Accelerating Financial Sector Development to Boost Growth in Sub-Saharan Africa


Anne-Marie Gulde-Wolf.IMFBy Anne-Marie Gulde-Wolf

Version in Français (French), Português (Portuguese)

There are many reasons why deeper financial development—the increase in deposits and loans but also their accessibility and improved financial sector efficiency—is good for sustainable growth in sub-Saharan Africa. For one, it helps mobilize savings and to direct funds into productive uses, for example by providing the start-up capital for the next innovative enterprise. This in turn facilitates a more efficient allocation of resources and increases overall productivity.

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Five Lessons from a Review of Recent Crisis Programs


Vivek Arora.Feb2015-thumbBy Vivek Arora

Version in 中文 (Chinese), Español (Spanish)

IMF lending increased to unprecedented levels in the aftermath of the global financial crisis. As difficulties emerged, we extended financial support to countries across the world—in the euro area, Africa, Asia, the Middle East, and emerging economies in Europe.

The IMF tried to draw lessons in real time as the crisis evolved in order to adapt our operations. We reviewed individual programs and, from time to time, paused and took stock of our experience across countries.

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The Role of Law in Preserving Financial Stability


By Sean Hagan and Ross Leckow

Since the 2008 global financial crisis, the international community has made a great deal of progress in strengthening legal frameworks governing the financial sector, but a great deal more needs to be done to implement international standards and develop appropriate approaches to emerging challenges.

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What Happens When Banks Stop Doing Business With Some Countries


By iMFdirect

When global banks decide to withdraw from some countries and no longer do business with banks there, the global effect so far has been a gentle ripple, but if unaddressed, it may become more like a tsunami for the countries they leave.

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Rethinking Policy at the IMF


By iMFdirect

The global financial crisis led to a broad rethink of macroeconomic and financial policies in the global academic and policy community. Eight months into the job as IMF Chief Economist, Maury Obstfeld reflects on the IMF’s role in this rethinking and in furthering economic and financial stability.

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Monetary Policy and Financial Stability: Canada’s House-Price Dilemma


By Cheng Hoon Lim

(Version in Français)

Canada’s housing market is sizzling hot and the Bank of Canada has a monetary policy dilemma: increase interest rates to cool the housing market would hurt borrowers and the economy; keep interest rates low adds fuel to the borrowing that led to the rise in housing prices and in household debt. What to do?

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A New Look at the Benefits and Costs of Bank Capital


By Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong

The appropriate level of bank capital and, more generally, a bank’s capacity to absorb losses, has been a contentious subject of discussion since the financial crisis. Larger buffers give bankers “skin in the game” helping to prevent excessive risk taking and absorb losses during crises. But, some argue, they might increase the cost of financial intermediation and slow economic growth.

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