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Europe > Switzerland

You are looking at 1 - 6 of 6 items for :

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Cover IMF Staff Papers
IMF Staff Papers, Volume 52, Special Issue, IMF Conference in Honor of Michael Mussa
International Monetary Fund. Research Dept.
This paper focuses on expectations for the American economy focused on the likelihood of secular stagnation, which continued to be debated throughout the post-war period. Concerns rose during the late 1960s and early 1970s about rapid population growth smothering the potential for economic growth in developing countries were contradicted when, during the mid- and late-1970s, fertility rates began to decline rapidly. In policy-oriented institutions (and in most businesses and individual decision making), policymaking decisions are often guided by projections and forward-looking indicators. The case of Michael Mussa has been one of great anticipation, and of great accomplishment, and all the early optimistic forecasts about him have turned out to be correct. Within the sphere of economics, undoubtedly the most famous and widely used forecast—one, incidentally, that thus far has often been incorrect—is that based on the Malthusian doctrine of the relationship between resources and population.
Keywords:
SP; exchange rate; country; post-World War II debate; Virginia economist George Tucker; definition of Economics; voodoo economics; hike worth; Organization for Economic Cooperation and Development country; Moral hazard; Exchange rate arrangements; Insurance; Currencies; Financial integration; Global; Southeast Asia; Sub-Saharan Africa; Western Europe; Caribbean; IMF conference; graduate class; Asset prices
Cover IMF Staff Papers
Lessons from Empirical Models of Exchange Rates: Volume 34 No. 1
International Monetary Fund. Research Dept.
This paper finds scope for some optimism that the empirical modeling of exchange rates will someday lead to significantly better-than-random explanations. The first part of the paper focuses on the relationships among exchange rates, national price levels, interest rates, and international balances of payments and provides perspectives on some elements of truth about these relationships that are consistent with the past decade of modeling failures. The lessons emphasize the importance of analyzing exchange rates within complete macroeconomic frameworks and of assuming that expectations are formed in ways consistent with the structural models or with information that can be easily extracted from time series of relevant variables. The open issues include the questions of whether it is adequate or appropriate to treat assets as perfect substitutes or, equivalently, to use the uncovered interest rate parity hypothesis. To the extent that efforts are devoted to modeling exchange rates in general equilibrium frameworks that do not treat assets as perfect substitutes, a second open issue is how to distinguish assets and to specify a basis for portfolio preferences that has solid microeconomic foundations.
Keywords:
export restraint agreement; tariff rate; transactions price; price effect; government growth; Tariffs; Exchange rates; Personal income; Export restrictions; Europe; Global; Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 27 No. 2
International Monetary Fund. Research Dept.
This paper analyzes the types of fiscal performance clauses incorporated in the 105 arrangements, bearing in mind the policy and practice to avoid performance clauses relating to specific fiscal measures, such as changes in particular forms of taxation and changes in specific elements of government expenditure. The most usual fiscal performance clause in the ten years to 1978 continued to be a sub ceiling on domestic bank credit to the government. A ceiling on credit expansion to this sector has proved to be a helpful technique for national authorities in obtaining political support for adequate fiscal policy actions and in retaining such support over time. A number of cases were noted where arrears in government payments were built up during the program period, sometimes in an effort to observe, technically, the relevant credit ceilings. It could be argued that such a practice, while not in the spirit of the agreement, forces a diversion of financial resources away from the private sector to the government.
Keywords:
SP; mixed-citation publication-type; unit value; international monetary system; rate of inflation; money balance; special drawing rights; International monetary system; Inflation; Exports; Trade balance; Gasoline; West Africa; Global; Europe; Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 14 No. 1
International Monetary Fund. Research Dept.
This paper reviews developments in the flow of private capital during 1957–1965 within the limitations of the basic data. This paper is divided into five sections. The paper examines the statistics on a broad global basis to gauge the rough magnitude of flows between the industrial and nonindustrial countries, analysed between long-term and short-term capital. The published figures show a net inflow of short-term capital to the nonindustrial countries over the two four-year periods, but the large negative net errors and omissions item for these countries suggests that some capital outflows have passed unidentified. The pattern of growth in direct investment from the first to the second four-year period suggests a decrease in the flow to the nonindustrial countries as a group. Despite the change in direct investment in nonindustrial countries shown by the aggregate figures, all the areas, except Latin America, registered appreciably greater direct investment receipts in the second than in the first four-year period.
Keywords:
SP; net wealth tax; money holding; low rate; investment needs; fixed investment; Wealth tax; Wages; Income and capital gains taxes; Personal income; Income tax systems; Europe; Western Europe; Middle East; Africa; East Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 11 No. 2
International Monetary Fund. Research Dept.
This paper outlines the extent of the IMF with its present policies and practices or with some modification of those policies and practices that is capable of dealing satisfactorily with certain problems of international liquidity. Liquidity that is conditional in any of these senses may be somewhat less prized by the country possessing it than would be an equivalent amount of unconditional liquidity; but the imposition of such conditions may be for the general advantage of the international community, and may make countries having surpluses in their balances of payments readier to provide, or to facilitate the provision of, additional liquidity. An increased supply of the type of liquidity of which the use is subject to policy conditions will have somewhat different results. Although it will probably increase the amount and the financing of external deficits, even this is not certain. The various types of liquidity are to some extent substitutes for each other.
Keywords:
SP; reserve; enterprise; holding; proceeds; U.S. dollar; capital market issue; amount of savings; security issue; reserve policy; debt service; Gold; International liquidity; Currencies; Liquidity; Europe; Western Europe; North Africa; West Africa; Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 4 No. 3
International Monetary Fund. Research Dept.
This paper outlines the payment agreements and trade agreements. Resident inconvertibility in relation to other inconvertible countries is largely organized on the basis of bilateral trade agreements establishing quotas for imports, exports, and invisibles, and of the Organization for European Economic Cooperation (OEEC) Code of Liberalization. Resident inconvertibility vis-a-vis convertible countries is implemented mainly by unilaterally imposed quantitative import and exchange restrictions that usually are subject to a high degree of administrative discretion. Under bilateral payments agreements, the partner countries undertake to affect their reciprocal current settlements in a way that will minimize the use of convertible exchange and gold. In a typical case, the two central banks open accounts in their respective currencies in each other’s names, but agreements may also provide for one (main) agreement account. Settlements in convertible currencies or gold have to be made only when one partner’s net debtor position in the designated accounts exceeds an amount established in the agreement as the limit up to which each partner is prepared to sell its currency for the other’s currency without demanding cover.
Keywords:
SP; mixed-citation publication-type; payments agreement; predetermined variable; forecasting equation; government purchase; rate of interest; Journal de la Société de Statistique de Paris; Monetary base; Exports; Trade agreements; Currencies; Personal income; Europe; South America; Western Europe; Eastern Europe; Middle East