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Ulric Eriksson von Allmen and Mr. Heedon Kang

Abstract

This chapter draws on work of the 2017 IMF–World Bank Financial Sector Assessment Program (FSAP) for Indonesia, and in particular the Financial System Stability Assessment, which was considered by the IMF’s Executive Board on May 24, 2017.

Robert E. Baldwin, Richard H. Snape, Rudiger Dornbusch, Timothy D. Lane, Mr. Guillermo Calvo, Charles P. Kindleberger, Bahram Nowzad, Sanjaya Lall, Carl Dahlman, Geza Feketekuty, Patrick A. Messerlin, Robert B. Dickie, Thomas A. Layman, Lloyd Kenward, Mr. David P. Currie, Mr. David A Vines, and F. Desmond McCarthy

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.

Michael Atingi-Ego, Mr. Dominique Desruelle, Sudarshan Gooptu, and Sudhir Shetty

The global financial crisis has slowed the Burundian economy and a significant decline in inflation. Against the background of the East African Community (EAC) integration, the Article IV Consultation discussions focused on three fundamental themes. IMF staff and authorities agreed on the need to pursue appropriate growth-enhancing reforms. The authorities and staff agreed on the need to continue reforms of wages and employment to bring the wage bill down to sustainable levels. The fourth review was completed based on Burundi’s performance and the strength of the program.

International Monetary Fund. Independent Evaluation Office

Abstract

1. The IMF’s involvement in trade policy issues has been a source of controversy. In contrast to exchange rate, fiscal, or monetary policies, trade policy lies within the IMF’s domain through at most a soft mandate. This leaves substantial scope for disagreement on whether the IMF has overstepped its proper role on trade policy or not done enough. Also, reflecting an orientation toward removing barriers to trade, the IMF’s involvement in trade policy has stoked the debate on whether steps toward freer trade are always beneficial for a country or whether developmental objectives are better served by more gradual changes. Alongside this debate are charges that IMF advice has not been evenhanded and has pushed harder on developing countries (through lending arrangements) than on advanced countries to reduce protectionism. And with the increasing complexity of trade policy issues, questions have arisen about whether IMF staff have the expertise to address trade policies rigorously.

International Monetary Fund. Independent Evaluation Office

Abstract

The financial year 2009 saw the production of an evaluation on The IMF’s Approach to International Trade Policy Issues. The Governance of the IMF report was also discussed by the Board in FY2009, and there were discussions on follow-up to the IEO evaluation of Structural Conditionality in IMF-Supported Programs. This recently completed evaluation and follow-up to past evaluations will be discussed in Chapter 2.

Luis E. Breuer and Mr. Tidiane Kinda

Abstract

Home to more than 260 million people, Indonesia is the fourth most populous country in the world and the largest economy in Southeast Asia. With GDP of about US$1 trillion, the country is the world’s sixteenth largest economy and the seventh largest in purchasing-power-parity terms. It has played an increasingly prominent role in the global policy debate, including as a member of the Association of Southeast Asian Nations (ASEAN) and the Group of 20 (G20), an international forum bringing together 20 of the world’s largest advanced and emerging market economies.

Miss Yinqiu Lu

Abstract

Both the volume and the composition of capital inflows to Indonesia have evolved since the global financial crisis.1 The increased volume of capital inflows has helped finance Indonesia’s current account and fiscal deficits, especially since late 2011 when the commodity supercycle ended. Foreign direct investment (FDI) and portfolio inflows have dominated capital inflows to Indonesia. Government bonds, especially those denominated in rupiah, have increasingly attracted foreign investors, and foreign interest has been influenced by global market sentiment, as attested to by several reversals of portfolio inflows.

Mr. Heedon Kang

Abstract

Indonesia’s financial system has great potential for evolving to support inclusive growth. Indonesia has a young population, and the country can expect a sizable demographic dividend in the future (IMF 2018): the share of the working-age population is projected to peak at 70 percent in 2030. This growing working population will demand a greater range of more complex goods and services, especially financial services, including home mortgages, working capital for more start-ups, equity financing as companies expand, and financial products for risk sharing among investors and stable incomes for retirees. Indonesia also faces a large infrastructure gap, which financial deepening can support to finance.