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Mr. Steven A Barnett and Mr. Rodolfo Maino
This Departmental Paper portrays a cross-country dimension of macroprudential policy implementation in Asia, advancing a comprehensive overview of institutional arrangements and instruments deployed by individual countries to address systemic risk, including risk concentration and interconnectedness. This book is the first comprehensive collection of papers assessing the existing institutional arrangements for macroprudential policies in Asia.
Mr. Noriaki Kinoshita and Mr. Cameron McLoughlin
The degree of an economy’s monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal GDP-- in low- to middle-income countries is significantly correlated with per-capita GDP, real interest rates, and financial sector reform. It suggests that maintaining an upward momentum in monetization can be an important policy objective, particularly for low-income countries, and that monetary and financial sector policies need to be conducive to enhancing monetization.
International Monetary Fund. Research Dept.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
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. External Relations Dept.
Corporate profitability is a source of uncertainty in a generally positive global market outlook, IMF International Capital Markets Department Head and Counsellor Gerd Häusler said at a June 12 press conference. Summarizing the findings (see charts, pages 194–95) of the IMF’s second Global Financial Stability Report, he noted that “the near-term outlook in mature markets is largely free of imminent threats, mainly because the world economy has recovered and has helped build support also for financial markets.” However, emerging markets in South America have come under recent pressure. This report is designed to “detect fault lines in global financial markets,” and a theme running through this issue is the uncertainty posed by the level and quality of corporate profits.
V. A. Jafarey

Abstract

This volume presents the proceedings of a conference, moderated by V.A. Jafarey, held in Lahore, Pakistan. papers given at the seminar addressed fiscal reform, monetary reform, privatization, and trade liberalization in the context of IMF-supported adjustment programs, with emphasis on the Pakistani experience.

International Monetary Fund
This paper describes the situation of bank distress which developed in Bangladesh since 1983-84. Since the key problem banks are state-owned, there has been no banking crisis, although costs to the economy have been high. Main causes of distress included preferential and directed lending, and administered interest rates. Inadequate supervision and managerial weaknesses were other contributory factors. Macroeconomic trends played a small role only. The authorities have recently taken major corrective measures. The paper calls for determination in the implementation of these measures to swiftly restore financial stability and limit the overall cost of this long-running distress situation.