Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated
The IMF’s mandate is to safeguard the stability of the international monetary and financial system, and crypto assets are changing the system profoundly.
Fit for Purpose—Adapting IMF Advice to a New Economic Landscape
By Fabian Bornhorst and Ceyla Pazarbasioglu
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The International Monetary Fund is responding to the policy challenges of a fast-changing global economy still reeling from the COVID-19 crisis: it is modernizing the way it provides its regular policy advice to member countries—a process known as surveillance. […]
How Rising Interest Rates Could Affect Emerging Markets
By Philipp Engler, Roberto Piazza and Galen Sher
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Rapid vaccine rollout in the United States and passage of its $1.9 trillion fiscal stimulus package have boosted its expected economic recovery. […]
Global Policy Responses to Capital Flow Volatility
By Annamaria De Crescenzio, Annamaria Kokenyne, Dennis Reinhart, and Julia Schmidt
The COVID-19 health and economic crisis has once again focused attention on the fickleness of capital flows and the need to have an adequate policy toolkit to manage the risks that stem from these flows, while maximizing their benefits. […]
Navigating Capital Flows—An Integrated Approach
By Tobias Adrian, Gita Gopinath, Ceyla Pazarbasioglu
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In a continuous effort to help countries manage volatile cross-border capital flows, the IMF has taken a major step toward a new analytical macroeconomic framework that can guide appropriate policy responses. […]
Global Imbalances and the COVID-19 Crisis
By Martin Kaufman and Daniel Leigh
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The world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates but limited reduction in global current account deficits and surpluses. […]
Toward an Integrated Policy Framework for Open Economies
By Tobias Adrian and Gita Gopinath
While capital mobility provides many benefits, capital flows to emerging market and developing economies are often volatile and depend critically on global financial conditions. […]
Limiting the Economic Fallout of the Coronavirus with Large Targeted Policies
This blog is part of a special series on the response to the coronavirus.
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This health crisis will have a significant economic fallout, reflecting shocks to supply and demand different from past crises. Substantial targeted policies are needed to support the economy through the epidemic, keeping intact the web of economic and financial relationships between workers and businesses, lenders and borrowers, and suppliers and end-users for activity to recover once the outbreak fades. The goal is to prevent a temporary crisis from permanently harming people and firms through job losses and bankruptcies. […]
Countries in the IMF Financial Spotlight in 2020
By IMFBlog
In 2020, the IMF plans to assess the stability of twelve financial systems. Seven assessments are of jurisdictions with systemically important financial sectors (Austria, Denmark, Hong Kong SAR, Italy, Korea, Norway, and the United States), for which it is mandatory to undergo financial stability assessments every five years. […]
Ensuring the Benefits of Capital Flows in the Middle East
By Jihad Azour and Ling Zhu
Since the global financial crisis of 2008, emerging market economies have experienced a surge in capital flows in response to significant monetary easing by major central banks. Gross capital inflows to the Middle East and North Africa (MENA) have remained high compared to other emerging markets, but their composition has changed significantly, with a surge in portfolio flows (equity and bond instruments) and a decline in foreign direct investment. […]