The Role Of The International Monetary Fund And The Federal Reserve In Stabilizing Europe

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic Monetary Policy and Technology
Publisher : Unknown
Page : 88 pages
File Size : 48,8 Mb
Release : 2010
Category : Business & Economics
ISBN : PURD:32754081073011

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The Role of the International Monetary Fund and the Federal Reserve in Stabilizing Europe by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic Monetary Policy and Technology Pdf

"Today's hearing is a part of our ongoing effort to examine and understand what can cause a global economic crisis and threaten our economic well-being. Today, we will look at the sovereign debt crisis in many nations, particularly in Europe. We will explore the root causes and potential solutions to the European debt crisis with particular focus on the policy responses made by the Federal Reserve and the International Monetary Fund (IMF) to help stabilize European financial markets."--P. 1.

Author : Katharina Lurz
Publisher : GRIN Verlag
Page : 21 pages
File Size : 53,9 Mb
Release : 2018-07-09
Category : Political Science
ISBN : 9783668746053

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The International Monetary Fund, the European Central Bank and the Federal Reserve and their Role in the Economic Crisis by Katharina Lurz Pdf

Seminar paper from the year 2015 in the subject Politics - Region: USA, grade: 1,0, University of Bonn, language: English, abstract: This term paper is going to elaborate on the tasks and functions of certain international financial institutions, and subsequently on their role and course of action in the economic crisis. The institutions selected for that end are the International Monetary Fund, the European Central Bank and the Federal Reserve. Interestingly, all of these institutions have different spheres of influence, namely worldwide, Europe and the US, which also responds to the global character of the crisis itself. This suggests a global rescue effort which "transcended national boundaries" (Mihm and Roubini 177). This paper is concerned with the question what significant measures the respective institutions took and whether these actions were consistent with their original mandate and key objectives. For this purpose, each international institution will be examined individually, first according to their function and tasks (in tranquil times), and then with focus on their measures and reactions in the course of the economic crisis.

Author : Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek
Publisher : International Monetary Fund
Page : 81 pages
File Size : 40,6 Mb
Release : 2021-09-24
Category : Business & Economics
ISBN : 9781513593753

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Asset Purchase Programs in European Emerging Markets by Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek Pdf

Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.

Author : Stanley Fischer
Publisher : National Geographic Books
Page : 0 pages
File Size : 51,9 Mb
Release : 2005-08-12
Category : Business & Economics
ISBN : 9780262562164

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IMF Essays from a Time of Crisis by Stanley Fischer Pdf

Stanley Fischer served as First Deputy Managing Director of the International Monetary Fund from 1994 to 2001. IMF Essays from a Time of Crisis collects sixteen essays written for the most part during his time at the IMF, each updated with Fischer's later reflections on the issues raised. The IMF drew much criticism for some of its actions during Fischer's tenure, and he vigorously defends the "battlefield medicine" practiced by the IMF during a series of economic crises, which included the problems of economic transition in the former Soviet bloc and the Asian financial crisis. Fischer addresses the subsequent calls for reform of the international financial system and makes the case for the IMF as an international lender of last resort. The first section of essays, "The Role of the IMF and the Reform of the International Financial System," considers the IMF's role in the international financial system in light of the crises of the 1990s. The second section, "Macroeconomic Policy, Stabilization, and Transition," examines such topics as exchange rate regimes, inflation, and Eastern Europe's relation to the European Union. The final section, "Poverty and Development," reflects Fischer's basic belief that economic policies should explicitly target poverty reduction. These engaging and accessible essays will appeal not only to economics students, economists, and policymakers but also to the general reader interested in the international monetary system.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 146 pages
File Size : 54,8 Mb
Release : 2010-05-10
Category : Business & Economics
ISBN : 9781455206896

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Greece by International Monetary Fund Pdf

The Greek economy is teetering owing to heavy public debt and loss of market access. Greece is adopting an ambitious comprehensive multiyear adjustment program to lower the fiscal deficit and the debt ratio, reduce domestic demand in line with capacity, and increase supply and competitiveness so that the economy can step onto a higher growth path led by investments and exports. Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio.

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 55,5 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Author : Michael D. Bordo,Mark A. Wynne
Publisher : Cambridge University Press
Page : 345 pages
File Size : 43,9 Mb
Release : 2016-04
Category : Business & Economics
ISBN : 9781107141445

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The Federal Reserve's Role in the Global Economy by Michael D. Bordo,Mark A. Wynne Pdf

Leading academics and senior policy makers provide an international perspective on the changing role of the US Federal Reserve System.

Author : Michael Perks,Yudong Rao,Mr. Jongsoon Shin,Kiichi Tokuoka
Publisher : International Monetary Fund
Page : 40 pages
File Size : 42,5 Mb
Release : 2021-08-06
Category : Business & Economics
ISBN : 9781513590134

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Evolution of Bilateral Swap Lines by Michael Perks,Yudong Rao,Mr. Jongsoon Shin,Kiichi Tokuoka Pdf

This paper makes contributions to the study of bilateral swap lines (BSLs). First, this paper fills a BSL information gap by constructing a comprehensive database of BSLs based on publicly available information, including after the onset of the COVID-19 pandemic. Second, the paper provides the results of regression analysis exploring several empirical questions that were not covered in previous studies. The paper documents the evolution of BSLs into an important part of the Global Financial Safety Net (GFSN), with some helping to stabilize financial market during both the Global Financial Crisis (GFC) and the COVID-19 pandemic. Analysis suggests that countries on the recipient side of BSLs are more likely to sign and renew BSLs designed to alleviate balance of payments needs as their external position weakens. U.S. Federal Reserve BSLs appear to have been effective at stabilizing financial market conditions during the COVID-19 pandemic.

Author : Ms.Dominique Simard,Michael D. Bordo,Mr.Eugene Nelson White
Publisher : International Monetary Fund
Page : 58 pages
File Size : 53,6 Mb
Release : 1994-10-01
Category : Business & Economics
ISBN : 9781451935363

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France and the Breakdown of the Bretton Woods International Monetary System by Ms.Dominique Simard,Michael D. Bordo,Mr.Eugene Nelson White 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.

Author : Mr.Bernard Laurens,Mr.Hassanali Mehran,Mr.Marc Quintyn,Mr.Tom Nordman
Publisher : International Monetary Fund
Page : 108 pages
File Size : 51,7 Mb
Release : 1996-09-26
Category : Business & Economics
ISBN : 1557755620

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Monetary and Exchange System Reforms in China by Mr.Bernard Laurens,Mr.Hassanali Mehran,Mr.Marc Quintyn,Mr.Tom Nordman Pdf

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 43 pages
File Size : 47,6 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781498339483

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Enhancing International Monetary Stability--A Role for the SDR? by International Monetary Fund. Strategy, Policy, & Review Department Pdf

The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.

Author : Olivier Blanchard,David Romer,Michael Spence,Joseph E. Stiglitz
Publisher : MIT Press
Page : 251 pages
File Size : 53,5 Mb
Release : 2012-02-24
Category : Business & Economics
ISBN : 9780262301084

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In the Wake of the Crisis by Olivier Blanchard,David Romer,Michael Spence,Joseph E. Stiglitz Pdf

Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

Author : John Williamson,Institute for International Economics (U.S.)
Publisher : MIT Press (MA)
Page : 708 pages
File Size : 50,6 Mb
Release : 1983
Category : Conditionality (International relations)
ISBN : STANFORD:36105037510661

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IMF Conditionality by John Williamson,Institute for International Economics (U.S.) Pdf

The twenty-one contributions in this book assess the controversy surrounding the Fund and provide judgments about the criteria for Fund lending which should help readers understand and analyze both its ongoing role in smoothing adjustment to international payments imbalances and its currently critical position in responding to the debt crisis.

Author : United States. Congress. House. Committee on Financial Services
Publisher : Unknown
Page : 256 pages
File Size : 42,8 Mb
Release : 2011
Category : Electronic
ISBN : UCR:31210023151739

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Report on the Activity of the Committee on Financial Services for the ... Congress by United States. Congress. House. Committee on Financial Services Pdf

Author : C. Randall Henning
Publisher : Oxford University Press
Page : 312 pages
File Size : 51,5 Mb
Release : 2017-03-31
Category : Political Science
ISBN : 9780192521965

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Tangled Governance by C. Randall Henning Pdf

Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examines the institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study. The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift. States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.