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Limiting Central Bank Credit to the Government
			: Theory and Practice

Limiting Central Bank Credit to the Government : Theory and Practice »

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

DOI: http://dx.doi.org/10.5089/9781557753588.084

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This paper examines central bank independence with reference to the constraints on central bank credit to the government, focusing on how such credit should be regulated. It discusses why credit should be contsrain...

Regional Economic Outlook, October 2018, Europe
			: Domestic Expansion Running into External Turbulence

Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

DOI: http://dx.doi.org/10.5089/9781484375402.086

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment and wages, remains the main engin...

Reforming the Stability and Growth Pact

Reforming the Stability and Growth Pact »

Source: Reforming the Stability and Growth Pact

Volume/Issue: 2005/2

Series: IMF Policy Discussion Papers

Author(s): Anthony Annett , Jörg Decressin , and Michael Deppler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

ISBN: 9781451975482

Keywords: Economic stabilization, Fiscal policy, Fiscal rules, Political economy, structural reforms, implicit liabilities, international monetary fund

A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adopti...

Monetary Policy and Bank Risk-Taking

Monetary Policy and Bank Risk-Taking »

Source: Monetary Policy and Bank Risk-Taking

Volume/Issue: 2010/09

Series: IMF Staff Position Notes

Author(s): Giovanni Dell'Ariccia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2010

ISBN: 9781455253234

Keywords: Banks, Asset prices, Monetary policy, Interest rates, Macroprudential Policy, Profits, United States, banking, leverage, risk

This paper contributes to the current debate on what role financial stability considerations should play in monetary policy decision and how best to integrate macro-prudential and monetary policy frameworks. The pa...

Wage Moderation in Crises

Wage Moderation in Crises »

Source: Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area

Volume/Issue: 2015/22

Series: Staff Discussion Notes

Author(s): Jörg Decressin , Raphael Espinoza , Ioannis Halikias , Michael Kumhof , Daniel Leigh , Prakash Loungani , Paulo Medas , Susanna Mursula , Antonio Spilimbergo , and TengTeng Xu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 November 2015

ISBN: 9781513537009

Keywords: Wage bargaining, Euro Area, Wage adjustments, Negative spillovers, Monetary policy, Euro area, Crisis, Current account, Internal devaluation, Unemployment

The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy...

Considering the IMF's Perspective on a "Sound Fiscal Policy"

Considering the IMF's Perspective on a "Sound Fiscal Policy" »

Source: Considering the IMF's Perspective on a "Sound Fiscal Policy"

Volume/Issue: 2002/8

Series: IMF Policy Discussion Papers

Author(s): Peter Heller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2002

ISBN: 9781451971019

Keywords: Fiscal policy, IMF, International Monetary Fund, fiscal sustainability, fiscal position, fiscal policies, public debt, Fiscal Policies And Behavior Of Economic Agents, Macroeconomic - Aspects Of Public Finance, Macroeconomic Policy

This paper provides a perspective on how the IMF assesses a “sound fiscal policy,” focusing principally on industrial and emerging market economies. It observes six central criteria: the short-term fi...

Dealing with High Debt in an Era of Low Growth

Dealing with High Debt in an Era of Low Growth »

Source: Dealing with High Debt in an Era of Low Growth

Volume/Issue: 2013/7

Series: Staff Discussion Notes

Author(s): S. M. Ali Abbas , Bernardin Akitoby , Jochen Andritzky , Helge Berger , Takuji Komatsuzaki , and Justin Tyson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2013

ISBN: 9781484316139

Keywords: Debt strategy, Debt reduction, Developed countries, Fiscal policy, Fiscal reforms, Monetary policy, Privatization, Public debt, General Government Debt, Public Debt Sustainability

task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SD...

Appendix I. Advantages of Borrowing from the Central Bank

Appendix I. Advantages of Borrowing from the Central Bank »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This appendix addresses two issues. First, under what conditions borrowing from the central bank is more convenient for the government than borrowing from the market. Second, under...

Appendix II Relevance of Institutional Constraints

Appendix II Relevance of Institutional Constraints »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

The issue of whether institutional constraints, including those on central bank credit, can be effective in preserving central bank independence has always been highly controversial...

Appendix III Central Bank Credit to the Government in 57 Countries

Appendix III Central Bank Credit to the Government in 57 Countries »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This appendix presents some factual information on how formal constraints on central bank credit to the government are regulated in a sample of 57 countries. The sample includes all...