Posts Tagged ‘IMF’
Posted by hkarner - 20. Februar 2017
Posted on February 20, 2017 by iMFdirect
Did you know that while many people in advanced economies have multiple bank accounts, there are barely two bank accounts for every ten people in low-income economies? Access to financial services is essential to spread the fruits of economic growth to all, not just to the fortunate few.
Read more here about how necessary reforms can be tweaked or completed by measures to ensure a win-win for both the rich and the poor of low-income economies:
- Blog by Christine Lagarde, IMF Managing Director
- Staff note on macro-structural policies and inequality in low-income countries.
Posted in Artikel | Verschlagwortet mit: Banken, IMF | Leave a Comment »
Posted by hkarner - 19. Februar 2017
17 February 2017, voxeu
The IMF has just released its self-evaluation of its Greek lending, in which it admits to many mistakes. This column and argues that the report misses one important error – reliance on the Debt Sustainability Analysis – but notes that the IMF’s candour should be a model for the other participants in the lending, namely, the European Commission and the ECB.
The IMF has now released its self-evaluation report on the programme for Greece between 2012 and 2016 (IMF 2017). This report admits most, if not all, of the glaring mistakes and calls for significant changes. Unfortunately, it does not always get to the bottom of why these mistakes were made.
The requirement that the IMF self-assesses and publishes its interventions in the case of programmes with exceptional access was adopted in the wake of the highly controversial East Asian crisis. Exceptional access occurs when the amounts lent by the Fund exceed the normal ceiling of 145% of the country’s quota per year, or a total of 435%. (At the time the limits were 200% and 600%, respectively). A first programme provided for 3200% of the Greek quota. As it was going astray in 2012, it was interrupted and replaced with a second programme worth 2159% of the quota. These are numbers never seen before. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Debt, DSA, IMF, voxeu, Wyplosz | Leave a Comment »
Posted by hkarner - 19. Februar 2017
Source: The Economist
Subject: The European Union’s delicate political economy
GREECE’S marathon crisis is at least instructive. Past flare-ups have illustrated a textbook’s worth of economic principles. The latest episode—a dispute over the sustainability of Greece’s mammoth debt—provides a lesson in political economy. The beleaguered economy itself is not at the centre of the disagreement; rather it is the European Commission and the IMF and others that are at loggerheads, squabbling over projections of Greek growth. This sort of institutional wrangling is not incidental to the process of European integration; it has historically been a crucial ingredient, helping defang the continent’s tricky interstate relations. But as Greece’s latest turn in the spotlight demonstrates, the role of Europe’s institutions has changed during the euro-area crisis. Paradoxically, they themselves have become part of the existential threat facing the European project. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Economist, Euro, Finanzkrise, Greece, IMF, Institutions | Leave a Comment »
Posted by hkarner - 15. Februar 2017
Posted on February 13, 2017 by iMFdirect
In the past two decades, low-income economies have seen a rise in growth, with fewer living in poverty. Yet inequality in many countries has remained virtually unchanged.
A recent IMF paper explains how the design of policies can matter to spread the economic benefits of growth more broadly.
Over the long haul, reforms can indeed yield bridges, banks, firms and fields of grain. But these take time, and the poorest cannot always wait for the transformation without additional help. Hence, in the short run, governments need to complement reform policies with redistribution. For example, they can use targeted cash transfers to farmers who suddenly lose a grain subsidy, a more progressive tax system to distribute burdens more fairly, or more accessible banking services. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Growth, IMF, Inequality | Leave a Comment »
Posted by hkarner - 14. Februar 2017
The next big round of extend and pretend for Greece isn’t set to take place until July, yet serious jockeying between the key actors, the IMF versus the European countries acting as lenders, is underway now. Why? The politicians and Eurocrats are keen to get a deal, at least in general terms, agreed now so as to keep Greece out of the headlines as much as possible for an upcoming series of European elections.
Of course, the European view of “getting to a deal” means knuckling the IMF into joining a new round of financing. As we’ve discussed since 2015, the Fund’s staff has been in open revolt, and has leaked important internal documents to the press more than once, making clear the agency’s view that Greek debts are not sustainable (note that these leaks may have been sanctioned at a more senior level). By the Fund’s own rules, that means it cannot provide additional loans. The latest Financial Sustainability Report reached the same conclusion, although it did uncharacteristically say that some fund directors (as in board members) did not agree with that view.
If the IMF does not provide more dough, the consequences are serious, as we’ve stressed and Wolfgang Munchau underscores in a comment at the Financial Times: Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Debt, Finanzkrise, Germany, GFSR, Greece, IMF, Münchau, Naked Capitalism, Smith, Trump | Leave a Comment »
Posted by hkarner - 31. Januar 2017
30. Jänner 2017, 16:41
Währungsfonds rät zu Regelsystem und gezielten Anreizen und Strafen für mehr Stabilität
Washington – Der Internationale Währungsfonds (IWF) hat der Eurozone ein verheerendes Zeugnis für die vergangenen 20 Jahre ausgestellt. In der Zeit von 1995 bis 2015 habe es bei den Teilnehmern der Gemeinschaftswährung Hinweise auf geschönte Haushalte, exzessive Schuldenaufnahme und Umgehung der Regeln der EU gegeben. Gleichzeitig sei die Überwachung durch die Institutionen mangelhaft gewesen, heißt es in einem am Montag veröffentlichten Arbeitspapier des IWF.
Die durchschnittliche Staatsverschuldung in der Eurozone sei auf mehr als 90 Prozent gestiegen, erlaubt seien 60 Prozent des Bruttoinlandsprodukts (BIP). Der IWF rät der Eurozone zur Förderung von Stabilität und Wachstum zu einem Regelsystem mit gezielteren Anreizen und Strafen. Manche Schwierigkeiten und Herausforderungen in der Eurozone seien das Ergebnis fehlerhaft wirkender finanzpolitischer Instrumente, auf nationaler wie auf europäischer Ebene. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Euro, IMF, Regulieren, Standard | Leave a Comment »
Posted by hkarner - 30. Januar 2017
Laut Währungsfonds ist ein Schuldenschnitt unumgänglich. Die Eurozone müsste „glaubwürdigere“ Maßnahmen ergreifen, um den Schuldenberg zu verringern.
Wien. Seit dem kurzfristigen Aufflackern der Griechenlandkrise in der Folge der Wahl von Alexis Tsipras zum Premierminister vor rund eineinhalb Jahren ist es ruhig geworden um Athen, die Eurokrise und die Troika aus EU, EZB und IWF. Andere Themen – von der Migrationswelle bis hin zu Brexit und dem neuen US-Präsidenten Trump – bestimmen inzwischen die politische Großwetterlage. Doch auch abseits der allgemeinen Öffentlichkeit köchelt die Griechenlandkrise weiter vor sich hin. Das zeigt ein vertraulicher Bericht des IWF über die Schuldentragfähigkeit des Landes, der Anfang Februar den Mitgliedsländern vorgelegt werden soll und nun vorab publik wurde.
Der in Washington beheimatete Währungsfonds stuft die Schuldenlast des Landes darin als derzeit „unhaltbar“ und langfristig „explosiv“ ein. „Selbst bei einer vollständigen Umsetzung der im Rettungsprogramm gebilligten Reformen werden die Staatsverschuldung und der Finanzbedarf langfristig explosiv werden“, heißt es wörtlich. Die Eurozone müsste „glaubwürdigere“ Maßnahmen ergreifen, um den Schuldenberg zu verringern. Konkret schlägt der IWF vor, Griechenland zu erlauben, die Rückzahlung der bisher gewährten Milliardenkredite bis 2040 auszusetzen und die Laufzeiten bis 2070 auszudehnen. Mit anderen Worten: Griechenland solle einen Schuldenschnitt erhalten. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: ESM, Euro, Finanzkrise, Greece, Haircut, IMF, Presse | Leave a Comment »
Posted by hkarner - 25. Januar 2017
Posted on January 24, 2017 by iMFdirect
By Prakash Loungani
Four years ago, at the World Economic Forum in Davos, IMF Managing Director Christine Lagarde warned of the dangers of rising inequality, a topic that has now risen to the very top of the global policy agenda.
While the IMF’s work on inequality has attracted the most attention, it is one of several new areas into which the institution has branched out in recent years. A unifying framework for all this work can be summarized in two words: Inclusive growth.
We want growth, but we also want to make sure:
- that people have jobs—this is the basis for people to feel included in society and to have a sense of dignity;
- that women and men have equal opportunities to participate in the economy—hence our focus on gender;
- that the poor and the middle class share in the prosperity of a country—hence the work on inequality and shared prosperity;
- that, as happens, for instance when countries discover natural resources, wealth is not captured by a few—this is why we worry about corruption and governance;
- that there is financial inclusion—which makes a difference in investment, food security and health outcomes; and
- that growth is shared just not among this generation but with future generations—hence our work on building resilience to climate change and natural disasters.
In short, a common thread through all our initiatives is that they seek to promote inclusion—an opportunity for everyone to make a better life for themselves. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Growth, IMF, Inclusion, Inequality, Loungani, WEF | Leave a Comment »
Posted by hkarner - 17. Januar 2017
Posted on January 16, 2017 by iMFdirect
By Maurice Obstfeld
Today we released our update to the World Economic Outlook.
An accumulation of recent data suggests that the global economic landscape started to shift in the second half of 2016. Developments since last summer indicate somewhat greater growth momentum coming into the new year in a number of important economies. Our earlier projection, that world growth will pick up from last year’s lackluster pace in 2017 and 2018, therefore looks increasingly likely to be realized. At the same time, we see a wider dispersion of risks to this short-term forecast, with those risks still tilted to the downside. Uncertainty has risen.
Our central projection is that global growth will rise to a rate of 3.4 percent in 2017 and 3.6 percent in 2018, from a 2016 rate of 3.1 percent. Much of the better growth performance we expect this year and next stems from improvements in some large emerging market and low income economies that in 2016 were exceptionally stressed. That being said, compared to our view in October, we now think that more of the lift will come from better prospects in the United States, China, Europe, and Japan. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Economy, Growth, IMF, Obstfeld, WEO | Leave a Comment »
Posted by hkarner - 12. Januar 2017
Christine Lagarde is Managing Director of the International Monetary Fund. She previously served as France’s finance minister from 2007-2011, and in 2009 was named by the Financial Times as the best finance minister in the eurozone.
JAN 11, 2017 Project Syndicate
WASHINGTON, DC – In 2016, the world’s attention was focused on major political developments in the European Union, the United States, and other countries, where voters have expressed deeply held concerns about trade, migration, and structural labor-market changes.
But, from an economic perspective, 2016 was a fairly quiet year: the global economy continued its slow recovery, with economic activity in the US, Europe, and emerging markets gradually improving, despite some remaining vulnerabilities. And even low-income economies that have struggled to adjust to falling commodity prices may receive a small boost, given recent price increases.
Remarkably, financial markets have so far taken the year’s political upheavals in stride. Indeed, the prospect of a more expansive fiscal stance in the US has raised expectations of global growth and inflation in the near future. This signals possible relief for advanced economies’ central banks, which have carried most of the economic-policy burden during the years of slow recovery since the 2008 global financial crisis. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: china, G20, Germany, Growth, IMF, Inclusion, Lagarde, Project Syndicate | Leave a Comment »