What the G20 Can Do to Help the Global Recovery

2019-03-27T12:04:31-04:00February 24, 2016|

By iMFdirect

(Versions in عربي and Español)

Shanghai will welcome finance ministers and central bank governors for the first ministerial meeting under China’s Group of Twenty presidency this weekend. The meeting comes at a critical time for the global economy. A note by IMF staff prepared as background for the G20 meeting, Global Prospects and Policy Challenges, points to a tepid recovery, and warns that weaker global growth might well be in the cards. This calls for a strong policy response, both national and multilateral, including from the G20.

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Understanding Spillovers

2017-04-14T01:51:38-04:00November 12, 2014|

By Olivier Blanchard, Luc Laeven and Esteban Vesperoni

The global crisis—which challenged paradigms about the functioning of financial markets and had significant consequences in other markets—and the sluggish recovery since 2009, are a reminder of the importance of understanding interconnections and risks in the global economy. The increasing trend in global trade, and even more significant, in cross-border financial activities, suggests that spillovers can take many different forms.

The understanding of transmission channels of spillovers has become essential, not only from an academic perspective, but also policymaking. The […]

The Solution Is More, Not Less Europe

2017-04-15T14:21:22-04:00July 19, 2011|

It is hard to hold the course in the middle of a storm, but European policymakers need to if they want European integration to succeed. The sovereign debt crisis is a serious challenge, which requires a strong and coordinated effort by all involved to finally put it behind us.

A Stronger Financial Architecture for Tomorrow’s World

2017-04-15T14:28:20-04:00February 10, 2011|

The international monetary system is a topic that encompasses a wide range of issues—reserve currencies, exchange rates, capital flows, and the global financial safety net, to name a few. Some are of the view that the current system works well enough. I take a less sanguine view. Certainly the world did not end with the crisis that began in 2008 and a recovery is under way. But, it is not the recovery we wanted—it is uneven, unemployment is not really going down, there are widening inequalities, and global imbalances are back. Reform of the international monetary system may be wide-ranging and complex. But concrete reforms are needed to achieve the kind of well-balanced and sustainable recovery that the world needs, and to help prevent the next crisis.

Forewarned Is Forearmed: How the Early Warning Exercise Expands the IMF’s Surveillance Toolkit

2017-04-15T14:33:45-04:00September 23, 2010|

“Never again can we let ourselves be caught unprepared by an economic and financial crisis of such global magnitude.” This was the spirit, in late 2008, in which G-20 Finance Ministers tasked the IMF and the Financial Stability Board to jointly develop an Early Warning Exercise (EWE). The inspiration was clear: In the wake of the onset of unprecedented financial turmoil, policymakers recognized that earlier danger signs had not been synthesized into an actionable warning. The EWE was intended to fill the analytical gap—to produce an effective “call to arms” as threats emerge, but well before crises erupt. Here, IMF First Deputy Managing Director John Lipsky discusses how the EWE works, and how it will help to more systematically and effectively reduce the risk of a new global crisis.

Global Safety Nets: Crisis Prevention in an Age of Uncertainty

2017-04-15T14:33:58-04:00September 9, 2010|

As the global economics crisis abates, there is an emerging consensus that a better global financial safety net is needed to enable countries with good policies to insure against bad outcomes, especially when they are innocent by-standers caught in a financial turmoil. Last week the IMF took another step toward meeting this need by further enhancing its country insurance facilities. Reza Moghadam, head of the IMF’s Strategy, Policy, and Review Department, has authored this blog to coincide with a series of speeches about the reforms, including a scheduled speech at the Peterson Institute for International Economics next Monday. The blog outlines the two major changes: enhancements to our flagship insurance option—the Flexible Credit Line (FCL)—for countries with very strong policies and economic fundamentals; and the establishment of a new Precautionary Credit Line (PCL), which offers a new form of contingent protection for countries with some moderate vulnerabilities.

Listening to and Learning from Asia

2017-04-15T14:35:41-04:00July 15, 2010|

In Daejeon, Korea earlier this week, a remarkable event took place that enabled the world to hear the voice of Asia and to learn how the region has been able to show such great resilience in the face of the worst global financial crisis since the 1930s. On July 12 and 13, more than 1,000 officials, economists, bankers, analysts, and media assembled for a conference titled Asia 21: Leading the Way Forward, hosted by the Korean government and the IMF. I personally learned a great deal about Asia’s growing stake in the global economy—and the global economy’s growing stake in Asia. As the world strives to leave the crisis behind, the economic center of gravity is shifting increasingly eastwards, and Asia’s role is more vital than ever before.

Asia and the IMF: A Closer Engagement

2017-04-15T14:36:16-04:00July 9, 2010|

The Korean government and the IMF will jointly host a high-level international conference in Daejeon, Korea in just a few days time. In this blog, Anoop Singh outlines how the conference will be an important part of broader efforts by the Fund to enhance its strategic dialogue and partnership with Asia.

Rethinking the IMF’s Mandate: Asking for Your Views

2017-04-15T14:40:03-04:00March 14, 2010|

The IMF has initiated a public consultation with various stakeholders, including governments, private sector, academia, think tanks, non-governmental and civil society organizations, and the wider public on the role of the International Monetary Fund.
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