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International Monetary Fund. Communications Department

Abstract

IMF Managing Director Christine Lagarde delivered this address at Guildhall as part of the World Traders’ Tacitus Lecture series in London on February 28, 2019.

International Monetary Fund. Communications Department

Abstract

This paper explores impact of new digital currency on Singapore. A new wind of digitization is blowing. Even cryptocurrencies such as Bitcoin, Ethereum, and Ripple are vying for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement. Providers of e-money argue that they are less risky than banks, because they do not lend money. Instead, they hold client funds in custodian accounts, and simply settle payments within their networks. If most people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind. The second benefit of digital currency relates to security and consumer protection. Digital currency offers great promise through its ability to reach people and businesses in remote and marginalized regions. A digital currency could boost competition by offering a low-cost and efficient alternative means of payment.

International Monetary Fund

Abstract

International Monetary Fund Managing Director Christine Lagarde delivered this address at the Library of Congress as part of the Library’s Henry A. Kissinger Lecture Series in Washington, D.C. on December 4, 2018.

International Monetary Fund

Abstract

A speech delivered by the IMF's Managing Director Christine Lagarde at the German Institute for Economic Research (DIW) as part of the Institute's Europe Lecture Series in Berlin, Germany, on March 26, 2018.

International Monetary Fund. Communications Department

Abstract

Address at the Bank of England Twentieth Anniversary Conference London, U.K. September 29, 2017 International Monetary Fund Managing Director Christine Lagarde delivered this address at the Bank of England conference, “Independence—20 Years On” in London, U.K., on September 29, 2017.

International Monetary Fund

Abstract

This paper focuses on concerns over wages, jobs, and future prospects are real and pressing for those who are not well equipped to thrive in this new world. History clearly tells us that closing borders or increasing protectionism is not the way to go. Many countries have tried this route, and just as many have failed. Instead, we need to pursue policies that extend the benefits of openness and integration while alleviating their side effects. Emerging and developing economies have been the prime beneficiaries of economic openness. According to the World Bank, trade has helped reduce by half the pro¬portion of the global population living in extreme poverty. China, for instance, saw a phenomenal drop in its extreme poverty rate—from 36 percent at the end of the 1990s to 6 percent in 2011. Another example is Vietnam, which—in a single generation—moved from being one of the world’s poorest nations to middle-in¬come status—which has allowed for increased investments in health and education.

Mr. David A Lipton

Abstract

This paper explores how poor countries might take advantage of globalization to raise their living standards and converge toward the advanced economies. The poor country, which has cheap labor and inadequate capital, acquires the supe¬rior technology that the rich country has. With everyone rationally expecting greater things in the poor country, investment there takes off. People in the rich country save more to invest and take advantage of the new higher returns in the poor country. The poor country runs a substantial current account deficit and imports needed capital that the rich country happily, and profit¬ably, provides. The developing countries showed limited willingness and capacity to open up to competition. They had only a limited ability to attract foreign investment. The IMF ended up studying why some members failed to progress despite prolonged use of IMF resources. The Philippines, for example, had about 20 nearly consecutive IMF lending programs.

International Monetary Fund

Abstract

This paper outlines the IMF’s perspective on the economic impact of corrup-tion and experience in helping countries design and implement strategies to address it. Corruption has a broader cor¬rosive impact on society. It undermines trust in government and erodes the ethical standards of private citizens. A holistic, multi-faceted approach is needed—one that establishes appropriate incentives and the rule of law, promotes transparency, and introduces economic reforms that reduce opportunities for illicit behavior. Perhaps the most import¬ant ingredient for a successful anticorruption approach is the development of strong institu¬tions, centered on a professional civil service that is sufficiently independent from both private influence and political interference. Corruption afflicts countries at all stages of development. Indeed, some developing coun¬tries score better on corruption indices than many advanced countries. Corruption has a pernicious effect on the economy. Pervasive corruption makes it harder to conduct sound fiscal policy. Corruption also undermines certain types of public expenditure to the detriment of economic performance.

International Monetary Fund. Communications Department

Abstract

This paper discusses the role of fiscal policy and demographics. By the end of this century, about two-thirds of all countries are expected to have declining populations. This will have profound implications for economics, financial markets, social stability, and geopolitics. Fiscal policy responses and technological innovation are especially important parts of the solution. Without action, public pension and health systems will not be sustainable over the long term. The increase in life expectancy and economic welfare that came with the industrial revolution brought with it the seeds of demographic change. This is a demographic double whammy that will have major implications for economic growth, financial stability, and the public purse. With declining fertility rates, populations in some advanced economies did not just grow more slowly; they stagnated or began to shrink. IMF analysis suggests that, if everyone lived three years longer than expected, pension related costs could increase by 50 percent in both advanced and emerging economies. This would heavily affect private and public sector balance sheets and could also undermine financial stability.

International Monetary Fund. Communications Department

Abstract

IMF Managing Director Christine Lagarde’s speech of June 17, 2015, proposes policies and reforms to deal with growing social and economic inequality.