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Mr. Timothy D. Lane

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.

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.

Muhammad Yunus, Raghuram G. Rajan, Henry M. Paulson, Jr., Johnson Simon, James Kwak, and Andrew Sheng

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. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Mr. Marc G Quintyn and Mr. Michael W Taylor

Abstract

En casi todas las grandes crisis financieras de la última década --desde Asia oriental a Rusia, Turquía y América Latina-- la interferencia política en la regulación del sector financiero contribuyó a agravar una situación ya de por sí mala. Las presiones políticas no solo debilitaron la regulación financiera sino que también impidieron que los órganos reguladores y supervisores tomaran medidas contra los bancos en problemas. En este estudio se investiga por qué, para cumplir con su mandato de preservar la estabilidad del sector financiero, los reguladores y supervisores del sector financiero tienen que ser independientes --de la industria de servicios financieros, así como del gobierno-- a la vez que deben rendir cuentas.

International Monetary Fund. Western Hemisphere Dept.

Eastern Caribbean Currency Union: 2017 Discussion on Common Policies of Member Countries-Press Release and Staff Report

International Monetary Fund

The paper discusses the purpose, properties, and theoretical foundations of various indicators of inflation and also describes the forecasting methodology and performance of these indicators. It reviews the successful European labor market reform experiences and analyzes regulatory and supervisory frameworks in the European Union (EU), and assessments carried out under the IMF-World Bank Financial Sector Assessment Program (FSAP). It also investigates whether the cross-country correlation of bank business in Europe makes a good case for pan-European supervision.

International Monetary Fund

To reduce the negative effects of a bank-lending crunch on economic activity, adequate credit provision should be ensured. Further bank recapitalization, restructuring and consolidation of the banking sector, and regulatory reform decisions will reduce uncertainty. A long-lasting configuration of the euro-area’s fiscal architecture can be achieved by tightly coordinated reforms of national fiscal frameworks. Substantial benefits will emanate from deepening further structural reforms. Financial sector reform in the EU is proceeding at a rapid pace, and poses challenges and opportunities for the EU.