Download or read book Staff Note for the G 20 A Guiding Framework for Structural Reforms written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-01-04 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note responds to a request from the G20 for IMF assistance in helping develop priorities and guiding principles for structural reforms. Structural reforms have long been a central element of the G20’s strategy of achieving job-rich growth, and G20 countries have made over 1,000 structural policy commitments in their national growth strategies. However, implementation of these commitments has been relatively weak so far. Faster progress on structural reforms is therefore needed to support growth in the near term and bolster potential growth in the medium term—and more generally to make economies more innovative, flexible, and resilient.

Download or read book Staff Background Paper for the G20 Surveillance Note Priorities for Structural Reforms in G20 Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-07-22 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: provide a powerful lift to growth—both in the short and the long term—if they are well aligned with individual country conditions . These include an economy’s level of development, its position in the economic cycle, and its available macroeconomic policy space to support reforms. The larger a country’s output gap, the more it should prioritize structural reforms that will support growth in the short term and the long term—such as product market deregulation and infrastructure investment. Macroeconomic support can help make reforms more effective, by bringing forward long-term gains or alleviating their short-term costs . Where monetary policy is becoming over-burdened, domestic policy coordination can help make macroeconomic support more effective. Fiscal space, where it exists, should be used to offset short-term costs of reforms. And where fiscal constraints are binding, budget-neutral reform packages with positive demand effects should take priority. Some structural reforms can themselves help generate fiscal space. For example, IMF research finds that by boosting output, product market deregulation can help lower the debt-to-GDP ratio over time. Formulating a medium-term plan that clarifies the long-term objectives of fiscal policy can also help increase near-term fiscal space. With nearly all G-20 economies operating at below-potential output, the IMF is recommending measures that both boost near-term growth and raise long-term potential growth. For example: ? In advanced economies, these measures include shifting public spending toward infrastructure investment (Australia, Canada, Germany, United States (US)); promoting product market reforms (Australia, Canada, Germany, Japan, Korea, Italy) and labor market reforms (Canada, Germany, Japan, Korea, United Kingdom (UK), US); and fiscal structural reforms (France, UK, US). Where there is fiscal space, lowering employment protection is also recommended (Korea). ? Recommendations for emerging markets (EMs) focus on raising public investment efficiency ( India, Saudi Arabia, South Africa), labor market reforms (Indonesia, Russia, Saudi Arabia, South Africa, Turkey), and product market reforms (China, Saudi Arabia, South Africa), which would boost investment and productivity within tighter budgetary constraints particularly if barriers to trade and FDI were eased (Brazil, India, Indonesia). Governance (China, South Africa) and other institutional reforms are also crucial. Where policy space is limited, adjusting the composition of fiscal policy can create space to support reforms ( Argentina, India, Mexico, Russia). ? Some commodity-exporting EMs (Brazil, Russia, Saudi Arabia, South Africa) are facing acute challenges, with output significantly below potential and an urgent need to rebuild fiscal buffers. To bolster growth, Fund staff recommends product market and legal reforms to improve the business climate and investment; trade and FDI liberalization to facilitate diversification; and financial deepening to boost credit flows. IMF advice also aims to promote inclusiveness and macroeconomic resilience. The Fund recommends a targeted expansion of social spending toward vulnerable groups (Mexico), social spending for the elderly poor ( Korea), and upgrading social programs for the nonworking poor (US). Recommendations to bolster macrofinancial resilience include expanding the housing supply (UK), resolving the corporate debt overhang (China, Korea), coordinating a national approach to regulating and supervising life insurers (US), and reforming monetary frameworks (Argentina, China).

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Download or read book Staff Note for the G20 The Role of the SDR Initial Considerations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-07-15 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the recent diagnostic of the international monetary system (IMS), the IMF will explore whether a broader role for the SDR could contribute to its smooth functioning. The economic rationale for or against broader use of the SDR will be examined, focusing in particular on identifying any gaps and market failures the SDR could help address in light of the increasingly multi-polar nature of the global economy and growing financial interconnectedness. This note sets out some initial considerations on this matter. The note sketches some key issues bearing on the role of the SDR in each of three concepts: (i) the official SDR, or “O-SDR”, the composite reserve asset issued and administered by the IMF; (ii) SDR-denominated financial market instruments, or “M-SDRs,” which could be both issued and held by any parties; and (iii) the SDR as a unit of account. M-SDRs reduce foreign exchange and interest rate risk relative to single-currency instruments, but there are some drawbacks and challenges. The basket nature of M-SDRs would allow the volatility of returns to be lower than for a similar singlecurrency instrument. However, the SDR only represents one of many possible sets of portfolio weights, and issuers or investors could use existing instruments to replicate their preferred weights at a relatively low cost. There are also challenges to market development, including settling and clearing of M-SDR transactions, dealing with potential basket redefinition, and fostering secondary market trading in order to generate liquidity and market depth. There are potential benefits to using the SDR as a unit of account, which have to be weighed against other considerations. Publishing economic statistics and financial statements in SDR terms could help users identify valuation changes. Statistical authorities would need to invest in communicating the rationale for any change in practices. While the official SDR under its current framework is not playing a significant role in the IMS, a re-examination of its role is expected to inform whether any specific reform options should be pursued. The evolution of the IMS has given rise to an active debate on how much concern is posed by high rates of reserve accumulation, global imbalances, and rising claims on reserve issuers, and on whether the O-SDR could contribute to addressing these issues.

Download or read book The G20 written by Peter I. Hajnal and published by Routledge. This book was released on 2019-01-24 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This revised and updated edition presents detailed analysis of the history and current state of the G20, and the challenges it faces. The emergence of the G20 was the result of calls for full inclusion of major developing and other systemically important countries and to reflect new global economic and political realities. The growth of Chinese power, growing significance of other major developing countries and new concerns concerning anti-globalization and rising protectionism in the West have all resulted in important changes to the dynamics of the institution. The suspension of Russia’s membership in the G8 has also necessitated a change in G7/G20 dynamics and the G20’s processes, agenda priorities and role in global governance. Providing a historical overview and analysis of the evolving agenda, methods of performance evaluation, relationship with structured international organizations and other external actors, Hajnal’s text is an authoritative work of history, analysis and reference on the G20 and also G7/G8/G20 reform. This book is an essential source for researchers and students focusing on the G20, international organizations and global governance, and more generally for scholars in the fields of political science, economics, and finance.

Download or read book The G20 written by Mr Peter I Hajnal and published by Ashgate Publishing, Ltd.. This book was released on 2014-02-28 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essential book, a companion volume to The G8 System and the G20: Evolution, Role and Documentation (Hajnal, 2007), is an authoritative work of reference on the G20, G8 and G20 reform, and relevant information sources. Hajnal thoroughly traces the origins of the G20; surveys the G20 finance ministers' meetings since 1999; and the series of G20 summits since 2008. He examines agenda-setting and agenda evolution; discusses the question of G20 membership and surveys the components of the G20 system. The book goes on to analyse the relationship of the G20 with international governmental organizations, the business sector, and civil society and looks at the current relationship between the G8 and the G20. He also discusses how G20 performance can be monitored and evaluated.

Download or read book Global Cooperation and G20 written by Saon Ray and published by Springer Nature. This book was released on 2023-03-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on one of the two G20 tracks, the finance track. It examines the evolution of the finance track in G20, the organizational structure of the finance track, and the role of international organizations in reforming the financial architecture. It discusses how the agenda is formed and driven by the political economy of the host country as well as the imperative of the time. It also documents the finance track themes taken up by different G20 presidencies over the years. Some of the common threads between the G20 emerging economies’ presidencies in terms of the finance track themes that the G20 leaders have considered include financial sector regulation and reform, reform of international financial institutions, global growth and macroeconomic policies, international taxation, and financial inclusion. The book is an excellent resource for the researchers of international economics as well as for policymakers.

Download or read book Guidance Note For Developing Government Local Currency Bond Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-12 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Download or read book Operational Guidance Note On Program Design and Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2024-01-30 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Download or read book High Level Status Report to the IEO Evaluation of Fund s Recurring Issues written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-03-27 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a high-level report on progress in addressing recurring issues identified by the Independent Evaluation Office (IEO). The Board endorsed the proposal in the Chairman’s Summing Up for the Independent Evaluation Office Report on Recurring Issues from a Decade of Evaluation – Lessons for the IMF (BUFF/14/58, 6/11/14) that staff prepare a separate high-level report on the status of initiatives that address the recurring issues identified by the IEO, noting that the first staff report could be prepared within two years, followed by similar reports every five years thereafter. The September 2015 Management Implementation Plan set out the actions management would take to follow-up on the Board-endorsed recommendation. The IEO’s 2014 evaluation of Recurring Issues from a Decade of Evaluation: Lessons for the IMF identified five recurring issues: a) Executive Board guidance and oversight; b) Organizational silos; c) Attention to risks and uncertainty; d) Country and institutional context; and e) Evenhandedness. This high-level report provides a broad account of actions taken to address these recurring issues since the publication of the 2014 IEO report; it is not intended as an exhaustive account of initiatives undertaken. Takeaways. The report concludes that the Fund has made progress in addressing the recurring issues identified by the IEO, and acknowledges the need for taking actions on an ongoing basis to achieve the related objectives. The discussion of the Management Implementation Plan (MIP) left open the question of whether subsequent reports should be prepared, perhaps every five years. The Evaluation Committee concluded that the forthcoming external evaluation of the IEO could look at the monitoring mechanisms more holistically, to provide further input into considering whether or not to continue the preparation every five years of this high-level report.

Download or read book Trade Multilateralism in the Twenty First Century written by Alexei Kireyev and published by Cambridge University Press. This book was released on 2017-12-14 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade multilateralism in the twenty-first century faces a serious test as weakness in the global economy and fast-paced technological changes create a challenging environment for world trade. This book examines how an updated and robust, rules-based multilateral framework, anchored in the WTO, remains indispensable to maximizing the benefits of global economic integration and to reviving world trade. By examining recent accessions to the WTO, it reveals how the growing membership of the WTO has helped to support domestic reforms and to strengthen the rules-based framework of the WTO. It argues that the new realities of the twenty-first century require an upgrade to the architecture of the multilateral trading system. By erecting its 'upper floors' on the foundation of existing trade rules, the WTO can continue to adapt to a fast-changing environment and to maximize the benefits brought about by its ever-expanding membership.

Download or read book 20 Years of G20 written by Rajat Kathuria and published by Springer. This book was released on 2019-05-04 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book discusses contemporary issues such as global financial architecture and regulatory practices, trade, investment and the multilateral process, the future of work, the role of technology for adaptation and mitigation of climate change, and financing infrastructure for sustainable development. With increasing global connectivity, events in one part of the world immediately affect or spread to the other parts. In this context, G20 has proved to be an effective forum, particularly after the Asian financial crises. Furthermore, over recent decades, G20 has been instrumental in managing financial crises and international conflicts by deploying global cooperation as a functional tool. As a body responding to crises, the G20 has played a central role in providing the political momentum for the strong international cooperation that ensured greater policy coherence and helped ease situations that could otherwise have been decidedly worse. The G20’s agendas have encompassed short-term but critical issues of economic recovery, the sovereign crisis of Europe, high unemployment and financial sector regulation. But since moderate stabilization in the global economic environment, the focus of the group has also embraced long-term areas of governance and development. For emerging economies, such as India, the G20 has been an important platform framework to promote an inclusive global economic architecture that seeks to achieve equitable outcomes. This book reviews the past 20 years of the G20, since it was conceptualized as a replacement for the G-7. While issues such as global financial order have been a constant area of discussion, one of the failures has been not recognizing and acknowledging the importance of issues like trade, climate change and future of work. Featuring academic papers by experts in the area, this book provides a platform for the necessary discourse on these issues.

Download or read book Handbook of Economic Stagnation written by Randall Wray and published by Academic Press. This book was released on 2022-04-24 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on by unsustainable asset price bubbles. Once the bubbles burst, stagnation returns. This book's fresh, comprehensive approach to the topic makes it the premier source for anyone affected by these cycles. Synthesizes and organizes diverse perspectives about crisis economics and future economic growth Emphasizes the relationships among stagnation, international economics, and the global distribution of labor Includes Japan and the Euro zone as well as other countries and regions worldwide

Download or read book IMF Response to the Financial and Economic Crisis written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2015-01-15 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This evaluation assesses the IMF’s response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF’s actions to help contain the crisis and navigate a global recovery, assist individual economies to cope with the impact of the crisis, and identify and warn about future risks.

Download or read book Managing Complexity written by Tanim Bayoumi and published by Brookings Institution Press. This book was released on 2016-01-05 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical look at the challenges facing international policy cooperation in the new postcrisis environment. The global financial crisis of 2007–09 highlighted the economic interdependencies between all major countries, raising the issues of international cooperation. Managing Complexity: Economic Policy Cooperation after the Crisis looks at how, following the global financial crisis, countries have changed the way they cooperate with each other on matters of economic policy. In this volume, the result of a joint research project of Chatham House and the International Monetary Fund, researchers and policymakers who were directly involved in the crisis take a critical look at the challenges facing international policy cooperation in the new postcrisis environment and at how the theory and practice of cooperation have evolved as a result of the crisis.

Download or read book Operationalizing Inclusive Growth Per Percentile Diagnostics to Inform Redistribution Policies written by Mr.Alexei P Kireyev and published by International Monetary Fund. This book was released on 2020-03-06 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inclusive growth, narrowly defined in this paper as growth that helps reduce inequality, is achieved if consumption of the poor increases faster than consumption of the rich. The paper presents a simple accounting framework for a per-percentile consumption diagnostics that could inform redistribution policies. The proposed framework is illustrated in application to Iraq and Tunisia.

Download or read book Care Homes in a Turbulent Era written by Komla Dzigbede and published by Edward Elgar Publishing. This book was released on 2023-08-14 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: This scholarly Research Handbook captures key observations and analyses within the field of public financial management. It offers much-needed insights into possible future research ventures while presenting contemporary summaries of past studies in this ever-evolving field.