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International Monetary Fund. External Relations Dept.

When IMF Deputy Managing Director Eduardo Aninat traveled to Latin America in January, he proposed a three-pronged self-help agenda for the continent that internalizes the lessons learned from the recent spate of crises. What follows are updated excerpts from remarks given at conferences at the University of Viña del Mar in Chile and at the central bank in Lima, Peru.

Mr. Tobias N. Rasmussen

The economic performance of the Caribbean region has weakened in recent years, amid a series of natural disasters and an increasingly competitive global economic environment. What can be done to spur higher growth was the topic of “Developmental Challenges Facing the Caribbean”—a seminar held in Trinidad on June 11–12. The event, part of celebrations marking the 40th anniversary of the Central Bank of Trinidad and Tobago, underscored the urgency of encouraging more flexible labor markets and lowering debt ratios as these economies seek to become more adaptive to the demands of a fast-changing global economy.

Mr. Peter J Kunzel, Phil De Imus, Mr. Edward R Gemayel, Risto Herrala, Mr. Alexei P Kireyev, and Farid Talishli
The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity.
International Monetary Fund. External Relations Dept.
The world’s finance ministers and central bank governors will gather in Washington on September 29 for the Annual Meetings of the Governors of the IMF and the World Bank, against a backdrop of increased concerns about the strength and durability of the global economic recovery. On September 28, the International Monetary and Financial Committee (IMFC), the IMF’s principal advisory Committee of Governors, and the Development Committee, a joint committee of IMF and World Bank Governors, will meet. The Annual Meetings have been shortened, owing to U.S. security concerns.
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.

Shang-Jin Wei and Ms. Irina Tytell
Monetary and fiscal policies around the world are in better shape today than two decades ago. This paper studies whether financial globalization has helped induce governments to pursue better macroeconomic policies (the "discipline effect"). The empirical tests have two innovations. First, we recognize potential endogeneity of the observed capital flows in a given country and employ an instrumental variable approach that relies on the autonomous (global) component of the capital flows. Second, we recognize inherent discreteness in defining good versus bad macroeconomic policies and use a transition matrix technique to determine whether capital flows are effective in inducing substantial qualitative policy shifts. Our results suggest that, in spite of the plausibility of the "discipline effect" in theory, it is not easy to find strong and robust causal evidence. There is some evidence that financial globalization may have induced countries to pursue low-inflation monetary policies. However, there is no evidence that it has encouraged low budget deficits.
International Monetary Fund
This paper examines how fiscal policy can contribute to realizing the benefits of two important ongoing developments, globalization and financial deepening.
International Monetary Fund. Secretary's Department


This annual publication is a record of the IMF's Annual Meeting and contains the opening and closing addresses of the Chairman of the Board of Governors, presentation of the Annual Report by the Managing Director, statements of Governors, committee reports, resolutions, and a list of delegates. Usually published in March.

International Monetary Fund. External Relations Dept.

20 Long-Run Fiscal Sustainability in Germany, symposium organized by the IMF; Bertelsman Foundation, and the Institute for Economic Research, Berlin, Germany