Monetary And Fiscal Policy Options For Dealing With External Shocks Insights From The Gimf For Colombia
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Monetary And Fiscal Policy Options For Dealing With External Shocks Insights From The Gimf For Colombia
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Author : Daniel Leigh
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2009-03-01
Monetary And Fiscal Policy Options For Dealing With External Shocks Insights From The Gimf For Colombia written by Daniel Leigh 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 2009-03-01 with categories.
This paper utilizes an open-economy New Keynesian overlapping generations model, the Global Integrated Monetary and Fiscal Model (GIMF), to assess the macroeconomic effects of external shocks and the impact of various monetary and fiscal policy responses. The simulations assess the effect of shocks to trade, world income, and risk premia for public debt. The results suggest that under Colombia’s inflation targeting regime, which incorporates exchange rate flexibility and a highly responsive monetary policy, the economy is well poised to adjust to different external shocks. They also suggest that the potential role of fiscal policy in responding to shocks depends critically on financing conditions.
The Global Integrated Monetary And Fiscal Model Gimf Theoretical Structure
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Author : Mr.Michael Kumhof
language : en
Publisher: International Monetary Fund
Release Date : 2010-02-01
The Global Integrated Monetary And Fiscal Model Gimf Theoretical Structure written by Mr.Michael Kumhof 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 2010-02-01 with Business & Economics categories.
This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-region dynamic general equilibrium model that is used by the IMF for a variety of tasks including policy analysis, risk analysis, and surveillance.
Regional Economic Outlook October 2010 Western Hemisphere
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2010-10-19
Regional Economic Outlook October 2010 Western Hemisphere written by International Monetary Fund. Western Hemisphere 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 2010-10-19 with Business & Economics categories.
Heating Up in the South, Cooler in the North broadly describes the economic scene for the Western Hemisphere. The report emphasizes how a mixed environment--with slow recovery in the United States and other advanced economies, but strength in Asia--differently shapes the outlooks for the diverse economies of Latin America and the Caribbean. This issue also focuses on financial issues in Latin America, with a chapter on the challenges of allowing credit to expand safely, without creating excessive risks, and a chapter that looks at macroprudential financial policies--topics especially important in today's context of low global interest rates and capital flows to emerging economies. The final chapter turns to Caribbean economies, exploring the drivers, and obstacles, that affect their growth.
Colombia Selected Issues
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Author :
language : en
Publisher:
Release Date : 2009
Colombia Selected Issues written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Colombia categories.
Regional Economic Outlook May 2010 Western Hemisphere
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2010-05-10
Regional Economic Outlook May 2010 Western Hemisphere written by International Monetary Fund. Western Hemisphere 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 2010-05-10 with Business & Economics categories.
A multispeed global recovery is under way, with some emerging markets in the lead and the major advanced economies growing more slowly. This macroeconomic setting has brought a return to easy global financial conditions and high commodity prices-a situation likely to be sustained for some time but unlikely to be permanent. Against that external backdrop, the recovery in the Latin America and Caribbean region overall is advancing faster than anticipated, but moving at different speeds across countries. The report discusses the varying policy challenges that different countries face as the global recovery proceeds. Chapter 1 analyzes the global setting and the outlook for the United States and Canada in particular, while Chapter 2 focuses on the outlook for Latin America and the Caribbean. Chapter 3 looks in depth at the challenges arising from the return of easy external financial conditions. Together with high commodity prices, such conditions represent favorable "tailwinds" for many countries of the region, but also carry risks for policymakers to address.
A Growth Friendly Path For Building Fiscal Buffers In The Caucuses And Central Asia
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Author : Mr.Edward R Gemayel
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-10
A Growth Friendly Path For Building Fiscal Buffers In The Caucuses And Central Asia written by Mr.Edward R Gemayel 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 2018-04-10 with Business & Economics categories.
Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules.
Singapore
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-22
Singapore written by International Monetary Fund. Asia and Pacific 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 2015-07-22 with Business & Economics categories.
Outlook and risks. As Singapore prepares to celebrate its 50th anniversary in August, its economy continues to perform well. Despite the slow pace of the global recovery and a gradual decline in domestic credit growth and housing prices, projected economic growth of about 2.9 percent in 2015 is consistent with full employment and price stability. Growth is projected to slow down in the medium term, consistent with reduced reliance on foreign workers and rapid population aging. The authorities’ new growth model takes into account Singapore’s physical resource limits and aims to boost labor and land productivity. Risks to the baseline are tilted to the downside: Singapore’s highly open economy is exposed to external shocks, most notably slower global growth and the side effects from volatility in global financial markets. Domestic vulnerabilities, including elevated private indebtedness, can amplify the impact of external shocks. Policies. In January, in response to a decline in expected inflation and a more uncertain outlook for growth, the Monetary Authority of Singapore (MAS) reduced the pace of appreciation of the nominal effective exchange rate (NEER) band. The more benign near?to medium-term inflation outlook warrants the relative easing of monetary policy. The monetary policy framework is robust and flexible but rising domestic leverage and heightened global interest rate and exchange rate volatility warrant heightened vigilance in assessing the balance of forces between the various channels of monetary policy. Singapore continues to maintain high regulatory and supervisory standards. Recent macroprudential measures have contributed to smoothing the cycle for credit and house prices. The budget’s focus on boosting productivity, equality of opportunity, and inclusiveness is laudable, while the fiscal impulse is opportune given cyclical conditions. Restructuring and population aging. Building on Singapore’s success and faced with high income inequality and the physical limits of a city state, the authorities have re-engineered the country’s growth model to boost productivity while reducing reliance on foreign workers. The restructuring entails lower steady state growth and a shift in the functional distribution of income toward labor. Incentives provided for firms to increase productivity-enhancing investments and for Singaporeans to upgrade their skills should help ensure a successful transition. But slower potential growth and a lower share of profits in income could affect those investments, and gains in productivity could be realized only slowly. Flexibility in the application of foreign worker policies and continued review of incentives are warranted. The authorities are recalibrating fiscal policies with associated inter?and intra- generational impacts in order to proactively deal with Singapore’s rapid population aging, enhance inclusiveness and reduce inequality, while remaining true to the principles of individual responsibility and sound public finances.
Fiscal Rules Anchoring Expectations For Sustainable Public Finances
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-11
Fiscal Rules Anchoring Expectations For Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs 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 2009-12-11 with Business & Economics categories.
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Monetary And Currency Policy Management In Asia
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Author : Masahiro Kawai
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Monetary And Currency Policy Management In Asia written by Masahiro Kawai 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 2012-01-01 with Business & Economics categories.
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Policy Advice To Asia In The Covid 19 Era
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Author : Changyong Rhee
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-05
Policy Advice To Asia In The Covid 19 Era written by Changyong Rhee 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 2021-03-05 with Health & Fitness categories.
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.