Collaboration Between Regional Financing Arrangements And The Imf Background Paper
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Collaboration Between Regional Financing Arrangements And The Imf Background Paper
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-31
Collaboration Between Regional Financing Arrangements And The Imf Background Paper 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 2017-07-31 with Business & Economics categories.
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Collaboration Between Regional Financing Arrangements And The Imf
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-31
Collaboration Between Regional Financing Arrangements And The Imf 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 2017-07-31 with Business & Economics categories.
The Global Financial Safety Net (GFSN) has expanded considerably since 2008, including in the non-traditional elements of the safety net such as Regional Financing Arrangements (RFAs). The resulting multi-layered structure of the GFSN makes collaboration between its various elements more important than in the past. Specifically, stronger collaboration between the Fund and RFAs would help increase the effective firepower of the GFSN and ensure a timely deployment of resources. The Fund’s experience in macroeconomic adjustment and its universal risk pooling would combine with the greater regional knowledge and country ownership brought the RFA. In this way, improved collaboration between the Fund and RFAs, including in co-financing, would significantly reduce the risk of contagion by encouraging countries to seek early assistance from the Fund. This paper is part of a broader set of proposals to fortify the GFSN (IMF, 2017b, c, d). It proposes both modalities for collaboration—across capacity development, surveillance, and lending—and some operational principles to help guide future co-lending between the Fund and the various RFAs. To date, the only operational guidance to facilitate collaboration has been limited to the high-level 2011 G20 Principles for Cooperation between the IMF and RFAs. Building on several case studies and the principles derived from them, this paper proposes an operational framework for future engagement. It aims to start a more structured dialogue between the Fund and individual RFAs on the modalities of how best to work together.
Background Papers On The Imf And The Crises In Greece Ireland And Portugal
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Author : Moisés J. Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30
Background Papers On The Imf And The Crises In Greece Ireland And Portugal written by Moisés J. Schwartz 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 2017-06-30 with Business & Economics categories.
This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.
The Systemic Impact Of Debt Default In A Multilayered Global Network Model
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Author : Mr. Nathan Porter
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-02
The Systemic Impact Of Debt Default In A Multilayered Global Network Model written by Mr. Nathan Porter 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 2022-09-02 with Business & Economics categories.
The world has become more interconnected over the past few decades. Against this backdrop, economic and financial contagion following adverse shocks can have a severe impact on the global economy. How systemic can the effects of contagion be? What specific transmission channels are involved? What is their relative importance? We address these questions using a multilayered global network model of contagion that simulates the impact of sovereign debt default on the global economy. We also develop a measure of global systemic risk and use bank stress testing techniques to quantify the systemic impact of the shock and the extent of contagion on the global economy. Our model shows that economic and financial contagion are highly non-linear, and many bystander economies can experience significant negative effects as the initial default is spread through the network. This suggests that many economies might be systemically more important than what conventional measures of size or openness might suggest.
The Law Of International Financial Institutions
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Author : Daniel D. Bradlow
language : en
Publisher: Oxford University Press
Release Date : 2023-08-21
The Law Of International Financial Institutions written by Daniel D. Bradlow and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-21 with Law categories.
In this new volume in the Elements series, Daniel D. Bradlow traces the history and development of international law and international financial institutions from 1918 to today, providing a detailed overview of the legal frameworks within which such institutions were established and operate, and which structure their relationships with their member states and their citizens. The book opens with the inter-war years, the Bretton Woods Conference, and background on the treaties establishing the IMF and the World Bank. It then discusses the Articles of Agreement of the IMF and the IBRD, providing information on their governance arrangements, mandates, and operating principles. The international legal status of these two international financial institutions, their international legal rights, responsibilities and obligations, and their privileges and immunities are also examined. In later chapters, the book explores how the structure, functions, and operations of the World Bank and IMF have evolved since their establishment and examines the regional development banks and the regional financial arrangements that were created after them. The book concludes by exploring the challenges that international financial institutions are currently facing, and the contributions that international law can make to help them successfully meet these challenges.
Contagion As A Dealmaker The Effect Of Financial Spillovers On Regional Lending Programs
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Author : Alexandra Fotiou
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-08
Contagion As A Dealmaker The Effect Of Financial Spillovers On Regional Lending Programs written by Alexandra Fotiou 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 2022-07-08 with Business & Economics categories.
The recent European sovereign debt crisis highlighted the critical role of regional lending arrangements. For the first time, European mechanisms were called to design financing programmes for member countries in trouble. This paper analyses how the risk of contagion, an essential characteristic of interlinked economies, shapes borrowing conditions. We focus on the role of spillovers as a channel of bargaining power that a country might have when asking for financial support from regional lending institutions. We build and present a new database that records both the dates on which official meetings took place, relevant statements were released and the timing of the announcements regarding loan disbursements. This database allows us to assess the defining role that announcements of future actions have in mitigating spillover costs. In addition, we study the design of lending arrangements within a recursive contract between a lender and a sovereign country. When accounting for spillover costs, arising from the borrower to the creditor, we find that it is in the lender's best interest to back-load consumption by giving more weight to future transfers in order to reduce contagion cost. Subsequently, we test and validate our theoretical predictions by assessing the effect of spillovers on loan disbursements to programme-countries and by juxtaposing lending conditions imposed by the IMF and the European mechanisms.
The Exchange Of Documents Between The Fund And Regional Financing Arrangements
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-16
The Exchange Of Documents Between The Fund And Regional Financing 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 2018-01-16 with Business & Economics categories.
"The changing contours of the global economy and the rapid transformation of the global financial safety net (GFSN) have strengthened the case for more structured collaboration between its different layers, particularly with Regional Financing Arrangements (RFAs). RFAs have become an important part of the GFSN, and their roles have also evolved. Over recent years, their coverage has expanded to encompass many major advanced and emerging market economies; the resources under their control has risen. Moreover, since the global financial crisis, some RFAs have become key financing counterparts of Fund-supported programs. These developments have heightened the importance of close and timely collaboration with RFAs. However, there is currently no formal framework for an exchange of Board documents with RFAs, leaving a gap in Fund collaboration with RFAs. The Fund has a long-standing practice for collaborating and sharing documents with other international organizations, primarily under the Transmittal Policy that was amended most recently in November 2017. However, some RFAs do not meet the criteria under the Transmittal Policy and, in view of the unique and heterogeneous institutional and governance structures of RFAs, there is a need for a dedicated and coherent framework that facilitates the exchange of documents on both routine and non-routine bases. This paper proposes a policy framework for the exchange of documents between the Fund and RFAs. The proposed framework establishes a set of criteria to be met by RFAs for document exchange—based on the consideration of whether a certain entity shares common operational interest with the Fund, and provides satisfactory confidentiality and reciprocity assurances. Under routine document sharing arrangements with RFAs, Board documents would be provided after Board consideration. In cases of UFR arrangements involving current or potential co-financing by the Fund and RFAs, or Policy Coordination Instruments (PCIs) and Policy Support Instruments (PSIs) that may help unlock RFA financing to the country, staff proposes that relevant Board documents be exchanged prior to their consideration by the Board, following notification to the Board. The proposed framework builds on the principles of the Transmittal Policy and does not impact the transmittal of documents to international organizations currently governed by the Transmittal Policy."
Japan The European Union And Global Governance
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Author : Eiji Ogawa
language : en
Publisher: Edward Elgar Publishing
Release Date : 2021-03-26
Japan The European Union And Global Governance written by Eiji Ogawa and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-26 with Law categories.
This timely book explores the relationship between Japan and the European Union as they work increasingly closely together in many areas of global governance. It discusses the most salient areas of such cooperation from a range of perspectives, while examining not just convergences but also differences, in light of the recent EU–Japan Economic Partnership Agreement and Strategic Partnership Agreement.
Handbook Of Regional Cooperation And Integration
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Author : Philippe De Lombaerde
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-02-12
Handbook Of Regional Cooperation And Integration written by Philippe De Lombaerde and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-12 with Political Science categories.
This is an open access title available under the terms of a CC BY-NC-ND 4.0 License. It is free to read, download and share on Elgaronline.com. This timely Handbook offers a detailed cross-policy assessment on the need, locale and impact of regional cooperation and integration, addressing how the principles of regional integration have affected multi-level governance and subsequent public policy. Individual chapters provide explanations of what regional cooperation means in a specific policy area, identify relevant theories, and present empirical evidence to support the arguments outlined.
Transmittal Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-22
Transmittal Policy written by International Monetary Fund 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 2017-11-22 with Business & Economics categories.
history of exchanging documents with other international organizations and currency unions. The practice of exchanging documents with individual organizations dates back to the 1940s, mostly conducted through bilateral arrangements with other international organizations and currency unions. In 1990, the Fund introduced a framework (the “Transmittal Policy”) for the transmittal of certain Board documents (relating to Article IV consultations, use of Fund resources and, later, technical assistance). The Transmittal Policy has served the institution well, but some gaps have emerged over time. Many of the current bilateral document sharing arrangements were adopted in response to individual organizations’ requests, thus document sharing arrangements have not always been applied uniformly to similar organizations or kept pace with the mandates and needs of the organizations. This has resulted in similar organizations having uneven access to Fund documents. Moreover, the Fund’s Transparency Policy has also evolved and prompt publication of most Board documents is now the norm. The proposals set forth in this paper seek to ensure a consolidated, evenhanded approach to the transmittal of Fund documents to international organizations and currency unions. In particular, this paper proposes several changes that would allow international organizations and currency unions to receive a wider range of documents. This paper also presents a proposal responding to requests by Executive Directors of European Union (EU) countries to expand access to documents and information prior to Board consideration for the European Commission (EC). Staff proposes that access be granted uniformly to the EC and other executive bodies of currency unions that have executive decision-making power over the common economic and monetary policies of currency unions. There is also an interest in more expanded sharing of Fund documents with regional financing arrangements (RFAs) in view of their importance in the Global Financial Safety Net. However, given the unique structure of RFAs and the need to develop a policy framework suited for the needs of both the Fund and RFAs, a proposal for such sharing will be put forward in a separate paper for consideration by the Board.