2011 Triennial Surveillance Review and Review of the 2007 Decision - Concept

The Imf

Over the past three years, the IMF has worked to assist members in addressing the repercussions of the global financial crisis while also tackling gaps in its surveillance framework that the crisis laid bare. This reform agenda has drawn extensively from the recommendations of the 2008 Triennial Surveillance Review (TSR), as well as subsequent IMF and IEO reviews of the Fund's performance in the run-up to the crisis. This TSR provides an opportunity to take stock of the steps taken and to assess recent experience with surveillance.

On the formation of a New Paradigm of fiscal Policy

Voprosy Ekonomiki ◽

10.32609/0042-8736-2013-6-152-158 ◽

2013 ◽

pp. 152-158 ◽

Cited By ~ 2

Author(s):

V. Senchagov

Keyword(s):

Public Finance ◽

Fiscal Policy ◽

Financial Crisis ◽

Global Financial Crisis ◽

Domestic Demand ◽

Real Economy ◽

New Paradigm ◽

Monetary Aggregate ◽

The Past ◽

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

The Pandemic Exposes an Ailing US Governance Model

Current History ◽

10.1525/curh.2020.119.820.310 ◽

2020 ◽

Vol 119 (820) ◽

pp. 310-316

Author(s):

Alasdair Roberts

Keyword(s):

Financial Crisis ◽

Developing World ◽

Global Financial Crisis ◽

Political Polarization ◽

Washington Consensus ◽

The Past ◽

Governance Model ◽

Governance Challenges ◽

Current Governance

Since the 1990s and Bill Clinton’s embrace of key parts of Ronald Reagan’s legacy, mainstream US governance has been guided by a bipartisan consensus around a formula of shrinking the federal government’s responsibilities and deregulating the economy. Hailed as the ultimate solution to the age-old problem of governing well, the formula was exported to the developing world as the Washington Consensus. Yet growing political polarization weakened the consensus, and in a series of three major crises over the past two decades—9/11, the global financial crisis, and the COVID-19 pandemic—US policymakers opted for pragmatism rather than adherence to the old formula, which appears increasingly inadequate to cope with current governance challenges.

Does the Forty Year’s Success Myth of the Korea Shipbuilding Industry Come to an End?

Journal of Economics and Public Finance ◽

10.22158/jepf.v3n2p151 ◽

2017 ◽

Vol 3 (2) ◽

pp. 151

Author(s):

Hong-Yul Jeong

Keyword(s):

Financial Crisis ◽

National Economy ◽

Global Financial Crisis ◽

Ripple Effect ◽

Shipbuilding Industry ◽

The Past ◽

Key Industries ◽

Offshore Plants ◽

Future Plans

Shipbuilding industry, having a great ripple effect on national economy, has been fostered by some countries as the national key industries. Korea also has supported shipbuilding industry as one of the industries politically fostered by the state. Accordingly, the shipbuilding industry of Korea has started to developed since 1970’s, reaching the world’s top position in 2000’s with reference to all the relevant indices.However, after the global financial crisis in 2008, the shipbuilding industries of Korea focused on offshore plants, resulting in huge deficit and being outranked by China.In this article, the past growing procedure of Korea’s shipbuilding industry was briefly reviewed, and the future plans for regaining the past glories as the shipbuilding power were sought.

Financial Reform Efforts since the Global Financial Crisis—An Overview

Resolution and Insolvency of Banks and Financial Institutions ◽

10.1093/oso/9780198703587.003.0003 ◽

2016 ◽

Author(s):

Michael Schillig

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Banking Regulation ◽

Shadow Banking ◽

Reform Agenda ◽

Current State ◽

The Us ◽

Institutional Architecture ◽

Market Infrastructure

The chapter provides an overview of the current state of the reform efforts in the jurisdictions under consideration with a focus on the institutional architecture, banking regulation, shadow banking, and financial market infrastructure. It briefly reviews the generally accepted causes of the global financial crisis and the eurozone crisis, as well as the reform agenda at global/international level. It summarizes the reform efforts in the EU and the US that are of particular relevance for the recovery and resolution of credit institutions and investment firms. These reform efforts form the context in which the new recovery and resolution regime must be viewed.

The Global Financial Crisis Ten Years On: Using and Forgetting the Past?

The Legacy of the Global Financial Crisis ◽

10.5040/9780755626656.ch-002 ◽

2021 ◽

Author(s):

Catherine R. Schenk

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

The Past ◽

Assessing Reserve Adequacy

Policy Papers ◽

10.5089/9781498339360.007 ◽

2011 ◽

Vol 2011 (8) ◽

Cited By ~ 17

Author(s):

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Upward Trend ◽

Perceived Needs ◽

The Past ◽

Adequate Level ◽

The dramatic increase in reserves holdings over the past decade has resumed since the global financial crisis, even at an accelerated pace. While the crisis has heightened perceptions of the importance of holding adequate reserves, there is little consensus on what constitutes an adequate level from a precautionary perspective: traditional metrics are narrowly-based and often provide conflicting signals; while newer approaches tend to be hostage to stylized modeling assumptions and calibrations. As a result, assessments tend to rely on comparisons with peers, probably amplifying the upward trend as perceived needs rise in line with actual holdings.

The IMF Financial Surveillance Strategy

Policy Papers ◽

10.5089/9781498339940.007 ◽

2012 ◽

Vol 2012 (73) ◽

Cited By ~ 4

Author(s):

Keyword(s):

Financial Crisis ◽

Financial Stability ◽

Global Financial Crisis ◽

International Monetary System ◽

Surveillance Strategy ◽

The Past ◽

Monetary System ◽

Effective Operation ◽

The Imf

This paper outlines strategic priorities for the IMF’s financial surveillance in the coming years. It complements recent discussions on the work agenda in this area. It takes stock of innovations and gaps in financial surveillance by the Fund during the past decade, including in the wake of the current global financial crisis. It proposes concrete and prioritized steps to further strengthen financial surveillance so that the Fund can fulfill its mandate to ensure the effective operation of the international monetary system and support global economic and financial stability.

The global financial crisis and its effects on the international monetary funds

Brazilian Journal of Political Economy ◽

10.1590/0101-31572021-3239 ◽

2022 ◽

Vol 42 (1) ◽

pp. 5-24

Author(s):

Cosimo Magazzino ◽

Marco Mele

Keyword(s):

Financial Crisis ◽

International Monetary Fund ◽

Global Financial Crisis ◽

Economic Policies ◽

A Posteriori ◽

Ex Ante ◽

The International Monetary Fund ◽

Economic And Financial Crisis ◽

The Imf

ABSTRACT This paper aims to analyze the innovations introduced in the functions of the International Monetary Fund in the context of the 2008 economic and financial crisis. This promoted an action that aimed to strengthen the surveillance function through the adoption of the Integrated Surveillance. Thus, alongside the traditional conditionality based on an a posteriori implementation of adequate economic policies, a criterion of ex ante conditionality in the precautionary branches was also introduced or based on the economic characteristics of the country to be financed. Concerning traditional conditionality, it will be asked whether the IMF has adopted a less extensive approach than its role.

Origins of China’s Growth Model

10.1093/oso/9780190630034.003.0003 ◽

2017 ◽

Author(s):

Yukon Huang

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Economic Incentives ◽

Reform Initiatives ◽

Reform Agenda ◽

False Sense ◽

Vested Interests ◽

Double Digit ◽

China’S Growth

Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s unbalanced growth process. Premier Zhu Rongji kept the growth momentum going by overhauling key financial and economic institutions in response to the Asian Financial Crisis. These reforms led to unprecedented double-digit GDP growth over the three decades prior to 2010. Both Deng Xiaoping and Zhu Rongji were “policy entrepreneurs.” Through their ideas and actions, they were able to overcome vested interests, all while taking risks and launching new reform initiatives. Progress on the reform agenda slowed in the years leading up to the Global Financial Crisis as the subsequent leadership was lulled into a false sense of confidence because of China’s strong economic performance.

Fiscal Challenges After the Global Financial Crisis: A Survey of Key Issues

Journal of International Commerce Economics and Policy ◽

10.1142/s1793993314500045 ◽

2014 ◽

Vol 05 (02) ◽

pp. 1450004 ◽

Cited By ~ 1

Author(s):

Augusto Lopez-Claros

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Planning Horizon ◽

Fiscal Policies ◽

The Past ◽

Fiscal Management ◽

Fiscal Planning ◽

Key Issues ◽

The global financial crisis and the response to it have contributed to a sharp increase in public indebtedness in a large number of countries. While there have been episodes of high debt in the past, there are a number of long-term challenges today that are likely to complicate the implementation of sustainable fiscal policies in the coming years. Population ageing and climate change are factors that are likely to contribute to rising fiscal pressures and the crisis has highlighted the risks and vulnerabilities stemming from reduced fiscal space. This paper argues that heightened fiscal challenges can only be dealt successfully by adopting a long-term fiscal planning horizon. The paper analyzes a range of available policy tools that countries have used in the past to improve fiscal management.