Download or read book 2021 Comprehensive Surveillance Review Overview Paper written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fund surveillance needs to evolve to face the economic and financial challenges that will shape the global landscape for years to come. This paper first takes stock of the current economic and financial landscape. To better serve the membership in this context, Fund surveillance should be prioritized around four key priorities: (i) confronting risks and uncertainties: policymakers will need to actively manage the risks of a highly uncertain outlook; (ii) preempting and mitigating adverse spillovers: shifting patterns of global economic integration will bring about new channels for contagion and policy spillovers; (iii) fostering economic sustainability: a broader understanding of sustainability to better account for the impact of economic and non-economic developments on stability; and (iv) unified policy advice: better accounting for the trade-offs and synergies among different policy combinations in the face of limited policy space and overlapping priorities, tailored to country-specific circumstances. These priorities should further enhance the traction of Fund surveillance.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on Traction written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents traction as a multidimensional concept and discusses a comprehensive and complementary set of approaches to attempt to measure it based on the Fund’s value added to policy dialogue and formulation and public debate in member countries.
Download or read book 2021 Comprehensive Surveillance Review Modalities for Modernizing Surveillance written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern Fund surveillance needs to be more targeted, topical and timely, better interconnected and better informed. Modernizing surveillance will likely require additional resources, although estimates are highly uncertain at this stage. The paper offers a tentative costing of new proposals with significant budgetary implications. Other proposals could rely on optimizing processes, while others are underway and funded separately; the resource implications of yet others are being picked up in context of other workstreams. Estimates do not include short-term transition costs or pressures on support services and are subject to a significant degree of uncertainty. A flexible approach to implementing the new modalities, characterized by experimentation and learning-by- doing—a “sandbox” for new modalities—is proposed.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on The Surveillance Priority Ensuring Economic Sustainability written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ensuring economic sustainability is key to achieving the IMF’s surveillance mandate of maintaining present and prospective balance of payments and domestic stability, assuring orderly exchange arrangements, and promoting a stable system of exchange rates. A good understanding of issues related to economic sustainability is thus essential for the IMF to provide effective surveillance and policy advice, while it requires a broad perspective and a long time horizon. With respect to the IMF’s surveillance mandate, the principle of macro-criticality, which guides the IMF’s engagement with its members, is sufficiently flexible and broad, allowing the IMF to cover issues related to economic sustainability. At the same time, given the wide range of issues that are related to economic sustainability, IMF surveillance needs to be selective and focused, with the choice of issues made on a case-by-case basis, considering country circumstances. It also needs to leverage the expertise of other institutions when necessary. The IMF and other institutions have advanced work to enhance analytical frameworks and indicators related to economic sustainability, and this should continue.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on Main Findings from The Stakeholder Surveys written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note presents key results from the surveys of country authorities, IMF Executive Directors (EDs), and mission chiefs (MCs) to inform the Comprehensive Surveillance Review (CSR). Key takeaways and cross-cutting themes that emerge are Trends, Policy Challenges, Surveillance Priorities, Surveillance modalities and Traction.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on The Surveillance Priority Confronting Risks and Uncertainties written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The coverage of risks has become more systematic since the Global Financial Crisis (GFC): staff reports now regularly identify major risks and provide an assessment of their likelihood and economic impact, summarized in Risk Assessment Matrices (RAM). But still limited attention is paid to the range of possible outcomes. Also, risk identification is useful only so much as to inform policy design to preemptively respond to relevant risks and/or better prepare for them. In this regard, policy recommendations in surveillance could be richer in considering various risk management approaches. To this end, progress is needed on two dimensions: • Increasing emphasis on the range of potential outcomes to improve policy design. • Encouraging more proactive policy advice on how to manage risks. Efforts should continue to leverage internal and external resources to support risk analysis and advice in surveillance.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on Systemic Risk and Macroprudential Policy Advice in Article IV Consultations written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses progress made in deepening and integrating systemic risk analysis and macroprudential policy advice in Article IV consultations following up on the findings of the IEO evaluation. The assessment informs the Comprehensive Surveillance Review and the FSAP Review in their recommendations to strengthen these areas in Article IV consultations. The findings point to notable improvements made since the launch of the macrofinancial mainstreaming initiative, particularly in staff reports for advanced economies and in covering bank and credit-related risks.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on Scenario Planning written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scenario planning exercises help to draw out the surveillance priorities and stress- test the robustness of those priorities to uncertainties in the decade ahead. To inform the two priorities on confronting risks and uncertainties and mitigating spillovers, the scenarios illustrate how different shocks and alternative policy approaches carry their own risks and can have both positive and negative spillovers. The scenarios also illustrate some of the complex economic and non-economic factors that feed into the priority on economic sustainability and demonstrate how resource constraints and changing economic structures underpin the need for a unified policy approach.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on The Surveillance Priority Preempting and Mitigating Spillovers written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund has a range of modalities and tools to cover spillovers. However, there remains scope to enhance synergies between global and country-specific spillover coverage and to foster cross-country dialogue. Practical guidance and enhanced information-sharing would also allow for more systematic surveillance of spillovers. Furthermore, the COVID-19 pandemic has underscored the need to continue expanding the research frontier covering new spillovers and channels and developing new tools and data sets. Therefore, filling these remaining gaps in the Fund’s spillover work would allow for a more coordinated and evenhanded surveillance of spillovers.
Download or read book 2021 Comprehensive Surveillance Review Background Paper on Integrating Climate Change Into Article IV Consultations written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the IMF has been involved in the climate debate since at least 2008, a systematic account of how to integrate climate change into surveillance has been lacking to date. This paper seeks to fill the gap. It argues that domestic policy challenges related to climate change—such as adaptation efforts for climate vulnerable countries, or policies to deliver a country’s Nationally Determined Contribution under the Paris climate accord—are covered by the IMF’s bilateral surveillance mandate and therefore valid topics for Article IV consultations wherever these challenges cross the threshold of macro-criticality. Climate change mitigation is a global policy challenge and therefore falls under multilateral surveillance. The paper proposes a pragmatic approach that focusses especially on the mitigation efforts of the 20 largest emitters of greenhouse gases.
Download or read book Review of the Fund s Capacity Development Strategy Towards a More Flexible Integrated and Tailored Model written by International Monetary Fund. Institute for Capacity Development and published by International Monetary Fund. This book was released on 2024-04-09 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capacity Development (CD), comprising technical assistance and training, fosters economic development by improving human capital and institutions in member countries. Every five years, the IMF reviews its CD Strategy to ensure that CD continues to be of high quality and well-focused on the needs of its members. This review calls for CD to become more flexible, integrated with the Fund’s policy advice and lending, and tailored to respond to member needs. The review benefitted from the recent independent evaluation of the Fund’s CD and a wide range of inputs, including internal and external consultations, surveys of recipients and development partners, staff background studies and recommendations of an External Advisory Group. The vision for CD is informed by the Fund’s comparative advantages and surveillance priorities. The proposals of the current review center around the six key areas: (1) strengthening CD prioritization and integration; (2) enhancing the funding model; (3) strengthening monitoring and evaluation; (4) modernizing modalities; (5) enhancing field presence; and (5) strengthening human resources policies for staff working on CD.
Download or read book COVID 19 and Sovereign Debt The case of SADC written by Daniel D. Bradlow and published by Pretoria University Law Press. This book was released on 2022-02-23 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.
Download or read book Systemwide Liquidity Stress Testing Tool written by Ms. Hiroko Oura and published by International Monetary Fund. This book was released on 2022-12-16 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing a systemic liquidity stress testing tool is challenging due to data constraints and hard-to-model behavioral factors. There has yet to be a uniformly accepted model partly because the nature of systemic liquidity risks differs significantly across countries. This paper offers a simple Excel-based tool to assess the high-level impact of aggregate liquidity stress on the whole economy and gauge its spillover across banks, non-bank financial institutions (NBFIs), and non-financial economic sectors. It primarily uses the balance sheet approach (BSA) data—a sector-aggregate matrix of financial exposure by counterpart—that have become increasingly available for various economies with all income levels. The results can identify systemically important financial linkages to be analyzed further and help calibrate macroprudential measures and a liquidity support framework. When liquidity stress stems from capital outflows, the tool can enrich policy discussion based on integrated policy framework (IPF) and international reserve adequacy perspectives.
Download or read book 2024 Staff Guidance Note On The IMF s Engagement With Small Developing States written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2024-07-25 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guidance note provides operational guidance on the Fund’s engagement with small developing states (SDS). It highlights the unique economic characteristics and constraints facing SDS, notably in a more shock-prone world. Building on advice that applies to the full membership, the note explains how the characteristics of SDS shape Fund surveillance, financial support and program design, capacity development (CD), and collaboration with other institutions and donors. The note updates the previous version that was published in December 2017.
Download or read book Staff Guidance Note on the Implementation of the IMF Strategy for Fragile and Conflict Affected States FCS written by International Monetary and published by International Monetary Fund. This book was released on 2023-03-22 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides operational advice and information to help staff implement the IMF Strategy for Fragile and Conflict-Affected States (FCS) approved by the Executive Board on March 9, 2022. Topics covered include (i) the new IMF FCS classification methodology, which is aligned with that of the World Bank; (ii) the preparation of Country Engagement Strategies (CES) that will be rolled out across FCS to ensure that Fund engagement is appropriately tailored to country-specific manifestations of fragility and/or conflict; (iii) advice on tailoring the thematic focus of Article IV consultations and Fund analytics to FCS, as well as on the prioritization, design, and implementation of capacity development (CD) projects in fragile contexts; (iv) guidance on making full use of the flexibilities of the lending toolkit; (v) guidance on engaging in specific FCS situations, including building accountable institutions to exit fragility, cases of rising fragility risks, active conflict, post-conflict, and addressing the impact of external shocks and spillovers; and (v) strengthening partnerships with humanitarian, development, and peace actors, in accordance with the Fund's mandate. Dedicated annexes provide additional information on the CES process, addressing good governance in FCS, program design, and country examples of Fund engagement in FCS.
Download or read book The IMF Strategy for Fragile and Conflict Affected States written by International Monetary Fund and published by International Monetary Fund. This book was released on 2022-03-14 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a comprehensive Strategy to strengthen IMF support to FCS in accordance with the Fund’s mandate and comparative advantage. The Strategy is a response to the Board-endorsed recommendations of the 2018 Independent Evaluation Office (IEO) Report on The IMF and Fragile States. To achieve these goals, the Strategy will benefit from additional resources reflected in the FY23-25 Medium-Term Budget, as per the budget augmentation framework discussed by the Board in December 2021. The Strategy also provides measures to better support staff working on FCS. Given the inherent risks in FCS engagement, the Strategy will be phased in starting in FY22, with implementation gradually accelerating between FY23-FY25.
Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-14 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Republic of Armenia: Selected Issues
