Posted on January 5, 2012 by iMFdirect
By Tamim Bayoumi
The global crisis has pushed trade reforms off—or at least to the edge of—the political radar screen. But shying away from improving the trade system in these tough economic times seems a little like cutting off your nose to spite your face.
The IMF’s First Deputy Managing Director David Lipton summed the issue up in a recent speech: “trade wars can put millions of jobs in jeopardy, while trade integration can be an engine of growth.”
Filed under: Advanced Economies, Emerging Markets, Globalization, growth, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: Doha Development Agenda, exchange rates, global financial crisis, global supply chains, IMF, iMFdirect, International Monetary Fund, international trade, multilateral trading system, trade integration, trade liberalization, trade openness, trade reforms | 6 Comments »
Posted on May 5, 2011 by iMFdirect
By David Owen
(Version in Русский)
Medium-term economic growth prospects in the Caucasus and Central Asia region are strong. But, to secure ongoing prosperity, the eight countries of the region—Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan—will need to look beyond traditional sources of growth.
The challenge for policymakers will be to foster new and more diverse growth drivers, outside mining, oil, and gas.
There are seven policy pillars that can help them do that: (more…)
Filed under: Economic outlook, Emerging Markets, International Monetary Fund | Tagged: bank financing, business environment, Caucasus and Central Asia, commodity prices, diversify growth, economic growth, foreign investment, global financial crisis, global recovery, governance, inequality, international trade, Regional Economic Outlook: Middle East and Central Asia, regional integration, sustainable growth, trade liberalization, unemployment | 3 Comments »
Posted on July 20, 2010 by iMFdirect
By José Viñals
Monetary stability seems almost a given today, even taken for granted. It wasn’t always like that. Not so long ago, high and volatile inflation routinely raised its ugly head and threatened living standards. Some of us even remember those days! It wasn’t pleasant. But since then, an effective antidote has pretty much wiped out rampant price instability. Over the past three decades, better monetary frameworks have caused the level and volatility of inflation to fall sharply. These frameworks enshrined price stability as the main monetary policy objective, and provided independence and constrained discretion in the pursuit of this objective, often set out through formal inflation targets.
As I said, it worked out well. Or did it? In reality, there was a gaping hole in the system. While monetary policy frameworks fortified the castle against inflation at the front, they didn’t pay much attention to back door vulnerabilities. I’m talking about financial stability.
Filed under: Advanced Economies, Economic Crisis, Emerging Markets, Financial Crisis, Financial regulation, Fiscal Stimulus, IMF, International Monetary Fund | Tagged: asset price bubbles, central banking, financial reform, Financial regulation, financial stability, global financial crisis, global financial linkages, inflation, inflation targets, international trade, monetary policy, price stability | 3 Comments »