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International Monetary Fund. External Relations Dept.

The IMF Executive Board announced on August 3 that it had completed the ninth review of Turkey’s economic program supported by the three-year Stand-By Arrangement. The Board’s decision will enable Turkey to draw SDR 1.2 billion (about $1.5 billion) immediately from the IMF. The text of News Brief No. 01/73, as well as a statement issued on July 28 by IMF First Deputy Managing Director Stanley Fischer (see page 262) is available on the IMF’s website (www.imf.org).

ANDREA PESCATORI and AMADOU N.R. SY

Crises on external sovereign debt are typically defined as defaults. Such a definition adequately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining defaults as debt crises is problematic for the 1990s, when sovereign bond markets emerged. Not only were there very few defaults in the 1990s, but liquidity indicators do not play any role in explaining defaults in this period. In order to overcome the resulting dearth of data on defaults and capture the evolution of debt markets in the 1990s, we define debt crises as events occurring when either a country defaults or its bond spreads are above a critical threshold. We find that, when information from bond markets is included, standard indicators—solvency and liquidity measures, as well as macroeconomic control variables—are significant.

Mr. Jeremy Clift

This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to—healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.

International Monetary Fund

This paper analyzes several issues regarding fiscal sustainability and fiscal adjustment in Brazil during 1990 and searches for econometric evidence of a monetary dominant regime during some subperiods. The following statistical data are also presented in detail: macroeconomic flows and balances, industrial production, consumer price index, relative public sector prices and tariffs, minimum wage statistics, financial system loans, monetary aggregates, exports by principal commodity groups, direction of trade, detailed balance of payments, total external debt, central government operations, and so on.

GIANVITI FRANÇOIS

Abstract

The role of the International Monetary Fund is important to an understanding of the first topic of this seminar, international monetary law. An often heard statement is that the International Monetary Fund is the central bank of central banks. In support of this proposition, several arguments may be made.