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Lifting Euro Area Growth
			: Priorities for Structural Reforms and Governance

Lifting Euro Area Growth : Priorities for Structural Reforms and Governance »

Volume/Issue: 2010/19

Series: IMF Staff Position Notes

Author(s): Luc Everaert , and Céline Allard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2010

DOI: http://dx.doi.org/10.5089/9781462302109.004

ISBN: 9781462302109

Keywords: Cross country analysis, Economic growth, Euro Area, Europe, Financial sector, Political economy, Services sector, Labor markets, Labor market reforms, Governance

To live up to its growth potential and secure its inclusive social model, the euro area must make better use of its available labor. In the aftermath of the crisis, boosting growth is essential to prevent unemploym...

The Human Cost of Recessions
			: Assessing It, Reducing It

The Human Cost of Recessions : Assessing It, Reducing It »

Volume/Issue: 2010/17

Series: IMF Staff Position Notes

Author(s): Mai Dao , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2010

DOI: http://dx.doi.org/10.5089/9781462308163.004

ISBN: 9781462308163

Keywords: Developed countries, Cross country analysis, Economic recession, Emerging markets, Fiscal consolidation, Recessions, Human capital, Fiscal policy, Monetary policy, Labor markets

Recessions leave scars on the labor market. Over 200 million people across the globe are estimated to be unemployed at present resulting from the Great Recession of 2007-09. We assess the human cost of increased un...

Cross-Cutting Themes in Employment Experiences during the Crisis

Cross-Cutting Themes in Employment Experiences during the Crisis »

Volume/Issue: 2010/18

Series: IMF Staff Position Notes

Author(s): Athanasios Vamvakidis , Francis Vitek , Mwanza Nkusu , Reginald Darius , Alun Thomas , and Edouard Vidon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2010

DOI: http://dx.doi.org/10.5089/9781462357604.004

ISBN: 9781462357604

Keywords: Economic recession, Employment, External shocks, Financial crisis, Cross country analysis, Labor market policy, Labor markets, Korea, Republic of, Mexico, New Zealand

The human cost of the recent global crisis is reflected in its impact on the labor market. Explaining why economies with similar downturns had very different employment trends can help design policies to reduce suc...

Impact of Regulatory Reforms on Large and Complex Financial Institutions

Impact of Regulatory Reforms on Large and Complex Financial Institutions »

Volume/Issue: 2010/16

Series: IMF Staff Position Notes

Author(s): Inci Ötker , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 November 2010

DOI: http://dx.doi.org/10.5089/9781462345496.004

ISBN: 9781462345496

Keywords: Financial reform, Capital requirements, Basel Core Principles, Bank supervision, Banking, Capital controls, Bank reforms, Bank regulations, Liquidity controls, Basel III

Financial sector reforms are being considered to address the risks posed by large and complex financial institutions (LCFIs). The vast majority of global finance is intermediated by a handful of these institutions...

Shaping the New Financial System

Shaping the New Financial System »

Volume/Issue: 2010/15

Series: IMF Staff Position Notes

Author(s): Marina Moretti , Aditya Narain , Laura Kodres , Ceyla Pazarbasioglu , José Vinãls , and Jonathan Fiechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

DOI: http://dx.doi.org/10.5089/9781455267361.004

ISBN: 9781455267361

Keywords: Financial crisis, Financial risk, Financial markets, Financial stability, Capital markets, Credit risk, Bank reforms, Bank regulations, Bank resolution, Banking sector

Three years after the onset of the global financial crisis, much has been done to reform the global financial system, but there is much left to accomplish. The regulatory reform agenda agreed by G-20 leaders in 200...

Reaching the MDGs
			: An Action Plan for Trade

Reaching the MDGs : An Action Plan for Trade »

Volume/Issue: 2010/14

Series: IMF Staff Position Notes

Author(s): Brad McDonald , Rob Gregory , and Katrin Elborgh-Woytek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2010

DOI: http://dx.doi.org/10.5089/9781455265343.004

ISBN: 9781455265343

Keywords: Exports, Export competitiveness, Emerging markets, Developed countries, Low-income developing countries, International trade, Millennium Development Goals, Trade integration, Tax reforms, Trade policy

The actions proposed here focus on trade integration, substantially increasing exports of the poorest countries and helping them to meet the Millennium Development Goals. As the foundation for these ambitions, we e...

Long-Term Trends in Public Finances in the G-7 Economies

Long-Term Trends in Public Finances in the G-7 Economies »

Volume/Issue: 2010/13

Series: IMF Staff Position Notes

Author(s): Andrea Schaechter , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455263325.004

ISBN: 9781455263325

Keywords: Fiscal consolidation, Aging, Developed countries, Public finance, Public debt, Global Financial Crisis 2008-2009, Group of seven, Government expenditures, Tax revenues, Taxation

Today's record public debt levels in most advanced economies are not only a direct fall-out from the global crisis. Public debt had ratcheted up over many decades before, when it had been used, in most of the G-7 c...

Fiscal Space

Fiscal Space »

Volume/Issue: 2010/11

Series: IMF Staff Position Notes

Author(s): Jonathan Ostry , Atish Ghosh , Jun Kim , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455228010.004

ISBN: 9781455228010

Keywords: Developed countries, Debt management, Public debt, Fiscal sustainability, Fiscal policy, fiscal sustainability, debt dynamics, debt, interest, primary balance

In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense tha...

Default in Today's Advanced Economies
			: Unnecessary, Undesirable, and Unlikely

Default in Today's Advanced Economies : Unnecessary, Undesirable, and Unlikely »

Volume/Issue: 2010/12

Series: IMF Staff Position Notes

Author(s): Carlo Cottarelli , Paolo Mauro , Lorenzo Forni , and Jan Gottschalk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455261307.004

ISBN: 9781455261307

Keywords: Debt restructuring, Developed countries, Budget deficits, Exchange rate adjustments, Public debt, Public finance, Sovereign debt, Interest rates, Fiscal adjustment, debt

This note summarizes the main arguments put forward by some market commentators who argue that default is inevitable, and presents a rebuttal for each argument in turn. Their main arguments focus on the size of the...

Redesigning the Contours of the Future Financial System

Redesigning the Contours of the Future Financial System »

Volume/Issue: 2010/10

Series: IMF Staff Position Notes

Author(s): Laura Kodres , and Aditya Narain

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2010

DOI: http://dx.doi.org/10.5089/9781462388882.004

ISBN: 9781462388882

Keywords: Bank supervision, Banks, Financial instruments, Financial institutions, Risk management, Multilateral surveillance, Nonbank financial sector, Global Financial Crisis 2008-2009, Fund role, Crises

This paper explores the private- and public-sector responses to the crisis and some of the probable outcomes. Aside from improved supervision of individual institutions, greater emphasis needs to be put on financia...