The Managing Director's Global Policy Agenda

Policy Papers ◽  
2016 ◽  
Vol 16 (20) ◽  
Author(s):  
Keyword(s):  
Financial Stability ◽  
Global Economy ◽  
Living Standards ◽  
Policy Mix ◽  
Recent Improvement ◽  
Potential Growth ◽  
Global Policy ◽  
Sustained Recovery ◽  
Global Growth ◽  
Reduced Pressures

Full text also available in: Arabic, Chinese, French, Japanese, Russian, and Spanish. The global economy is expanding moderately but the outlook has weakened further since October, and risks have increased. The global economy has been impaired from growth that has been too slow for too long, and at this rate a sustained recovery—with the expected higher living standards, lower unemployment and declining debt levels—may not be delivered. However, some recent improvement in data releases, somewhat firmer oil prices, reduced pressures on outflows from China, and actions by major central banks have all contributed to improving sentiment. Building on these recent positive developments, the global economy can get back on a stronger and safer track, but the current policy response will need to go further. Countries must reinforce their commitment to durable global growth and employ a more potent policy mix. A three-pronged approach with monetary, fiscal, and structural actions can work as a virtuous trinity, lifting actual and potential growth, averting recession risks, and enhancing financial stability. The IMF will support this commitment by helping countries identify space, craft appropriate policies, and build capacity to deliver on these policies; providing a strong financial backstop for policy implementation; and assisting members with new challenges.

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 8, 2016

Policy Papers ◽  
2016 ◽  
Vol 2016 (49) ◽  
Author(s):  
Keyword(s):  
Global Economy ◽  
Capacity Development ◽  
Policy Agenda ◽  
Policy Mix ◽  
Policy Space ◽  
Board Meeting ◽  
Executive Board ◽  
Global Policy ◽  
Work Program ◽  
Global Growth

The Managing Director’s Global Policy Agenda (GPA) presented to the International Monetary and Financial Committee (IMFC) in April called on member countries to reinforce their commitment to strong, sustainable, inclusive, job-rich, and more balanced global growth and to employ a three-pronged approach with monetary, fiscal, and structural actions (Figure 1). The global economy has been impaired by growth that has been too slow for too long, but it can get back on a stronger and safer track with a more forceful and balanced policy mix. Building on the approach of being agile, integrated, and member-focused, the GPA outlined how the Fund would support members in crafting a better policy mix toward durable global growth. The Fund would assist by clarifying the contours of available policy space, providing more tailored financial support and capacity development, and continuing to address new challenges.

The Managing Director's Global Policy Agenda

Policy Papers ◽  
2016 ◽  
Vol 2016 (54) ◽  
Author(s):  
Keyword(s):  
Emerging Markets ◽  
International Cooperation ◽  
Full Text ◽  
Global Economy ◽  
Policy Agenda ◽  
Welfare Gains ◽  
Global Policy ◽  
Rapid Changes ◽  
Global Welfare ◽  
Global Growth

Full text also available in Arabic, Chinese, French, Japanese, Russian, and Spanish. Despite signs of recovery and resilience in some economies, global growth continues to disappoint, with the expected pick-up driven primarily by emerging markets. This persistent underperformance has exposed complex underlying trends in many countries—including the difficulty for some groups to adjust to rapid changes in the global economy. Policymakers should act and use a balanced mix of all policy levers to revive demand and raise productivity, and ensure the gains from technology and globalization—which have led to unprecedented global welfare gains in recent decades—are shared more broadly. A retreat from globalization and multilateralism is a serious risk at a time when international cooperation and coordination are as critical as ever. The Fund can assist by helping policymakers in their efforts by providing advice, developing capacity, and lending to countries in need, while continuing to advocate for multilateral solutions that work for all.

Managing Director’s Global Policy Agenda to the International Monetary and Financial Committee

Policy Papers ◽  
2014 ◽  
Vol 2014 (25) ◽  
Author(s):  
Keyword(s):  
Euro Area ◽  
Financial Stability ◽  
Global Economy ◽  
Publication Date ◽  
Policy Agenda ◽  
Executive Summary ◽  
Adobe Acrobat ◽  
Global Policy ◽  
Collective Goal ◽  
Advanced Economies

etary and Financial Committee Publication Date: April 5, 2014 Electronic Access:Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file Summary:Global activity is strengthening, but the recovery is uneven and remains too weak for comfort, with geopolitical tensions injecting new concerns. Key challenges include risks from a lasting rise in capital flow volatility for emerging and frontier economies and very low inflation in advanced economies, especially the euro area. Creating a more dynamic, job rich global economy remains our collective goal. For this, policymakers should manage the recovery more actively and reinforce their cooperation to minimize negative spillovers and promote financial stability. The Executive Summary is also available in Arabic , Chinese, French, Japanese, Russian , and Spanish.

scholarly journals Replicating Silicon Valley? Law and Human Capital in the Making of China's Tech Startups

2020 ◽  
pp. 1-29
Author(s):  
Li-Wen LIN
Keyword(s):  
Human Capital ◽  
Political Institutions ◽  
High Velocity ◽  
Stock Options ◽  
Global Economy ◽  
Silicon Valley ◽  
Policy Debate ◽  
Global Policy ◽  
The Common ◽  
Innovation Economy

Abstract The rise of China's tech companies in the global economy raises an urgent need to understand how China incubates its tech startups. China's tech startup ecosystem presents two puzzling legal arrangements for human capital in light of Silicon Valley's experience, the co-existence of enforceable non-compete agreements and the high-velocity labour market, and the common use of stock options with a buyback norm. This article delves into the peculiarities of China's legal and political institutions to resolve these legal puzzles. This article also speaks to a global policy debate about the replicability of Silicon Valley and the necessity of such replication. The Chinese experience offers opposite examples showing the replication complexity: replication yet with deformed practices, and non-replication yet with similar outcomes. The findings suggest that there is unlikely to be a one-size-fits-all model for creating an innovation economy.

KLR Approach as an Early Warning Indicator of Turkish Currency and Banking Crisis in 2000 and 2001

2016 ◽  
pp. 222-239
Author(s):  
Filiz Eryılmaz
Keyword(s):  
Early Warning ◽  
Early Warning System ◽  
Financial Stability ◽  
Banking Crisis ◽  
Warning System ◽  
Early Warning Systems ◽  
Lessons Learned ◽  
Warning Systems ◽  
Window Approach ◽  
Global Growth

International organizations as private sector institutions started to develop Early Warning System [EWS] models aiming to anticipate whether and when individual countries can collide with a financial crisis. EWS models can be made most useful to help sustain global growth and maintain financial stability, especially in light of the lessons learned from the current and past crises. This paper proposes Early Warning Systems (EWS) for Turkish Currency and Banking Crisis in 2000 and 2001. To that end “KLR model” or “signaling window” approach developed by Kaminski, Lorezondo and Reinhart (1998) is testified in the empirical part of this research and applied to a sample of Turkey macroeconomic data for the 1998-2003 monthly periods.

Implications of Central banks’ negative policy rates on financial stability

2018 ◽  
Vol 10 (2) ◽  
pp. 310-320
Author(s):  
Benjamin S. Kay
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Financial Stability ◽  
Global Economy ◽  
Content Type ◽  
Interest Rate Policy ◽  
Trade Offs ◽  
Negative Interest Rates ◽  
Rate Policy ◽  
Negative Interest Rate Policy

Purpose While central bankers have widely discussed the trade-offs of negative interest rates on monetary policy, the consequences of negative rates on financial stability are less well understood. The purpose of this paper is to examine the likely and possible financial stability consequences of a negative rates policy with particular focus on banks, short-term funding markets, foreign exchange markets, asset managers, pension funds and insurers. Design/methodology/approach It draws from international experience with negative interest rates to identify financial stability threats posed to any economy by negative interest rates, and it also highlights where the US experience is likely to differ. Findings In time, financial market threats and other logistical issues of a negative interest rate policy can be managed or overcome. Even cumulatively, these threats are likely to be small as long as the rates remain only modestly negative. However, if the rates remain negative for long periods or they become more sharply negative, the rewards of avoiding negative rates increase. Originality/value Does the negative interest rate policy directly or through these challenges of implementation present a substantial obstacle to achieving financial stability objectives? As policy rates go negative in a greater share of the global economy, the financial stability consequences remain poorly understood and under discussed.

scholarly journals COVID-19’s impact on the hospitality workforce – new crisis or amplification of the norm?

2020 ◽  
Vol 32 (9) ◽  
pp. 2813-2829 ◽  
Author(s):  
Tom Baum ◽  
Shelagh K.K. Mooney ◽  
Richard N.S. Robinson ◽  
David Solnet
Keyword(s):  
Global Economy ◽  
Design Methodology ◽  
Policy Makers ◽  
Content Type ◽  
Global Policy ◽  
Key Stakeholders ◽  
Hospitality Workers ◽  
Fluid Environment ◽  
Practical Implications

Purpose The purpose of this paper is to highlight the immediate impacts of the COVID-19 pandemic on the hospitality workforce in situ between mid-April and June 2020. Design/methodology/approach This is a viewpoint paper that brings together a variety of sources and intelligence relating the impacts on hospitality work of the COVID-19 pandemic at three levels: macro (global, policy, government), meso (organisational) and micro (employee). It questions whether the situations faced by hospitality workers as a result of the pandemic are seed-change different from the precarious lives they normally lead or just a (loud) amplification of the “normal”. Findings In light of the fluid environment relating to COVID-19, conclusions are tentative and question whether hospitality stakeholders, particularly consumers, governments and the industry itself, will emerge from the pandemic with changed attitudes to hospitality work and hospitality workers. Practical implications This raises questions about hospitality work for key stakeholders to address in the future, some of which are systemic in terms of how precarious labour forces, critical to the global economy are to be considered by policy makers, organisations in a re-emerging competitive market for talent and for those who chose (or not) to work in hospitality. Social implications This paper contributes to ongoing debates about precarious work and the extent to which such practices are institutionalised and adopts an “amplification model” that may have value in futures-orientated analysis about hospitality and tourism. Originality/value This paper is wholly original and a reflection on the COVID-19 crisis. It provides a point of wider reference with regard to responses to crises and their impact on employment in hospitality, highlighting how ongoing change, fluidity and uncertainty serve to magnify and exacerbate the precarious nature of work in the industry.

Group of Twenty - Reinvigorating Trade to Support Growth

Policy Papers ◽  
2016 ◽  
Vol 16 (29) ◽  
Author(s):  
Keyword(s):  
Trade Policy ◽  
Global Economy ◽  
Trade Agreements ◽  
Trade Integration ◽  
Doha Round ◽  
Trading System ◽  
Global Policy ◽  
Regulatory Cooperation ◽  
Efficiency And Productivity ◽  
Trade And Investment

Reinvigorating trade integration should be a key component of the global policy agenda to boost growth. Trade policy’s new frontiers such as services, regulatory cooperation, and trade and investment complementarities carry high potential to bolster efficiency and productivity. But with governments differing on whether to continue the WTO Doha Round, there is an urgent need to identify a path for the global trading system in today’s more complex trade policy landscape. A long interregnum without a path forward would risk fragmenting the global trade system and undermining its governance. Tackling trade policy issues important to the global economy may require flexible approaches to multilateral negotiations, including modalities such as plurilaterals. Enhanced coherence efforts are also needed to ensure that regional trade agreements and multilateralism coexist productively.

Managing Director's Global Policy Agenda to the International Monetary and Financial Committee

Policy Papers ◽  
2015 ◽  
Vol 2015 (20) ◽  
Author(s):  
Keyword(s):  
Exchange Rates ◽  
Oil Prices ◽  
Market Volatility ◽  
Policy Agenda ◽  
Medium Term ◽  
Executive Summary ◽  
Potential Output ◽  
Global Policy ◽  
Integrated Policy ◽  
Global Growth

Against a backdrop of declining oil prices, sharp variations in exchange rates, and market volatility, global growth remains uneven. The prospect of a new mediocre lingers as medium-term forecasts have been marked down since the last GPA. Promoting balanced, sustained growth requires an integrated policy package that bolsters today’s actual and tomorrow’s potential output, diminishes risks, and confronts emerging global challenges. Watch the Video The Executive Summary is also available in: Arabic , Chinese, French, Japanese, Russian, and Spanish.

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 23, 2015

Policy Papers ◽  
2015 ◽  
Vol 15 (74) ◽  
Author(s):  
Keyword(s):  
Financial Stability ◽  
Financial Risks ◽  
Structural Reforms ◽  
Medium Term ◽  
Executive Board ◽  
Global Policy ◽  
The Public ◽  
Work Program ◽  
Financial Conditions ◽  
Trade Offs

The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC last month highlights the challenges associated with a rapidly changing and uncertain world. The limited room for policy maneuver and the need to adapt to new realities pose difficult trade-offs between supporting demand and current activity, reducing financial risks as financial conditions tighten, and implementing needed structural reforms to revive growth. Against this backdrop the GPA called to support growth today, invest in resilience and safeguard financial stability, improve the sustainability of the public finances, implement the structural reforms needed for sustainable and inclusive medium-term growth, and secure the effectiveness of the 2010 reforms. This document translates the policy priorities and strategic directions laid out in the Fall 2015 GPA and the IMFC communiqué into an Executive Board agenda for the next twelve months. The key focus of this agenda is to continue to refine and adapt the Fund’s core activities?surveillance, lending, and capacity building?to the challenges faced by member countries. The 2015 Work Program continues the implementation of the 2014 Triennial Surveillance Review (TSR) recommendations and underpins a broader effort of the Fund to respond to the needs of the membership in an even more agile, integrated, and member-focused manner.

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