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Western Hemisphere > Argentina

You are looking at 1 - 7 of 7 items for :

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Cover Policy Papers
Reviews of the Fund's Sovereign ARREARS Policies and Perimeter
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Monetary and Capital Markets Department
, and
International Monetary Fund. Strategy, Policy, & Review Department
This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.
Keywords:
executive board understanding; draft executive board understanding; SPR coordinator; fund policy; executive board consideration; Arrears; Debt restructuring; Debt sustainability; Multilateral development institutions; Bonds; Global
Cover Independent Evaluation Office Annual Report 2017
Independent Evaluation Office Annual Report 2017
International Monetary Fund. Independent Evaluation Office

Abstract

This paper discusses that the Independent Evaluation Office (IEO) has also launched three new evaluations—which will analyze the IMF’s role on fragile states, its financial surveillance activities, and its advice on unconventional monetary policies—and two evaluation updates—which will look into the IMF’s exchange rate policy advice and structural conditionality. The evaluation found that, for the most part, the IMF’s euro area surveillance identified the right issues during the pre-crisis period but did not foresee the magnitude of the risks that would later become paramount. The IMF’s surveillance of the financial regulatory architecture was generally of high quality, but staff, along with most other experts, missed the buildup of banking system risks in some countries. The report found several issues with the way decision making was managed by the IMF. In May 2010, the IMF Executive Board approved a decision to provide exceptional access financing to Greece without seeking preemptive debt restructuring, even though its sovereign debt was not deemed sustainable with a high probability.

Keywords:
IEOR; IEO; background color; IEO Evaluation; IEO Director; staff allocation; discretionary budget; seminar program; Budget planning and preparation; Global financial crisis of 2008-2009; Civil society organizations; Exchange rate policy; Communications in revenue administration; Global; Sub-Saharan Africa; Caribbean; IMF surveillance; IEO staff survey; IMF exchange rate Policy advice; information request; Poverty reduction strategy; Unconventional monetary policies; Monetary unions
Cover IMF Working Papers
Sovereign Default, Private Sector Creditors and the IFIs
Ms. Emine Boz
This paper builds a model of a sovereign borrower that has access to credit from private sector creditors and an IFI. Private sector creditors and the IFI offer different debt contracts that are modelled based on the institutional frameworks of these two types of debt. We analyze the decisions of a sovereign on how to allocate its borrowing needs between these two types of creditors, and when to default on its debt to the private sector creditor. The numerical analysis shows that, consistent with the data; the model predicts countercyclical IFI debt along with procyclical commercial debt flows, also matching other features of the data such as frequency of IFI borrowing and mean IFI debt stock.
Keywords:
WP; IFI debt; debt flow; default probability; emerging markets; sovereign debt and default; IFIs; IMF debt; IMF lending; price schedule; Multilateral development institutions; Private debt; Emerging and frontier financial markets; Debt default; Global
Cover IEO Annual Report, 2008
IEO Annual Report, 2008
International Monetary Fund. Independent Evaluation Office

Abstract

This fifth Annual Report describes the activities of the Independent Evaluation Office (IEO) during the year to April 30, 2008. This period saw the completion of two evaluations, "Structural Conditionality in IMF-Supported Programs" smf "Governance of the IMF".

Keywords:
IEOR; IEO; InWent seminar; The IMF and Aid to Sub-Saharan Africa; evaluation; fungible budget; staff allocation; discretionary budget; seminar program; Trade policy; Budget planning and preparation; Exchange rate policy; Multilateral development institutions; Sub-Saharan Africa
Cover IMF Working Papers
Financial Reform: What Shakes it? What Shapes it?
Mr. Ashoka Mody
and
Mr. Abdul d Abiad
Despite stops, gaps, and reversals, financial reforms advanced worldwide in the last quarter century. Using a new index of financial liberalization, we conclude that influential events shook the status quo, inducing both reforms and reversals, while learning, more so than ideology and country structure, shaped and sustained widespread reforms. Among shocks, a decline in global interest rates and balance of payments crises strengthened reformers; banking crises were associated with reversals, while new governments brought about both reforms and reversals. Learning occurred domestically-initial reforms raised the likelihood of further reforms-and through observing regional reform leaders. Among structural features, greater openness to trade appears to have increased the pace of financial reform.
Keywords:
WP; status quo; balance of payments; Financial reform; political economy; status quo bias; liberalization process; policy reform; political orientation; policy liberalization; left-wing government; policy regime; reform process; country dummy; reform momentum; centrist government; liberalization experience; right wing; Financial sector; Banking crises; Interest rate policy; Multilateral development institutions; Financial sector reform; Global
Cover IMF Working Papers
Multi-Country Evidenceon the Effects of Macroeconomic, Financial and Trade Policieson Efficiency of Resource Utilization in the Developing Countries
Mr. Mathew O. Odedokun
This study examines the effects of selected policies on economic efficiency in 81 developing countries by pooling cross-country data over various subperiods between 1961-90. An incremental output-capital ratio is the measure of economic efficiency, while the policy variables include: export orientation, size of the public sector, directed credit program through development bank lendings, financial depth, inflation rate, real interest rate, and real exchange rate distortion. The export-orientation, financial depth, and real interest rate are found to promote economic efficiency, while other policy variables are found to hinder it.
Keywords:
WP; GDP ratio; real rate of interest; banking system; investment ratio equation; real value; equation estimate; investment ratio; Real interest rates; Real exchange rates; Exchange rates; Exports; Public sector; Sub-Saharan Africa; Western Hemisphere; Asia and Pacific; Middle East; North Africa
Cover International Capital Markets, 1986
International Capital Markets, 1986
International Monetary Fund

Abstract

This paper provides a description and analysis of recent developments in international capital markets and an assessment of the prospects for private financing flows. It focuses particularly on recent trends in liberalization and innovation in international financial markets, including relevant changes in supervision, and on developments in the debt situation, especially the factors that influence flows to developing countries. The pattern of current account imbalances among industrial countries, which have well-developed securities markets, has been a major factor in the shift of international financial flows toward international bond markets and away from the bank credit market. This shift would be even more apparent if foreign purchases in domestic bond markets were also incorporated. The increase in the swap market has been complemented by an expansion of the futures and options markets. These short-term hedging and arbitrage instruments have increased the scope for banks and nonbanks to cover financial risks associated with fluctuations in exchange and interest rates.

Keywords:
WEFS; country classification; fixed interest rate bond; interest rate debt; U.S. dollar bond; market borrower; Loans; Bank credit; Securities markets; Bonds; International capital markets; Western Hemisphere; Africa; Middle East; Europe; Asia and Pacific