Posted on May 11, 2011 by iMFdirect
By Anoop Singh
Much of the debate over global rebalancing has focused on the U.S.-China trade imbalance. But that’s missing the bigger picture.
With the growth of cross-border supply chains—a signature feature of Asia’s trade in recent decades—it would be misleading to focus on bilateral imbalances and exchange rates.
Instead of specializing in producing certain types of final goods, Asian exporters increasingly have specialized in certain stages of production and become vertically integrated with each other. So, as Asia’s economies strive to rebalance their growth models, we need to understand better how the regional supply chain affects the way exchange rates and shifts in global demand work. (more…)
Filed under: Asia, Economic outlook, International Monetary Fund | Tagged: Asian integration, capital goods, competitiveness, cross-border supply chains, economic imbalances, effective exchange rate, exchange rates, global rebalancing, intermediate good imports, intermediate inputs, production disruptions, Regional Economic Outlook: Asia and Pacific, regional integration, trade integration, trade partners, vertical integration | 1 Comment »
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 11, 2010 by iMFdirect
By Naoyuki Shinohara
(Version in 中文, 日本語 and 한국어)
Asia’s voice is getting louder and the IMF—and, indeed, the world—is listening.
I am writing from Daejeon, Korea where the Fund and the government of Korea are hosting together a high-level international conference over the next two days.
The conference, entitled Asia 21: Leading the Way Forward, is an opportune time to reflect on exactly that: Asian leadership. Both the topics to be discussed and participants expected for the event speak volumes of the range and depth of expertise and experience in the region.
With broader recognition of the region’s economic, analytic and policy successes, Asia is now a leading voice in the global dialogue on economic and financial policies.
Filed under: Advanced Economies, Asia, Economic Crisis, Emerging Markets, G-20, Global Governance, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: Asia and the IMF, Asia21, Asian integration, G-20, G-20 mutual assessment process, global financial crisis, global financial safety net, IMF governance, international monetary cooperation, New Arrangements to Borrow, policy coordination, regional economic analysis, regional financial safety nets, regional financing mechanisms, regional integration, sustainable recovery | Leave a Comment »
Posted on July 9, 2010 by iMFdirect
By Anoop Singh
In just a few days’ time, the Korean government and the IMF will jointly host a high-level international conference in Daejeon, Korea. At the Fund, we are trying continually to enhance our strategic dialogue with Asia, and the conference is an important part of this effort.
Asia’s leadership of the global recovery is undeniable, as I have said in earlier blogs. And the extensive reforms and improved macroeconomic policy frameworks that underpinned the region’s remarkable resilience to the global crisis will see Asia’s successes continue. In just two short decades, we expect it to become the largest economic region in the world.
The Korea conference will be an opportunity to showcase Asia’s economic successes, and also highlight the importance of regional integration and cooperation, which has been growing rapidly in Asia.
Filed under: Advanced Economies, Asia, Economic Crisis, Emerging Markets, G-20, Global Governance, Globalization, growth, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: Asia, Asia and the IMF, Asia-Pacific, Asian integration, cross-border linkages, early warning exercise, financial sector reform, G-20, global economic crisis, global financial safety net, governance, governance reform, IMF governance, low-income countries, multilateral surveillance, policy coordination, rebalance global economy, regional financial safety nets, regional integration, spillovers, strong policy frameworks, surveillance, vulnerability analysis | Leave a Comment »
Posted on March 25, 2010 by iMFdirect
By Alfred Kammer
Regional technical assistance centers have gradually evolved to play a major role in IMF technical assistance. These centers, which are largely donor financed, have become important vehicles for helping countries carry out economic reforms.
Their objective is to assist countries in designing and implementing their poverty reduction and broader developmental strategies and help countries integrate into the world economy.
For example, they help strengthen public financial management, and so improve governance and transparency, facilitating donors’ use of budget support instruments. They help improve tax and customs administration, providing an environment that is more conducive to investment and growth, increasing the resource envelope for poverty reducing spending and reducing the opportunities for corruption. At the same time, such reforms facilitate trade and enable countries to take better advantage of the forces of globalization.
Filed under: Africa, Asia, concessional lending, Economic Crisis, International Monetary Fund, Latin America, Low-income countries | Tagged: budget support, Globalization, policy coordination, poverty reduction, regional integration, technical assistance | 2 Comments »