Browse

You are looking at 1 - 10 of 10 items for :

Clear All
International Monetary Fund. External Relations Dept.
This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.
International Monetary Fund. Secretary's Department

Abstract

The International Monetary Fund and the International Bank for Reconstruction and Development convened the first annual meeting of their Boards of Governors jointly at Washington on Friday, September 27, 1946. During the next six days the Fund Governors held five sessions—three jointly with the Bank.

International Monetary Fund. Secretary's Department

Abstract

These By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the International Monetary Fund; and they shall be construed accordingly. In the event of a conflict between anything in these By-Laws and any provision or requirement of the Articles of Agreement, the Articles of Agreement shall prevail.

International Monetary Fund. Research Dept.
This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth–enhancing effects of investment in public capital and transfer payments are modeled, as is the growth–inhibiting influence of the levying of distortionary taxes that are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained that support the proposed influence of the public finance variables on economic growth.
Mr. Richard I Allen, Yasemin Hurcan, Peter Murphy, Mr. Maximilien Queyranne, and Mr. Sami Yläoutinen
There is relatively little literature that analyses the role, functions, and organization of finance ministries. The purpose of this working paper is to review international experiences in this area, in an effort to formulate guiding principles of organizational design and the allocation of functions, while recognizing the crucial importance of each country’s history and institutional context. Over the past 30 years many finance ministries have moved from a “traditional” to an “emerging” model of organizational design in which there is greater openness and transparency, more flexible management practices, and a broader focus on strategic policy issues. In addition, many operational functions have been devolved to arm’s–length agencies or line ministries. The paper describes the challenges facing developing countries in strengthening their finance ministries, and the principles, approaches, and strategies that can be applied.
Galina Hale, Mr. Tümer Kapan, and Ms. Camelia Minoiu
We study the transmission of financial sector shocks across borders through international bank connections. For this purpose, we use data on long-term interbank loans among more than 6,000 banks during 1997-2012 to construct a yearly global network of interbank exposures. We estimate the effect of direct (first-degree) and indirect (second-degree) exposures to countries experiencing systemic banking crises on bank profitability and loan supply. We find that direct exposures to crisis countries squeeze banks' profit margins, thereby reducing their returns. Indirect exposures to crisis countries enhance this effect, while indirect exposures to non-crisis countries mitigate it. Furthermore, crisis exposures have real effects in that they reduce banks' supply of domestic and cross-border loans. Our results, based on a large global sample, support the notion that interconnected financial systems facilitate shock transmission.
International Monetary Fund. External Relations Dept.

This paper highlights that international flows of capital can promote global economic efficiency and can allow countries with balance-of-payments deficits to strike the right balance between reducing their deficits and financing them. The IMF's evolution into an effective international organization is largely attributable to its ability to adapt its activities, policies, policymaking bodies, procedures, and even its Articles in response to changing circumstances. The growth of developed and developing countries is closely linked, but better policy coordination and financial intermediation are needed.

Ian M. Hume

This paper analyzes the issue of migrant workers in Europe. The paper highlights that the number of migrant workers currently in the major industrialized countries of Western Europe is not accurately known. The actual annual flow of migration into Western Europe has been growing rapidly in recent years. Most migrants are so-called annual or permanent workers, although in France, particularly in agriculture, and in Switzerland, “seasonal” migration is also important. The paper also highlights that the sectoral distribution of migrant workers tends to follow the pattern of sectoral employment growth in the receiving country.

International Monetary Fund. Secretary's Department

Abstract

This paper outlines that many countries have only begun to recover from the devastation of war; and the reconstruction of their economic and monetary systems will take several years. The wartime economic controls of many members of the IMF are still in force. Concrete measures for international economic cooperation, in spheres other than the financial, are not as far advanced as had earlier been hoped. International political cooperation leaves much to be desired. A number of countries, particularly in Europe and the Far East, find their international economic position seriously deteriorated as a result of the war. Their first task is to restore agricultural and industrial production on a modern and efficient basis and to bring it into line with the new requirements of the market. Although foreign aid has been of great assistance, it is important to recognize that recovery in the occupied countries has depended and will continue to depend primarily on their own efforts.