Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘IMF’

Technology and the Future of Work

Posted by hkarner - 2. Mai 2018

By Adrian Peralta, and Agustin Roitman, IMF Blog

May 1, 2018

Technology impacts how we work 

Many feel anxious about the impact of new technology on their jobs. This is not new. In fact, it dates back at least to the Luddites movement at the outset of the Industrial Revolution. And it resurfaced during the Great Depression and again in the 1960s, following a period of high productivity growth, and in the 1980s at the outset of the IT revolution.

How can governments help? By investing in peoples’ skills.

A dramatic shift

In the past, technological advances have helped raise incomes for most. But we should not forget that the transitions involved—for workers, firms, sectors, and whole economies—have been difficult for many.

Many observers think the latest wave of technological innovation will be more disruptive than the ones in the past, especially for labor. They point to the timid growth of real wages and the falling labor share in national income in recent decades. New technological advances—in artificial intelligence, automation and robotics—might be even more dramatic. This is because of the presumed ease with which some technologies can substitute for a broad range of human skills. Den Rest des Beitrags lesen »

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Mounting Debt Threatens Sustainable Development Goals

Posted by hkarner - 28. April 2018

By Chris Lane and Elliott Harris, IMF Blog

April 27, 2018

Some developing countries are falling behind when it comes to incomes .

In 2015, 193 countries adopted the 17 Sustainable Development Goals (SDGs) as an overarching policy roadmap through 2030. These goals are predicated on the idea that for a sustainable future, economic growth must go hand-in-hand with social inclusion and protection of the environment.

Our respective institutions, the United Nations Department of Economic and Social Affairs (UNDESA) and the International Monetary Fund (IMF), fully support these goals. From the UN perspective, they represent a down payment on a more peaceful, prosperous, and cooperative world, especially in increasingly perilous times. For the IMF, they help underpin economic stability and sustainable and inclusive economic growth.

In 2017, most types of development financing flows increased, helped by an upturn in the world economy, increased investment, and supportive financial market conditions. Yet less than three years after adoption, the implementation of the SDGs is running into a major hurdle—rising public debt in some developing countries. This is the sobering message of a new report on financing for development issued by the UN, in collaboration with the IMF and almost 60 other agencies. Den Rest des Beitrags lesen »

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Shining a Bright Light into the Dark Corners of Weak Governance and Corruption

Posted by hkarner - 24. April 2018

By Christine Lagarde, IMF Blog

April 22, 2018

Anti-corruption strategies require broader regulatory and institutional reforms (Kritchanut/iStock).

The IMF Executive Board has just endorsed a new framework for stepping up engagement on governance and corruption in our member countries. Let me talk about why this is important and what it means for our work.

Costs of corruption

We all know that entrenched corruption is economically pernicious, undermining the ability of countries to deliver inclusive and sustainable economic growth. Den Rest des Beitrags lesen »

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Bringing Down High Debt

Posted by hkarner - 19. April 2018

By Vitor Gaspar and Laura Jaramillo, IMF Blog

April 18, 2018

High debt makes governments’ financing vulnerable to sudden changes in market sentiment 

Global debt hit a new record high of $164 trillion in 2016, the equivalent of 225 percent of global GDP. Both private and public debt have surged over the past decade. High debt makes government’s financing vulnerable to sudden changes in market sentiment. It also limits a government’s ability to provide support to the economy in the event of a downturn or a financial crisis.

Countries should use the window of opportunity afforded by the economic upswing to strengthen the state of their fiscal affairs. The April 2018 Fiscal Monitor explores how countries can reduce government deficits and debt in a growth-friendly way.

High government debt is a concern

Of the $164 trillion, 63 percent is nonfinancial private sector debt, and 37 percent is public sector debt. Advanced economies are responsible for most global debt. Nevertheless, in the last ten years, emerging market economies have been responsible for most of the increase. China alone contributed 43 percent to the increase in global debt since 2007. In contrast, the contribution from low income developing countries is barely noticeable. Den Rest des Beitrags lesen »

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IWF-Finanzministertreffen in Zeiten der Mega-Nervosität

Posted by hkarner - 14. April 2018

„Das System fester Regeln und einer gemeinsam getragen Verantwortung im Welthandel droht zerrissen zu werden“, warnt die Chefin des Internationalem Währungsfonds.

Selten fanden Tagungen von Internationalem Währungsfonds (IWF) und Weltbank in den vergangenen Jahren in einem derart angespannten Umfeld statt wie die Frühjahrstagung in der kommenden Woche in Washington. „Die Nervosität ist zum Greifen“, merkt ein langjähriger Teilnehmer an. Dabei scheint, wenn man allein die Wachstumszahlen der Weltwirtschaft betrachtet, alles im Lot. Das sagt auch IWF-Chefin Christine Lagarde. „Aber die Jubel-Stimmung von vor einem Jahr ist verflogen“, beschreibt ein Insider. Viel zu bedrohlich sei, was in der Welt geschehe. Die Liste ist lang: vom massiven US-Handelsstreit mit China und anderen Staaten über die Unsicherheiten durch einen völlig unberechenbaren US-Präsidenten, das drastisch verschlechterte Verhältnis des Westens zu Russland bis hin zu militärischen Konflikten, insbesondere dem in und um Syrien. Den Rest des Beitrags lesen »

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The Digital Gamble: New Technology Transforms Fiscal Policy

Posted by hkarner - 12. April 2018

By Vitor Gaspar and Geneviève Verdier, imf blog

April 12, 2018

In Rwanda, digitally-monitored drones deliver blood supplies to hospitals. In Estonia, it takes five minutes to file taxes and 99 percent of government services are available online. Singapore was the first city to implement electronic road pricing to manage congestion. The world is becoming digital, and reliable, timely, and accurate information is available at the push of a button. Governments are following suit, using digital tools for tax and expenditure policy, public financial management, and public service delivery. 

With better information, governments can build better systems, as well as design and implement better policies. Our new Fiscal Monitor shows both the opportunities and challenges at play as technology transforms fiscal policy.

Place a bet

The gamble? Going for the digital payoff despite the potential for fraud, breaches of privacy and cybersecurity, and the cost of adopting new technologies. Den Rest des Beitrags lesen »

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The Economic Scars of Crises and Recessions

Posted by hkarner - 22. März 2018

By Valerie Cerra and Sweta C. Saxena, IMF Blog

March 21, 2018

New study finds that all types of recessions lead to permanent losses in output and welfare 

Economic recessions are typically described as short-term periods of negative economic growth. According to the traditional business cycle view, output moves up and down around its long-term upward trend and after a recession, it recovers to its pre-recession trend. Our new study casts doubt on this traditional view and shows that all types of recessions—including those arising from external shocks and small domestic macroeconomic policy mistakes—lead to permanent losses in output and welfare.

Nearly a decade after the global financial crisis erupted into the Great Recession, the global economy finally appears to be on the verge of strong growth . Until recently, however, economic growth fell below forecasts of a vigorous rebound, as predicted by supporters of the traditional business cycle theory.

Some researchers have explained the sluggish post-crisis growth as driven by demographic trends or other factors specific to the United States. But such explanation ignores the fact that output dynamics after the crisis followed a similar pattern seen in other countries. Den Rest des Beitrags lesen »

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The Next Phase of Finance

Posted by hkarner - 14. März 2018

Bertrand Badré

Bertrand Badré, a former managing director of the World Bank, is CEO and Founder of Blue like an Orange Sustainable Capital and author of Can Finance Save the World? 

Today’s strengthening economic recovery has not overcome the understandable but devastating loss of trust in the financial system that followed the crisis a decade ago. Restoring trust will require reasserting control over the financial sector, to ensure that it is serving the economy, not the other way around.

WASHINGTON, DC – The decade since the global financial crisis has been tumultuous, to say the least. True, no great war has erupted, and we have more or less avoided the mistakes of the Great Depression, which led in the 1930s to greater protectionism, bank failures, severe austerity, and a deflationary environment. But renewed market tensions indicate that these risks have not been eradicated so much as papered over.

In a sense, the story of the 2008 financial crisis begins when the global order was created from the ashes of World War II. Initiatives like the Bretton Woods institutions (the World Bank and the International Monetary Fund), the Marshall Plan, and the European Economic Community supported the reconstruction of significant portions of the world economy. Despite the Cold War (or perhaps because of it), they also re-started the globalization that WWII had brought to a halt. Den Rest des Beitrags lesen »

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Take This Quiz on Fintech!

Posted by hkarner - 12. März 2018

03/12/2018 07:59 AM EDT
By IMFBlog March 12, 2018 .
From artificial intelligence to cryptography, rapid advances in digital technology are transforming the financial services landscape, creating opportunities and challenges for consumers, service providers, and regulators alike. This new wave of technology is often called “fintech” and the industry is thriving.

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Climbing Out of Debt

Posted by hkarner - 2. März 2018

A new study offers more evidence that cutting spending is less harmful to growth than raising taxes

Alberto Alesina, Carlo A. Favero, and Francesco Giavazzi, IMF Blog 1 Mar 2018

Almost a decade after the onset of the global financial crisis, national debt in advanced economies remains near its highest level since World War II, averaging 104 percent of GDP. In Japan, the ratio is 240 percent and in Greece almost 185 percent. In Italy and Portugal, debt exceeds 120 percent of GDP. Without measures either to cut spending or increase revenue, the situation will only get worse. As central banks abandon the extraordinary monetary measures they adopted to battle the crisis, interest rates will inevitably rise from historic lows. That means interest payments will eat up a growing share of government spending, leaving less money to deliver public services or take steps to ensure long-term economic growth, such as investing in infrastructure and education. Servicing debt will become a major burden.

What is the best way to reduce debt to sustainable levels? That question has taken on renewed importance since the global financial crisis of 2008, when government spending to stimulate growth and help the unemployed boosted budget deficits to postwar records. Some economists argue that cutting spending is the best medicine for restoring fiscal health. Others insist, on the contrary, that spending cuts are self-defeating, because they hurt economic growth. They prescribe even more government spending to reinvigorate a flagging economy. Den Rest des Beitrags lesen »

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