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International Monetary Fund
The Fund’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) program has significantly contributed to the international community’s response to money laundering and the financing of terrorism. This paper reviews how the Fund’s AML/CFT program has evolved during the past five years and discusses how the Fund could move forward in this area. The past five years have witnessed significant changes to the Fund’s AML/CFT technical assistance program. It is now being delivered more strategically than in the past and is almost exclusively funded by external resources. Its central pillar is now the AML/CFT Topical Trust Fund.
International Monetary Fund
This report provides an update on the work and direction of the Fund since the 2005 Spring Meetings. Since that time, the global economy has enjoyed strong growth--albeit with significant regional differences--and an absence of major financial crises, even though growing imbalances and rising oil prices have clouded the outlook. Although some steps the Fund has been advocating for some time have been taken--for example, increased flexibility in exchange rate regimes in Asia—decisive action to reduce global imbalances has remained elusive. At the same time, progress toward the Millennium Development Goals MDGs) remains slow and uneven,1 highlighting the need for concerted action by all countries. Further impetus is also urgently needed to move the Doha Round of trade negotiations toward an ambitious conclusion.
International Monetary Fund
This paper presents key findings of the Ex Post Assessment of Longer-Term Program Engagement for Bolivia. Bolivia is a country that is perceived as having one of the best structural reform records in Latin America but experienced sluggish per capita growth, and made virtually no progress in reducing income-based poverty measures. The paper presents a summary account of Bolivia’s performance under IMF-supported programs. It emphasizes that to address Bolivia’s main economic problems—insufficient growth, and fiscal and financial fragility—a new medium-term program should be focused on fundamental institutional and structural reforms.
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
Mr. Thomas F. Cosimano, Mr. Ralph Chami, and Mr. Adolfo Barajas
Drawing from a unique data set comprising 2,893 banks and 152 countries over the period 1987 to 2000, we test whether the adoption of the Basel Accord by Latin American and Caribbean countries was responsible for the serious slowdowns in credit growth experienced by these countries. We find that, on average, both bank capitalization and lending activities in Latin America increased after Basel. Consequently, Basel did not seem to lead to an overall credit decline. However, we do find evidence that loan growth became more sensitive to some risk factors. Our study suggests that the upcoming adoption of Basel II might cause greater procyclicality of credit.
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
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.