IMF Fiscal Surveillance during the Eurozone Crisis

2016 ◽  
Vol 5 (1) ◽  
pp. 1-19
Author(s):  
Lena Golubovskaja
Keyword(s):  
Information Content ◽  
Emerging Economies ◽  
Low Income ◽  
Low Income Countries ◽  
Eurozone Crisis ◽  
Run Up ◽  
Policy Guidance ◽  
The Imf

This study analyses the tone and information content of the IMF Article IV Staff Reports during the Eurozone crisis. Researchers create a tone measure denoted WARNING, based on the existing DICTION 7.1 Hardship dictionary. Researchers find that in the run-up to the current credit crises the warnings by the IMF were issued to Luxembourg, Malta, Portugal, and Slovenia. In contrast, the more severely hit countries were not warned by the tone of the IMF Article IV Staff Reports. Researchers also conclude that the IMF interactions were more effective with low-income countries and with other emerging economies than they were with advanced and large emerging economies. Individual countries Article IV Staff assessments for Ireland and Spain indicated the warnings by the IMF were only in the years when the countries were deeply in recession and it was too late to provide any policy guidance.

Monetary Policy in Sub-Saharan Africa

2018 ◽  
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Sub Saharan Africa ◽  
Low Income Countries ◽  
African Countries ◽  
Policy Regimes ◽  
Export Prices ◽  
Policy Work ◽  
Sub Saharan ◽  
Policy Guidance

Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy misalignments and respond appropriately to both domestic and external shocks, including swings in fiscal policy and spikes in food and export prices. In many cases they are finding current regimes—often characterized as ‘money targeting’—lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. At the same time, little existing research on monetary policy is targeted to low-income countries. What do we know about the empirics of monetary transmission in low-income countries? (How) Does monetary policy work in countries characterized by a huge share of food in consumption, underdeveloped financial markets, and opaque policy regimes? (How) Can we use methods largely derived in advanced countries to answer these questions? And (how) can we use the results to guide policymakers? This book draws on years of research and practice at the IMF and in central banks from the region to shed empirical and theoretical light on these questions and to provide practical tools and policy guidance. A key feature of the book is the application of dynamic general equilibrium models, suitably adapted to reflect key features of low-income countries, for the analysis of monetary policy in sub-Saharan African countries.

IMF activities as a provider of financial assistance to the countries affected by the COVID-19 pandemic

2021 ◽  
pp. 137-146
Author(s):  
М.Б. Медведева ◽  
Л.И. Хомякова ◽  
А.Д. Зверева
Keyword(s):  
Low Income ◽  
Debt Relief ◽  
Financial Assistance ◽  
Low Income Countries ◽  
Extensive Program ◽  
The Imf

В целях поддержки стран по преодолению экономических последствий пандемии COVID-19 МВФ выделил им финансовые ресурсы и предоставил инструменты облегчения обслуживания долга в рамках различных механизмов кредитования и финансирования. Программа действует с конца марта 2020 года. В статье отмечено, что МВФ быстро отреагировал на чрезвычайную ситуацию, вызванную пандемией, и развернул широкую программу помощи странам с низким уровнем дохода в целях преодоления ее последствий. The IMF provides financial assistance and debt relief under various lending and financing mechanisms to member countries facing the economic fallout from the COVID-19 pandemics. The article provides an overview of the assistance approved by the IMF since the end of March 2020. It was noted that the IMF quickly responded to the emergency caused by the pandemic and launched an extensive program of assistance to low-income countries in order to overcome its consequences.

Near-term IMF funds are ample, but more may be needed

2020 ◽  
Keyword(s):  
Emerging Markets ◽  
Economic Crisis ◽  
Low Income ◽  
Low Income Countries ◽  
First Responder ◽  
Content Type ◽  
Near Term ◽  
Second Wave ◽  
The Imf

Subject IMF funding dynamics. Significance The disruption caused by the COVID-19 pandemic is putting emerging markets (EMs) and low-income Countries (LICs) under economic and financial stresses. The IMF has long served as the world’s first responder to crises, and some 90 countries have already turned to it, raising fears of whether it has adequate resources to play a systemic role in helping to support these countries. Impacts A second wave of COVID-19 infections and deaths would prolong the economic crisis and could sharply raise demands for IMF resources. The organisation needs a quota increase but the fastest way to raise more resources for EMs is by increasing bilateral borrowing. For low-income countries, additional IMF funding is being mobilised.

scholarly journals Why Do Countries Request Assistance from International Monetary Fund? An Empirical Analysis

2021 ◽  
Vol 14 (3) ◽  
pp. 98
Author(s):  
Ifrah Siddique ◽  
Muhammad Azmat Hayat ◽  
Muhammad Zahid Naeem ◽  
Abdullah Ejaz ◽  
Cristi Spulbar ◽  
...  
Keyword(s):  
International Monetary Fund ◽  
Low Income ◽  
Positive Impact ◽  
Current Account Deficit ◽  
Fixed Effect Model ◽  
Low Income Countries ◽  
Middle Income ◽  
Middle Income Countries ◽  
Effect Model ◽  
The Imf

This paper investigates the determinants behind persistent and prolonged stays under the International Monetary Fund (IMF) program and its effectiveness, using panel data consisting of 70 countries that have requested IMF support multiple times, during the period 1980–2018. By employing panel survival analysis, we conclude that weak economic indicators, e.g., current account deficit, high debt service ratio, low GDP, are the main reasons that force a country to reach out to the IMF support program. We further extend our analysis to investigate the effectiveness of the IMF program by dividing our sample into two groups, based on income level. To overcome the issue of endogeneity, we implement the panel instrumental two-stage least squares (2SLS) fixed-effect model. In the light of our analysis, we find a contemporaneous positive impact of the IMF fund program on the economic growth of upper middle-income countries, while, for low-income countries, its contemporaneous impact is insignificant, but becomes visible over time.

The IMF, Crises and Low-Income Countries: Evidence of Change?

2013 ◽  
Vol 25 (1) ◽  
pp. 69-90 ◽  
Author(s):  
Elisa Van Waeyenberge ◽  
Hannah Bargawi ◽  
Terry McKinley
Keyword(s):  
Low Income ◽  
Low Income Countries ◽  
The Imf

scholarly journals Adoption of the International Public Sector Accounting Standards in emerging economies and low-income countries: a structured literature review

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tobias Polzer ◽  
Pawan Adhikari ◽  
Cong Phuong Nguyen ◽  
Levi Gårseth-Nesbakk
Keyword(s):  
Public Sector ◽  
Emerging Economies ◽  
Low Income ◽  
Accounting Standards ◽  
Analytical Framework ◽  
Flow Diagram ◽  
Low Income Countries ◽  
Content Type ◽  
Holistic Understanding ◽  
Public Sector Accounting

PurposeThe aim of the study is to review the extant literature on International Public Sector Accounting Standards (IPSAS) adoption in emerging economies (EEs) and low-income countries (LICs) (“what do we know?”), and to propose an agenda for future research (“what do we need to know?”).Design/methodology/approachAn analytical framework that builds on diffusion theory is developed. The authors follow the “PRISMA Flow Diagram” to reduce a total of 427 articles from four databases to a final sample of 41 articles. These studies are examined, aided by the analytical framework.FindingsThe authors find that IPSASs are a relevant issue for EEs/LICs. Overall, existing research is often explorative. The authors discover that the majority of articles rely on secondary data collection. While two-thirds of the studies perform a content analysis of pre-existing material, about one-fifth of the articles each collect primary data through means of interviews and questionnaires. The findings offer a holistic understanding of where and at what stages IPSAS reforms stand in EEs/LICs, and what factors influence the progression of reforms to the next stage of diffusion.Originality/valueThe authors outline a number of avenues for further research after discussing the dominating trends and structuring the literature based on our analytical framework. These stem from looking at the blank spots and an identified need to contextualise IPSASs adoption in EEs/LICs.

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