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International Monetary Fund. Communications Department
This issue of Finance & Development focuses on dark web of secret transactions that enable tax evasion and avoidance, money laundering, illicit financial flows, and corruption. Demands on government resources are building—to boost growth in some advanced economies, build infrastructure in emerging markets, and improve health and education in the developing world. IMF research shows that countries with lower levels of perceived corruption have significantly less waste in public projects. Among low-income countries, the share of the budget dedicated to education and health is one-third lower in more corrupt countries. The rise of digital finance, crypto assets, and cybercrime adds to the challenges. Consider the so-called dark web, a hidden marketplace for everything from stolen identities to arms and narcotics. Improving governance is not easy; it requires sustained effort over the long term.
International Monetary Fund. Communications Department
This issue of Finance & Development presents success and works of IMF in the past 75 years since its formation. The IMF’s financial firepower must be increased substantially, particularly in a world of relatively free capital flows. If the world of cooperative globalization is to survive and the IMF is to maintain its role within it, a great deal must change. Some of these changes are within the IMF’s control. The most important challenges for the IMF of tomorrow are, however, those created by the changing world. Global cooperation is needed to reap the benefits and avoid the pitfalls of cross-border capital flows. Cross-border capital flows are neither an unmitigated blessing nor an undoubted curse. Used judiciously, they can be beneficial to recipient countries, making up deficiencies in the availability of long-term risk capital and reducing gaps in local corporate governance. Many emerging market economies have understood that they should build foreign exchange reserves. The IMF model suggests that fluctuations in the exchange rate are the main reason for fluctuations in corporate liquidity in receiving countries.