The International Monetary Fund Under Constraint

The International Monetary Fund Under Constraint Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of The International Monetary Fund Under Constraint book. This book definitely worth reading, it is an incredibly well-written.

The International Monetary Fund under Constraint

Eva Riesenhuber
The International Monetary Fund under Constraint Book PDF

Author : Eva Riesenhuber
Publisher : BRILL
Page : 440 pages
File Size : 42,9 Mb
Release : 2021-08-04
Category : Business & Economics
ISBN : 9789004479005

Get Book

The International Monetary Fund under Constraint by Eva Riesenhuber Pdf

The International Monetary Fund under Constraint exposes a legal dilemma facing the IMF as it tackles international crisis management. Using the Asian crisis - and more particularly economic and political events in Indonesia - as an example, this volume examines whether the Fund's activities in Asia were legally justified. The results of this analysis lead to the following question: What future role can the IMF play in the international financial architecture? The principles of international law and the legal foundations of the Fund are used to analyse the reform suggestions of economic experts and to find a suitable concept for future IMF involvement in financial crises and crises prevention. This volume is a long-overdue legal analysis of IMF activities. It presents the combination of law and economics which was originally at the heart of the IMF but which so far has been ignored in today's reform discussion.

Soft Budget Constraints, Firm Commitments and the Social Safety Net

International Monetary Fund
Soft Budget Constraints Firm Commitments and the Social Safety Net Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 26 pages
File Size : 52,8 Mb
Release : 1991-10-01
Category : Business & Economics
ISBN : 9781451949094

Get Book

Soft Budget Constraints, Firm Commitments and the Social Safety Net by International Monetary Fund Pdf

It is shown that the inefficiencies created by the “soft” budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a “hard” budget constraint can best be achieved by the institution of a suitable social safety net. The burden on the social safety net can be reduced by the (endogenous) development of financial markets.

Egypt—Searching for Binding Constraints on Growth

Mr.Klaus-Stefan Enders
Egypt Searching for Binding Constraints on Growth Book PDF

Author : Mr.Klaus-Stefan Enders
Publisher : International Monetary Fund
Page : 36 pages
File Size : 43,7 Mb
Release : 2007-03-01
Category : Business & Economics
ISBN : 9781451866216

Get Book

Egypt—Searching for Binding Constraints on Growth by Mr.Klaus-Stefan Enders Pdf

Since 2004 Egypt's growth has been accelerating in step with the launching of a series of ambitious reforms, reversing a trend during the preceding half-decade when Egypt's growth rate fell below that of most regional peers and well below that of the average developing country. This paper seeks to identify factors that held back Egypt's growth in the recent past, and explores whether recent reforms have removed the most binding constraints to allow at least a temporary growth spurt. Overall, the Egyptian reforms launched in 2004 appear to have focused well on the most critical constraints-reducing red tape and tax rates, and improving access to foreign exchange-thereby getting a strong growth response out of a limited set of reforms. However, inefficient bureaucracy remains an important obstacle to higher growth and reforms in this area should continue to have high payoffs. Ongoing reforms are also addressing constraints that are likely to become binding soon (or have become so already), such as inefficient financial intermediation and high public debt. Improvements in education may rapidly become a critical factor for sustaining higher growth.

Credit Constraints, Political Instability, and Capital Accumulation

Risto Herrala,Rima Turk Ariss
Credit Constraints Political Instability and Capital Accumulation Book PDF

Author : Risto Herrala,Rima Turk Ariss
Publisher : International Monetary Fund
Page : 26 pages
File Size : 49,8 Mb
Release : 2013-12-16
Category : Business & Economics
ISBN : 9781484303573

Get Book

Credit Constraints, Political Instability, and Capital Accumulation by Risto Herrala,Rima Turk Ariss Pdf

We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financial development measured by a relaxing of financial constraints is key to macroeconomic development.

Financial Constraints, Intangible Assets, and Firm Dynamics

Sophia Chen
Financial Constraints Intangible Assets and Firm Dynamics Book PDF

Author : Sophia Chen
Publisher : International Monetary Fund
Page : 38 pages
File Size : 43,5 Mb
Release : 2014-05-14
Category : Social Science
ISBN : 9781484393741

Get Book

Financial Constraints, Intangible Assets, and Firm Dynamics by Sophia Chen Pdf

I study whether firms' reliance on intangible assets is an important determinant of financing constraints. I construct new measures of firm-level physical and intangible assets using accounting information on U.S. public firms. I find that firms with a higher share of intangible assets in total assets start smaller, grow faster, and have higher Tobin’s q. Asset tangibility predicts firm dynamics and Tobin’s q up to 30 years but has diminishing predicative power. I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset tangibility matters because physical and intangible assets differ in their residual value when the contract is repudiated. This mechanism is qualitatively important to explain stylized facts of firm dynamics and Tobin’s q.

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Mr.Michael Kumhof,Huixin Bi
Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints Book PDF

Author : Mr.Michael Kumhof,Huixin Bi
Publisher : International Monetary Fund
Page : 41 pages
File Size : 50,7 Mb
Release : 2009-12-01
Category : Business & Economics
ISBN : 9781451874310

Get Book

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints by Mr.Michael Kumhof,Huixin Bi Pdf

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents, rather than output. The optimized monetary rule features super-inertia and a very low coefficient on inflation, which minimizes real wage volatility. The welfare gains of optimizing the fiscal rule are far larger than the welfare gains of optimizing the monetary rule. The preferred fiscal instruments are government spending and transfers targeted to borrowing-constrained agents.

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality

Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal
Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality Book PDF

Author : Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal
Publisher : International Monetary Fund
Page : 49 pages
File Size : 52,9 Mb
Release : 2015-01-27
Category : Business & Economics
ISBN : 9781498381598

Get Book

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality by Ms.Era Dabla-Norris,Yan Ji,Robert Townsend,Ms.Filiz Unsal Pdf

We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.

The Missing Link Between Financial Constraints and Productivity

Marialuz Moreno Badia,Veerle Slootmaekers
The Missing Link Between Financial Constraints and Productivity Book PDF

Author : Marialuz Moreno Badia,Veerle Slootmaekers
Publisher : International Monetary Fund
Page : 41 pages
File Size : 52,6 Mb
Release : 2009-04-01
Category : Business & Economics
ISBN : 9781451872194

Get Book

The Missing Link Between Financial Constraints and Productivity by Marialuz Moreno Badia,Veerle Slootmaekers Pdf

The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors.

Devaluation and Monetary Policy in Developing Countries

International Monetary Fund
Devaluation and Monetary Policy in Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 46 pages
File Size : 48,5 Mb
Release : 1987-01-01
Category : Business & Economics
ISBN : 9781451923926

Get Book

Devaluation and Monetary Policy in Developing Countries by International Monetary Fund Pdf

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Financial Market Constraints and Private Investment in a Developing Country

Mr.Omotunde E. G. Johnson
Financial Market Constraints and Private Investment in a Developing Country Book PDF

Author : Mr.Omotunde E. G. Johnson
Publisher : International Monetary Fund
Page : 31 pages
File Size : 53,8 Mb
Release : 1990-12-01
Category : Business & Economics
ISBN : 9781451939163

Get Book

Financial Market Constraints and Private Investment in a Developing Country by Mr.Omotunde E. G. Johnson Pdf

Firms in developing countries that seek outside financing for investment must often choose their debt-equity combinations in the face of financial market constraints on debt service, on outside equity financing, and on internal finance (endowments). Inefficiencies in the allocation of available finance and in the equity-debt choices that can ensue can be prevented by appropriate policy measures to improve information on profitable investment opportunities and about firms; to directly strengthen financial intermediation; and to support appropriate credit guarantee schemes.

Constraintson Growth in the MENA Region

Ms.Rina Bhattacharya,Hirut Wolde
Constraintson Growth in the MENA Region Book PDF

Author : Ms.Rina Bhattacharya,Hirut Wolde
Publisher : International Monetary Fund
Page : 23 pages
File Size : 49,5 Mb
Release : 2010-02-01
Category : Business & Economics
ISBN : 9781451962574

Get Book

Constraintson Growth in the MENA Region by Ms.Rina Bhattacharya,Hirut Wolde Pdf

In this paper we contribute to the empirical literature on growth in the MENA region by attempting to quantify the impact of the various constraints faced by local businesses highlighted by the World Bank’s Business Enterprise surveys. To the best of our knowledge this dataset has not been used in any empirical analysis looking at the main constraints on growth in the MENA region. Our empirical results suggest that the key direct constraints to growth in the MENA region are difficulties in access to finance, labor skill mismatches and shortages, and electricity constraints.

Currency Substitution and Financial innovation

International Monetary Fund
Currency Substitution and Financial innovation Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 24 pages
File Size : 48,8 Mb
Release : 1989-05-08
Category : Business & Economics
ISBN : 9781451977295

Get Book

Currency Substitution and Financial innovation by International Monetary Fund Pdf

This paper presents a cash-in-advance framework, with variable income velocity, where the domestic effects, as well as the international transmission, of financial innovation can be analyzed. In particular, the discussion emphasizes the role of currency substitution and of cross-border transfers of seigniorage in determining the general equilibrium effects of financial innovation.

Fiscal Constraints of a Fixed Exchange Rate Regime

International Monetary Fund
Fiscal Constraints of a Fixed Exchange Rate Regime Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 26 pages
File Size : 54,7 Mb
Release : 1989-12-29
Category : Business & Economics
ISBN : 9781451946680

Get Book

Fiscal Constraints of a Fixed Exchange Rate Regime by International Monetary Fund Pdf

The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective constraint is on the degree of monetary financing, which bears an uncertain relationship to the size of the budget deficit; that, from a systemic perspective, the financial stability of the currency area can be ensured by making the monetary and fiscal authorities independent of one another; and that the case for coordination of fiscal policies—whatever its merits—is not enhanced by the creation of a fixed exchange rate regime.

Fiscal Policy and the Predictability of Exchange Rate Collapse

Ms.Betty C. Daniel
Fiscal Policy and the Predictability of Exchange Rate Collapse Book PDF

Author : Ms.Betty C. Daniel
Publisher : International Monetary Fund
Page : 19 pages
File Size : 48,6 Mb
Release : 1997-10-01
Category : Business & Economics
ISBN : 9781451855456

Get Book

Fiscal Policy and the Predictability of Exchange Rate Collapse by Ms.Betty C. Daniel Pdf

It is well known that the long-run viability of a fixed exchange rate regime imposes constraints on monetary policy. This paper shows that, in a model with forward-looking agents, short-run viability imposes a fiscal constraint. When policy change, which destroys long-run viability, also violates the fiscal constraint, collapse is instantaneous. Delayed predictable collapse requires satisfaction of the fiscal constraint.

Capacity Constraints, Inflation and the Transmission Mechanism

Mr.Peter B. Clark,Mr.Douglas Laxton,David Rose
Capacity Constraints Inflation and the Transmission Mechanism Book PDF

Author : Mr.Peter B. Clark,Mr.Douglas Laxton,David Rose
Publisher : International Monetary Fund
Page : 38 pages
File Size : 41,7 Mb
Release : 1995-08-01
Category : Business & Economics
ISBN : 9781451849677

Get Book

Capacity Constraints, Inflation and the Transmission Mechanism by Mr.Peter B. Clark,Mr.Douglas Laxton,David Rose Pdf

This paper develops a small model of the output-inflation process in the United States in order to examine the implications of alternative monetary policy rules. In particular, two types of policy rules are considered; a myopic rule where interest rates respond contemporaneously to output and inflation and a forward-looking policy rule that exploits information about the nature of transmission mechanism in the setting of interest rates. The model has two key features. First, there are significant lags between interest rates and aggregate demand conditions. Second, the model is based on an asymmetric model of inflation where positive deviations of aggregate demand from potential are more inflationary than negative deviations are disinflationary. As a consequence of this asymmetry, a policymaker that follows a myopic policy rule and allows the economy to overheat periodically will be forced to impose large recessions on the economy to keep inflation under control. The paper shows that the estimated degree of asymmetry implies that myopic policies can result in significant permanent losses in output. By contrast, policymakers that follow a forward-looking policy rule that avoids overheating will not only reduce the variance of output but also raise the mean level of output.