Adapting Precautionary Arrangements To Crisis Prevention
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Adapting Precautionary Arrangements To Crisis Prevention
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-06
Adapting Precautionary Arrangements To Crisis Prevention written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-06 with Business & Economics categories.
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Review Of Exceptional Access Policy
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-03-23
Review Of Exceptional Access Policy written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-23 with Business & Economics categories.
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Reduction Of Blackout Periods In Gra Arrangements
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2009-08-27
Reduction Of Blackout Periods In Gra Arrangements written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-27 with Business & Economics categories.
In the context of the March 2009 reforms of the General Resources Account (GRA) lending toolkit, the Executive Board asked staff to prepare a paper addressing the problem of blackout periods under GRA arrangements, which interrupt access to accumulated but undrawn purchases. This request arose in the context of the decision to make high-access precautionary arrangements (HAPAs) available to members on a more regular basis (with greater flexibility regarding frontloading of access). Blackout periods have important implications given that the crisis-prevention and confidence-enhancing role of precautionary arrangements (particularly HAPAs) depend on strong assurances that resources will be available if needed. Section II provides background on the issue of blackout periods and the expanded role of precautionary arrangements under the recent reforms. Section III proposes a solution to provide greater assurances to members regarding continuity of access to accumulated rights while maintaining appropriate safeguards.
Imf Support And Crisis Prevention
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Author : Mr.Juan Zalduendo
language : en
Publisher: International Monetary Fund
Release Date : 2008-05-16
Imf Support And Crisis Prevention written by Mr.Juan Zalduendo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-16 with Business & Economics categories.
This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past have been subject to enormous economic and social costs, highlighting the importance of crisis prevention. While the main defense against a crisis lies in a country’s own policies and institutional framework, the IMF can contribute to these efforts through its surveillance activities, provision of technical assistance, and promotion of standards and codes. But the IMF may be able to contribute to crisis prevention more directly by providing contingent financial support. This paper explores the theoretical basis of, and empirical evidence for, possible “crisis prevention programs.”
Precautionary Arrangements Purposes And Performance
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2006-03-23
Precautionary Arrangements Purposes And Performance written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-23 with Business & Economics categories.
This paper compares experience under precautionary and non-precautionary programs over the period 1992-2005, with a view to answering two questions: Are there systematic differences between precautionary and non-precautionary programs in terms of policies, conditionality, or macroeconomic outcomes? And, if so, are these attributable to the nature of the arrangement or to the economic problems facing the member and the circumstances that led it to seek the Fund’s support? The paper finds that countries with weak initial macroeconomic performance tend to request drawing programs whereas those with stronger macroeconomic fundamentals, but facing economic uncertainties, favor precautionary programs. While significant differences exist in the behavior of key macroeconomic variables (output growth and inflation) at the outset of the programs, these differences tend to disappear over the following two to three years, and can be largely explained by the different initial conditions facing the member.
Review Of The Fund S Financing Role In Member Countries
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2008-08-28
Review Of The Fund S Financing Role In Member Countries written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-28 with Business & Economics categories.
This paper raises and discusses issues related to how the Fund provides financial assistance to its members. It is part of the strategic review to ensure the Fund remains relevant and effective. The objective is not to increase Fund lending, but to make sure the Fund has the right instruments and policies to help all of its members—with appropriate protection of Fund resources—as they integrate into a world of growing and increasingly complex cross-border flows. Other institutions (including major central banks and the World Bank) also are retooling their lending instruments and in the process grappling with similar issues. The paper offers a high-level view of the issues and does not make specific policy proposals. Policy proposals will be presented in follow-up papers, some of which are planned for Board discussion later in 2008.
Further Consideration Of A New Liquidity Instrument For Market Access Countries Design Issues
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2007-02-13
Further Consideration Of A New Liquidity Instrument For Market Access Countries Design Issues written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-13 with Business & Economics categories.
This paper focuses on a specific set of issues -- qualification criteria, monitoring structure, access levels and terms, links to other Fund facilities, and links to the private sector. This paper is a complement and follow-up to an earlier paper, which itself considered the broader issues involved in creating a new instrument. The paper does not put forward a concrete proposal to Directors, but seeks to achieve a further convergence of views on these key issues.
Gra Lending Toolkit And Conditionality Reform Proposals
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-03-13
Gra Lending Toolkit And Conditionality Reform Proposals written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-13 with Business & Economics categories.
The Executive Board of the International Monetary Fund (IMF) considered a series of papers to reform the Fund's nonconcessional lending framework. This culminated in the approval of a major overhaul of the IMF’s lending framework, including the creation of a new Flexible Credit Line (FCL). The changes to the IMF’s lending framework which are described in GRA Lending Toolkit and Conditionality—Reform Proposalsand GRA Lending Toolkit and Conditionality—Reform Proposals—Revised Proposed Decisions include: • modernizing IMF conditionality for all borrowers, • introducing a new Flexible Credit Line, • enhancing the flexibility of the Fund’s traditional stand-by arrangement, • doubling normal access limits for nonconessional resources, • simplifying cost and maturity structures, and • eliminating certain seldom-used facilities. The series of papers are: Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, Conditionality in fund-Supported Programs—Purposes, Modalities and Options for Reform, Charges and Maturities and Proposals for Reform, Supplement 1 and Supplement 2, Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, and Review of Limits on Access to Financing in the Credit Tranches and Under the Extended Fund Facility, and Overall Access Limits Under the General Resources Account provide the background on the earlier discussion of reforms in each of these areas.
Signaling By The Fund A Historical Review
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-07-16
Signaling By The Fund A Historical Review written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-07-16 with Business & Economics categories.
The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both reflected on the ways in which its main activities - especially surveillance and use of Fund resources (UFR) - send signals, and has created instruments for the express purpose of signaling. Overall, attempts to 'design' signaling mechanisms have been less than fully successful. This paper attempts to elucidate why, drawing primarily on the Fund's own thinking and assessments.
Consideration Of A New Liquidity Instrument For Market Access Countries
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2006-04-08
Consideration Of A New Liquidity Instrument For Market Access Countries written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-08 with Business & Economics categories.
The objective of this paper is to consider key issues in the design of a new liquidity instrument for market access countries. It reviews the motivations and challenges of creating such an instrument and lays out options and issues related to four key design elements. Recognizing the need to consider the relationship between these elements, the paper sets out an example of how they might be combined in a lending instrument – called here the Reserve Augmentation Line, or RAL. It also discusses risks.