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Business and Economics > Budgeting

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

  • Type: Journal Issue x
  • Monetary unions x
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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 IMF Staff Country Reports
Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion
International Monetary Fund
Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries. Executive Directors concurred that the urgent challenge is fiscal consolidation. They noted IMF staff’s assessment that the real effective exchange rate (REER) appears broadly in line with current fundamentals.
Keywords:
ISCR; CR; ECCU country; ECCU region; financial crisis; economic crisis; OECS Financial; ECCU government; ECCU aggregate; ECCU member; Commercial banks; Public sector; Government debt management; Caribbean; Global
Cover Policy Papers
Ex Post Assessments of Members with a Longer-Term Program Engagement—Revised Guidance Note
International Monetary Fund
Financial sector issues and policies are central to the Fund’s surveillance mission, as the recent crisis has amply demonstrated, and the institution has placed a high priority on enhancing the coverage and depth of analysis of financial sector issues in surveillance. Achieving this goal requires far-reaching operational and resource adjustments, which are already underway. However, these alone may not be enough. Changes in the Fund’s mandate and modalities of surveillance may also be needed. A key goal of these changes should be to strengthen multilateral surveillance. New analytical tools and effective forms of engagement at the global level are crucial for financial surveillance, given an increasingly interconnected and globalized international financial system. At the same time, financial surveillance at the country level should also be strengthened and become a central part of the Article IV consultation process.
Keywords:
PP; EPA report; assessment; department; SPR
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