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R. Portes, A. Swoboda, W.M. Scammel, Robert Hormats, Bahram Nowzad, Philip Cagan, Frederick Ribe, Martin Feldstei, Lan Bovenberg, Sebastian Edward, Mr. Liaquat Ahamed, Anthony Lanyi, Susan Joeke, Masooma Habib, H.W. Arndt, and Robert Picciotto

This paper discusses the structural adjustment in low-income countries. In the first 20 months of its operations, the IMF’s structural adjustment facility (SAF) has provided concessional financial assistance to support the balance-of-payments adjustment efforts of 21 low-income member countries. Most SAF arrangements have supported policy reform programs that have also received support under other IMF facilities. The fundamental concept underlying the SAF is the notion that growth and adjustment are mutually reinforcing.

International Monetary Fund. External Relations Dept.
Young people, hardest hit by the global economic downturn, are speaking out and demanding change. F&D looks at the need to urgently address the challenges facing youth and create opportunities for them. Harvard professor David Bloom lays out the scope of the problem and emphasizes the importance of listening to young people in "Youth in the Balance." "Making the Grade" looks at how to teach today's young people what they need to get jobs. IMF Deputy Managing Director, Nemat Shafik shares her take on the social and economic consequences of youth unemployment in our "Straight Talk" column. "Scarred Generation" looks at the effects the global economic crisis had on young workers in advanced economies, and we hear directly from young people across the globe in "Voices of Youth." Renminbi's rise, financial system regulation, and boosting GDP by empowering women. Also in the magazine, we examine the rise of the Chinese currency, look at the role of the credit rating agencies, discuss how to boost the empowerment of women, and present our primer on macroprudential regulation, seen as increasingly important to financial stability. People in economics - C. Fred Bergsten, American Globalist. Back to basics - The multi-dimensional role of banks in our financial systems.
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.
International Monetary Fund. External Relations Dept.
This paper analyzes that although demands for political transformation commanded the world’s attention, those calls were largely motivated by unresolved socioeconomic issues. Demonstrators in the streets of Cairo and Tunis demanding bread, dignity, and social justice expressed widely held aspirations for basic economic rights, along with greater prosperity and equity. Almost seven years later, notable progress has been achieved in terms of public finance reforms. However, these reforms still have a long way to go to reduce disparities in the distribution of wealth within most countries of the region or narrow the development gaps between them. Countries in the Middle East and North Africa now face a stark choice between short-term retrenchment and resolute pursuit of the long-term reforms needed to secure their future economic prosperity. Forsaking important economic adjustments needed to strengthen inclusive growth and modernize the state and private sectors would set the region back, possibly for decades.
International Monetary Fund. External Relations Dept.
This paper focuses on the United States and the United Kingdom that were the main architects of the post-1945 order, with the creation of the United Nations systems, but they now appear to be pioneers in the reverse direction—steering an erratic, inconsistent, and domestically controversial course away from multilateralism. Other countries, meanwhile, for various reasons are incapable of assuming that global leadership and the rest of the world likely would not support a new hegemon in any event. The postwar system created at the BrettonWoods, New Hampshire, conference in 1944 should be credited with economic growth, a reduction in poverty, and the absence of destructive trade wars. It built a comity that encourages to this day cooperation on issues as diverse as taxation, financial regulation, climate change policy, and terrorism financing. The central postwar concern was international financial stability. The United States and the newly created International Monetary Fund were at the center of a system that sought to maintain that stability by linking exchange rates to the dollar, with the IMF the arbiter of any changes.
International Monetary Fund. Western Hemisphere Dept.
This paper looks at the following important issues pertaining to the economy of Costa Rica: micro-financial linkages, financial sector vulnerabilities, monetary policy stance, financial deepening in Costa Rica, financial inclusion in Costa Rica, recent fiscal developments and medium-term sustainability, and female labor force participation in Costa Rica. This paper discusses linkages between the Costa Rican real economy and financial sector. Although increasingly diversified, the Costa Rican financial system is centered on banking intermediation. The banking system is highly segmented and heavily dollarized. To assess the adequacy of the current monetary policy stance, this paper estimates the neutral monetary policy interest rate.
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper discusses measures needed for structural transformation in Sri Lanka. The government has ambitious plans to achieve upper middle-income country status in 2025 by transforming Sri Lanka in an Indian Ocean Hub for trade, investment, and services. Stable and transparent regulatory systems would make Sri Lanka’s business environment more attractive for long-term investment and support trade integration. Reviewing trade barriers and developing a phased and sequenced strategy for gradual removal of restrictions is a first necessary step toward enabling more competitive trade. In this regard, the authorities’ decision to gradually rationalize para-tariffs and set up automated approval systems is a welcome step. Ongoing open consultative processes on reform strategies can also help building public consensus in support of these important objectives.
International Monetary Fund. Asia and Pacific Dept
This paper discusses Mongolia’s First and Second Reviews Under the Extended Fund Facility. Performance under the program thus far has been strong. Growth in 2017 is projected to reach 3.3 percent, considerably better than forecasted at the time of program approval. The combination of strong policy implementation and a supportive external environment has helped the authorities over-perform on all of the quantitative targets under the program. Performance on structural reforms has also been strong, notwithstanding the delays owing to the change in government in September 2017.