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Mr. Ralph Chami, Mr. Ilhyock Shim, and Mr. Sunil Sharma
The paper shows that a coinsurance arrangement among countries can, in principle, play a useful role in helping countries bear the risks involved in developing their economies and integrating into the global financial system. The operation of the coinsurance arrangement is examined under different loan contracts offered by the IMF. The analysis suggests that, if the IMF's objective is to safeguard its resources and be concerned about the welfare of the borrower, an ex ante loan contract is more likely to create the right incentives-induce higher effort by member countries to avoid and overcome crises-than an ex-post loan contract. Such ex ante contracts highlight the need for precommitment to contend with the Samaritan’s dilemma and time inconsistency. The paper also shows that state-contingent repayment schemes are needed to deal with King Lear's dilemma.
Mr. Brad Setser, Nouriel Roubini, Mr. Christian Keller, Mr. Mark Allen, and Mr. Christoph B. Rosenberg
The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency, and capital structure mismatches. This framework draws attention to the vulnerabilities created by debts among residents, particularly those denominated in foreign currency, and it helps to explain how problems in one sector can spill over into other sectors, eventually triggering an external balance of payments crisis. The paper also discusses the potential of macroeconomic policies and official intervention to mitigate the cost of such a crisis.
Lipsky Caruana

The Economics of Demographics provides a detailed look at how the biggest demographic upheaval in history is affecting global development. The issue explores demographic change and the effects of population aging from a variety of angles, including pensions, health care, financial markets, and migration, and looks specifically at the impact in Europe and Asia. Picture This looks at global demographic trends, while Back to Basics explains the concept of the demographic dividend. Country Focus spotlights Kazakhstan, while People in Economics profiles Nobel prize winner Robert Mundell. IMF Economic Counsellor Raghuram Rajan argues for further change in India's style of government in his column, Straight Talk.

International Monetary Fund. External Relations Dept.

14 IMF Managing Director Rodrigo de Rato to attend Central African Economic and Monetary Community (CEMAC) Summit, Bata, Equatorial Guinea

International Monetary Fund. External Relations Dept.

29 IMF Book Forum, “Is Globalization Here to Stay?” with Jeffry Frieden, author of Global Capitalism: Its Fall and Rise in the Twentieth Century, Washington, D.C., United States

International Monetary Fund. External Relations Dept.

28-March 1 Joint IMF-Africa Institute high-level seminar, “Realizing the Potential for Profitable Investment in Africa,” Tunis, Tunisia