Conditionality In Evolving Monetary Policy Regimes

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Conditionality in Evolving Monetary Policy Regimes

International Monetary Fund
Conditionality in Evolving Monetary Policy Regimes Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 61 pages
File Size : 49,8 Mb
Release : 2014-05-03
Category : Business & Economics
ISBN : 9781498343695

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Conditionality in Evolving Monetary Policy Regimes by International Monetary Fund Pdf

With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 51,9 Mb
Release : 2015-10-23
Category : Business & Economics
ISBN : 9781498344067

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by International Monetary Fund Pdf

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Operational Guidance Note On Program Design and Conditionality

International Monetary Fund. Strategy, Policy, & Review Department
Operational Guidance Note On Program Design and Conditionality Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 179 pages
File Size : 42,5 Mb
Release : 2024-01-30
Category : Business & Economics
ISBN : 9798400264849

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Operational Guidance Note On Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Ninth Issue

International Monetary Fund. Legal Dept.
Selected Decisions and Selected Documents of the International Monetary Fund Thirty Ninth Issue Book PDF

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 1048 pages
File Size : 54,8 Mb
Release : 2017-08-01
Category : Business & Economics
ISBN : 9781484306604

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Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Ninth Issue by International Monetary Fund. Legal Dept. Pdf

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.

International Monetary Fund Annual Report 2014

International Monetary Fund. Secretary's Department
International Monetary Fund Annual Report 2014 Book PDF

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
Page : 82 pages
File Size : 49,6 Mb
Release : 2014-10-03
Category : Business & Economics
ISBN : 9781498315357

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International Monetary Fund Annual Report 2014 by International Monetary Fund. Secretary's Department Pdf

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2014—From Stabilization to Sustainable Growth, published today. The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment. Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing.” Ms. Lagarde said that “throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensible agent of economic cooperation” for its membership. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2013, to April 30, 2014. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.

Selected Decisions and Selected Documents of the International Monetary Fund, 42nd Issue

International Monetary Fund. Legal Dept.
Selected Decisions and Selected Documents of the International Monetary Fund 42nd Issue Book PDF

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 962 pages
File Size : 54,9 Mb
Release : 2022-08-10
Category : Business & Economics
ISBN : 9781589068551

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Selected Decisions and Selected Documents of the International Monetary Fund, 42nd Issue by International Monetary Fund. Legal Dept. Pdf

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.

Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue

International Monetary Fund. Legal Dept.
Selected Decisions and Selected Documents of the International Monetary Fund Fortieth Issue Book PDF

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 854 pages
File Size : 41,8 Mb
Release : 2019-09-24
Category : Business & Economics
ISBN : 9781513515212

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Selected Decisions and Selected Documents of the International Monetary Fund, Fortieth Issue by International Monetary Fund. Legal Dept. Pdf

This volume is the Fortieth Issue of Selected Decisions and Selected Documents of the IMF. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents, to which frequent reference is made in the current activities of the IMF. In addition, it includes certain documents relating to the IMF, the United Nations, and other international organizations. As with other recent issues, the number of decisions in force continues to increase, with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly, it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions. Wherever reference is made in these decisions and documents to a provision of the IMF’s Articles of Agreement or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

Selected Decisions and Selected Documents of the International Monetary Fund, Forty First Issue Supplement

International Monetary Fund. Legal Dept.
Selected Decisions and Selected Documents of the International Monetary Fund Forty First Issue Supplement Book PDF

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 907 pages
File Size : 53,6 Mb
Release : 2021-02-08
Category : Business & Economics
ISBN : 9781513557526

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Selected Decisions and Selected Documents of the International Monetary Fund, Forty First Issue Supplement by International Monetary Fund. Legal Dept. Pdf

This volume is the Forty-First Issue of Selected Decisions and Selected Documents of the IMF. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents, to which frequent reference is made in the current activities of the IMF. In addition, it includes certain documents relating to the IMF, the United Nations, and other international organizations. As with other recent issues, the number of decisions in force continues to increase, with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly, it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions. Wherever reference is made in these decisions and documents to a provision of the IMF’s Articles of Agreement or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

The Journey to Inflation Targeting

Mr.Bernard Laurens,Kelly Eckhold,Darryl King,Mr.Nils Øyvind Mæhle,Abdul Naseer,Alain Durré
The Journey to Inflation Targeting Book PDF

Author : Mr.Bernard Laurens,Kelly Eckhold,Darryl King,Mr.Nils Øyvind Mæhle,Abdul Naseer,Alain Durré
Publisher : International Monetary Fund
Page : 44 pages
File Size : 42,6 Mb
Release : 2015-06-25
Category : Business & Economics
ISBN : 9781513567990

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The Journey to Inflation Targeting by Mr.Bernard Laurens,Kelly Eckhold,Darryl King,Mr.Nils Øyvind Mæhle,Abdul Naseer,Alain Durré Pdf

Countries with evolving monetary regimes that decide to embark on “the Journey to inflation targeting” may not be able to adopt a full-fledged inflation targeting regime immediately. Those countries would be better off adopting transitional arrangements that take advantage of the informational content of monetary aggregates, developing an economic analysis capacity, and concentrating on monetay operations aimed at steering money market interest rates. This approach would allow the central bank to buy time for developing the building blocks for effective monetary policy, support transparent central bank communication, and limit the potential for undesirable outcomes along the road.

Advancing the Frontiers of Monetary Policy

Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld
Advancing the Frontiers of Monetary Policy Book PDF

Author : Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld
Publisher : International Monetary Fund
Page : 297 pages
File Size : 43,6 Mb
Release : 2018-04-13
Category : Business & Economics
ISBN : 9781484325940

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Advancing the Frontiers of Monetary Policy by Tobias Adrian,Mr.Douglas Laxton,Mr.Maurice Obstfeld Pdf

Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.

Macroeconomic Research in Low-income Countries

Hites Ahir,Hendre Garbers,Mattia Coppo,Mr.Giovanni Melina,Mr.Futoshi Narita,Ms.Filiz D Unsal,Vivian Malta,Xin Tang,Daniel Gurara,Luis-Felipe Zanna,Linda G. Venable,Mr.Kangni R Kpodar,Mr.Chris Papageorgiou
Macroeconomic Research in Low income Countries Book PDF

Author : Hites Ahir,Hendre Garbers,Mattia Coppo,Mr.Giovanni Melina,Mr.Futoshi Narita,Ms.Filiz D Unsal,Vivian Malta,Xin Tang,Daniel Gurara,Luis-Felipe Zanna,Linda G. Venable,Mr.Kangni R Kpodar,Mr.Chris Papageorgiou
Publisher : International Monetary Fund
Page : 76 pages
File Size : 47,7 Mb
Release : 2021-03-24
Category : Business & Economics
ISBN : 9781513566603

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Macroeconomic Research in Low-income Countries by Hites Ahir,Hendre Garbers,Mattia Coppo,Mr.Giovanni Melina,Mr.Futoshi Narita,Ms.Filiz D Unsal,Vivian Malta,Xin Tang,Daniel Gurara,Luis-Felipe Zanna,Linda G. Venable,Mr.Kangni R Kpodar,Mr.Chris Papageorgiou Pdf

Despite strong economic growth since 2000, many low-income countries (LICs) still face numerous macroeconomic challenges, even prior to the COVID-19 pandemic. Despite the deceleration in real GDP growth during the 2008 global financial crisis, LICs on average saw 4.5 percent of real GDP growth during 2000 to 2014, making progress in economic convergence toward higher-income countries. However, the commodity price collapse in 2014–15 hit many commodity-exporting LICs and highlighted their vulnerabilities due to the limited extent of economic diversification. Furthermore, LICs are currently facing a crisis like no other—COVID-19, which requires careful policymaking to save lives and livelihoods in LICs, informed by policy debate and thoughtful research tailored to the COVID-19 situation. There are also other challenges beyond COVID-19, such as climate change, high levels of public debt burdens, and persistent structural issues.

2018 Review of Program Design and Conditionality

International Monetary Fund. Strategy, Policy, & Review Department
2018 Review of Program Design and Conditionality Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 172 pages
File Size : 46,8 Mb
Release : 2019-05-20
Category : Business & Economics
ISBN : 9781498315715

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2018 Review of Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf

The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 2011 and end-2017. Programs during this period were defined by the protracted structural challenges faced by members and hampered by the persistently weak global environment.

2017 Handbook of IMF Facilities for Low-Income Countries

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
2017 Handbook of IMF Facilities for Low Income Countries Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 190 pages
File Size : 55,7 Mb
Release : 2017-01-12
Category : Business & Economics
ISBN : 9781498346238

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2017 Handbook of IMF Facilities for Low-Income Countries by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept. Pdf

This Handbook provides guidance to staff on the financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in February 2016 (IMF, 2016d) by incorporating modifications resulting from Board papers and related decisions since that time, including Financing for Development—Enhancing the Financial Safety Net for Developing Countries—Further Considerations (IMF, 2016c), Review of Poverty Reduction and Growth Trust – Review of Interest Rate Structure (IMF, 2016b), Eligibility to Use the Fund’s Facilities for Concessional Financing (IMF, 2017a), Large Natural Disasters—Enhancing the Financial Safety Net for Developing Countries (IMF, 2017b) and Adequacy of the Global Financial Safety Net – Proposal for a New Policy Coordination Instrument (IMF, 2017c). Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions, including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the sole legal authority on the matters covered in the Handbook

Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Eighth Issue

International Monetary Fund. Legal Dept.
Selected Decisions and Selected Documents of the International Monetary Fund Thirty Eighth Issue Book PDF

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 1026 pages
File Size : 54,6 Mb
Release : 2016-08-23
Category : Business & Economics
ISBN : 9781513540894

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Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Eighth Issue by International Monetary Fund. Legal Dept. Pdf

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.