scholarly journals The International Monetary Fund: 70 Years of Reinvention

2016 ◽  
Vol 30 (1) ◽  
pp. 3-28 ◽  
Author(s):  
Carmen M. Reinhart ◽  
Christoph Trebesch
Keyword(s):  
Developing Economies ◽  
Emerging Market ◽  
Lender Of Last Resort ◽  
Multiple Dimensions ◽  
Advanced Economies ◽  
Imf Programs ◽  
Sovereign Defaults ◽  
Sustainability Problems ◽  
Over Time ◽  
The Imf

A sketch of the International Monetary Fund’s 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change, as the needs of its clients and the type of crisis changed substantially over time. Some deceptively “new” IMF activities are not entirely new. Before emerging market economies dominated IMF programs, advanced economies were its earliest (and largest) clients through the 1970s. While currency problems were the dominant trigger of IMF involvement in the earlier decades, banking crises and sovereign defaults became the key focus after the 1980s. Around this time, the IMF shifted from providing relatively brief (and comparatively modest) balance-of-payments support in the era of fixed exchange rates to coping with more chronic debt sustainability problems that emerged with force in the developing economies and have now migrated to advanced economies. As a consequence, the IMF has engaged in “serial lending,” with programs often spanning decades. Moreover, the institution faces a growing risk of lending into insolvency; this has been most evident in Greece since 2010. We conclude with the observation that the IMF’s role as an international lender of last resort is endangered.

Statement by the Managing Director to the International Monetary and Financial Committee on the Global Economy and Financial Markets

Policy Papers ◽  
2011 ◽  
Vol 2011 (28) ◽  
Author(s):  
Keyword(s):  
Financial Markets ◽  
Global Economy ◽  
Developing Economies ◽  
Emerging Market ◽  
Balance Sheets ◽  
Fiscal Adjustment ◽  
Advanced Economies ◽  
Global Demand ◽  
Private Demand ◽  
Major Progress

The recovery is solidifying. However, old policy challenges still need to be fully addressed and new challenges are arising, especially on account of rising commodities prices. In many advanced economies the handoff from public to private demand is proceeding. But unemployment remains high and weak public balance sheets and still vulnerable financial sectors mean that the recovery is subject to downside risks. In many emerging market economies, overheating and financial imbalances present growing policy concerns. Monetary policy should stay accommodative in advanced economies, but needs further tightening in a number of emerging and developing economies to rein in inflationary pressure and rapid credit growth. Additionally, in emerging surplus economies, real exchange rate appreciation is needed to help contain inflation and support global demand rebalancing. In most economies, the time has come to begin fiscal adjustment by implementing measures to steadily reduce debt ratios toward more prudent levels. Moreover, financial sector repair and reform need to accelerate. Absent major progress on all these fronts, the recovery will remain vulnerable and job creation will continue to fall short of requirements in many parts of the world.

A Barrel of Oil or a Bottle of Wine: How Do Global Growth Dynamics Affect Commodity Prices?

2014 ◽  
Vol 9 (1) ◽  
pp. 34-50 ◽  
Author(s):  
Serhan Cevik ◽  
Tahsin Saadi Sedik
Keyword(s):  
Crude Oil ◽  
Developing Economies ◽  
Emerging Market ◽  
Aggregate Demand ◽  
Commodity Prices ◽  
Growth Dynamics ◽  
Commodity Price ◽  
Output Growth ◽  
Incremental Change ◽  
Advanced Economies

AbstractThis paper explores empirically the causes of extreme fluctuations in commodity prices from January 1990 to June 2010 and seeks to identify the relative contribution of advanced and emerging market economies to the changes in commodity prices. Our assumption is that analyzing two very distinct goods—crude oil and fine wine—helps to identify common determinants of commodity prices. We find that the growth rate of global aggregate demand is the key macroeconomic determinant of the fluctuations in both crude oil and fine wine prices over the sample period. While advanced economies account for more than half of global consumption, emerging market and developing economies make up the bulk of the incremental change in demand, thereby having a greater weight in commodity price formation. The coefficient of emerging market industrial output growth is about three times as high as that of advanced economies in oil price regressions and almost five times as powerful in fine wine price regressions. The results also show that the shift in the composition of aggregate commodity demand is a recent phenomenon. (JEL Classifications: Q11, Q39, Q41, Q43)

How should the international monetary fund function in the modern world?

2000 ◽  
Vol 9 (4) ◽  
Author(s):  
Mária Havrilová
Keyword(s):  
International Monetary Fund ◽  
World Economy ◽  
Asian Financial Crisis ◽  
Balance Of Payments ◽  
Modern World ◽  
Lender Of Last Resort ◽  
Financial Flows ◽  
Imf Programs ◽  
The International Monetary Fund ◽  
The Imf

The International Monetary Fund is a remarkable survivor. It was created to carry out specific functions in a world that has since vanished. Its role in the world economy still remains central. But in recent times, it has faced considerable criticism, both in terms of its role and its performance. We examine why IMF programs are often ineffective in achieving their goals, and whether there are any prospects for strengthening the IMF's role to become a genuine global monitor of financial flows and monetary issues. Then we examine the Fund's major role as lender of last resort to members who experience balance of payments problems. In particular, it will argue that the IMF's reliance on "conditionality" as a means of affecting change in the domestic policy of some of its members is misguided. Finally, a few suggestions on how the IMF could improve its procedures and brief evaluation of the IMF´s intervention in the Asian financial crisis.

Managing Director's Consolidated Multilateral Surveillance Report to the International Monetary and Financial Committee

Policy Papers ◽  
2012 ◽  
Vol 2012 (31) ◽  
Author(s):  
Keyword(s):  
United States ◽  
Economic Crisis ◽  
Euro Area ◽  
Developing Economies ◽  
Emerging Market ◽  
The United States ◽  
Advanced Economies ◽  
Surveillance Report

After suffering a major setback, global prospects are gradually strengthening again. Improved activity in the United States and better policies in the euro area in response to the deepening economic crisis there have reduced the immediate threat of a sharp global slowdown. Weak recovery is likely to resume in the major advanced economies, and activity should remain relatively solid in emerging market and developing economies.

scholarly journals Banking Across Borders

2020 ◽  
Vol 20 (249) ◽  
Author(s):  
Eugenio Cerutti ◽  
Catherine Koch ◽  
Swapan-Kumar Pradhan
Keyword(s):  
Developing Economies ◽  
Emerging Market ◽  
Bank Lending ◽  
Portfolio Investment ◽  
Cross Border ◽  
Advanced Economies ◽  
International Banks ◽  
Foreign Affiliates ◽  
Chinese Banks

We explore the global footprint of Chinese banks and compare it with that of other bank nationalities. Chinese banks have become the largest cross-border creditors for almost half of all emerging market and developing economies (EMDEs). Their global reach resembles that of banks from advanced economies (AEs). We take a nationality approach as international banks, and Chinese banks in particular, grant a substantial share of their cross-border loans from affiliates located abroad. But differences remain. Using a gravity model with a novel measure of distance capturing the role of foreign affiliates across all bank nationalities, we find that larger distances deter cross-border bank lending to EMDEs more than to AEs. For Chinese banks, however, distance deters lending to EMDEs less than for peer EMDE banks. We show that for all banks combined, bilateral economic interactions like trade, FDI and portfolio investment, positively correlate with lending. Chinese banks’ lending to EMDEs also strongly correlates with trade, but not with FDI and, unlike other banks, it correlates negatively with portfolio investment.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

Financialization and state capitalism in Hungary after the Global Financial Crisis

2021 ◽  
pp. 102452942110032
Author(s):  
David Karas
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Active Role ◽  
The State ◽  
State Capitalism ◽  
Political Risks ◽  
Role Of The State ◽  
Advanced Economies ◽  
The Global Financial Crisis

Whereas the active role of the state in steering financialization is consensual in advanced economies, the financialization of emerging market economies is usually examined through the prism of dependency: this downplays the domestic political functions of financialization and the agency of the state. With the consolidation of state capitalist regimes in the semi-periphery after the Global Financial Crisis, different interpretations emerged – some linking state capitalism with de-financialization, others with coercive projects deepening it. Preferring a more granular and multi-dimensional approach, I analyse how different facets of financialization might represent political risks or opportunities for state capitalist projects: Based on the Hungarian example, I first explain how the constitution of a ‘financial vertical’ after 2010 inaugurated a new mode of statecraft. Second, I show how the financial vertical enabled rentier bargains between state and society after 2015 by deepening the financialization of social policy and housing in response to a looming crisis of competitiveness.

PENERAPAN TIPOLOGI PASAR, ARSITEKTUR DAN PERILAKU GENERASI Z PADA PERANCANGAN PASAR MASA DEPAN DI GONDANGDIA

2021 ◽  
Vol 3 (1) ◽  
pp. 995
Author(s):  
Irwin Irwin ◽  
Doddy Yuono
Keyword(s):  
Public Space ◽  
Emerging Market ◽  
Design Strategy ◽  
Public Spaces ◽  
Future Market ◽  
Generation Z ◽  
Equal Space ◽  
And Behavior ◽  
Changes Over Time ◽  
Over Time

The pandemic caused by the corona virus has changed the lifestyle of humans, both directly and indirectly, especially generation Z in Jakarta. The way humans meet their primary needs also changes over time. Many of generation Z decide to shop online to meet their individual needs. Generation Z defines balance as one of the things that is seen in living life, including meeting their needs and interacting with others. The Future Market in Gondangdia exists as a forum that provides space for buying and selling transactions to be more interactive, creative, flexible, and in accordance with health protocols. Through dis-programming, combining creative buying and selling programs and public space as one unit in a design is one of the methods used in designing architectural programs. The combination of the two programs creates an equal space with alternate uses depending on time. The emerging market typology method and its relation to Z generation architecture and behavior become a design strategy in designing. This provides an innovative and interactive buying and selling space according to the needs of generation Z. Keywords: Buy and sell spaces; Public spaces; Future markets; Generation Z; Buy and sell; Dis-programming AbstrakPandemi yang disebabkan oleh virus korona telah mengubah gaya hidup manusia, baik secara langsung maupun tidak langsung, khususnya generasi Z di Jakarta. Cara manusia dalam memenuhi kebutuhan primernya pun berubah seiring berjalannya waktu. Banyak dari generasi Z memutuskan untuk berbelanja online untuk memenuhi kebutuhannya masing-masing. Generasi Z mendefinisikan keseimbangan sebagai salah satu hal yang dilihat dalam menjalani kehiduoan termasuk dalam memenuhi kebutuhannya dan berinteraksi dengan sesamanya. Melalui dis-programming memadukan program jual beli kreatif dan ruang publik sebagai satu kesatuan di dalam sebuah desain merupakan salah satu metodw yang digunakan dalam perancangan program arsitektur. Perpaduan kedua program tersebut menciptakan sebuah ruang yang sama dengan penggunaanya bergantian tergantung oleh waktu. Metode tipologi pasar yang berkembang dan kaitannya dengan arsitektur dan perilaku generasi Z menjadi strategi desain dalam merancang. Hal ini memberikan ruang jual beli yang inovatif dan interaktif sesuai dengan kebutuhan generasi Z.

Unions and Employers

2021 ◽  
pp. 277-297
Author(s):  
Bernhard Ebbinghaus
Keyword(s):  
Public Space ◽  
Social Protection ◽  
Emerging Market ◽  
Wage Bargaining ◽  
Welfare States ◽  
Pension Policy ◽  
Employment Conditions ◽  
Theoretical Perspectives ◽  
Advanced Economies ◽  
Policymaking And Implementation

This chapter reviews the main theoretical perspectives which focus directly or indirectly on the role of employers and unions in welfare state development. It also examines the conditions under which collective interests become organized and mobilized, and how well worker and employer interests have been organized and integrated into the overall political economy. The differences in the degree to which welfare states share public space are addressed; that is, the influence of the social partners on policymaking and implementation in different countries. It then explores wage bargaining, labour market policy, pension policy, and health care and shows how the interests of labour and capital are differentially affected and have varying influence across advanced economies. A final comparison of the developing societies and emerging market economies indicates that in these countries, corporatist intermediation is more fragile than in advanced economies, and organized labour and capital have less influence on employment conditions and social protection.

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