Browse

You are looking at 1 - 10 of 75 items for :

  • Currency; Foreign exchange x
Clear All
International Monetary Fund. Secretary's Department

Abstract

First of all, on behalf of the Australian Government, I warmly welcome the new members—the Solomon Islands, Suriname, and Maldives. Our congratulations go to Mr. de Larosière on his appointment as Managing Director of the Fund.

International Monetary Fund. Secretary's Department

Abstract

I join you, Mr. Chairman, in expressing sincere thanks to the Governor for the United States for his cordial welcome to our deliberations and for his kind personal words to me. I am delighted to hear that the President will be addressing us this afternoon. I wish also to extend a welcome to the Governors for Maldives, Suriname, and the Solomon Islands, which have become members since last we met. In addition, I would like to express my satisfaction with the fact that an Executive Director from Saudi Arabia—a member which has contributed substantially to Fund financing—will shortly join the Executive Board of the Fund.

International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

International Monetary Fund. Secretary's Department

Abstract

Mr. Chairman, Mr. de Larosière, Mr. McNamara, fellow Governors, distinguished guests: President Carter will attend our meeting this afternoon and welcome you to Washington on behalf of the American people. But if I may, I would like to extend to you a personal welcome this morning. It is a pleasure and honor for the United States to host once again these important Annual Meetings of the World Bank and the International Monetary Fund.

Yongzheng Yang, Mr. Robert Powell, and Mr. Sanjeev Gupta

Abstract

This handbook provides a checklist of the macroeconomic challenges that low-income countries are likely to face if they begin to receive significantly higher official development assistance (ODA) than in the recent past. The checklist, which is derived from a survey of the economic literature, is a tool for developing illustrative macroeconomic scenarios for individual countries in response to a scaling up of aid flows. For example, one scaling-up scenario might involve a doubling of official resource transfers as a share of a recipient country’s GDP, with higher aid flows being sustained for a decade or more.

Yongzheng Yang, Mr. Robert Powell, and Mr. Sanjeev Gupta

Abstract

A key issue in assessing the macroeconomic implications of scaling up official resource transfers to Africa is the potential impact on the real exchange rate, exports, and competitiveness. Standard analysis suggests that foreign aid flows augment domestic resources and therefore leave the economy, as a whole, better off. In practice, however, the macroeconomic impact of aid depends both on how a country spends the resources and on its policy response. The interaction of fiscal policy with monetary and exchange rate management is key. To highlight this interaction, IMF (2005d) discusses two related but distinct concepts: absorbing aid and spending aid.

Yongzheng Yang, Mr. Robert Powell, and Mr. Sanjeev Gupta

Abstract

If the monetary authorities are concerned with the liquidity impact of increases in aid-induced spending, they can sterilize the liquidity injection either domestically or through foreign exchange sales.

Yongzheng Yang, Mr. Robert Powell, and Mr. Sanjeev Gupta

Abstract

Any scaling-up scenario needs to take into account the possible effects of aid on revenues. The associated policy package should stress the need to maintain or strengthen revenues during the period of higher aid, both to guard against uncertain donor behavior and to prepare for an eventual tapering off of aid flows.

Yongzheng Yang, Mr. Robert Powell, and Mr. Sanjeev Gupta

Abstract

The debate about the effectiveness of aid in stimulating growth goes back many years, yet there remains considerable uncertainty about the aid-growth relationship. Some researchers suggest that there is either no effect or a negative one; others suggest a positive effect, but with diminishing returns. Still others argue that aid works to promote growth in some circumstances (when a country has good policies), but not in others.

Yongzheng Yang, Mr. Robert Powell, and Mr. Sanjeev Gupta