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Europe > Ireland

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Comparative advantage; International trade x
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Cover Policy Papers
Collaboration Between Regional Financing Arrangements and the IMF
International Monetary Fund
The Global Financial Safety Net (GFSN) has expanded considerably since 2008, including in the non-traditional elements of the safety net such as Regional Financing Arrangements (RFAs). The resulting multi-layered structure of the GFSN makes collaboration between its various elements more important than in the past. Specifically, stronger collaboration between the Fund and RFAs would help increase the effective firepower of the GFSN and ensure a timely deployment of resources. The Fund’s experience in macroeconomic adjustment and its universal risk pooling would combine with the greater regional knowledge and country ownership brought the RFA. In this way, improved collaboration between the Fund and RFAs, including in co-financing, would significantly reduce the risk of contagion by encouraging countries to seek early assistance from the Fund. This paper is part of a broader set of proposals to fortify the GFSN (IMF, 2017b, c, d). It proposes both modalities for collaboration—across capacity development, surveillance, and lending—and some operational principles to help guide future co-lending between the Fund and the various RFAs. To date, the only operational guidance to facilitate collaboration has been limited to the high-level 2011 G20 Principles for Cooperation between the IMF and RFAs. Building on several case studies and the principles derived from them, this paper proposes an operational framework for future engagement. It aims to start a more structured dialogue between the Fund and individual RFAs on the modalities of how best to work together.
Keywords:
PP; financing; IMF-RFA collaboration; lending; country; program conditionality; Fund resource; Fund financing; Fund staff; Fund-supported program; transparency practice; policy framework; cooperating RFAs; Fund mission chief; Fund policy; financing assurance; Macro-fiscal framework; Crisis prevention; Global financial crisis of 2008-2009; Comparative advantage; Global; Europe
Cover IMF Working Papers
Export Performance in Europe: What Do We Know from Supply Links?
Jesmin Rahman
and
Mr. Tianli Zhao
One of the most important recent developments in international trade is the increasing interconnectedness of export production through a vertical trading chain network that streches across many countries, with each country specializing in particular stages of a good’s production. Using value added trade statistics, this paper tries to dissect and reshape understanding of European exports: where exports values are created, the role of vertical supply links in export growth, what is contributing to the growth in supply links, and how comparative advantages of countries are affected by supply links over time. Our analysis finds strong role of supply links in cross-country export performance in Europe, where these links between countries grew based on physical proximity, cost differential and similarity in export structure.
Keywords:
WP; VA export; Vertical Integration; Supply Link; Value Added; Comparative Advantage; export supply network; export orientation; export performance; Exports; Export performance; Manufacturing; Service exports; Europe