Search

Begin New Search Topic IMF Publication Year within 25 Years

61. Great Expectations: Is the IMF Turning Words into Action on Inequality?

Author:
Nadia Daar, Nicholas Galasso, and Chiara Mariotti
Publication Date:
10-2017
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
In recent years, the International Monetary Fund has become a global leader in highlighting the inequality crisis; consistently identifying it as a major threat to human progress and prosperity. This is a significant shift from its previously held position that rising inequality was a necessary trade-off for achieving greater economic growth. What is the IMF doing in practice to operationalize its agenda for tackling inequality? The IMF’s main initiative has been a series of pilots that integrate inequality analysis into its economic surveillance of countries. This paper outlines Oxfam’s evaluation of these pilots and finds that they are not promoting policies that reduce inequality. It gives recommendations for the IMF to systematically incorporate the fight against inequality into its research and its actions on the ground
Topic:
International Cooperation, Financial Crisis, Inequality, and IMF
Political Geography:
Global Focus

62. IN3 - Incubating a New Spain through the Promotion of Entrepreneurship

Author:
James Costos
Publication Date:
09-2015
Content Type:
Journal Article
Journal:
The Ambassadors Review
Institution:
Council of American Ambassadors
Abstract:
Helping entrepreneurs grow their businesses and achieve their full potential is in the interest of anyone who wants to foster prosperity worldwide—that’s why it’s an Obama administration priority. Growth anywhere does some good everywhere, and the fact is that entrepreneurs create jobs and drive economic growth both at home and abroad. In the United States, 40 percent of our $17 trillion economy is generated by companies that did not even exist 20 years ago. Two-thirds of our 65 months of consecutive job growth is driven by small businesses. The owners of those businesses—28 million and growing—employ over half of America’s workforce. As our missions work to expand the global economic recovery, one of the most effective tools we have at our disposal is the promotion of entrepreneurship—a quintessential American value. By deepening the connections between the entrepreneurial ecosystems of the United States and our partners overseas, we can grow our economies, create jobs, and support businesses that will have lasting impact and create prosperity. The good news is that this is easy to do, because the world is more interconnected than ever before. We benefit from unprecedented opportunities to help entrepreneurs access the capital, resources, and networks they need to succeed. We also have the strong support and leader­ship of President Obama, who is personally committed to promoting entrepreneurship worldwide. Spain is a country with a strong and growing entrepreneurial spirit, a plethora of talent, and solid business networks. Although it is starting to emerge from economic crisis, there is still much work to be done to ensure Spain’s continued recovery. The United States Mission is doing its part to consolidate the country’s economic progress by helping a new generation of entrepreneurs achieve their full potential, and generate jobs and eco­nomic growth. We have established a strong partnership with TeamLabs, an organization that teaches the concept of entrepreneurship and engages with thousands of high school students across all regions of Spain. We have produced animated videos for youth called You®Company which tell real life stories of Spanish and US entrepreneurs while exploring the values of motivation, innovation, corporate social responsibility, failure, and critical thinking. We have also organized an Alumni Mentoring Program that we use to link up business leaders, prominent entrepreneurs, and alumni of United States Embassy exchange programs to coach aspiring entrepreneurs and help them build their network of contacts. This past June, we took our entrepreneurship programs to a new level with the launch of IN3 (IN-cubed)—Innovators, Investors, and Institutions—in partnership with Google and Chamberi Valley, a Spanish entrepreneurship association. Aimed at promoting entre­preneur­ship and investment in Spain, IN3 was the first community event hosted at Campus Madrid, one of only a handful of Google spaces around the world where entrepre­neurs can learn, connect, and build companies that will change the world. In August 2015, the International Monetary Fund released a report stating that Spain has more obstacles to entrepreneurship than any other European country. IN3 directly addressed these challenges by bringing together Spanish and American innovators, investors, and institutions to discuss common challenges and solutions for scaling-up interna­tional companies. The event provided Spanish entrepreneurs the opportunity to hear from leading US counterparts and tech investors on how to overcome institutional and investment challenges that inhibit business growth. It also offered US entrepreneurs the chance to explore areas of potential collaboration with their Spanish counterparts and learn from their experiences expanding into other European and Latin American markets. It provided a forum where entrepreneurs and policymakers exchanged ideas on the best ways to promote the creation of new businesses and help successful companies grow. Finally, it allowed US and Spanish innovators the opportunity to discuss their experiences with senior Spanish government officials. Through these interactions, IN3 helped to equip entrepre­neurs with the tools they need to overcome the challenges of expanding their businesses—from finance, to mentorship, to regulations. I was honored to be joined at IN3 by the Administrator of the United States Small Business Administration Maria Contreras-Sweet, Google Executive Chairman Eric Schmidt, His Majesty King Felipe VI of Spain, and leaders from the Spanish government. With their support, we elevated the importance of entrepreneurship and the crucial role entrepreneurs play in driving growth and creating jobs in Spain. Our message reached an audience of 53 million people in Spain through local media exposure, another 3.25 million on Twitter, and became a top-trending topic on US social media. Not only did the conference promote entrepreneurship and bilateral investment opportunities to a diverse audience, but IN3 generated real investment and new business growth for Spanish and US firms. For example, Opinno, the consulting and events firm that produced IN3, established new ties with US design thinking firms and academic institutions and plans to partner with these organizations to propel their international expansion. Several new investments were made in small and medium-sized Spanish companies, totaling hundreds of thousands of dollars, and the Embassy continues to hear of additional business sparked by the conference.
Topic:
Economics, Entrepreneurship, Recovery, and IMF
Political Geography:
United States, Europe, Spain, and North America

63. Laid Low: The IMF, The Eurozone and the First Rescue of Greece

Author:
Paul Blustein
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
As Greece descended into a financial maelstrom in the spring of 2010, a small group of staffers at the International Monetary Fund (IMF) held top-secret talks with officials from the German and French finance ministries to discuss the idea of restructuring Greece’s debt. Many independent analysts believed a restructuring was inevitable because the country’s debt burden appeared unsustainable. But instead, the “Troika” — the tripartite group of lenders that included the IMF, the European Commission and European Central Bank — attempted to resolve the crisis by giving Athens bailout loans of unprecedented magnitude, piling debt atop debt. The idea considered in those secret talks would come to fruition only much later, in March 2012, when Greece received the largest debt relief in history. In the meantime, the rescue effort would go terribly awry, with consequences that continue to reverberate today as the euro area struggles with weak growth and a rekindled crisis in Greece. This paper tells the story of the first Greek rescue, focusing on the role played by the IMF. A detailed look back at this drama elucidates significant concerns about the Fund’s governance and its management of future crises. The Fund has come under attack for yielding to the clout of European policy makers and lending its credibility to a rescue that some of its senior staffers viewed with grave misgivings. The result, critics lament, tarnished the Fund’s reputation for technocratic judgment, rendering it less effective at promoting international stability. The 2010 rescue enabled Greece to avoid default at that point, which might well have sparked a global conflagration akin to the 2008 bankruptcy of Lehman Brothers. European banks holding Greek bonds continued receiving payments of interest and principal for quite a long time thereafter, from the money lent by the Troika. But the interests of the Greek people were arguably sacrificed, and among economists there is widespread agreement that the country’s debt should have been restructured much sooner. In addition to shedding new light on what happened, this chronicle of events highlights the importance of the IMF’s acceptance, as a condition of its participation in the rescue, of a “junior partner” role in the Troika. This step is judged in the concluding section as being particularly ill-boding for the IMF’s ability to manage future crises, and policy recommendations are offered for alleviating the harm.
Topic:
Debt, Diplomacy, Regional Cooperation, Fiscal Policy, Eurozone, and IMF
Political Geography:
Europe and Greece

64. Diary of an American Woman: First Part of a Three-Part Story Called This Africa in my Dream

Author:
Chinyere G. Okafor
Publication Date:
06-2014
Content Type:
Research Paper
Institution:
Ìrìnkèrindò: a Journal of African Migration
Abstract:
The Structural Adjustment Program (SAP) was adopted in Nigeria after unsustainable foreign indebtedness caused grave economic crisis, which spun off political and social turmoil. Its adoption in 1986 by the Babangida military regime, was pushed by the World Bank and International Monetary Fund (IMF), as the only viable solution to Nigeria’s problems. Rather than provide relief, the adoption of SAP imposed extreme neoliberal austerity policies that pushed many middle class families into poverty, causing some to migrate both within the country and abroad. “Diary of an American Woman” is the story of three characters, Ola, Love, and Fakar. The story presents an account of three migrations: internal migration within Nigeria, external migration to America, and patrilocal movement from parental to marital abodes. Ola keeps a journal about her immigrant experience in America, which unfortunately is lost with her luggage in Nigeria. Fakar discovers the journal in his workplace and begins to read it. Ola’s immigrant experience in America as recalled in her diary reveals the underbelly of life of a Nigerian in America to the hotel janitor.
Topic:
Debt, International Political Economy, World Bank, Military Affairs, Literature, and IMF
Political Geography:
Africa and Nigeria

65. Greek Entrepreneurs to the Rescue: How to Reinvent the Greek Economy after the Sovereign Debt Crisis

Author:
Nasos Mihalakas
Publication Date:
05-2012
Content Type:
Working Paper
Abstract:
The Greek dimension of the EU sovereign debt crisis is by now well known to all. Investor anxiety over excessive national debt throughout the EU led to demands for higher interest rates from several governments with higher debt levels and current account deficits. This in turn made it difficult for some governments to finance further budget deficits and service existing debt. Unable to pay for its public debt, the Greek government turned to the EU for financial assistance. The first bailout package was approved on May 2010, which provided the Greek government with a three-year, €110 billion loan. In February 2012, the lending troika (EU, IMF, and ECB) eventually agreed to provide a second bailout package worth €130 billion. This second package included an agreement with banks to "voluntarily" accept a 53.5 percent write-off of some Greek debt, the equivalent of €100 billion, to reduce the country's debt level from €340 billion to €240 billion – or 120.5 percent of GDP – by 2020. So far, all the reforms forced upon Greece centers on how to reduce the government budget. These reforms include reducing the minimum wage for public (and therefore, also private) sector employees by 22 percent, cutting benefits to pensioners and health-care recipients, reducing the government payroll by laying off 150,000 public sector employees by 2015, privatizing government companies, and opening up some industries that were closed to competition. For now, Greece has been brought back from the brink of bankruptcy. Though safe for now, the country could find itself struggling to meet the strict conditions outlined in the second bailout agreement if key structural reforms don’t take place. It is not too late for the crisis to serve as an opportunity.
Topic:
Debt, Financial Crisis, European Union, and IMF
Political Geography:
Europe and Greece

66. Will IMF Intervention Help Belarus Solve Its Old Problems?

Author:
Alexander Chubrik
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
On May 31, 2011 the Government and National Bank of Belarus (NBB) announced that they would ask for a new stand-by loan from the IMF. The requests for external assistance followed several unsuccessful government attempts to overcome the serious macroeconomic crisis that has been developing in the country since the beginning of 2010. A key question arises, can external loans help Belarus to overcome its current crisis?
Topic:
Reform, Finance, Institutions, Macroeconomics, and IMF
Political Geography:
Europe, Caucasus, Eastern Europe, and Belarus

67. Monetary Credibility, Inflation, and Economic Growth

Author:
Roger W. Ferguson Jr.
Publication Date:
07-2006
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
By now it must be universally agreed that low and stable inflation is a primary and essential goal for monetary policy, in large part because we believe it brings stability to financial systems and fosters sustainable economic growth over the longer run. In pursuit of this goal, central banks can report some success. According to the 2005 World Economic Outlook from the International Monetary Fund (IMF 2005), consumer price inflation in the advanced economies over the decade beginning in 1997 looks set to come in at an average annual rate of less than 2 percent, down from 3.5 percent for the previous 10 years. The IMF figures for the United States show a smaller but still substantial decline in headline inflation, from about 3.75 percent to 2.5 percent. The drop in inflation for the nonindustrial economies has been more striking, with average inflation falling from double to single digits.1 As someone who started work as a monetary policymaker in 1997, I am happy to acknowledge the accomplishments of many policymakers at the Federal Reserve and in other central banks around the world. Thanks to their success in fighting inflation, the central banking profession enjoys a very high standing. And as a related matter, we might say that monetary credibility, which I would define as the perception in the private sector that central banks will do what it takes to keep inflation under control, is also quite high. This credibility is hard won, however, and can be easily lost. The Federal Open Market Committee (FOMC) at its November 1, 2005, meeting increased the federal funds rate 25 basis points, to 4 percent, and observed: The cumulative rise in energy and other costs has the potential to add to inflation pressures; however, core inflation has been relatively low in recent months and longer-term inflation expectations remain contained. . . . With underlying inflation expected to be contained, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability [FOMC 2005]. Unfortunately, however, the story over the past 20 years is not so uniformly positive for growth. Again according to IMF figures, growth among the nonindustrial economies appears to have increased to about 5.25 percent in the decade beginning in 1997, compared with growth of 3.75 percent in the previous 10 years. Growth in the United States has also moved slightly higher over the two periods, from 3 percent to 3.25 percent. However, growth in the other industrial economies has softened, to less than 2.5 percent in the recent decade from more than 3 percent in the previous one. This decline reflects slowing in some of the larger economies—Japan, Germany, Italy, and the Netherlands—as well as the effect of the Asian crisis in 1997 on newly industrialized Asian economies.2 To me, it is axiomatic that monetary credibility, by reducing the level and variability of inflation, lays the foundations for stronger and more sustained economic growth. In this article, I want to discuss anecdotal and academic evidence for the relationship between monetary policy credibility and economic growth and to do so in two segments: first, the link between monetary policy credibility and inflation performance and, second, the link
Topic:
Monetary Policy, Economic Growth, Inflation, IMF, and Credibility
Political Geography:
Global Focus

68. The Impact of the Crisis - Decline and Recovery

Author:
Joseph J. Stern
Publication Date:
01-2004
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
When the Asian financial crisis broke in mid-1997, the expectation was that Indonesia would weather the crisis with minimal damage. Actual events soon proved these expectations widely wrong and the Indonesian economy was more severely affected than other Asian countries. In part this outcome reflected Indonesia's fundamental institutional weakness that had been overlooked in the euphoria that marked international financial markets during the 1990s, and in part the impact of the financial crisis was magnified by inconsistent internal policies and by an overly ambitious IMF program that tried to achieve too much in to short a period of time. The result was not only a severe economic contraction with rising poverty levels and growing social unrest, but a political change that resulted, in the short-run, in further economic instability and effectively delayed Indonesia's recovery.
Topic:
Politics, Financial Crisis, Banks, Currency, IMF, and Economic Recovery
Political Geography:
Indonesia, Asia, and Southeast Asia

69. OSI Supports the Establishment of New Monitoring Board in Iraq; Calls for Vigilant Oversight

Publication Date:
12-2003
Content Type:
Policy Brief
Institution:
Open Society Foundations
Abstract:
Prospects for the independent oversight of how the Coalition Provisional Authority manages Iraqi oil revenues were improved Friday with the first meeting of the International Advisory and Monitoring Board (IAMB), says Iraq Revenue Watch, a program of the Open Society Institute's Central Eurasia Project. The audit body, created in May under United Nations Security Council Resolution 1483, consists of four members representing the United Nations, the International Monetary Fund, the World Bank, and the Arab Development Fund.
Topic:
Governance, World Bank, Transparency, Iraq War, and IMF
Political Geography:
Iraq