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IMF Staff Papers, Volume 57, No. 2

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2010-06-29

Total Pages: 244

ISBN-13: 1589069129

This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of financial liberalization, provides descriptive statistics, and discusses some possible applications. The database provides a multifaceted measure of reform, covering seven aspects of financial sector policy. Along each dimension the database provides a graded (rather than a binary) score, and allows for reversals.

IMF Staff Papers, Volume 57, No. 1

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2010-03-26

Total Pages: 288

ISBN-13: 1589069110

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Do highly indebted countries suffer from a debt overhang? Can debt relief foster their growth rates? To answer these important questions, this article looks at how the debt-growth relation varies with indebtedness levels, as well as with the quality of policies and institutions, in a panel of developing countries. The main findings are that, in countries with good policies and institutions, there is evidence of debt overhang when the net present value of debt rises above 20–25 percent of GDP; however, debt becomes irrelevant above 70–80 percent. In countries with bad policies and institutions, thresholds appear to be lower, but the evidence of debt overhang is weaker and we cannot rule out that debt is always irrelevant. Indeed, in such countries, as well as in countries with high indebtedness levels, investment does not depend on debt levels. The analysis suggests that not all countries are likely to profit from debt relief, and thus that a one-size-fits-all debt relief approach might not be the most appropriate one.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1986-01-01

Total Pages: 196

ISBN-13: 1451946953

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WILLIAM. white, who joined the International Monetary Fund in 1948, spent his entire professional life in the Research Department. Present and past staff members, many of whom benefited from his advice, have asked that his contribution-to the work of the Fund should receive recognition in Staff Papers. This appreciation draws on excerpts from written recollections of some of his colleagues.

Staff Papers (April 1960)

Author: International Monetary Fund

Publisher:

Published:

Total Pages:

ISBN-13: 9781451949704

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IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1991-01-01

Total Pages: 217

ISBN-13: 1451947070

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The CMEA countries are starting to conduct their trade at world prices and in convertible currencies. These are crucial steps in economic reform but will worsen Eastern Europe’s terms of trade and drive it into current account deficit with the U.S.S.R. Proposals have been made for a payments union, resembling the European Payments Union of 1950–58, to ease the transition. Such an arrangement would not function well if it included the U.S.S.R., which would be a persistent creditor. Other ways must be found to deal with the transition.

IMF Staff Papers, Volume 53, No. 2

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2006-06-29

Total Pages: 166

ISBN-13: 9781589065178

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Noteworthy among the six papers appearing in this latest issue of the IMF's peer-reviewed journal is another installment in the Special Data Section. Anthony Pellechio and John Cady from the IMF's Statistics Department take a close look at differences in IMF data; how and when they could occur; and what the implications of such differences might be for end-users of the IMF's data.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1975-01-01

Total Pages: 340

ISBN-13: 1451947453

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In this paper it is argued that in a system of widespread managed floating, as in a par value system with occasional floating, the problem of asymmetry of adjustment between the issuers of the principal intervention currencies and other countries and the problem of ensuring an effective international management of reserves remain to be solved. If the latter problem is less acute under a floating system, the former problem is potentially more acute than under par values. Although widespread floating would appear to offer no obstacle to the operation of a substitution account, its effect on the acceptability of asset settlement is debatable and it would add considerably to the difficulties of organizing multicurrency intervention. If politically acceptable, a system of guided intervention oriented to an established system of normal exchange rate zones would probably be superior to any other arrangement under floating for the purpose of promoting symmetry in adjustment, while permitting an adequate degree of exchange rate management and avoiding the anomaly of mutually offsetting intervention.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1983-01-01

Total Pages: 245

ISBN-13: 1451946899

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This paper presents the demonstration effect imparted by the economic performance of a select group of developing countries, particularly in Southeast Asia, where the growth of trade has played a major role. The outward-oriented strategies have been typically characterized, inter alia, by the provision of incentives for export production, the encouragement of import competition for most domestically produced goods, and the use of the nominal exchange rate for the maintenance of realistic real exchange rates. The generally increasing integration of the world economy, in both goods and capital markets, has meant that countries have been drawn into closer international relationships, whether expressly desired or not. The longer-term factors just discussed can clearly inhibit the opening up of an economy, but perhaps equally important in this context are the short-run and medium-run effects that occur when such a strategy is adopted. Simple casual observation shows that there are serious, even if transitory, costs as a country moves from a relatively closed economy to a more open one.

IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1993

Total Pages: 197

ISBN-13: 1451947267

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This paper discusses how three countries in Europe—Austria, Turkey, and Finland—emerged from a prolonged inflation, restored viable economies, and resumed economic growth in the 1950s. It also attempts to draw some conclusions based on their experience as well as the experience of some other countries. In mid-1949 the Austrian Government requested assistance from the IMF in the formulation of measures that could lead the economy out of the accelerating price-wage spiral. The key issue was to find a policy mix which would lessen the burden on the budget but would help to maintain full employment. Representatives of industry agreed to the stabilization program only after they were persuaded that it was only through the program that industries could hope to maintain the prosperity that they had enjoyed in the early post-war years. They also realized that it was only thus that they could be freed of detailed government regulations which had become onerous.