Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘IMF’

The IMF at 75: Reforming the global reserve system

Posted by hkarner - 20. April 2019

José Antonio Ocampo 08 April 2019, voxeu

Member of the Board of Directors of Banco de la República; Professor of Professional Practice in International and Public Affairs, Columbia University (on leave)

The 75th anniversary of the Bretton Woods agreement is a good time to rethink the role the institutions created at the time should play in today’s world. In the case of the IMF, there are four central issues to consider:

  1. the global reserve system (the way international liquidity is provided);
  2. managing the macroeconomic linkages among different economies, including the exchange rate system;
  3. balance-of-payments crisis prevention and resolution, including in the first case rules for capital account management; and
  4. improving governance of the international monetary system, to develop a more inclusive system and appropriate links between the IMF and regional and interregional monetary arrangements (i.e. the design of the Global Financial Safety Net). Den Rest des Beitrags lesen »

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Financing for Sustainable Development: Tackling Big Challenges

Posted by hkarner - 19. April 2019

By Chris Lane

Without adequate financing, the best intentions of the global community expressed in the Sustainable Development Goals (SDGs) will remain beyond reach.

Recent setbacks in financing for development should therefore focus policymakers’ attention on the need for decisive national strategies so these best intentions might be realized. Harnessing the necessary resources could be achieved through a combination of revenue mobilization, attracting private finance, and supporting financial sector development. Policy makers will need to engage in collective action and practice a new multilateralism in support of global goals.

A new UN study, prepared with significant contributions by the IMF, the World Bank Group, the World Trade Organization, the United Nations Development Program and other UN agencies, takes a deep dive into how countries and the international community are faring in mobilizing the needed financing. Den Rest des Beitrags lesen »

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IWF mahnt Italien zur Haushaltssanierung

Posted by hkarner - 13. April 2019

12. April 2019, 16:59 derstandard.at

Internationaler Währungsfonds fordert Maßnahmenpaket

Washington – Der Internationale Währungsfonds (IWF) mahnt das hoch verschuldete Italien zur schrittweisen Sanierung seiner Staatsfinanzen. Dafür sei ein auf mittlere Sicht angelegtes Maßnahmenpaket „von entscheidender Bedeutung“, sagte der für Europa zuständige IWF-Bereichsleiter Poul Thomsen am Freitag in Washington. Neben der niedrigen Produktivität gelte es für das Land, auch die hohe strukturelle Arbeitslosigkeit anzugehen. EZB-Präsident Mario Draghi hat die Regierung in Rom ebenfalls aufgefordert, mehr zu tun, um „Wachstum und Beschäftigung zu schaffen“. Italien steckt in einer Rezession und ächzt unter einem Schuldenberg, der mehr als 130 Prozent der jährlichen Wirtschaftsleistung ausmacht.

Streit mit EU-Kommission vorprogrammiert

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High Debt Hampers Countries’ Response to a Fast-Changing Global Economy

Posted by hkarner - 11. April 2019

April 10, 2019, IMF Blog

By Vitor Gaspar, John Ralyea, and Elif Ture

Economic growth is slowing and public debt remains high across the world. Meanwhile, demographic changes and technological advances are reshaping the global economy.

Everyone’s opportunities for a good education, along with their job prospects, healthcare, and retirement income depend on the tax and spending choices governments make as they respond to these challenges.

What should policymakers do?

In the new Fiscal Monitor, we argue that they can take a long-term view to foster higher and more inclusive growth. This means getting their fiscal houses in order by gradually lowering debt to prepare for the next downturn and upgrading fiscal policy to invest in people’s futures. This requires better allocating spending, creating more room in the budget, and improving tax policy.

Preparing for the next downturn Den Rest des Beitrags lesen »

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Weak Spots in Global Financial System Could Amplify Shocks

Posted by hkarner - 11. April 2019

By Tobias Adrian and Fabio Natalucci

In the United States, the ratio of corporate debt to GDP is at record-high levels. In several European countries, banks are overloaded with government bonds. In China, bank profitability is declining, and capital levels remain low at small and medium-size lenders.

Vulnerabilities like these are on the rise across advanced and emerging market economies, according to the IMF’s latest Global Financial Stability Report. They aren’t all setting off alarm bells just yet. But if they continue to build, especially with still-easy financial conditions, they could amplify shocks to the global economy, raising the odds of a severe economic downturn a few years down the road.

With the right mix of policies, countries can sustain growth while keeping vulnerabilities in check.

This poses a dilemma for policymakers seeking to counter a slowing global economy, as discussed in the World Economic Outlook. By taking a patient approach to monetary policy, central banks can accommodate growing downside risks to the economy. But if financial conditions remain easy for too long, vulnerabilities will continue to build, and the odds of a sharp drop in economic growth at some later point will be higher. Den Rest des Beitrags lesen »

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The Global Economy: A Delicate Moment

Posted by hkarner - 10. April 2019

By Gita Gopinath

A year ago, economic activity was accelerating in almost all regions of the world. One year later, much has changed. The escalation of US–China trade tensions, needed credit tightening in China, macroeconomic stress in Argentina and Turkey, disruptions to the auto sector in Germany, and financial tightening alongside the normalization of monetary policy in the larger advanced economies have all contributed to a significantly weakened global expansion, especially in the second half of 2018.

With this weakness expected to persist into the first half of 2019, our new World Economic Outlook (WEO) projects a slowdown in growth in 2019 for 70 percent of the world economy. Global growth softened to 3.6 percent in 2018 and is projected to decline further to 3.3 percent in 2019. The downward revision in growth of 0.2 percentage points for 2019 from the January projection is also broad based. It reflects negative revisions for several major economies including the euro area, Latin America, the United States, the United Kingdom, Canada, and Australia.

After the weak start, growth is projected to pick up in the second half of 2019. This pickup is supported by significant monetary policy accommodation by major economies, made possible by the absence of inflationary pressures despite growing at near potential. The US Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England have all shifted to a more accommodative stance. China has ramped up its fiscal and monetary stimulus to counter the negative effect of trade tariffs. Furthermore, the outlook for US–China trade tensions has improved as the prospects of a trade agreement take shape. Den Rest des Beitrags lesen »

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Time for a True Global Currency

Posted by hkarner - 8. April 2019

José Antonio Ocampo

José Antonio Ocampo is a board member of Banco de la República, Colombia’s central bank, professor at Columbia University, Chair of the UN Economic and Social Council’s Committee for Development Policy, and Chair of the Independent Commission for the Reform of International Corporate Taxation. He was Minister of Finance of Colombia and United Nations Under-Secretary-General for Economic and Social Affairs. He is the author of Resetting the International Monetary (Non)System, and co-author (with Luis Bértola) of The Economic Development of Latin America since Independence.

The International Monetary Fund’s global reserve asset, the Special Drawing Right, is one of the most underused instruments of multilateral cooperation. Turning it into a true global currency would yield several benefits for the global economy and the international monetary system.

NEW YORK – This year, the world commemorates the anniversaries of two key events in the development of the global monetary system. The first is the creation of the International Monetary Fund at the Bretton Woods conference 75 years ago. The second is the advent, 50 years ago, of the Special Drawing Right (SDR), the IMF’s global reserve asset.

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Tackling Corruption in Government

Posted by hkarner - 5. April 2019

By Vitor Gaspar, Paolo Mauro and Paulo Medas

No country is immune to corruption. The abuse of public office for private gain erodes people’s trust in government and institutions, makes public policies less effective and fair, and siphons taxpayers’ money away from schools, roads, and hospitals.

While the wasted money is important, the cost is about much more. Corruption corrodes the government’s ability to help grow the economy in a way that benefits all citizens.

But the political will to build strong and transparent institutions can turn the tide against corruption. In our new Fiscal Monitor, we shine a light on fiscal institutions and policies, like tax administration or procurement practices, and show how they can fight corruption.

Political will can turn the tide against corruption.

Corruption helps evade taxes

We analyze more than 180 countries and find that more corrupt countries collect fewer taxes, as people pay bribes to avoid them, including through tax loopholes designed in exchange for kickbacks. Also, when taxpayers believe their governments are corrupt, they are more likely to evade paying taxes. Den Rest des Beitrags lesen »

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The IMF adds to a chorus of concern about competition

Posted by hkarner - 4. April 2019

Date: 03-04-2019
Source: The Economist

An economic theory of everything
A new analysis adds to worries about market power

PHYSICISTS’ QUEST for a “theory of everything” to explain all of their observations about the world is well-known. The equivalent in economics is the hunt for common causes for the rich-world macroeconomic trends of the past decade or so: a shrinking share of the economic pie for workers, disappointing investment and lacklustre productivity growth. These must be reconciled with low interest rates, pockets of technological advance and juicy returns for investors willing to take risks.

The leading economic theory of everything is that competition has weakened as markets have become more concentrated. Unlike firms in competitive markets, monopolies limit production in order to keep prices and profits high. They can therefore be expected to restrain their investment, too. They might still be innovative—with monopoly profits up for grabs, why not be?—but market power usually makes economies less productive overall. And monopolies have many opportunities to take bites out of labour’s share of the pie. Their high profits typically flow to investors, not workers. Their high prices eat into the purchasing power of wages. Their bargaining clout may even allow them to suppress pay directly. Den Rest des Beitrags lesen »

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Zentralbank der Zentralbanken: IWF hat nicht genügend Geld, um auf neue Krise zu reagieren

Posted by hkarner - 4. April 2019

Dank an H.G.

Andere sollen einspringen

Deutsche Wirtschafts Nachrichten | Veröffentlicht: 29.03.19 15:53 Uhr

Der IWF hat nicht ausreichend finanzielle Mittel zur Verfügung, um eine mögliche neue
Krise abzufangen, sagt der Chef der Bank für Internationalen Zahlungsausgleich.
Nach Ansicht des Chefs der Bank für Internationalen Zahlungsausgleich (BIZ), Agustin Carstens,
wäre im Falle einer neuen Finanzkrise selbst der Internationale Währungsfonds (IWF) machtlos.
Carstens machte seine Aussagen mit Blick auf den türkischen Finanzmarkt, welcher seit Tagen von
starken Verkaufswellen erfasst wird und der die Keimzelle einer Krise des Weltfinanzsystems bilden
könnte.

Der IWF habe nicht genügend Geld, das er verleihen könnte, wenn plötzlich eine größere Krise in den
Schwellenländern ausbricht, die sich auf mehrere Staaten auswirkt, sagte Carstens auf einer Konferenz
bei der französischen Zentralbank am Donnerstag. Den Rest des Beitrags lesen »

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