Narrow Your Choices

Refine By Countries

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Browse

You are looking at 1 - 10 of 16 items for :

  • Type: Journal Issue x
  • Western Hemisphere x
  • Financial Risk Management x
  • Economic & financial crises & disasters x
  • Microeconomics x
  • Business and Economics x
Clear All Modify Search
Cover IMF Working Papers
Monetary Policy Coordination and the Role of Central Banks
Rakesh Mohan and Muneesh Kapur
The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.
Keywords:
WP; emerging market; central bank; monetary policy; economy; interest rate; Capital flows; central banks; coordination; emerging markets; unconventional monetary policy; spillovers; capital account; EME authority; EME authorities; fast-growing emerging market economies; monetary policy coordination; Fed's monetary policy; deficit EMEs; support emerging market economies; Fed chairman Bernanke; EME need; Unconventional monetary policies; Financial sector stability; Global
Cover IMF Research Bulletin
IMF Research Bulletin, December 2013
International Monetary Fund. Research Dept.
In the December 2013 IMF Research Bulletin, the Research Summaries look at “Reforming Dual Labor Markets in Advanced Economies” (Giovanni Ganelli) and “Rating Through-The-Cycle: What Does the Concept Imply for Rating Stability Accuracy” (John Kiff, Michael Kisser, and Liliana Schumacher). The Q&A discusses Seven Questions on Financial Crises (Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia). This issue also includes a listing of recent IMF Working Papers and IMF Staff Discussion Notes, as well as Recommended Readings from the IMF Bookstore. The top-viewed articles from recent of issues of “IMF Economic Review” are featured.
Keywords:
IRB; IMF research bulletin; policy relevance; table-of-contents alert; research; bulletin; energy subsidy reform; visit IMF publication; high-impact research; Labor markets; Banking crises; Employment protection; Energy subsidies; Global; Sub-Saharan Africa; Southern Europe
Cover Policy Papers
The Fund's Capacity Development Strategy - Better Policies Through Stronger Institutions - Background Paper
International Monetary Fund
This supplement provides background information on various aspects of capacity development (CD) for the main Board paper, The Fund’s Capacity Development Strategy—Better Policies through Stronger Institutions. It is divided into nine notes or sections, each focused on a different topic covered in the main paper. Section A explores the importance of institutions for growth, and the role the Fund can play in building institutions. Section B presents stylized facts about how the landscape for CD has changed since the late 1990s. Section C discusses the difficulties of analyzing CD data because of measurement issues. Section D provides a longer-term perspective on how Fund CD has responded to member needs. Section E contains information on previous efforts to prioritize CD, assesses Regional Strategy Notes (RSNs) and country pages, and suggests ways to strengthen RSNs, including by using the Fund’s surveillance products. Section F compares the technical assistance (TA) funding model proposed in the 2011
Keywords:
PP; funding model; Fund TA; donor financing; TA department; evaluation instrument; strategy paper; TA delivery; TA priority; TA mission; TA-training synergy; resourced TA demand; evaluation program; TA needs; Personal income; Early warning systems; Employment; Information systems and platforms; Global; Sub-Saharan Africa; Middle East and Central Asia; Africa; Middle East
Cover Policy Papers
2012 Spillover Report - Background Papers
International Monetary Fund
This note conducts a business cycle accounting analysis for systemic economies, with an emphasis on spillover effects from macroeconomic versus financial shocks. The systemic economies under consideration are China, the Euro Area, Japan, the United Kingdom, and the United States. This analysis is based on historical decompositions of output growth derived from the estimated structural macroeconometric model of the world economy, disaggregated into thirty five national economies, documented in Vitek (2012). Within this framework, each economy is represented by interconnected real, external, monetary, fiscal, and financial sectors. Spillovers are transmitted across economies via trade, financial, and commodity price linkages
Keywords:
PP; financial market; government bond; exchange rate; financial asset; capital goods; risk premium; demand shock; sovereign bond; monetary policy; Spillovers; Exports; Sovereign bonds; Commodity prices; Global; Western Europe; Europe; Asia and Pacific; Africa
Cover Policy Papers
2012 Spillover Report
International Monetary Fund
Spillover reports examine the external effects of domestic policies in five systemic economies (S5), comprising China, the Euro Area, Japan, the United Kingdom, and the United States. The report aims to provide an added perspective to the policy line developed in the Article IV discussions with these entities and an input into the Fund’s broader multilateral surveillance. Topics for this report were chosen based on consultations with officials from the S5 and selected emerging markets (Brazil, the Czech Republic, India, Korea, Mexico, Poland, Russia, Saudi Arabia, Singapore, South Africa, and Turkey). Each participant was asked about policy concerns and spillovers from the S5. To facilitate candor, the report does not attribute views regarding partner countries. Rather than try to capture the full range of spillovers, this report builds on last year’s findings, focusing on the forward-looking issues raised by partners and on S5 officials’ reactions.
Keywords:
PP; asset price; emerging market; bond yield; financial system; fiscal cliff; commodity price; secondary market; basis point; spillover report; Spillovers; Asset prices; Emerging and frontier financial markets; Commodity prices; Global
Cover IMF Working Papers
Growth Spillover Dynamics From Crisis to Recovery
Mr. Sebastian Weber
Can positive growth shocks from the faster-growing countries in Europe spill over to the slower growing countries, providing useful tailwinds to their recovery process? This study investigates the potential relevance of growth spillovers in the context of the crisis and the recovery process. Based on a VAR framework, our analysis suggests that the U.S. and Japan remain the key source of growth spillovers in this recovery, with France also playing an important role for the European crisis countries. Notwithstanding the current export-led cyclical upswing, Germany generates relatively small outward spillovers compared to other systemic countries, but likely plays a key role in transmitting and amplifying external growth shocks to the rest of Europe given its more direct exposure to foreign shocks compared to other European countries. Positive spillovers from Spain were important prior to the 2008 - 09 crisis, however Spain is generating negative spillovers in this recovery due to a depressed domestic demand. Negative spillovers from the European crisis countries appear limited, consistent with their modest size.
Keywords:
WP; growth shock; GDP growth; spillover effect; EMU country; financial crisis; transmission mechanism; Spillovers; Growth; Crisis; Recovery; Euro zone; Germany; growth rate; third-country effect; originating country; Exports; Negative spillovers; Production growth; Europe; Global
Cover IMF Staff Country Reports
The United States: Spillover Report: 2011 Article IV Consultation
International Monetary Fund
The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers. Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown. A credible plan for a gradual U.S. fiscal consolidation would likely have limited short-term spillovers and substantial longer-term benefits. Overall, U.S. and foreign goals appear better aligned for U.S. fiscal and financial policies than for monetary policies. Fiscal consolidation and sounder financial regulation will help.
Keywords:
ISCR; CR; interest rate; financial market; exchange rate risk; market response; risk premium; credit default swap; global bond; asset price; Treasury yield; banking sector; Spillovers; Emerging and frontier financial markets; Yield curve; Exports; Global; Europe; Central America
Cover IMF Working Papers
Information Rigidity in Growth Forecasts: Some Cross-Country Evidence
Ms. Natalia T. Tamirisa, Mr. Prakash Loungani, and Mr. Herman O. Stekler
We document information rigidity in forecasts for real GDP growth in 46 countries over the past two decades. We investigate: (i) if rigidities are lower around turning points in the economy, such as in times of recessions and crises; (ii) if rigidities differ across countries, particularly between advanced countries and emerging markets; and (iii) how quickly forecasters incorporate news about growth in other countries into their growth forecasts, with a focus on how advanced countries‘ growth forecasts incorporate news about emerging market growth and vice versa.
Keywords:
WP; data set; Information rigidity; forecasts; recessions; crises; banking crisis; recession episode; recession year; possibility recession; banking crises episode; Banking crises; Rational expectations; Emerging and frontier financial markets; Vector autoregression; Middle East; Western Hemisphere; Europe; Africa; Asia and Pacific