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Mrs. Sarwat Jahan and Ahmed Saber Mahmud

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Ms. Kimberly Beaton, Mr. Lorenzo U Figliuoli, Mr. Roberto Garcia-Saltos, and Iulia Teodoru

Abstract

Cristhian Vera provided superb research assistance.

Metodij Hadzi-Vaskov, Mr. Javier Kapsoli, and Mr. Bogdan Lissovolik

Abstract

Policy efforts to strengthen fiscal prudence, gain credibility, and ensure fiscal sustainability have long been priorities for policymakers in CAPDR countries. Some countries in the region have introduced fiscal responsibility frameworks to meet these objectives, while others are considering similar legal structures. Taking stock of the main characteristics and results so far, both in CAPDR and in other emerging market economies, reveals key challenges for countries considering embarking on the journey to fiscal responsibility.

Cristhian Vera, PraChi Mishra, and Rogelio Morales

Abstract

The views expressed in this chapter are those of the authors and do not necessarily represent those of the IMF or its Board of Directors. This chapter represents an application of Mishra, Montiel, and Spilimbergo (2012) to the Central America, Panama, and the Dominican Republic (CAPDR) countries.

Joyce Wong

Abstract

The material included in this chapter is largely drawn from Dabla-Norris and others (2015) and Heng and others (2016).

Kimberly beaton, Mr. Mario Dehesa, Mr. Fernando L Delgado, and Xiaodan Ding

Abstract

Financial stability is key to inclusive and sustained growth. Financial crises frequently result in large output and wealth losses, and they tend to affect people in middle- and lower-middle classes harder than the wealthy, sapping broad-based economic growth. Without remedies against the often severe consequences of financial crises, prevention is better than cures that deal with their impact after the event. To mitigate the financial stability risks that emanate from financial institutions, countries have traditionally relied on prudential regulations and more recently on risk-based supervision to buffer financial shocks. However, risks to systemic stability can also stem from real sector shocks. As seen during the global financial crisis of 2008, cross-border and cross-sector spillovers can intensify both.

Valentina Flamini, Pierluigi Bologna, Fabio Di Vittorio, and Rasool Zandvakil

Abstract

The material included in this chapter is largely drawn from Dabla-Norris and others (2015) and Heng and others (2016).

Mr. Roberto Garcia-Saltos, Iulia Ruxandra Teodoru, and Fan Zhang

Abstract

This chapter uses information available until 2015 and is based on the authors’ IMF Working Paper 16/250.

Anna Ivanova, Jaume Puig-Forne, Victoria Valente, and Joyce Wong

Abstract

Based on analytical work by the same authors presented in IMF 2016a and IMF 2016b.