Ms. Julianne Ams, Mr. Tamon Asonuma, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Ms. Nouria El Mehdi, Mr. Mark J Flanagan, Mr. Sean Hagan, Ms. Yan Liu, Charlotte J. Lundgren, Mr. Martin Mühleisen, Alex Pienkowski, Mr. Gustavo Pinto, and Mr. Eric Robert
“The IMF’s Role in the Prevention and Resolution of Sovereign Debt Crises” provides a guided narrative to the IMF’s policy papers on sovereign debt produced over the last 40 years. The papers are divided into chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.
Mr. Joseph E. Gagnon, Mr. Tamim Bayoumi, Juan M. Londono, Christian Saborowski, and Horacio Sapriza
This paper explores the effects of unconventional monetary and exchange rate policies. We
find that official foreign asset purchases have large effects on current accounts that diminish
as capital mobility rises and spill over to financially integrated countries. There is an additional
effect through the stock of central bank assets. Domestic asset purchases have an effect on
current accounts only when capital mobility is low. We also find that rising US bond yields
drive foreign yields, stock prices and depreciations, but less so on days of policy
announcements. We develop a theoretical model that is broadly consistent with our results.
This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.
The paper first uses the production function to analyze the sources of past growth in Singapore and compares it with the experience of other Asian and industrialized economies. This study also provides some thoughts on how to boost medium-term growth prospects in Singapore, and assesses the growth slowdown of the past few years in Singapore reflecting cyclical versus structural factors. The assessment given in this paper suggests that there are returns to be had from investment in education and structural reforms.
The Report evaluates statistical practices relating to the measurement of international capital flows. In particular, the principal sources of statistical descrepancies in the component categories of the capital account in the global balance of payments are addressed.
Mr. John Lipsky, Mr. Peter M Keller, Mr. Donald J Mathieson, and Mr. Richard N. Williams
This paper provides a description and analysis of recent developments in international capital (banking and bond) markets and an assessment of market conditions and prospects for financing flows, in particular
This paper provides a review of recent developments and an assessment of short-term prospects for private international capital markets, which constitute one of the main sources of international capital flows.