Review Of Fund Facilities Analytical Basis For Fund Lending And Reform Options

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Review of Fund Facilities-Analytical Basis for Fund Lending and Reform Options

International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Review of Fund Facilities Analytical Basis for Fund Lending and Reform Options Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 48 pages
File Size : 42,9 Mb
Release : 2009-06-02
Category : Business & Economics
ISBN : 9781498336314

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Review of Fund Facilities-Analytical Basis for Fund Lending and Reform Options by International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

In the context of the ongoing review of Fund facilities, this paper examines the analytical basis for Fund lending in emerging market countries and provides a broad-ranging perspective for reforming the General Resources Account (GRA) lending toolkit. The Fund’s important lending role in crisis prevention and resolution is buttressed by its unique characteristics: (i) its ability as a nonatomistic lender to provide large-scale financing and reduce the likelihood of a run by private creditors; (ii) its ability as a cooperative institution with near-universal membership to agree conditionality with members, thus providing national authorities with a policy commitment tool to underpin confidence and catalyze private lending; and (iii) its de facto preferred creditor status, which allows it to provide crisis financing when private creditors may be reluctant to lend.

GRA Lending Toolkit and Conditionality-Reform Proposals

International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
GRA Lending Toolkit and Conditionality Reform Proposals Book PDF

Author : International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 51 pages
File Size : 48,5 Mb
Release : 2009-03-13
Category : Business & Economics
ISBN : 9781498336178

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GRA Lending Toolkit and Conditionality-Reform Proposals by International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The Executive Board of the International Monetary Fund (IMF) considered a series of papers to reform the Fund's nonconcessional lending framework. This culminated in the approval of a major overhaul of the IMF’s lending framework, including the creation of a new Flexible Credit Line (FCL). The changes to the IMF’s lending framework which are described in GRA Lending Toolkit and Conditionality—Reform Proposalsand GRA Lending Toolkit and Conditionality—Reform Proposals—Revised Proposed Decisions include: • modernizing IMF conditionality for all borrowers, • introducing a new Flexible Credit Line, • enhancing the flexibility of the Fund’s traditional stand-by arrangement, • doubling normal access limits for nonconessional resources, • simplifying cost and maturity structures, and • eliminating certain seldom-used facilities. The series of papers are: Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, Conditionality in fund-Supported Programs—Purposes, Modalities and Options for Reform, Charges and Maturities and Proposals for Reform, Supplement 1 and Supplement 2, Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, and Review of Limits on Access to Financing in the Credit Tranches and Under the Extended Fund Facility, and Overall Access Limits Under the General Resources Account provide the background on the earlier discussion of reforms in each of these areas.

Conditionality in Fund-Supported Programs-Purposes, Modalities, and Options for Reform

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Conditionality in Fund Supported Programs Purposes Modalities and Options for Reform Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 25 pages
File Size : 45,7 Mb
Release : 2009-01-30
Category : Business & Economics
ISBN : 9781498336383

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Conditionality in Fund-Supported Programs-Purposes, Modalities, and Options for Reform by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept. Pdf

This paper takes a fresh look at the purpose and modalities of conditionality for the use of the Fund’s resources. It is part of a broader review of Fund lending facilities that includes access levels, charges and maturities, the analytical basis for Fund lending, and facilities for low income countries. It aims to explore options for more flexible approaches that would be responsive to the changing needs and circumstances of the Fund’s members while providing adequate safeguards for Fund resources. While these options have been developed with General Resources Account (GRA) facilities in mind as a complement to the companion paper on the analytical framework, they could apply, as appropriate, to facilities and instruments used by low income members.

Key Developments in IMF Policy Work--October 12, 2008-April 22, 2009

International Monetary Fund
Key Developments in IMF Policy Work October 12 2008 April 22 2009 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 9 pages
File Size : 49,9 Mb
Release : 2009-09-04
Category : Business & Economics
ISBN : 9781498336109

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Key Developments in IMF Policy Work--October 12, 2008-April 22, 2009 by International Monetary Fund Pdf

This paper summarizes key developments in the Fund’s policy work since the 2008 Annual Meetings. Table 1 presents key conclusions of policy initiatives. Table 2 provides a progress report on implementation of the Fund’s surveillance priorities.

The Fund’s Lending Framework and Sovereign Debt - Annexes

International Monetary Fund
The Fund s Lending Framework and Sovereign Debt Annexes Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 112 pages
File Size : 42,5 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343336

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The Fund’s Lending Framework and Sovereign Debt - Annexes by International Monetary Fund Pdf

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European Yearbook of International Economic Law 2016

Marc Bungenberg,Christoph Herrmann,Markus Krajewski,Jörg Philipp Terhechte
European Yearbook of International Economic Law 2016 Book PDF

Author : Marc Bungenberg,Christoph Herrmann,Markus Krajewski,Jörg Philipp Terhechte
Publisher : Springer
Page : 838 pages
File Size : 50,8 Mb
Release : 2016-07-16
Category : Law
ISBN : 9783319292151

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European Yearbook of International Economic Law 2016 by Marc Bungenberg,Christoph Herrmann,Markus Krajewski,Jörg Philipp Terhechte Pdf

Volume 7 of the EYIEL focusses on critical perspectives of international economic law. Recent protests against free trade agreements such as the Transatlantic Trade and Investment Partnership (TTIP) remind us that international economic law has always been a politically and legally contested field. This volume collects critical contributions on trade, investment, financial and other subfields of international economic law from scholars who have shaped this debate for many years. The critical contributions to this volume are challenged and sometimes rejected by commentators who have been invited to be “critical with the critics”. The result is a unique collection of critical essays accompanied by alternative and competing views on some of the most fundamental topics of international economic law. In its section on regional developments, EYIEL 7 addresses recent megaregional and plurilateral trade and investment agreements and negotiations. Short insights on various aspects of the Transpacific Partnership (TPP) and its sister TTIP are complemented with comments on other developments, including the African Tripartite FTA und the negotiations on a plurilateral Trade in Services Agreement (TiSA). Further sections address recent WTO and investment case law as well as recent developments concerning the IMF, UNCTAD and the WCO. The volume closes with reviews of recent books in international economic law.

The Fund’s Mandate—Future Financing Role

International Monetary Fund. Monetary and Capital Markets Department
The Fund s Mandate Future Financing Role Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 35 pages
File Size : 43,7 Mb
Release : 2010-04-19
Category : Business & Economics
ISBN : 9781498337595

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The Fund’s Mandate—Future Financing Role by International Monetary Fund. Monetary and Capital Markets Department Pdf

The following is the provisional agenda for the Twenty-First Meeting of the International Monetary and Financial Committee, which is to be convened at the Fund’s Headquarters in Washington, D.C. on Saturday, April 24, 2010. A joint working dinner of IMFC members and G-20 ministers will be held on Friday, April 23 at 7:30 p.m. in HQ1–Meeting Halls A & B. The IMFC meeting will be followed by the press conference of the IMFC Chairman and the Managing Director at 2:30 p.m.

Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal

Moisés J. Schwartz,Shinji Takagi
Background Papers on The IMF and the Crises in Greece Ireland and Portugal Book PDF

Author : Moisés J. Schwartz,Shinji Takagi
Publisher : International Monetary Fund
Page : 474 pages
File Size : 41,9 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781475562538

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Background Papers on The IMF and the Crises in Greece, Ireland, and Portugal by Moisés J. Schwartz,Shinji Takagi Pdf

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

Mr.Marco Committeri,Francesco Spadafora
You Never Give Me Your Money Sovereign Debt Crises Collective Action Problems and IMF Lending Book PDF

Author : Mr.Marco Committeri,Francesco Spadafora
Publisher : International Monetary Fund
Page : 50 pages
File Size : 47,8 Mb
Release : 2013-01-22
Category : Business & Economics
ISBN : 9781475533828

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You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending by Mr.Marco Committeri,Francesco Spadafora Pdf

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012.

European Yearbook of International Economic Law 2012

Christoph Herrmann,Jörg Philipp Terhechte
European Yearbook of International Economic Law 2012 Book PDF

Author : Christoph Herrmann,Jörg Philipp Terhechte
Publisher : Springer Science & Business Media
Page : 721 pages
File Size : 49,5 Mb
Release : 2011-12-21
Category : Law
ISBN : 9783642233081

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European Yearbook of International Economic Law 2012 by Christoph Herrmann,Jörg Philipp Terhechte Pdf

The third volume of the European Yearbook of International Economic law focuses on two major topics of current academic and political interest. Firstly, it adresses the 10th anniversary of China's accession to the WTO and its implications; secondly, it deals with different legal aspects of global energy markets.

Sovereign Debt

S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Sovereign Debt Book PDF

Author : S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Publisher : Oxford University Press, USA
Page : 455 pages
File Size : 47,9 Mb
Release : 2019
Category : Business & Economics
ISBN : 9780198850823

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Sovereign Debt by S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff Pdf

This book is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners, and policymakers through this complicated, but not intractable, subject.

Review of the Flexible Credit Line and Precautionary Credit Line

International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Review of the Flexible Credit Line and Precautionary Credit Line Book PDF

Author : International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 66 pages
File Size : 48,9 Mb
Release : 2011-01-11
Category : Business & Economics
ISBN : 9781498338301

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Review of the Flexible Credit Line and Precautionary Credit Line by International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

With the creation of the Flexible Credit Line (FCL) and Precautionary Credit Line (PCL), the Fund’s GRA toolkit was overhauled to address gaps in the Fund’s crisis prevention and resolution toolkit. The innovative and flexible nature of the new instruments was meant to reduce stigma from using Fund resources, underpinning confidence in its users amid stressed market conditions. Yet, there have been a limited number of members with these Using a variety of methodological tools, this review assesses experience with the instruments, arrangements. Using a variety of methodological tools, this review assesses experience with the instruments, reflects on the appropriateness of their design, and recommends refinements to enhance their effectiveness.

Between Autonomy and Dependence

Ramses A. Wessel,Steven Blockmans
Between Autonomy and Dependence Book PDF

Author : Ramses A. Wessel,Steven Blockmans
Publisher : Springer Science & Business Media
Page : 340 pages
File Size : 42,7 Mb
Release : 2012-12-14
Category : Law
ISBN : 9789067049030

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Between Autonomy and Dependence by Ramses A. Wessel,Steven Blockmans Pdf

The European Union is traditionally seen as a new and partly separate legal order within the global legal system. At the same time, the EU is an important player in the global governance network. The strong and explicit link between the EU and a large number of other international organisations raises questions concerning the impact of decisions taken by those organisations and of international agreements concluded with those organisations (either by the EU itself or by its Member States) on the autonomy of the EU legal order. This book addresses the relationship between the EU and other international organisations by looking at the increasing influence of norms enacted by international organisations on the shaping of EU law.

Reforming the International Financial System for Development

Jomo Kwame Sundaram
Reforming the International Financial System for Development Book PDF

Author : Jomo Kwame Sundaram
Publisher : Columbia University Press
Page : 561 pages
File Size : 50,7 Mb
Release : 2011-01-17
Category : Business & Economics
ISBN : 9780231527279

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Reforming the International Financial System for Development by Jomo Kwame Sundaram Pdf

The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits. Our latest global financial crisis, in which all these weaknesses played a part, underscores how urgently we must reform the international financial system. Prepared for the G24 research program, a consortium of developing countries focused on financial issues, this volume argues that such reforms must be developmental. Chapters review historical trends in global liquidity, financial flows to emerging markets, and the food crisis, identifying the systemic flaws that contributed to the recent downturn. They challenge the effectiveness of recent policy and suggest criteria for regulatory reform, keeping in mind the different circumstances, capacities, and capabilities of various economies. Essays follow ongoing revisions in international banking standards, the improved management of international capital flows, the critical role of the World Trade Organization in liberalizing and globalizing financial services, and the need for international tax cooperation. They also propose new global banking and reserve currency arrangements.

IMF Financial Operations 2018

International Monetary Fund. Finance Dept.
IMF Financial Operations 2018 Book PDF

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 196 pages
File Size : 48,7 Mb
Release : 2018-04-18
Category : Business & Economics
ISBN : 9781484348802

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IMF Financial Operations 2018 by International Monetary Fund. Finance Dept. Pdf

IMF Financial Operations 2018 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and provides background detail on the financial statements. It reviews the IMF's three main activities: lending, surveillance, and technical assistance.