Browse

You are looking at 1 - 8 of 8 items for :

  • Type: Journal Issue x
  • Financial Economics x
  • Balance of payments x
  • Debts, Public x
  • Fiscal sector x
  • Refine By Language: English x
Clear All Modify Search
Moisés J. Schwartz and Shinji Takagi

Abstract

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

International Monetary Fund
The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.
International Monetary Fund
This supplement sets forth the proposed decision that is needed to establish the Short-Term Liquidity Facility (“SLF”) proposed in the main paper. It also summarizes key aspects and implications of this decision, and reviews the applicability to the SLF of other Fund policies.
International Monetary Fund
Aruba is one of the most developed islands in the Caribbean. Still, it is vulnerable to external shocks owing to its heavy dependence on tourism and a steady increase in public debt. Policies to support further fiscal consolidation and boost Aruba’s growth potential are needed. Maintaining macroeconomic stability will require fiscal adjustment and an appropriately tight monetary policy. Bolstering the growth potential will require creating the right conditions for private investment and diversification. The financial system is generally sound, but warrants continued supervisory vigilance.
International Monetary Fund. Research Dept.

Abstract

The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists' analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, and economics in transition to market; and address topics of pressing current interest. Annexes, boxes, charts, and an extensive statistical appendix augment the text.

International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund
Output and employment growth have been sluggish for the past several years, reflecting a difficult restructuring process associated with the retrenchment of the banana industry and the low productivity of public investment. The public finances have deteriorated in recent years as capital expenditure has increased sharply, while saving has been declining and foreign grants have fallen from their levels of the mid-1990s. Executive Directors emphasized the need for strong fiscal consolidation, and noted that generating higher public saving is the key to improve Dominica’s growth prospects.
International Monetary Fund
Mauritius experienced a rebound in economic activity, following a severe drought. Executive Directors welcomed the tightening of monetary policy, and noted the reversal of the real currency appreciation. They supported the initiatives to strengthen and modernize the financial sector and the institutional framework for the conduct of monetary and exchange rate policy. They emphasized the need to reduce unemployment, and suggested that the quality and timeliness of economic and financial statistics are satisfactory from the standpoint of conducting surveillance.