Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Asia and Pacific > India

You are looking at 1 - 10 of 20 items for :

  • Type: Journal Issue x
  • Foreign exchange reserves x
Clear All Modify Search
Cover IMF Staff Country Reports
Suriname: Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
Suriname faces systemic fiscal and external imbalances as a result of many years of economic mismanagement. Usable foreign reserves were depleted and, in the absence of other sources of budget financing, fiscal deficits were monetized. Inflation has, as a result, surged and there has been a significant depreciation of the exchange rate. Public debt, at 148 percent of GDP at end-2020, is unsustainable. In addition, there are important solvency problems embedded in the domestic banking system.
Keywords:
staff appraisal; staff representative; Surinamese authorities; government of Suriname; term deposit; Exchange rates; Arrears; Monetary base; Caribbean; Global
Cover Policy Papers
Guidance Note on the Assessment of Reserve Adequacy and Related Considerations
International Monetary Fund
operational guidance to staff on reserve adequacy discussions in the IMF’s bilateral and multilateral surveillance. It is based on the views presented in the policy paper Assessing Reserve Adequacy—Specific Proposals and the related Board discussion. The note addresses key issues related to Staff’s advice on the assessment of the adequacy of reserves and related items, including answering the following questions: What is the expected coverage of reserve issues at different stages of the bilateral surveillance process (Policy Note, mission, and Staff Report)? Which reserve adequacy tools best fit different economies based on their financial maturity, economic flexibility, and market access? What do possible reserve needs in mature markets relate to, and how can their adequacy be assessed? How can reserve adequacy discussions for emerging and deepening financial markets be tailored and applied to better evaluate reserve levels in: (i) commodity-intensive economies; (ii) countries with capital flow management measures (CFMs); and (iii) partially and fully dollarized economies? What reserve adequacy considerations hold for countries with limited access to capital markets? How can metrics for these economies be tailored to evaluate their reserve needs? How should potential drains on reserves be covered? What are the various measures of the cost of reserves for countries with and without market access?
Keywords:
PP; cost; opportunity cost; economy; yield; Ara; reserve adequacy; dollarized economy; financial market; adequacy assessment; foreign exchange; Assessing reserve adequacy (ARA); Reserve positions; International reserves; Monetary base; Global
Cover IMF Working Papers
Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets
Mr. Matthew S Malloy
Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets (“EMs”) with flexible to moderately managed exchange rates. Similar to other studies, I find that central banks tend to “lean against the wind,” buying/selling more foreign exchange in response to greater short-run and medium-run appreciation/depreciation pressures. The panel structure provides a framework to test whether other macroeconomic variables influence the different rates of reserve accumulation between economies. In testing other variables, I find evidence of both precautionary and external competitiveness motives for reserve accumulation.
Keywords:
WP; reserve; central bank; exchange rate; intervention; foreign exchange intervention; international reserves; intervention data; FX intervention; adequacy dummy; o r; central bank website; intervention decision; valuation change; Exchange rates; Real effective exchange rates; Africa; Global; A. intervention data quality; FX intervention data robustness; determinants of FX intervention; depreciation pressure
Cover IMF Survey
IMF Survey, Volume 34, Issue 22
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; macro-economic conditions; central bank; IMF-World Bank Spring Meetings; growth Facility; fund Facility; IMF quota; objective of the conference; Financial Sector Assessment Program; Financial sector; Labor markets; Trade facilitation; International reserves; Africa; Global; Asia and Pacific; Maghreb
Cover IMF Research Bulletin
IMF Research Bulletin, June 2004
International Monetary Fund. Research Dept.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Keywords:
IRB; DSGE model; monetary policy rule; Canada; global economy model; workshop on Dynamic Stochastic General Equilibrium; forecasting commodity price; IMF staff; North American Free Trade Agreement; International reserves; Business cycles; Trade balance; Trade agreements; North America; Global; Sub-Saharan Africa; Africa
Cover IMF Working Papers
Capital Flows and Their Macroeconomic Effects in India
Ms. Renu Kohli
This paper documents trends in movement and composition of capital flows into India in a comparative perspective, examines the impact of these flows upon key macroeconomic variables in the economy, and dwells on implications for economic policy. We find that an inflow of foreign capital results in a real appreciation and has a significant impact on domestic money supply. During a capital surge, these effects have been countered through intervention and sterilization. The paper concludes with a discussion on the costs of these policies in the event of a heavy inflow of foreign capital into India.
Keywords:
WP; capital account; central bank; exchange rate appreciation; interest rate; Capital flows; real exchange rate; foreign exchange reserves; intervention; money supply; sterilization; capital controls; monetary management; capital mobility; exchange rate movement; capital surge; import-substituting pattern; public finance; world capital flow; portfolio capital flow; share price; Capital inflows; Real exchange rates; Monetary base; International reserves; Global; East Asia; Southeast Asia; Asia and Pacific
Cover IMF Working Papers
The Macroeconomic Effects of Counterpart Funds and the Underlying Foreign Aid
Mr. Christian B. Mulder
Counterpart funds generated through foreign currency or commodity aid have again become an issue of interest, in view of the substantial buildup of these funds. Contrary to the usual approach a model is developed in this paper, which takes account of the budgetary impact, supply-side and money demand effects of counterpart funds and the underlying foreign aid. This model is used to show that counterpart funds need not have any economic impact if their creation, use, and effects are adequately monitored and understood, both by donors and by the authorities in the recipient country. The policy rules that ensure an inflation- and foreign reserves-neutral result from expected and unexpected foreign aid are derived and contrasted with a policy rule regarding unexpected foreign aid that is sometimes observed in IMF programs. A feasible alternative is developed. Various real world complications are shown not to alter the conclusions.
Keywords:
WP; money supply; counterpart funds; foreign currency; commodity aid; money supply equation; counterpart fund creation; counterpart fund spending; foreign currency aid; Monetary base; Credit; International reserves; Reserve positions; Africa
Cover IMF Working Papers
The Structure and Operation of the World Gold Market
Mr. M. G O'Callaghan
This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.
Keywords:
WP; gold market; options contract; spot price; paper gold; clearing house; strike price; bullion market; market participant; Gold; Commodity markets; Gold prices; Options; Gold reserves; North America; Middle East; Northern Europe; Europe; Africa
Cover International Monetary Fund Annual Report 1985
International Monetary Fund Annual Report 1985
International Monetary Fund

Abstract

This paper reviews the IMF’s Annual Report for the fiscal year ended April 30, 1985. The report highlights that by mid-1985, economic recovery in the industrial countries had been under way, although unevenly, for some two and a half years. Output growth in 1984 was the strongest in almost a decade, and inflation continued to recede. There were encouraging signs that the benefits of this recovery were spreading to the developing world. Aided by the improved external environment and the increased firmness with which adjustment policies were pursued, domestic growth rates in developing countries accelerated.

Keywords:
AR; AREA; exchange arrangement; U.S. dollar; Fed. rep.; Dem. rep.; deduction of SDR; SDR equivalent; votes of Egypt; Currencies; Exchange rates; International reserves; Personal income; Real effective exchange rates; Middle East; Western Hemisphere; Africa; Sub-Saharan Africa; Europe; terms of trade; liquidity position; market price; fund staff; single currency; short-term debt; deutsche mark; Exports; Asia and Pacific
Cover Finance & Development
Finance & Development, September 1982
International Monetary Fund. External Relations Dept.
This paper highlights that there has been remarkable agricultural growth over the past three decades. Growth has been twice as rapid as in any previous period. Output has been fueled largely by developing countries’ increased capacity to produce more food and by continued growth in the developed countries. Despite this remarkable and sometimes unrecognized achievement, the “world food problem” continues to haunt mankind. Population growth, more rapid than agricultural growth in many poor countries, has sharply reduced the per capita benefits of increased food production.
Keywords:
FD; F&D; rate; cooperative; SDR; lending; record SDR; rate policy; SDR scheme; fund activity; bank activity; lending program; Inflation; Gold; Agricultural sector; Currencies; Sub-Saharan Africa; Africa; Global; Middle East; South Asia