Escaping the Resource Curse

Posted on May 16, 2012 by iMFdirect

In our study, we analyze how fiscal frameworks for resource-rich countries be made more flexible in practice from a practitioner’s perspective, proposing specific options to effectively anchor fiscal policy while allowing for a sustainable scaling up of spending in the context of increased resource revenue.

Filed under: Africa, Asia, Economic outlook, Economic research, Emerging Markets, Employment, Fiscal policy, growth, Inequality, Investment, Latin America, Low-income countries, Middle East, Multilateral Cooperation, Politics, Public debt | Tagged: , , , , , , , , , , , , | Leave a Comment »

Africa and the Great Recession: Changing Times

Posted on May 14, 2012 by iMFdirect

Sub-Saharan Africa’s solid growth record has been supported by several factors, including significantly less civil conflict, the generally favorable commodity price developments benefiting Africa’s natural resource exporters; and the extensive debt relief provided to most highly-indebted poor countries. But I would ascribe key importance to sound policy choices by African governments – both in terms of pursuing appropriate macroeconomic policies and pressing ahead with important reform measures.

Filed under: Advanced Economies, Africa, Asia, Debt Relief, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, growth, Inequality, International Monetary Fund, LICs, Low-income countries, recession | Tagged: , , , , , , , , , , , , , , , , , | 2 Comments »

The Art of Shifting Gear

Posted on April 27, 2012 by iMFdirect

The fact is, the global outlook underpins any turnaround in Asia and at this point, it could go either way: too early to declare victory over the forces of financial volatility and contagion. The art then is being prepared for either eventuality and policymakers should be ready to shift gears if, and when, circumstances warrant.

Filed under: Advanced Economies, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Financial Crisis, Fiscal policy, Globalization, growth, Inequality, International Monetary Fund, Multilateral Cooperation, recession | Tagged: , , , , , , , , , , , | 2 Comments »

Top Links from the IMF – Global and Regional Economic Analysis for April

Posted on April 22, 2012 by iMFdirect

The IMF and World Bank have just wrapped up their Spring Meetings for April, dominated by agreement on a huge boost to the anti-crisis firewall to prevent contagion in the event of a flare-up.

Filed under: Advanced Economies, Africa, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Financial Crisis, Globalization, growth, IMF, Inequality, International Monetary Fund, Latin America, LICs, Low-income countries, Middle East, Public debt | Tagged: , , , , , , , , | 4 Comments »

Mediocre Growth, High Risks, and The Long Road Ahead

Posted on April 17, 2012 by iMFdirect

Geopolitical tension affecting the oil market is surely a risk. The main risk remains, however, that of another acute crisis in Europe. The building of the “firewalls”, when it is completed, will represent major progress. By themselves, however, firewalls cannot solve the difficult fiscal, competitiveness, and growth issues that some of these countries face. Bad news on the macroeconomic or the political front still carries the risk of triggering the type of dynamics we saw last fall.

Filed under: Advanced Economies, Africa, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Financial Crisis, Fiscal policy, Fiscal Stimulus, Globalization, growth, Inequality, International Monetary Fund, Latin America, LICs, Low-income countries, Middle East, Public debt, recession | Tagged: , , , , , , , , , , , , , , , | 7 Comments »

“Macro…, what?!” The New Buzz on Financial Stability

Posted on March 23, 2012 by iMFdirect

When carefully implemented, macroprudential policy can become a cornerstone of financial stability policy. The dictionary of financial lingo has been given an important new entry.

Filed under: Advanced Economies, Africa, Asia, Debt Relief, Economic Crisis, Economic research, Emerging Markets, Europe, Finance, Financial Crisis, Financial regulation, Financial sector supervision, Fiscal policy, growth, IMF, International Monetary Fund, Latin America, Middle East, Multilateral Cooperation | Tagged: , , , , , , | 6 Comments »

Youth Speaking Out

Posted on March 5, 2012 by iMFdirect

Young people, hardest hit by the global economic downturn, are speaking out and demanding change. Coming of age in the Great Recession, the world’s youth face an uncertain future, with lengthening job lines, diminished opportunities, and bleaker prospects that are taking a heavy emotional toll. The March 2012 issue of Finance & Development magazine looks at the challenges facing young people today.

Filed under: Advanced Economies, Africa, Asia, Civil Society, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Financial Crisis, Financial sector supervision, Fiscal policy, Global Governance, Globalization, growth, IMF, Inequality, International Monetary Fund, Latin America, LICs, Low-income countries, Middle East, Public debt, recession | Tagged: , , , , , , , , , , , , , , , , , , , | 7 Comments »

Driving the Global Economy with the Brakes On

Posted on January 24, 2012 by iMFdirect

The world recovery, which was weak in the first place, is in danger of stalling. The epicenter of the danger is Europe, but the rest of the world is increasingly affected.

Filed under: Advanced Economies, Africa, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Financial Crisis, Financial regulation, Financial sector supervision, Fiscal policy, Fiscal Stimulus, G-20, Global Governance, growth, IMF, Inequality, International Monetary Fund, Latin America, Low-income countries, Middle East, Public debt, recession | Tagged: , , , , , , , , , , , , , , | 8 Comments »

Lurking in the Shadows—The Risks from Nonbank Intermediation in China

Posted on November 3, 2011 by iMFdirect

One of my all-time favorite movies is “The Third Man” starring Orson Welles and Joseph Cotten. Perhaps the most striking part of the movie is the shadowy cinematography, set in post-World War II Vienna. Strangely, it springs to mind lately when I have been thinking of China.

Many China-watchers looked on in 2009 as the government’s response to the global financial crisis unfolded, causing bank lending to expand by close to 20 percentage points in less than a year. At the same time, a less visible phenomenon was also getting underway. One that, like Orson Welles’ character in the movie, resided firmly in the shadows. Various types of nonbank financial intermediaries were gearing up to provide more credit.

Talking to people in China, and looking at what numbers are available, one cannot help but have an uneasy feeling that more credit is now finding its way into the economy outside of the banking system than is actually flowing through the banks. This worries me for four broad reasons.

Filed under: Asia, Financial regulation, Financial sector supervision, International Monetary Fund | Tagged: , , , , , , , , , , , , , , , , | 24 Comments »

What to Do About Unemployment in the Caucasus and Central Asia

Posted on October 31, 2011 by iMFdirect

Looking beyond growth rates, one challenge that stands out for the Caucasus and Central Asia region as a whole is to create jobs.

Filed under: Asia, Economic research, Emerging Markets, Employment, growth, Middle East | Tagged: , , , , , , , , , | 6 Comments »

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