaluations of IMF surveillance––including the 2014 TSR––have emphasized the importance of strengthening balance sheet analysis and coverage of macro-financial issues. This paper is a first step that highlights useful examples of such analysis conducted by staff over the last decade, documents the data and tools that have been used, and mentions some limitations. In addition, it discusses recent improvements in the coverage and quality of balance sheet data through initiatives launched in the wake of the global crisis, as well as key remaining gaps, addressing which requires international collaboration.
On April 26, 2006, the Executive Board of the International Monetary Fund (IMF) discussed an External Evaluation of the Independent Evaluation Office (IEO).
This paper analyzes the link between economic growth and structural reforms. The paper highlights that as the recovery from the financial crisis firms up, many country authorities will turn their focus from short-term stabilization policies to more structural policies to spur long-term potential growth. The paper discusses that the global financial crisis has affected growth in countries of all income levels and has led to substantial output losses that in many cases could be permanent. The paper also presents a discussion on monetary policy and asset prices.