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Western Hemisphere > Argentina

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Cover Unproductive Public Expenditures
Unproductive Public Expenditures
A Pragmatic Approach to Policy Analysis
International Monetary Fund

Abstract

Public expenditure policy, together with efforts to raise revenue,is at the core of efficient and equitable adjustment. Public expenditureproductivity has critical implications for fiscal adjustment, particularly as the competition for limited public resources intensifies.By providing a framework for defining and analyzing public expenditureproductivity and unproductive expenditures, this pamphlet discusseshow economic policymakers may approach these issues.

Keywords:
PAM; International monetary fund pamphlet series; IMF stand-by arrangement; Policy dialogue; pamphlet; microfilm copy; public expenditure; fund Conditionality; Public sector; Defense spending; Public investment spending; Expenditure composition; Global; Middle East
Cover IMF Working Papers
Exchange Rates in the Periphery and International Adjustment Under the Gold Standard
Mr. Luis Catão
and
Mr. Solomos Solomou
The role of exchange rate flexibility in the periphery of the gold standard has been grossly overlooked. This paper builds a new dataset on trade-weighed exchange rates for the period 1870-1913 and finds that large currency movements in periphery countries operating inconvertible paper-money and silver-standard regimes induced major fluctuations in effective exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency fluctuations had powerful effects on trade flows. We conclude that nominal exchange rate flexibility in the periphery was an important ingredient of international payments adjustment under the gold standard.
Keywords:
WP; exchange rate; Gold standard; silver standard; exchange rates; international trade; REER elasticity; fluctuations in the periphery; exchange rate movement; elasticity of the trade balance; silver-standard regime; EC coefficient; exchange rate peg; exchange rate adjustments in the periphery; trended appreciation; gold standard periphery; income elasticity; countries Mexico; Real effective exchange rates; Real exchange rates; Nominal effective exchange rate; Gold; South America
Cover IMF Staff Papers
IMF Staff papers: Volume 8 No. 2
International Monetary Fund. Research Dept.
This paper presents views of Professor Robert Triffin on international liquidity and the role of the IMF. The paper is an exposition of Triffin's diagnosis of present and prospective difficulties in the international financial area and of his prescriptions for dealing with these difficulties. It should be noted at the outset that Triffin has focused attention upon some major problems of international liquidity and international financial organization. His diagnosis of present and prospective difficulties, and his recommendations for meeting these difficulties, are acute and thought provoking. The expanded IMF is nowhere clearly directed to provide an adequate rate of growth of reserves, the prospective inadequacy of which is responsible for its being, nor is it told what an adequate rate of growth would be. The reader must conclude that Triffin proposes to expand the functions of the IMF and give it a full armory of central bank instruments, but that he is unwilling to provide it with an explicit statement of policy objective, let alone any specific guides to operations policy.
Keywords:
SP; market; import; exports of manufacture; fund lending; XIMF deposit; computed import; gross money creation; Imports; Exports; Exchange restrictions; Gold; Currency issuance; Western Europe; South America; Europe; Africa; Eastern Europe; North America