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Business and Economics > Budgeting

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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 Pacific Island Economies
Pacific Island Economies
Mr. Christopher Browne

Abstract

The Pacific island region has considerable potential for development, especially in the areas of tourism, fisheries, forestry, mining, and agriculture. However, these countries face many challenges to developing their economies and raising living standards, including their small size, distance from major markets, and vulnerability to natural disasters. The first half of this book provides an assessment of regional issues. The second half includes country-specific chapters, which provide an overview of each countries economic performance since independence and the main challenges ahead.

Keywords:
BOOK; government; ECCU country; island country; country; Fiji; private sector activity; remittance inflow; FSM authorities; part II; Monetary unions; Public sector; Remittances; Currencies; Pacific Islands; Caribbean; Australia and New Zealand; Global; Agroindustries
Cover IMF Working Papers
Monetary Union in West Africa: An Agency of Restraint for Fiscal Policies?
Ms. Catherine A Pattillo
and
Mr. Paul R Masson
Could a West African monetary union (either of the non-CFA countries, or all ECOWAS members) be an effective "agency of restraint" on fiscal policies? We discuss how monetary union could affect fiscal discipline and the arguments for explicit fiscal restraints considered in the European Monetary Union literature, and their applicability to West Africa. The empirical evidence, EMU literature, and CFA experience suggest that monetary union could create the temptation for fiscal profligacy through prospects of a bailout, or costs diluted through the membership. Thus, a West African monetary union could promote fiscal discipline only if the hands of the fiscal authorities are also tied by a strong set of fiscal restraints.
Keywords:
WP; ECOWAS country; ECOWAS monetary union project; WAEMU country; CFA franc; exchange rate; monetary union; West Africa; fiscal rules; fiscal discipline; ECOWAS; CFA franc zone; GDP ratio; WAEMU countries in ECOWAS; WAEMU monetary union; WAEMU ECOWAS country; Monetary unions; Government debt management; Government asset and liability management; Budget planning and preparation; Europe
Cover The Mongolian People's Republic
The Mongolian People's Republic
Toward a Market Economy
Mr. Padej Sukachevin
,
Mr. John E Leimone
,
Mr. F. Rozwadowski
, and
Miss Elizabeth Milne

Abstract

This paper is based on an IMF staff report prepared in connection with the application of the Mongolian People's Republic (Mongolia) for membership in the International Monetary Fund. It reviews Mongolia's political and economic history, highlighting its changing economic structure following World War II and its recent efforts to introduce market mechanisms.

Keywords:
OP; enterprise; state enterprise; government; state bank; foreign trade enterprise; Intra-enterprise sales; government ministry; issues note; enterprise investment; Currency convertibility; Monetary unions; Exports; Imports; Middle East; Central Asia; Global; Europe; Asia and Pacific; reformist government; price liberalization; enterprise reform
Cover IMF Working Papers
Economic and Monetary Union in Europe and Constraintson National Budgetary Policies
International Monetary Fund
This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity and intertemporal efficiency; and (iii) macroeconomic stabilization. The desirability of constraints on budgetary policy is related to the arrangements for EMU-wide monetary policy, the credibility of a no-bailout clause among member states, and progress in the area of supply-side policies.
Keywords:
WP; government; monetary union; country; EC country; EMU government; government issuance; exchange rate; EC government; government expenditure; Budget planning and preparation; Monetary unions; Price stabilization; Government debt management; Europe; North America; Northern Europe
Cover IMF Staff Papers
IMF Staff papers: Volume 16 No. 1
International Monetary Fund. Research Dept.
From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.” The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments. Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. Three numbers constitute a volume. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. Subscriptions and orders should be sent to: THE SECRETARY International Monetary Fund 19th and H Streets, N.W. Washington, D. C. 20431
Keywords:
SP; budget; government; product demand function; compulsory lending; merchandise transactions; service transaction; lending scheme; net error; rate of interest; Budget planning and preparation; Imports; Income tax systems; West Africa; Central Africa; Africa; Global