Download or read book The IMF and Recent Capital Account Crises written by Mr.Kevin Barnes and published by International Monetary Fund. This book was released on 2003-09-03 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates the role of the IMF in three capital account crises, in Indonesia (1997-98), Korea (1997-98), and Brazil (1998-99), and the lessons to be drawn from the experience. It also recommends steps aimed at making the IMF’s surveillance and program design more effective in the prevention and management of future capital account crises. Annexes contain the three country case studies that form the basis for the judgments for the report.
Download or read book In the Wake of the Crisis written by Olivier Blanchard and published by MIT Press. This book was released on 2014-08-29 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner
Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Download or read book IMF Staff Papers Volume 49 No 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2002-09-23 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.
Download or read book The Role of the IMF in Recent Capital Account Crises written by Independent Evaluation Office (lEO) and published by . This book was released on 2002 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IMF Support and Crisis Prevention written by Mr.Juan Zalduendo and published by International Monetary Fund. This book was released on 2008-05-16 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past have been subject to enormous economic and social costs, highlighting the importance of crisis prevention. While the main defense against a crisis lies in a country’s own policies and institutional framework, the IMF can contribute to these efforts through its surveillance activities, provision of technical assistance, and promotion of standards and codes. But the IMF may be able to contribute to crisis prevention more directly by providing contingent financial support. This paper explores the theoretical basis of, and empirical evidence for, possible “crisis prevention programs.”
Download or read book Financial Crises Explanations Types and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Download or read book Capital Account Liberalization and Inequality written by Davide Furceri and published by International Monetary Fund. This book was released on 2015-11-24 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.
Download or read book The Role of IMF Support in Crisis Prevention written by Mr.Juan Zalduendo and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-03-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of IMF-supported programs in crisis prevention; specifically, whether, conditional on an episode of intense market pressures, IMF financial support helps prevent a capital account crisis from developing and, if so, through what channels. In doing so, the paper distinguishes between the seal of approval inherent in IMF support and its financing, evaluates the interaction of IMF support with economic policies, and assesses whether IMF financing has a different impact on the likelihood of a crisis than other forms of liquidity. The main result is that IMF financing helps prevent crises through the liquidity provided (i.e., money matters). However, since the effect holds even after controlling for (gross) foreign exchange reserves, stronger policies and the seal of approval under an IMFsupported program must also play a role. Finally, the results suggest that IMF financing as a crisis prevention tool is most effective for an intermediate range of economic fundamentals.
Download or read book Capital Account Liberalization and the Role of the IMF written by Stanley Fischer and published by . This book was released on 1997 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Access Policy in Capital Account Crises written by International Monetary Fund. Policy Development and Review Dept. and published by International Monetary Fund. This book was released on 2002-07-29 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund’s decisions to lend to member countries in amounts well above the access limits for Mexico (1995), and since then, have raised important questions about the role of the Fund in crisis resolution and the appropriate size of Fund access in capital account crises. This paper reviews past experience in exceptional access cases and considers strengthened conditions, procedures and safeguards for guiding decisions on Fund programs in these exceptional circumstances where Fund financing above normal access limits may be appropriate.
Download or read book Evaluation Report IMF and Recent Capital Account Crises written by Shinji Takagi and published by . This book was released on 2003 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Duration of Capital Account Crises written by Mauro Mecagni and published by . This book was released on 2007 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the duration of capital account crises. We develop a new index to identify both the start and the end of these crises. Applying the index to a sample of 18 crisis episodes, we derive stylized facts on crisis duration and review the economic and financial circumstances that prevailed at the dusk of crises, a relatively unexplored area. We use the econometric technique of duration analysis to gauge the relative importance of various factors affecting the probability of exiting a crisis. We find that initial and external conditions are key determinants. But fiscal and monetary policies can also help shorten crisis duration.
Download or read book The International Monetary Fund under Constraint written by Eva Riesenhuber and published by BRILL. This book was released on 2021-08-04 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund under Constraint exposes a legal dilemma facing the IMF as it tackles international crisis management. Using the Asian crisis - and more particularly economic and political events in Indonesia - as an example, this volume examines whether the Fund's activities in Asia were legally justified. The results of this analysis lead to the following question: What future role can the IMF play in the international financial architecture? The principles of international law and the legal foundations of the Fund are used to analyse the reform suggestions of economic experts and to find a suitable concept for future IMF involvement in financial crises and crises prevention. This volume is a long-overdue legal analysis of IMF activities. It presents the combination of law and economics which was originally at the heart of the IMF but which so far has been ignored in today's reform discussion.
Download or read book From Suez to Tequila written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 1997-07-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF was established in 1944 in part to “give confidence” to member countries by providing short-term credits. Although the intention was that the availability of the Fund’s resources should prevent countries from experiencing financial crises, in practice the institution often has found itself helping its members cope with crises after they occur. This paper examines how the role of the IMF as crisis manager has evolved over time, from its earliest loans to the exchange crisis that hit Mexico in December 1994. It argues that the defining moment for this role was the international debt crisis of 1982.
Download or read book IMF Staff Papers Volume 54 No 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2007-09-26 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is the 2006 Mundell-Fleming Lecture (delivered at the ARC), which analyzes current-account deficits in the advanced economies. Other papers in this issue look at the relationship between international financial integration and the real economy. Other papers discuss whether (or not): i) the next capital account crisis can be predicted; ii) accepted definitions of debt crises are adequate; iii) the Doha Round of trade talks (if they are ever successfully completed) will lead to preference erosion; and finally iv) there is room for political opportunism in countries deciding between money-based or exchange-rate-based stabilization programs.
Download or read book Capital Ideas written by Jeffrey M. Chwieroth and published by Princeton University Press. This book was released on 2009-12-14 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doing so, he also provides an important case study of how international organizations work and evolve. Drawing on original survey and archival research, extensive interviews, and scholarship from economics, politics, and sociology, Chwieroth traces the evolution of the IMF's approach to capital controls from the 1940s through spring 2009 and the first stages of the subprime credit crisis. He shows that IMF staff vigorously debated the legitimacy of capital controls and that these internal debates eventually changed the organization's behavior--despite the lack of major rule changes. He also shows that the IMF exercised a significant amount of autonomy despite the influence of member states. Normative and behavioral changes in international organizations, Chwieroth concludes, are driven not just by new rules but also by the evolving makeup, beliefs, debates, and strategic agency of their staffs.
