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Multi-Country Report
			: Ensuring Financial Stability in Countries with Islamic Banking-Case Studies-Press Release; Staff Report

Multi-Country Report : Ensuring Financial Stability in Countries with Islamic Banking-Case Studies-Press Release; Staff Report »

Volume/Issue: 2017/145

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 June 2017

DOI: http://dx.doi.org/10.5089/9781484302996.002

ISBN: 9781484302996

Keywords: Asia and Pacific, Bahrain, Djibouti, Europe, Indonesia, Kenya, Kuwait, Malaysia, Middle East, Nigeria

This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can...

Multi-Country Report
			: Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report

Multi-Country Report : Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report »

Volume/Issue: 2017/153

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2017

DOI: http://dx.doi.org/10.5089/9781484303719.002

ISBN: 9781484303719

Keywords: Asia and Pacific, Europe, Haiti, Kosovo, Liberia, Mali, Middle East, Myanmar, South Sudan, Sub-Saharan Africa

This report reviews the IMF's effort to build fiscal capacity in fragile states. It presents case studies on IMF technical assistance (TA) and capacity development in the fiscal area, provided by its Fiscal Affairs...

Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513512495.001

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

Pilot Project on Concentration and Distribution Measures for a Selected Set of Financial Soundness Indicators

Pilot Project on Concentration and Distribution Measures for a Selected Set of Financial Soundness Indicators »

Volume/Issue: 2016/26

Series: IMF Working Papers

Author(s): Joseph Crowley , Plapa Koukpamou , Elena Loukoianova , and André Mialou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2016

DOI: http://dx.doi.org/10.5089/9781498337014.001

ISBN: 9781498337014

Keywords: Financial Soundness Indicators, Concentration and Distribution Measures, institutions, data, pilot project, confidentiality, information, General, All Countries, Fiscal Crisis,

This paper reports the main findings of a pilot project launched in July 2014 by the IMF’s Statistics Department to test augmenting the IMF’s financial soundness indicators (FSIs) with concentration and distributio...

The Financial Wealth of Corporations

The Financial Wealth of Corporations »

Volume/Issue: 2016/11

Series: IMF Working Papers

Author(s): Yuko Hashimoto , and Noriaki Kinoshita

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2016

DOI: http://dx.doi.org/10.5089/9781484395073.001

ISBN: 9781484395073

Keywords: Nonfinancial corporation, financial balance sheet, net financial wealth, balance sheet, equity, debt, balance sheets, stock, General, Methodology for Collecting

This paper analyzes the nonfinancial corporation (NFC) sector’s financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP—a frequently use...

Cost-Benefit Analysis of Leaning Against the Wind

Cost-Benefit Analysis of Leaning Against the Wind »

Volume/Issue: 2016/3

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2016

DOI: http://dx.doi.org/10.5089/9781498314787.001

ISBN: 9781498314787

Keywords: macroprudential policy, unemployment, unemployment rate, debt, marginal cost, benchmark, Monetary Policy (Targets, Instruments, and Effects), All Countries

“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of hig...

Non-Linear Exchange Rate Pass-Through in Emerging Markets

Non-Linear Exchange Rate Pass-Through in Emerging Markets »

Volume/Issue: 2016/1

Series: IMF Working Papers

Author(s): Francesca Caselli , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2016

DOI: http://dx.doi.org/10.5089/9781513578262.001

ISBN: 9781513578262

Keywords: Non-Linearities, exchange rate, depreciation, inflation targeting, exchange rate movements, Models with Panel Data, General, All Countries,, Exchange rate pass-through, Foreign exchange

This paper estimates exchange rate pass-through to consumer prices in emerging markets focusing on non-linearities and asymmetries. We document non-linearities and asymmetries in the transmission of exchange rate f...

Tackling Small and Medium Enterprise Problem Loans in Europe

Tackling Small and Medium Enterprise Problem Loans in Europe »

Volume/Issue: 2015/4

Series: Staff Discussion Notes

Author(s): Wolfgang Bergthaler , Kenneth Kang , Yan Liu , and Dermot Monaghan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2015

DOI: http://dx.doi.org/10.5089/9781498384834.006

ISBN: 9781498384834

Keywords: Corporate sector, Debt restructuring, Business enterprises, Bankruptcy, Europe, Economic recovery, Insolvency, Non-performing loans, SME, debt distress

The global financial crisis has left a large private sector debt overhang and high levels of non- performing loans (NPLs) in several European countries. Small and medium-size enterprises (SMEs) represent a signific...

Fair Play
			: More Equal Laws Boost Female Labor Force Participation

Fair Play : More Equal Laws Boost Female Labor Force Participation »

Volume/Issue: 2015/2

Series: Staff Discussion Notes

Author(s): Christian Gonzales , Sonali Jain-Chandra , Kalpana Kochhar , and Monique Newiak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

DOI: http://dx.doi.org/10.5089/9781498354424.006

ISBN: 9781498354424

Keywords: Labor force participation, Gender equality, Women, female labor force participation, gender equity, legal rights, gender, labor force, female labor, Participación en la fuerza laboral;Mujeres;Igualdad de género;Mercados de trabajo;Reformas del mercado laboral;Aspectos económicos de la familia;Análisis entre países

This Staff Discussion Note examines the effect of gender-based legal restrictions and other policy choices and demographic characteristics on female labor force participation. Drawing on a large and novel panel dat...

Emerging Market Volatility
			: Lessons from The Taper Tantrum

Emerging Market Volatility : Lessons from The Taper Tantrum »

Volume/Issue: 2014/9

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Vivek Arora , Athanasios Arvanitis , Hamid Faruqee , Papa N'Diaye , and Tommaso Mancini Griffoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2014

DOI: http://dx.doi.org/10.5089/9781498318204.006

ISBN: 9781498318204

Keywords: Monetary policy, Emerging markets, United States, Capital flows, Financial markets, Capital market volatility, Macroprudential Policy, Developed countries, Tapering, unconventional monetary policy

Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discusse...

Administering Fiscal Regimes for Extractive Industries
			: A Handbook

Administering Fiscal Regimes for Extractive Industries : A Handbook »

Series: Books

Author(s): Jack Calder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

DOI: http://dx.doi.org/10.5089/9781475575170.071

ISBN: 9781475575170

Keywords: natural resource, natural resources, natural resource taxes, natural resource taxation, tax authority

This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies...

Emerging Markets in Transition
			: Growth Prospects and Challenges

Emerging Markets in Transition : Growth Prospects and Challenges »

Volume/Issue: 2014/6

Series: Staff Discussion Notes

Author(s): Luis Cubeddu , Alexander Culiuc , Ghada Fayad , Yuan Gao , Kalpana Kochhar , Annette Kyobe , Ceyda Oner , Roberto Perrelli , Sarah Sanya , Evridiki Tsounta , and Zhongxia Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2014

DOI: http://dx.doi.org/10.5089/9781498327664.006

ISBN: 9781498327664

Keywords: Emerging markets, growth, potential growth, convergence, heterogeneity, structural reform, productivity, terms of trade, trading partners, commodity prices

After a short-lived slowdown in the immediate aftermath of the global financial crisis and a swift rebound, emerging markets (EM) are now entering a period of slower growth. In fact, growth is now lower than the po...

Monetary Policy in the New Normal

Monetary Policy in the New Normal »

Volume/Issue: 2014/3

Series: Staff Discussion Notes

Author(s): Tamim Bayoumi , Giovanni Dell'Ariccia , Karl Habermeier , Tommaso Mancini Griffoli , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

DOI: http://dx.doi.org/10.5089/9781475561784.006

ISBN: 9781475561784

Keywords: Cross country analysis, Central bank autonomy, Central bank independence, Central banks, Financial stability, Monetary policy, Macroprudential Policy, inflation, central bank, monetary fund

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of tu...

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies »

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2013

DOI: http://dx.doi.org/10.5089/9781616354138.084

ISBN: 9781616354138

Keywords: Cross country analysis, Developed countries, Emerging markets, Government expenditures, Pension reforms, Pensions, pension, retirement, pension spending, public pension

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

Two Targets, Two Instruments
			: Monetary and Exchange Rate Policies in Emerging Market Economies

Two Targets, Two Instruments : Monetary and Exchange Rate Policies in Emerging Market Economies »

Volume/Issue: 2012/1

Series: Staff Discussion Notes

Author(s): Jonathan Ostry , Atish Ghosh , and Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2012

DOI: http://dx.doi.org/10.5089/9781475503623.006

ISBN: 9781475503623

Keywords: Emerging markets, Exchange rate policy, Central banks, Inflation targeting, Foreign exchange intervention, Monetary policy, exchange rate, inflation, central bank, foreign exchange

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows

The Effectiveness of Capital Controls and Prudential Policies in Managing Large Inflows »

Volume/Issue: 2011/14

Series: Staff Discussion Notes

Author(s): Karl Habermeier , Annamaria Kokenyne , and Chikako Baba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 August 2011

DOI: http://dx.doi.org/10.5089/9781463902896.006

ISBN: 9781463902896

Keywords: Emerging markets, Exchange rate appreciation, Cross country analysis, Credit expansion, Capital controls, Capital inflows, Risk management, Macroprudential Policy, financial regulation, macroprudential policies

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Tax Biases to Debt Finance
			: Assessing the Problem, Finding Solutions

Tax Biases to Debt Finance : Assessing the Problem, Finding Solutions »

Volume/Issue: 2011/11

Series: Staff Discussion Notes

Author(s): Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2011

DOI: http://dx.doi.org/10.5089/9781463935139.006

ISBN: 9781463935139

Keywords: Corporate taxation, investors, tax system, cost of capital, corporate tax, interest payments, Interest Deductibility, Corporate Financial Structure, Multinational Debt Shifting, Bank Leverage

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Policy Responses to Capital Flows in Emerging Markets

Policy Responses to Capital Flows in Emerging Markets »

Volume/Issue: 2011/10

Series: Staff Discussion Notes

Author(s): Mahmood Pradhan , Ravi Balakrishnan , Reza Baqir , Geoffrey Heenan , Sylwia Nowak , Ceyda Oner , and Sanjaya Panth

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 April 2011

DOI: http://dx.doi.org/10.5089/9781463935122.006

ISBN: 9781463935122

Keywords: Emerging markets, Capital flows, Macroeconomic policies, Macroprudential policies, capital inflows, bond, bond yields, bonds,

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

External Performance in Low-Income Countries

External Performance in Low-Income Countries »

Series: Occasional Papers

Author(s): Alessandro Prati , Luca Ricci , Lone Engbo Christiansen , Stephen Tokarick , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2011

DOI: http://dx.doi.org/10.5089/9781616350536.084

ISBN: 9781616350536

Keywords: External sector, Low-income developing countries, Real effective exchange rates, exchange rate, current account, real exchange rate, foreign assets, net foreign assets

Assessments of exchange rate misalignments and external imbalances for low-income countries are challenging because methodologies developed for advanced and emerging economies cannot be automatically applied to poo...

Crisis Management and Resolution
			: Early Lessons from the Financial Crisis

Crisis Management and Resolution : Early Lessons from the Financial Crisis »

Volume/Issue: 2011/5

Series: Staff Discussion Notes

Author(s): Ceyla Pazarbasioglu , Luc Laeven , Oana Nedelescu , Stijn Claessens , Fabian Valencia , Marc Dobler , and Katharine Seal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2011

DOI: http://dx.doi.org/10.5089/9781455286546.006

ISBN: 9781455286546

Keywords: Financial crises, Financial stability, Crisis management, Asset restructuring, Burden sharing, Moral hazard, Stress tests, resolution, too big to fail, financial institutions

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Subsidiaries or Branches
			: Does One Size Fit All?

Subsidiaries or Branches : Does One Size Fit All? »

Volume/Issue: 2011/4

Series: Staff Discussion Notes

Author(s): Jonathan Fiechter , Inci Ötker , Anna Ilyina , Michael Hsu , Andre Santos , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 March 2011

DOI: http://dx.doi.org/10.5089/9781455288564.006

ISBN: 9781455288564

Keywords: Cross-border banking, Bank regulations, Banks, Financial stability, Financial regulation, Stand-alone subsidiarization, Ringfencing, Subsidiary model, Branch model, Resolution

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Cross-Cutting Themes in Employment Experiences during the Crisis

Cross-Cutting Themes in Employment Experiences during the Crisis »

Volume/Issue: 2010/18

Series: IMF Staff Position Notes

Author(s): Athanasios Vamvakidis , Francis Vitek , Mwanza Nkusu , Reginald Darius , Alun Thomas , and Edouard Vidon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2010

DOI: http://dx.doi.org/10.5089/9781462357604.004

ISBN: 9781462357604

Keywords: Economic recession, Employment, External shocks, Financial crisis, Cross country analysis, Labor market policy, Labor markets, Korea, Republic of, Mexico, New Zealand

The human cost of the recent global crisis is reflected in its impact on the labor market. Explaining why economies with similar downturns had very different employment trends can help design policies to reduce suc...

Fiscal Space

Fiscal Space »

Volume/Issue: 2010/11

Series: IMF Staff Position Notes

Author(s): Jonathan Ostry , Atish Ghosh , Jun Kim , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455228010.004

ISBN: 9781455228010

Keywords: Developed countries, Debt management, Public debt, Fiscal sustainability, Fiscal policy, fiscal sustainability, debt dynamics, debt, interest, primary balance

In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense tha...

Redesigning the Contours of the Future Financial System

Redesigning the Contours of the Future Financial System »

Volume/Issue: 2010/10

Series: IMF Staff Position Notes

Author(s): Laura Kodres , and Aditya Narain

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2010

DOI: http://dx.doi.org/10.5089/9781462388882.004

ISBN: 9781462388882

Keywords: Bank supervision, Banks, Financial instruments, Financial institutions, Risk management, Multilateral surveillance, Nonbank financial sector, Global Financial Crisis 2008-2009, Fund role, Crises

This paper explores the private- and public-sector responses to the crisis and some of the probable outcomes. Aside from improved supervision of individual institutions, greater emphasis needs to be put on financia...

Trade and the Crisis
			: Protect or Recover

Trade and the Crisis : Protect or Recover »

Volume/Issue: 2010/07

Series: IMF Staff Position Notes

Author(s): Mika Saito , Christian Henn , Rob Gregory , and Brad McDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2010

DOI: http://dx.doi.org/10.5089/9781455251216.004

ISBN: 9781455251216

Keywords: Protectionism, Global Financial Crisis 2008-2009, Trade restrictions, Trade policy, Unemployment, World Trade Organization, Transparency, WTO, trade flows, world trade

The pace of trade reforms waned from the mid-2000s as protectionist sentiment began to increase. With the onset of the global financial crisis, reform progress not only halted but began to reverse. As we show in th...

Rethinking Macroeconomic Policy

Rethinking Macroeconomic Policy »

Volume/Issue: 2010/03

Series: IMF Staff Position Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2010

DOI: http://dx.doi.org/10.5089/9781455224982.004

ISBN: 9781455224982

Keywords: Bank credit, Bank regulations, Bank supervision, Central bank role, Economic policy, Economic stabilization, Financial crisis, Financial intermediation, Fiscal policy, Inflation targeting

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review...

The Role of the Exchange Rate in Inflation-Targeting Emerging Economies
			: Targeting Emerging Economies

The Role of the Exchange Rate in Inflation-Targeting Emerging Economies : Targeting Emerging Economies »

Series: Occasional Papers

Author(s): Anna Nordstrom , Scott Roger , Mark Stone , Seiichi Shimizu , Turgut Kisinbay , and Jorge Restrepo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2009

DOI: http://dx.doi.org/10.5089/9781589067967.084

ISBN: 9781589067967

Keywords: Developing countries, Central bank role, Emerging markets, Exchange rates, Inflation targeting, exchange rate, foreign exchange, inflation, monetary policy

This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capita...

Automatic Fiscal Stabilizers

Automatic Fiscal Stabilizers »

Volume/Issue: 2009/23

Series: IMF Staff Position Notes

Author(s): Steven Symansky , and Thomas Baunsgaard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2009

DOI: http://dx.doi.org/10.5089/9781455290567.004

ISBN: 9781455290567

Keywords: Fiscal stability, macroeconomic stabilization, personal income tax, income tax, taxes, fiscal policy, tax rates

This paper discusses how to enhance automatic stabilizers without increasing the size of government. We distinguish between permanent changes in the parameters of the tax and expenditure system (e.g., changes in ta...

Fiscal Implications of the Global Economic and Financial Crisis

Fiscal Implications of the Global Economic and Financial Crisis »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2009

DOI: http://dx.doi.org/10.5089/9781589068506.084

ISBN: 9781589068506

Keywords: Budgets, Developed countries, Emerging markets, Financial institutions, Public finance, Pension funds, Global Financial Crisis 2008-2009, Fiscal stability, financial sector, deposit insurance

The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue d...

Exchange Rate Analysis in Support of IMF Surveillance
			: A Collection of Empirical Studies

Exchange Rate Analysis in Support of IMF Surveillance : A Collection of Empirical Studies »

Series: Books

Author(s): Charalambos Tsangarides , Carlo Cottarelli , Gian Milesi-Ferretti , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2008

DOI: http://dx.doi.org/10.5089/9781589067288.071

ISBN: 9781589067288

Keywords: exchange rate, real exchange rate, exchange rate regime, exchange rates, exchange rate regimes

Exchange rate analysis lies at the center of the IMF's surveillance mandate and policy advice, as well as in the design of IMF-supported programs, and IMF staff are called upon to analyze a wide variety of exchange...

Tax Amnesties
			: Theory, Trends, and Some Alternatives

Tax Amnesties : Theory, Trends, and Some Alternatives »

Series: IMF Special Issues

Author(s): Eric Le Borgne , and Katherine Baer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 July 2008

DOI: http://dx.doi.org/10.5089/9781589067363.058

ISBN: 9781589067363

Keywords: tax administration, tax amnesty, tax amnesties, tax evasion, tax compliance

Tax amnesties remain as popular as ever as a tool for raising revenue and increasing tax compliance. International experience, however, shows that the costs of tax amnesty programs often exceed the programs' benefi...

Exchange Rate Assessments
			: CGER Methodologies

Exchange Rate Assessments : CGER Methodologies »

Series: Occasional Papers

Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2008

DOI: http://dx.doi.org/10.5089/9781589066380.084

ISBN: 9781589066380

Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate

The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on mul...

Ajuste fiscal para la estabilidad y el crecimiento

Ajuste fiscal para la estabilidad y el crecimiento »

Series: Pamphlet Series

Author(s): James Daniel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2007

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781589066038.054

ISBN: 9781589066038

Este folleto (que actualiza las Directrices de 1995 para el ajuste fiscal) presenta el enfoque del FMI con respecto al ajuste fiscal, y se centra en la importancia de la solidez de las finanzas públicas para promov...

What is the International Monetary Fund?

What is the International Monetary Fund? »

Series: EXR Pamphlets

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2006

DOI: http://dx.doi.org/10.5089/9781589065338.052

ISBN: 9781589065338

Keywords: IMF, Fund role, balance of payments, debt relief, central bank, world trade, debt reduction

An introductory guide to the IMF, its history, and its role in the international financial system. Explains for a general audience the IMF's lending policies, how decisions are made, and where the money comes from....

Fiscal Adjustment for Stability and Growth

Fiscal Adjustment for Stability and Growth »

Series: Pamphlet Series

Author(s): James Daniel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 August 2006

DOI: http://dx.doi.org/10.5089/9781589065130.054

ISBN: 9781589065130

Keywords: Economic growth, fiscal policy, fiscal adjustment, expenditure, public expenditure, aggregate demand

The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF's approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stabil...

Budget System Reform in Emerging Economies
			: The Challenges and the Reform Agenda

Budget System Reform in Emerging Economies : The Challenges and the Reform Agenda »

Series: Occasional Papers

Author(s): Jack Diamond

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 April 2006

DOI: http://dx.doi.org/10.5089/9781589064744.084

ISBN: 9781589064744

Keywords: Budgetary reforms, Public finance, Government accounting, budget management, accrual accounting, performance budgeting, budget systems, budget system

With increasing frequency, the IMF has assisted middle-income countries, especially emerging economies, in adopting the types of budget reforms that have been introduced in many Organization for Economic Cooperatio...

Moving to a Flexible Exchange Rate
			: How, When, and How Fast?

Moving to a Flexible Exchange Rate : How, When, and How Fast? »

Series: Economic Issues

Author(s): Rupa Duttagupta , Cem Karacadag , and Gilda Fernandez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2006

DOI: http://dx.doi.org/10.5089/9781589064768.051

ISBN: 9781589064768

Keywords: exchange rate, foreign exchange, inflation, foreign currency, foreign exchange market

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transiti...

Controlled Capital Account Liberalization
			: A Proposal

Controlled Capital Account Liberalization : A Proposal »

Volume/Issue: 2005/7

Series: IMF Policy Discussion Papers

Author(s): Eswar Prasad , and Raghuram Rajan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

DOI: http://dx.doi.org/10.5089/9781451975741.003

ISBN: 9781451975741

Keywords: Capital account liberalization, Capital controls, Capital inflows, Reserves, Foreign exchange reserves, International finance, closed-end mutual fund, international portfolio diversification, capital account, capital outflows

In this paper, we develop a proposal for a controlled approach to capital account liberalization for economies experiencing large capital inflows. The proposal essentially involves securitizing a portion of capital...

The Design of IMF-Supported Programs

The Design of IMF-Supported Programs »

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

DOI: http://dx.doi.org/10.5089/9781589061934.084

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

This collection of papers examines IMF-supported programs over the period 1995-2000 in both middle-income and low-income countries. In order to seek insights from a comparison across different types of programs, th...

A New Look at Exchange Rate Volatility and Trade Flows

A New Look at Exchange Rate Volatility and Trade Flows »

Series: Occasional Papers

Author(s): Peter Clark , Shang-Jin Wei , Natalia Tamirisa , Azim Sadikov , and Li Zeng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2004

DOI: http://dx.doi.org/10.5089/9781589063587.084

ISBN: 9781589063587

Keywords: Capital flows, Exchange rates, Trade, exchange rate, exchange rate volatility, real exchange rate, bilateral trade

The effect of exchange rate volatility on trade flows was examined by a 1984 IMF study on G-7 countries. Over the past two decades, many developments in the world economy, such as the currency crises in the 1990s a...

Issues in the Establishment of Asset Management Companies

Issues in the Establishment of Asset Management Companies »

Volume/Issue: 2004/3

Series: IMF Policy Discussion Papers

Author(s): Stefan Ingves , Steven Seelig , and Dong He

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2004

DOI: http://dx.doi.org/10.5089/9781451974225.003

ISBN: 9781451974225

Keywords: Asset management, Bank restructuring, Financial crisis, corporate restructuring, loan restructuring, restructuring, asset management companies, impaired assets, Financial Institutions and Services: Government Policy and Regulation,

This paper discusses the role of asset management companies (AMCs) in facilitating bank restructuring and specifies some policy lessons learned from international experience. The paper concludes that there is no si...

Should Financial Sector Regulators Be Independent?

Should Financial Sector Regulators Be Independent? »

Series: Economic Issues

Author(s): Marc Quintyn , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2004

DOI: http://dx.doi.org/10.5089/9781589063099.051

ISBN: 9781589063099

Keywords: central bank, financial sector, monetary policy, financial institutions, inflation

In nearly every major financial crisis of the past decade-from East Asia to Russia, Turkey, and Latin America-political interference in financial sector regulation helped make a bad situation worse. Political press...

Who Will Pay? Coping with Aging Societies, Climate Change, and Other Long-Term Fiscal Challenges

Who Will Pay? Coping with Aging Societies, Climate Change, and Other Long-Term Fiscal Challenges »

Series: Books

Author(s): Peter Heller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 November 2003

DOI: http://dx.doi.org/10.5089/9781589062238.071

ISBN: 9781589062238

Keywords: pension, fiscal policy, tax rates, public debt, fiscal sustainability

Aging populations. Weather shocks. Scarce water. Globalization. Security threats. Policymakers today confront a number of developments that threaten to burden public budgets for decades to come, or bankrupt some en...

Managing Systemic Banking Crises

Managing Systemic Banking Crises »

Series: Occasional Papers

Author(s): Marc Quintyn , and David Hoelscher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2003

DOI: http://dx.doi.org/10.5089/9781589062245.084

ISBN: 9781589062245

Keywords: Banking, banking crises, recapitalization, debt restructuring, deposit insurance

Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries...

Deflation
			: Determinants, Risks, and Policy Options

Deflation : Determinants, Risks, and Policy Options »

Series: Occasional Papers

Author(s): Taimur Baig , Jörg Decressin , Tarhan Feyzioglu , Manmohan Kumar , and Chris Faulkner-MacDonagh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2003

DOI: http://dx.doi.org/10.5089/9781589062276.084

ISBN: 9781589062276

Keywords: inflation, monetary policy, aggregate demand, money supply, low inflation

Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and...

Fiscal Vulnerability and Financial Crises in Emerging Market Economies

Fiscal Vulnerability and Financial Crises in Emerging Market Economies »

Series: Occasional Papers

Author(s): Richard Hemming , Axel Schimmelpfennig , and Michael Kell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2003

DOI: http://dx.doi.org/10.5089/9781589061965.084

ISBN: 9781589061965

Keywords: Emerging markets, fiscal variables, public debt, currency crises, fiscal policy, external debt

Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulner...

IMF Technical Assistance
			: Transferring Knowledge and Best Practice

IMF Technical Assistance : Transferring Knowledge and Best Practice »

Series: EXR Pamphlets

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2003

DOI: http://dx.doi.org/10.5089/9781589060999.052

ISBN: 9781589060999

Keywords: banking, public expenditure, taxation, tax administration, banking system

An introductory guide to the IMF's technical assistance. Providing technical assistance to member countries-particularly developing countries and countries in transition-is at the core of the IMF's mission. Technic...

Dimensiones fiscales del desarrollo sostenible

Dimensiones fiscales del desarrollo sostenible »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 December 2002

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781589061613.054

ISBN: 9781589061613

La política fiscal influye en el desarrollo sostenible a través de sus efectos en el crecimiento, el medio ambiente y el desarrollo de los recursos naturales. ¿Qué relaciones existen entre la política fiscal y el d...

Aspects budgétaires du développement durable
			: Le Sommet mondial sur le développement durable

Aspects budgétaires du développement durable : Le Sommet mondial sur le développement durable »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2002

Language: French

DOI: http://dx.doi.org/10.5089/9781589061606.054

ISBN: 9781589061606

Keywords: fiscal policy, public spending, expenditure, sustainable development, public expenditure, primary education, forest, health care, government expenditure, government spending

Fiscal policy affects sustainable development through its effects on growth, the environment, and resource development. What are the relationships between fiscal policy and sustainable development, and how does the...

Advanced Country Experiences with Capital Account Liberalization

Advanced Country Experiences with Capital Account Liberalization »

Series: Occasional Papers

Author(s): Age Bakker , and Bryan Chapple

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2002

DOI: http://dx.doi.org/10.5089/9781589061170.084

ISBN: 9781589061170

Keywords: exchange rate, capital controls, capital account liberalization, capital movements, capital inflows

After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable...

Corporate Sector Restructuring
			: The Role of Government in Times of Crisis

Corporate Sector Restructuring : The Role of Government in Times of Crisis »

Series: Economic Issues

Author(s): Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 August 2002

DOI: http://dx.doi.org/10.5089/9781589060951.051

ISBN: 9781589060951

Keywords: restructuring, debt restructuring, debt, asset management, loans

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The...

Fiscal Dimensions of Sustainable Development

Fiscal Dimensions of Sustainable Development »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 August 2002

DOI: http://dx.doi.org/10.5089/9781589061590.054

ISBN: 9781589061590

Keywords: fiscal policy, public spending, expenditure, sustainable development, public expenditure

Fiscal policy affects sustainable development through its effects on growth, the environment, and resource development. What are the relationships between fiscal policy and sustainable development, and how does the...

The Role of Monthly Economic Statistical Bulletins

The Role of Monthly Economic Statistical Bulletins »

Volume/Issue: 2002/9

Series: IMF Policy Discussion Papers

Author(s): Claudia Dziobek , and Mei Jin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2002

DOI: http://dx.doi.org/10.5089/9781451970562.003

ISBN: 9781451970562

Keywords: Central banks and their policies, Technical Assistance, Economic information, statistical capacity building, central banks, central bank, balance of payments, industrial countries, government debt, Relation of Economics to Social Values

Monthly economic statistical bulletins issued by central banks and national statistical offices, the focus of this study, are well established in countries with advanced statistical systems. Such bulletins present...

The Pension Puzzle
			: Prerequisites and Policy Choices in Pension Design

The Pension Puzzle : Prerequisites and Policy Choices in Pension Design »

Series: Economic Issues

Author(s): N. Barr

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2002

DOI: http://dx.doi.org/10.5089/9781589061118.051

ISBN: 9781589061118

Keywords: pension, pensions, pension systems, funded schemes, pensioners

Looks at the policy choices involved in creating pension schemes, particularly whether it is advisable to move away from government pay-as-you-go pensions toward private or publicly funded plans. Examines the reaso...

Improving Large Taxpayers' Compliance
			: A Review of Country Experience

Improving Large Taxpayers' Compliance : A Review of Country Experience »

Series: Occasional Papers

Author(s): Olivier Benon , Katherine Baer , and Juan Toro R.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2002

DOI: http://dx.doi.org/10.5089/9781589061187.084

ISBN: 9781589061187

Keywords: Taxes, Taxation, tax administration, large taxpayers, tax collection, tax administrations, taxpayer compliance

One area that has not been reviewed in developing countries is the growing focus on different segments of the taxpayer population-including the large taxpayers-as a way to encourage greater stability in public reve...

Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities

Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities »

Volume/Issue: 2001/7

Series: IMF Policy Discussion Papers

Author(s): Mark Zelmer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451971583.003

ISBN: 9781451971583

Keywords: Central banks, Central banks and their policies, Bonds, Monetary policy, Monetary policy, Monetary operations, central bank, government securities, balance sheets, financial institutions,

The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial...

Large-Scale Post-Crisis Corporate Sector Restructuring

Large-Scale Post-Crisis Corporate Sector Restructuring »

Volume/Issue: 2000/7

Series: IMF Policy Discussion Papers

Author(s): Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2000

DOI: http://dx.doi.org/10.5089/9781451971538.003

ISBN: 9781451971538

Keywords: Corporate sector, Financial crisis, Financial crises, Corporate restructuring, Financial restructuring, restructuring, recapitalization, debt restructuring, bank restructuring

This paper summarizes the objectives, tasks, and modalities of large-scale, post-crisis corporate restructuring based on nine recent episodes with a view to organizing the policy choices and drawing some general co...

Macroprudential Indicators of Financial System Soundness

Macroprudential Indicators of Financial System Soundness »

Series: Occasional Papers

Author(s): Paul Hilbers , Alfredo Leone , Mahinder Gill , and Owen Evens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2000

DOI: http://dx.doi.org/10.5089/9781557758910.084

ISBN: 9781557758910

Keywords: financial institutions, banking, financial system, financial sector, standards

Following the severe financial crises of the 1990s, identifying and assessing financial sector vulnerabilities has become a key priority of the international community. The costly disruptions in global markets unde...

Inflation Targeting
			: What is the Meaning of the Bottom of the Band?

Inflation Targeting : What is the Meaning of the Bottom of the Band? »

Volume/Issue: 1999/8

Series: IMF Policy Discussion Papers

Author(s): Eric Clifton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451970906.003

ISBN: 9781451970906

Keywords: Inflation targeting, credibility, monetary policy, inflation, price stability, inflation target

This paper investigates the meaning of the bottom of target bands in inflation targeting regimes. It is argued that the design of lower limits on target bands, if not done with care, can lead to a lack of transpare...

Revenue Implications of Trade Liberalization

Revenue Implications of Trade Liberalization »

Series: Occasional Papers

Author(s): Reint Gropp , Liam Ebrill , and Janet Stotsky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 1999

DOI: http://dx.doi.org/10.5089/9781557758132.084

ISBN: 9781557758132

Keywords: trade liberalization, tariff rate, trade taxes, tariff rates, international trade

The apparent contradiction between trade liberalization and continuing high trade tax revenue raises the important question of how, precisely, the one affects the other. Although policymakers generally recognize th...

Financial Organization and Operations of the IMF

Financial Organization and Operations of the IMF »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 1998

DOI: http://dx.doi.org/10.5089/9781557757593.054

ISBN: 9781557757593

Keywords: Fund facilities, Fund, Overdue obligations, SDR Department, currency, currencies, balance of payments, reserve, quota

The financial structure and operations of the IMF are described in this pamphlet, as well as the sources of IMF financing, the policies associated with the use of IMF resources, and the role of the IMF as trustee t...

Corporate Debt Restructuring in East Asia
			: Some Lessons from International Experience

Corporate Debt Restructuring in East Asia : Some Lessons from International Experience »

Volume/Issue: 1998/13

Series: IMF Policy Discussion Papers

Author(s): Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

DOI: http://dx.doi.org/10.5089/9781451968729.003

ISBN: 9781451968729

Keywords: Debt, Debt restructuring, Asia, Malaysia, Korea, Republic of, Indonesia, Thailand, East Asia, corporate debt, corporate restructuring

This paper summarizes some lessons from international experience for corporate debt restructuring in east Asia. Basic principles of debt restructuring are described, the experiences of Mexico, Chile, the United Kin...

Exit Strategies
			: Policy Options for Countries Seeking Exchange Rate Flexibility

Exit Strategies : Policy Options for Countries Seeking Exchange Rate Flexibility »

Series: Occasional Papers

Author(s): Barry Eichengreen , Inci Ötker , A. Hamann , Esteban Jadresic , R. Johnston , Hugh Bredenkamp , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 August 1998

DOI: http://dx.doi.org/10.5089/9781557757340.084

ISBN: 9781557757340

Keywords: exchange rate, inflation, exchange rate regime, monetary policy, monetary fund

In a world of increasing capital mobility and broadening and more diversified trade, many (but not all) developing and transition economies are likely to find it desirable to move from relatively fixed exchange rat...

Fiscal Policy Rules

Fiscal Policy Rules »

Series: Occasional Papers

Author(s): George Kopits , and Steven Symansky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 1998

DOI: http://dx.doi.org/10.5089/9781557757043.017

ISBN: 9781557757043

Keywords: fiscal policy, fiscal rules, public debt, fiscal policy rules, fiscal rule

What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute...

Lessons From Systemic Bank Restructing

Lessons From Systemic Bank Restructing »

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1998

DOI: http://dx.doi.org/10.5089/9781557757395.051

ISBN: 9781557757395

Keywords: banking, bank restructuring, systemic bank restructuring, banking system, banking crisis

Systemic bank restructing aims to improve bank performance - that is, restore solvency and profitability, improve the banking system's capacity to provide financial intermediation between savers and borrowers, and...

Financial Organization and Operations of the IMF (Revised 1998)

Financial Organization and Operations of the IMF (Revised 1998) »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1998

DOI: http://dx.doi.org/10.5089/9781463904180.054

ISBN: 9781463904180

Keywords: balance of payments, reserve tranche, repurchases, general resources account, credit tranche

This paper discusses the financial organization and operations of the IMF. The policies and activities of the IMF are guided by its charter, known as the Articles of Agreement. The IMF is unique among intergovernme...

Pension Regimes and Saving

Pension Regimes and Saving »

Series: Occasional Papers

Author(s): Alfredo Cuevas , George Mackenzie , and Philip Gerson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 1997

DOI: http://dx.doi.org/10.5089/9781557756404.084

ISBN: 9781557756404

Keywords: pension, retirement, benefits, pensions, pension plans

Public pension systems around the world have been criticized in recent years for some serious flaws, including the excessive burden they impose on the public finances and their depressing impact on saving rates. Th...

Protecting Bank Deposits

Protecting Bank Deposits »

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 1997

DOI: http://dx.doi.org/10.5089/9781557756428.051

ISBN: 9781557756428

Keywords: deposit insurance, banking, banking system, bank managers, insurance system

Banking crises have led many countries to consider deposit insuranceschemes to protect depositors and the banking system itself from the impact of bank failures. But should society be unconditionally responsible fo...

Fiscal Reforms That Work

Fiscal Reforms That Work »

Series: Economic Issues

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 1997

DOI: http://dx.doi.org/10.5089/9781557756244.051

ISBN: 9781557756244

Keywords: fiscal consolidation, economic growth, public debt, budget deficit, business cycle

Reducing the budget deficit is not easy. Keynesian theory suggests thatlowering government expenditures and raising revenues can lead to afalloff in economic activity. This paper argues the neoclassical approach -...

Aging Populations and Public Pension Schemes

Aging Populations and Public Pension Schemes »

Series: Occasional Papers

Author(s): Sheetal Chand , and Albert Jaeger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 1996

DOI: http://dx.doi.org/10.5089/9781557756206.084

ISBN: 9781557756206

Keywords: Aging, pension, public pension, retirement, contribution rates

This paper discusses a study analyzing aging populations and public pension schemes. An aging society is characterized by a growing proportion of the retired to the active working population. The study examines the...

Regulatory and Tax Treatment of Loan Loss Provisions

Regulatory and Tax Treatment of Loan Loss Provisions »

Volume/Issue: 1996/6

Series: IMF Policy Discussion Papers

Author(s): Claudia Dziobek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1996

DOI: http://dx.doi.org/10.5089/9781451972009.003

ISBN: 9781451972009

Keywords: tax authorities, tax treatment, tax deductible, fiscal authorities, tax deductions

Provisioning for loan losses is a method for recognizing the reduction in the value of a hank’s loan portfolio. Provisions are an essential element of prudential risk management and capital adequacy measurem...

Improving the International Monetary System
			: Constraints and Possibilities

Improving the International Monetary System : Constraints and Possibilities »

Series: Occasional Papers

Author(s): Morris Goldstein , Donald Mathieson , Tamim Bayoumi , Michael Mussa , and Peter Clark

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 January 1995

DOI: http://dx.doi.org/10.5089/9781557754448.084

ISBN: 9781557754448

Keywords: exchange rate, exchange rates, capital markets, international capital markets, international capital

This study addresses major policy issues associated with the future of the international monetary system. It focuses on whether there is a need for fundamental reform of this system, defined as systematic and susta...

Exchange Rates and Economic Fundamentals
			: A Framework for Analysis

Exchange Rates and Economic Fundamentals : A Framework for Analysis »

Series: Occasional Papers

Author(s): Steven Symansky , Peter Clark , Leonardo Bartolini , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1994

DOI: http://dx.doi.org/10.5089/9781557754516.084

ISBN: 9781557754516

Keywords: Exchange rates, exchange rate, real exchange rate, current account, real exchange rates

This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals....

Asset Prices, Monetary Policy, and the Business Cycle

Asset Prices, Monetary Policy, and the Business Cycle »

Volume/Issue: 1994/6

Series: IMF Policy Discussion Papers

Author(s): Garry Schinasi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1994

DOI: http://dx.doi.org/10.5089/9781451971927.003

ISBN: 9781451971927

Keywords: inflation, monetary policy, inflationary pressures, price inflation, monetary fund

The business cycle in several industrial countries during the period 1989-1993 was different from previous post World War II business cycles in important ways. This paper describes the unique character of the recen...

Recent Experiences with Surges in Capital Inflows

Recent Experiences with Surges in Capital Inflows »

Series: Occasional Papers

Author(s): Robert Kahn , Adam Bennett , María Carkovic S. , and Susan Schadler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

DOI: http://dx.doi.org/10.5089/9781557753502.084

ISBN: 9781557753502

Keywords: capital inflows, exchange rate, foreign exchange, capital outflows, current account

This paper explores the experience of six countries (Chile, Colombia, Egypt, Mexico, Spain and Thailand) with capital inflows. It illustrates that although capital inflows are usually beneficial, too great an inflo...

Characteristics of a Successful Exchange Rate System

Characteristics of a Successful Exchange Rate System »

Series: Occasional Papers

Author(s): Paul Masson , Morris Goldstein , and Jacob Frenkel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 1991

DOI: http://dx.doi.org/10.5089/9781557752154.084

ISBN: 9781557752154

Keywords: exchange rate, exchange rates, current account, inflation, monetary fund

This study identifies the key characteristics of a successful exchange rate system. It focuses on regimes in the industrial countries and consider the implications for the operation of the international monetary sy...

Currency Convertibility and the Transformation of Centrally Planned Economies

Currency Convertibility and the Transformation of Centrally Planned Economies »

Series: Occasional Papers

Author(s): Joshua Greene , and Peter Isard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1991

DOI: http://dx.doi.org/10.5089/9781557752147.084

ISBN: 9781557752147

Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account

This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems....

Managing Financial Risks in indebted Developing Countries
			: Occa Paper No.65

Managing Financial Risks in indebted Developing Countries : Occa Paper No.65 »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 June 1989

DOI: http://dx.doi.org/10.5089/9781557751164.084

ISBN: 9781557751164

Keywords: hedging, futures contracts, hedge, futures contract, futures markets

This paper examines the types of market-related hedging instruments that could potentially be useful to indebted developing countries as they seek to manage the financial risks created by variability of the prices...

DTS, monnaies et or
			: Septième exposé sur les changements intervenus dans le domaine juridique

DTS, monnaies et or : Septième exposé sur les changements intervenus dans le domaine juridique »

Series: Pamphlet Series

Author(s): Joseph Gold

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1987

Language: French

DOI: http://dx.doi.org/10.5089/9781451949520.054

ISBN: 9781451949520

Keywords: court, exchange rate, exchange rates, courts, exchange rate policies, claim, legal developments, court of appeals, supreme court, exchange arrangements

This paper presents the seventh survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The IMF has adopted three published deci...

Strengthening the International Monetary System
			: Exchange Rates, Surveillance, and Objective Indicators

Strengthening the International Monetary System : Exchange Rates, Surveillance, and Objective Indicators »

Series: Occasional Papers

Author(s): Andrew Crockett , and Morris Goldstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 1987

DOI: http://dx.doi.org/10.5089/9780939934768.084

ISBN: 9780939934768

Keywords: exchange rate, exchange rates, exchange rate policies, balance of payments, exchange rate system

This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (represen...

Aging and Social Expenditure in the Major Industrial Countries, 1980-2025

Aging and Social Expenditure in the Major Industrial Countries, 1980-2025 »

Series: Occasional Papers

Author(s): Edgardo Ruggiero , Peter Heller , Menachem Katz , Robert Feldman , Richard Hemming , Peter Kohnert , Ziba Farhadian , Donogh McDonald , Ahsan Mansur , and Bernard Nivollet

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1986

DOI: http://dx.doi.org/10.5089/9780939934683.084

ISBN: 9780939934683

Keywords: expenditure, pension, social expenditure, pensions, unemployment

Most of the seven major industrial countries are now experiencing significant changes in their demographic structure. A persistent pattern of declining fertility and improving life expectancy has created major segm...

International Capital Markets
			: Developments and Prospects

International Capital Markets : Developments and Prospects »

Series: Occasional Papers

Author(s): Donald Mathieson , Eliot Kalter , Maxwell Watson , and G. Kincaid

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 1986

DOI: http://dx.doi.org/10.5089/9780939934591.084

ISBN: 9780939934591

Keywords: bond, bonds, claims, bond issues, international capital markets

This paper provides a description and analysis of recent developments in international capital markets and an assessment of the prospects for private financing flows....

Export Credit Cover Policies and Payments Difficulties

Export Credit Cover Policies and Payments Difficulties »

Series: Occasional Papers

Author(s): Chanpen Puckahtikom , and Eduard Brau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 1985

DOI: http://dx.doi.org/10.5089/9780939934492.084

ISBN: 9780939934492

Keywords: export credit, export credit agencies, debtor countries, export credits, debtor country

In the current environment of payments difficulties, a principal role of the Fund remains the encouragement and support of timely adjustment policies of member countries....

World Economic Outlook
			: September 1984

World Economic Outlook : September 1984 »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 1984

DOI: http://dx.doi.org/10.5089/9781557750860.084

ISBN: 9781557750860

Keywords: current account, oil exporting countries, exports of goods, exporters, official creditors

Recent indicators suggest that activity in the world economy is strengthening more rapidly than projected by the staff six months ago. This is especially true of the United States, but the staff has also revised up...

The Exchange Rate System
			: Lessons of the Past and Options for the Future

The Exchange Rate System : Lessons of the Past and Options for the Future »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 1984

DOI: http://dx.doi.org/10.5089/9781557750648.084

ISBN: 9781557750648

Keywords: exchange rate, exchange rates, exchange rate system, exchange rate movements, balance of payments

The last few years have witnessed a resurgence of calls for a re-examination, or perhaps even a reform, of the international monetary system. This paper contributes to the ongoing debate on that subject in three wa...

Exchange Rate Volatility and World Trade

Exchange Rate Volatility and World Trade »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 1984

DOI: http://dx.doi.org/10.5089/9781557750655.084

ISBN: 9781557750655

Keywords: exchange rate, exchange rates, exchange rate variability, trade flows, exchange rate movements

In View of the continuation of substantial movements in exchange rate relationships among major currencies, the recent increase in protectionist pressures, and the disappointing performance of world trade, renewed...

Issues in the Assessment of the Exchange Rates of Industrial Countries

Issues in the Assessment of the Exchange Rates of Industrial Countries »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 1984

DOI: http://dx.doi.org/10.5089/9781557750761.084

ISBN: 9781557750761

Keywords: Developed countries, Exchange rates, exchange rate, current account, capital flows, effective exchange rate

In its surveillance activities, the Fund is frequently confronted with the difficult problem of how to identify exchange rate behavior that is unrelated to underlying economic and financial conditions and, conseque...

World Economic Outlook

World Economic Outlook »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 1984

DOI: http://dx.doi.org/10.5089/9781557750853.084

ISBN: 9781557750853

Keywords: current account, balance of payments, current account deficit, exporting countries, debt service

Although still beset with many problems, the world economy took a decided turn for the better in 1983....

Government Employment and Pay
			: Some International Comparisons

Government Employment and Pay : Some International Comparisons »

Series: Occasional Papers

Author(s): Alan Tait , and Peter Heller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 1983

DOI: http://dx.doi.org/10.5089/9781557750686.084

ISBN: 9781557750686

Keywords: employment, wage, wages, government employment, salaries

How many people are employed by the government? How many are employed by the central government compared with the state and local authorities? How many are employed in public enterprise? How much are they all paid?...

Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries

Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries »

Series: Occasional Papers

Author(s): Mohsin Khan , and Morris Goldstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 1982

DOI: http://dx.doi.org/10.5089/9781557750624.084

ISBN: 9781557750624

Keywords: oil developing countries, exporters, export growth, oil exporters, oil exporting countries

One of the more important yet puzzling aspects of the recent global stagflation has been the rather surprising resiliency of growth rates of real income in non-oil developing countries during the 1973-80 period in...

International Capital Markets
			: Recent Develpments and Short-Term Prospects, 1981

International Capital Markets : Recent Develpments and Short-Term Prospects, 1981 »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 1981

DOI: http://dx.doi.org/10.5089/9781557750709.084

ISBN: 9781557750709

Keywords: bond, capital markets, international capital markets, capital market, bond issues

This paper provides a review of recent developments and an assessment of short-term prospects for private international capital markets, which constitute one of the main sources of international capital flows....

External Indebtedness of Developing Countries

External Indebtedness of Developing Countries »

Series: Occasional Papers

Author(s): Ulrich Baumgartner , G. Johnson , K. Dillon , R. Williams , Peter Keller , Maria Tyler , Bahram Nowzad , G. Kincaid , and Tomás Reichmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 1981

DOI: http://dx.doi.org/10.5089/9781451935875.084

ISBN: 9781451935875

Keywords: debt, external debt, payments, debt service, interest

The external indebtedness of non-oil developing countries has been of growing concern in recent years. Several factors have brought the debt issue to the forefront of the problems facing a number of countries, incl...

Compensatory Financing Facility

Compensatory Financing Facility »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 January 1980

DOI: http://dx.doi.org/10.5089/9781451926767.054

ISBN: 9781451926767

Keywords: export earnings, balance of payments, export shortfalls, total export, merchandise exports

This paper examines compensatory financing facility in the IMF. Compensatory financing facilities are easy to administer and can give immediate relief to primary exporting countries when their export earnings fall....

Thoughts on An international Monetary Fund Based Fully on the SDR

Thoughts on An international Monetary Fund Based Fully on the SDR »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1979

DOI: http://dx.doi.org/10.5089/9781451946246.054

ISBN: 9781451946246

Keywords: reserve tranche, monetary fund, reserve tranche positions, reserve positions, balance of payments

This paper discusses the possibility of an IMF that would be based fully on the special drawing right (SDR). The paper explores the basic economic justification for a General Department restructured in this way, th...

Evaluation et Taux D'intérêt du DTS

Evaluation et Taux D'intérêt du DTS »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 January 1975

Language: French

DOI: http://dx.doi.org/10.5089/9781451937466.054

ISBN: 9781451937466

...