Monetary Policy In Low Income Countries In The Face Of The Global Crisis

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Monetary Policy in Low Income Countries in the Face of the Global Crisis

Mr.Alfredo Baldini,Mr.Jaromir Benes,Mr.Andrew Berg,Mai Dao,Rafael Portillo
Monetary Policy in Low Income Countries in the Face of the Global Crisis Book PDF

Author : Mr.Alfredo Baldini,Mr.Jaromir Benes,Mr.Andrew Berg,Mai Dao,Rafael Portillo
Publisher : International Monetary Fund
Page : 47 pages
File Size : 54,6 Mb
Release : 2012-04-01
Category : Business & Economics
ISBN : 9781475574609

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Monetary Policy in Low Income Countries in the Face of the Global Crisis by Mr.Alfredo Baldini,Mr.Jaromir Benes,Mr.Andrew Berg,Mai Dao,Rafael Portillo Pdf

We develop a DSGE model with a banking sector to analyze the impact of the financial crisis on Zambia and the role of the monetary policy response. We view the crisis as a combination of three related shocks: a worsening in the terms of the trade, an increase in the country’s risk premium, and a decrease in the risk appetite of local banks. We characterize monetary policy as "stop and go": initially tight, subsequently loose. Simulations of the model broadly match the path of the economy during this period. We find that the initial policy response contributed to the domestic impact of the crisis by further tightening financial conditions. We study the factors driving the "stop" part of policy and derive policy implications for central banks in low-income countries.

Creating Policy Space in Low-Income Countries during the Recent Crises

Mr.Paolo Dudine,Sibabrata Das,Ms.Pritha Mitra,Yongzheng Yang,Eteri Kvintradze,MissNkunde Mwase
Creating Policy Space in Low Income Countries during the Recent Crises Book PDF

Author : Mr.Paolo Dudine,Sibabrata Das,Ms.Pritha Mitra,Yongzheng Yang,Eteri Kvintradze,MissNkunde Mwase
Publisher : International Monetary Fund
Page : 58 pages
File Size : 51,8 Mb
Release : 2010-03-16
Category : Business & Economics
ISBN : 9781589069305

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Creating Policy Space in Low-Income Countries during the Recent Crises by Mr.Paolo Dudine,Sibabrata Das,Ms.Pritha Mitra,Yongzheng Yang,Eteri Kvintradze,MissNkunde Mwase Pdf

Low-income countries were hit especially hard by sharp increases in world food and fuel prices in 2007-08 and the global financial crisis that followed. In response, the International Monetary Fund scaled up its financial assistance to low-income countries and revamped its concessional lending facilities to make them more flexible in meeting the diverse needs of these countries. Creating Policy Space in Low-Income Countries during the Recent Crises assesses empirically the outcome of the IMF response, and provides insight into how IMF-supported programs in low-income countries have been adapted to the changing economic circumstances in these countries. The authors report that these programs have provided expanded policy space in the face of the global price shocks and financial crisis.

Coping with the Global Financial Crisis

Ms.Stefania Fabrizio
Coping with the Global Financial Crisis Book PDF

Author : Ms.Stefania Fabrizio
Publisher : International Monetary Fund
Page : 52 pages
File Size : 55,6 Mb
Release : 2010-03-16
Category : Business & Economics
ISBN : 9781589069299

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Coping with the Global Financial Crisis by Ms.Stefania Fabrizio Pdf

This forthcoming title in the Departmental Paper Series describes the special challenges facing low-income countries as economic growth contracts by an estimated 1.1 percent globally. Coping with the Crisis: Challenges Facing Low-Income Countries provides an assessment of the implications of the financial crisis for low-income countries, evaluates the short-term macroeconomic outlook for these countries, and discusses the policy challenges they face. Chapters cover the outlook for global economic growth and commodity prices, an overview of how low-income countries have been affected, fiscal policy, monetary and exchange rate policy responses, potential external financing needs and how the international community, including the IMF, can help countries meet them. The challenges ahead for low-income countries are delineated, including debt vulnerabilities and the need for countries to develop well-regulated local capital markets and banking systems, as well as enhanced public sector efficiency.

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 : 41,5 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.

Emerging from the Global Crisis

International Monetary Fund
Emerging from the Global Crisis Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 114 pages
File Size : 53,5 Mb
Release : 2011-02-22
Category : Business & Economics
ISBN : 9781616350734

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Emerging from the Global Crisis by International Monetary Fund Pdf

Although the impact of the global crisis has been severe, real per capita GDP growth stayed positive in two-thirds of low-income countries (LICs), unlike in previous global downturns, and in contrast to richer countries. Emerging from the Global Crisis explores how LICS have coped with the global economic crisis. It reviews the impact of the crisis on LICs, domestic policy responses to the crisis, and the precrisis conditions of select countries. The prospects and challenges that LICs face are also considered. Sections of the paper look at growth prospects, policy recommendations, the general macroeconomic outlook, as well as the rebuilding of fiscal buffers. The authors also "stress-test" LICs' exposure to further volatility by using a hypothetical "downside" recovery scenario.

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 : 51,6 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.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Background Paper Country Experiences Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 89 pages
File Size : 43,7 Mb
Release : 2015-10-27
Category : Business & Economics
ISBN : 9781498344050

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences by International Monetary Fund Pdf

This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.

The Implications of the Global Financial Crisis for Low-Income Countries—An Update

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
The Implications of the Global Financial Crisis for Low Income Countries An Update Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 34 pages
File Size : 46,9 Mb
Release : 2009-09-28
Category : Business & Economics
ISBN : 9781498335416

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The Implications of the Global Financial Crisis for Low-Income Countries—An Update by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

Low-income countries are being hit hard by the global financial crisis. They are facing a sharp contraction in export growth, FDI inflows, and remittances, and lower-than-committed aid. But a marked recovery is in prospect for 2010 helped by rising world demand and supported by short-term domestic policies. Countries are using fiscal and other policies to respond to the crisis and should continue to do so, where appropriate, until the economic recovery is clearly underway. However, the risks to debt sustainability are rising and countries should begin preparing to realign policies toward medium-term sustainability once the recovery is clearly on the move. Additional highly concessional donor support is needed to ensure that countries are not forced to make these adjustments prematurely, and to facilitate a smooth return to a sustainable debt path, with strong growth, over the medium term.

Emerging from the Global Crisis - Macroeconomic Challenges Facing Low-Income Countries

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Emerging from the Global Crisis Macroeconomic Challenges Facing Low Income Countries Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 63 pages
File Size : 42,7 Mb
Release : 2010-05-10
Category : Business & Economics
ISBN : 9781498336734

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Emerging from the Global Crisis - Macroeconomic Challenges Facing Low-Income Countries by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Research Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

While the impact of the global crisis has been severe, real per capita GDP growth stayed positive in two-thirds of low-income countries (LICs), unlike in previous global downturns, and in contrast to richer countries. The crisis affected LICs not so much through the terms of trade or global interest rates, but rather through a sharp contraction in export demand, foreign direct investment, and remittances (oil exporters also suffered from a sharp fall in oil prices). LICs saw the sharpest decline in their economic growth rate over the last four decades. However, this slowdown followed a period of strong expansion, and real per capita GDP growth has generally held up in LICs, remaining well above growth in richer countries.

Monetary Policy in Low Financial Development Countries

Juan Antonio Morales,Paul Reding
Monetary Policy in Low Financial Development Countries Book PDF

Author : Juan Antonio Morales,Paul Reding
Publisher : Oxford University Press
Page : 360 pages
File Size : 55,6 Mb
Release : 2021-07-22
Category : Business & Economics
ISBN : 9780192597021

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Monetary Policy in Low Financial Development Countries by Juan Antonio Morales,Paul Reding Pdf

Monetary Policy in Low Financial Development Countries provides a broad coverage of the monetary policy issues faced by developing countries with low financial depth. These low and lower middle income countries are characterized by the predominance of bank finance, shallow financial markets, low financial inclusion, weak integration with world capital markets, and a high degree of informality in economic activity. Monetary policy acquires special twists, making it different in many aspects from the policies followed in advanced and emerging market economies. This book covers the main facets of monetary policy making, using an approach that combines discussions of theoretical arguments, of results from empirical studies and of relevant policy experiences. It presents the monetary policy instruments that central banks rely on in these countries. It assesses the specificities of their monetary transmission mechanism, i.e. the way central banks' actions affect output and prices. It evaluates the advantages, drawbacks, and challenges of the different nominal anchors they may choose from: exchange rate targeting, monetary targeting, and inflation targeting. This discussion is set against the background of the three main goals pursued by central banks: price, output, and financial stability. Particular attention is devoted to the issue of the credibility of central banks and to the trade-offs they face when external shocks, to which these countries are very vulnerable, lead to conflicts among the three goals they pursue. The authors also cover more specific topics, such as the coordination between monetary and fiscal policy, the challenges raised by dollarization, the implications of informal labour markets and of microfinance institutions for monetary policy-making, as well as the role of models for forecasting and policy evaluation by central banks.

Global Shocks and their Impacton Low-Income Countries

Hans Weisfeld,Ms.Catherine A. Pattillo,Mr.Martin Schindler,Mr.Nicola Spatafora,Mr.Andrew Berg,Mr.Chris Papageorgiou
Global Shocks and their Impacton Low Income Countries Book PDF

Author : Hans Weisfeld,Ms.Catherine A. Pattillo,Mr.Martin Schindler,Mr.Nicola Spatafora,Mr.Andrew Berg,Mr.Chris Papageorgiou
Publisher : International Monetary Fund
Page : 53 pages
File Size : 54,6 Mb
Release : 2011-02-01
Category : Business & Economics
ISBN : 9781455216741

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Global Shocks and their Impacton Low-Income Countries by Hans Weisfeld,Ms.Catherine A. Pattillo,Mr.Martin Schindler,Mr.Nicola Spatafora,Mr.Andrew Berg,Mr.Chris Papageorgiou Pdf

This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LICs). Four conclusions stand out. First, for many individual LICs, 2009 was not extraordinarily calamitous; however, aggregate LIC output declined sharply because LICs were unusually synchronized. Second, the growth declines are on average well explained by the decline in export demand. Third, if the external environment facing LICs improves as forecast, their growth should rebound sharply. Finally, and contrary to received wisdom, there are few robust relationships between the cross-country growth variation and the policy and structural environment; the main exceptions are reserve coverage and labor-market flexibility.

Exchange Rate Crises in Developing Countries

Michael G. Hall
Exchange Rate Crises in Developing Countries Book PDF

Author : Michael G. Hall
Publisher : Routledge
Page : 226 pages
File Size : 52,6 Mb
Release : 2018-01-18
Category : Political Science
ISBN : 9781351158435

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Exchange Rate Crises in Developing Countries by Michael G. Hall Pdf

According to many economists, the increasing mobility of capital across borders has made it more costly to peg exchange rates. This phenomenon has contributed to some of the more famous examples of exchange rate crises in recent times, such as the Mexican peso crisis in 1994 and the Asian financial crisis in 1997. Yet despite the increasing costs of pegging in today's accelerated financial markets, some developing countries try to maintain a peg for as long as they can. This work is the first to theorize the role of bankers as a domestic interest group involved in exchange rate policy. It adds to our understanding of how interest groups affect economic policy in developing countries and explains why some of the largest and fastest growing economies in the developing world were the most prone to crisis. The volume also refines our understanding of the 'hollowing-out thesis', the argument that increasing capital mobility is forcing states to abandon pegging.

The Global Social Crisis

United Nations,United Nations. Department of Economic and Social Affairs
The Global Social Crisis Book PDF

Author : United Nations,United Nations. Department of Economic and Social Affairs
Publisher : UN
Page : 136 pages
File Size : 44,9 Mb
Release : 2011
Category : Business & Economics
ISBN : MINN:31951D03404215Y

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The Global Social Crisis by United Nations,United Nations. Department of Economic and Social Affairs Pdf

During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent. This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission.

When Things Don't Fall Apart

Ilene Grabel
When Things Don t Fall Apart Book PDF

Author : Ilene Grabel
Publisher : MIT Press
Page : 401 pages
File Size : 53,8 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780262037259

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When Things Don't Fall Apart by Ilene Grabel Pdf

An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis. In When Things Don't Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on global financial governance and developmental finance. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel's chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. Grabel draws on key theoretical commitments of Albert Hirschman to cement the case for the productivity of incoherence. Inspired by Hirschman, Grabel demonstrates that meaningful change often emerges from disconnected, erratic, experimental, and inconsistent adjustments in institutions and policies as actors pragmatically manage in an evolving world. Grabel substantiates her claims with empirically rich case studies that explore the effects of recent crises on networks of financial governance (such as the G-20); transformations within the IMF; institutional innovations in liquidity support and project finance from the national to the transregional levels; and the “rebranding” of capital controls. Grabel concludes with a careful examination of the opportunities and risks associated with the evolutionary transformations underway.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 50,9 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.