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International Monetary Fund

This Selected Issues paper reviews how Australia’s economy has adapted to a flexible Australian Dollar. The paper provides a background on the float and the initial policy challenges. It discusses the main elements of the Future Fund proposal, and estimates how much Australia and other countries in the Asia-Pacific region would gain from greater financial integration. The results suggest that these welfare gains are large, giving an argument in favor of a progressive capital account liberalization across the region, once the needed supporting measures are in place.

International Monetary Fund

This Selected Issues paper and Statistical Appendix focuses on two analytical approaches for judging whether the current account for Australia is sustainable. The paper implements the first approach, by asking how Australia’s net external liability position is likely to evolve over time, based on assumptions of future growth and interest rates. The paper implements the second approach by exploring the implications of a model of optimal external borrowing and lending. The main conclusions are also discussed in the paper.

International Monetary Fund

This paper analyzes likely effectiveness of the fiscal policy in supporting aggregate demand in Australia. The simulation analysis illustrates that the type of fiscal measure and the underlying behavioral responses have an important impact on the magnitude of fiscal multipliers. The Global Integrated Monetary and Fiscal Model simulations also suggest that the cumulative impact after five years could be close to 10 percentage points of GDP for the announced stimulus measures that cumulate to almost 8 percentage points of GDP.

International Monetary Fund

The Article IV Consultation discusses that recently a commodity price boom, driven by robust global demand, has pushed the Australian economy up against capacity constraints. Banks are adjusting the structure of their funding in response to the turmoil, increasing liquidity, and lengthening the maturity of their funding. Executive Directors considered that the sound macroeconomic framework should permit Australia to weather the global downturn and contain inflationary pressures. They encouraged the authorities to take advantage of the positive macroeconomic performance to advance structural reforms.

International Monetary Fund. Secretary's Department

Abstract

The Procedures Committee held three meetings, under the Chairmanship of the Right Honorable Hugh Dalton, M. P., on September 10, 12, and 17, 1947, respectively.

International Monetary Fund. External Relations Dept.

The decline in the U.S. personal saving rate over the past decade has coincided with considerable growth in home equity withdrawal. Many analysts suspect there is a link. A new IMF Working Paper by Vladimir Klyuev and Paul Mills explores the factors behind the two phenomena and investigates the extent to which home equity withdrawal has driven the falling saving rate. It also explores the degree to which rising interest rates and a slowdown in the housing market may now pose risks for household saving and consumption.

Mr. N. A. Barr

Abstract

Examina las opciones de política a la hora de diseñar un sistema de pensiones, y en especial analiza si es aconsejable reemplazar un régimen estatal basado en el sistema de reparto por planes privados o públicos basados en la capitalización. Examina las razones de la controversia en torno al diseño de los sistemas de pensiones y analiza si el segundo nivel de dichos sistemas debería ser obligatorio, privado, basado en la capitalización y en contribuciones definidas.

International Monetary Fund. External Relations Dept.

Asia Leading the Way explores how the region is moving into a leadership role in the world economy. The issue looks at Asia's biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region's second-biggest economy, India, which has a highly developed services sector. Min Zhu, the new Special Advisor to the IMF's Managing Director, talks about Asia in the global economy, the global financial crisis, correcting imbalances, and the IMF in Asia. And "People in Economics" profiles an Asian crusader for corporate governance, Korea's Jang Hasung. This issue of F&D also covers how best to reform central banking in the aftermath of the global economic crisis; the pernicious effects of derivatives trading on municipal government finances in Europe and the United States; and some ominous news for governments hoping to rely on better times to help them reduce their debt burdens. Mohamed El-Erian argues that sovereign wealth funds are well-placed to navigate the new global economy that will emerge following the world wide recession. "Back to Basics" explains supply and demand. "Data Spotlight" explores the continuing weakness in bank credit. And "Picture This" focuses on the high, and growing, cost of energy subsidies.

International Monetary Fund. External Relations Dept.

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.