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Adequacy Of Fund Resources Preliminary Considerations
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Book Synopsis Adequacy of Fund Resources – Preliminary Considerations by : International Monetary Fund. Finance Dept.
Download or read book Adequacy of Fund Resources – Preliminary Considerations written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2021-03-05 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides background for initial considerations on the appropriate size of the Fund’s overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during the global crisis. The paper also argues that the global economy is changing in fundamental ways, with implications for the size of the Fund. Against this background, the analysis suggests that the current overall lending capacity of the Fund should be seen as a minimum. Additional resources would be needed if the Fund were to introduce changes to its lending framework. While the financing structure of the Fund should be largely quota-based, staff sees a strong case for continuing to backstop quota resources with a standing borrowing facility. Maintaining the Fund’s current overall lending capacity would require swift action by the membership.
Book Synopsis Twelfth General Review of Quotas - Preliminary Considerations and Next Steps by : International Monetary Fund. Treasurer's Dept.
Download or read book Twelfth General Review of Quotas - Preliminary Considerations and Next Steps written by International Monetary Fund. Treasurer's Dept. and published by International Monetary Fund. This book was released on 2002-01-22 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Adequacy of Fund Resources—Further Considerations by : International Monetary Fund. Finance Dept.
Download or read book Adequacy of Fund Resources—Further Considerations written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2021-03-05 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The second pillar of the framework is qualitative in nature. The paper also provides information to support a discussion on the mix of Fund resources.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498346162 Total Pages :42 pages Book Rating :4.4/5 (983 download)
Book Synopsis Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-12-19 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncertainty, marked by frequent episodes of volatility. Demand for liquidity has intensified, in particular from emerging markets, which are experiencing a build-up of vulnerabilities and the depletion of their fiscal buffers. The enhanced GFSN meets only partially this higher demand for liquidity. The IMFC and G20 have called on the Fund to further strengthen the safety net. The uneven use of the Fund’s toolkit for crisis prevention suggests the need to reconsider its design. Despite a major overhaul of the Fund’s lending instruments available for precautionary financing, only a modest number of countries have used them. In particular, the lack of access to a liquidity backstop for members with strong policies—similar to the standing bilateral swap arrangements (BSAs) among central banks—limits the availability of Fund support over the whole duration of the shock during protracted periods of global uncertainty. Moreover, the need to resort to Fund financing still carries a high political cost (stigma) for some members. To enhance further the Fund’s toolkit for crisis prevention, consideration could be given to revisiting the existing toolkit and introducing new instruments. The toolkit could thus be enhanced by: establishing a new facility for precautionary financing that would provide a "standing" liquidity backstop to members with strong fundamentals and policies for use when hit by liquidity shocks; and adjusting the existing toolkit to maintain cohesion. Any change to the Fund toolkit would need to take into account the tradeoffs between reducing stigma and containing moral hazard, while simultaneously safeguarding Fund resources. A Fund policy monitoring instrument could improve the cohesion of the global safety net. As the GFSN has expanded and become more multi-layered, there is a need to improve cooperation across the different layers to unlock financing and signal commitment to reforms. Creating a policy monitoring instrument that is available to all Fund members could help in this regard. Next steps . In light of Directors’ views on these points, staff could come back with subsequent papers that lay out specific and detailed proposals for reforming the lending toolkit. While these papers focus on the GRA lending toolkit, a separate forthcoming paper will assess some aspects of the concessional lending toolkit.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498343333 Total Pages :112 pages Book Rating :4.4/5 (983 download)
Book Synopsis The Fund’s Lending Framework and Sovereign Debt - Annexes by : International Monetary Fund
Download or read book The Fund’s Lending Framework and Sovereign Debt - Annexes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-23 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 23, 2015 by : International Monetary Fund
Download or read book Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 23, 2015 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-11-23 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC last month highlights the challenges associated with a rapidly changing and uncertain world. The limited room for policy maneuver and the need to adapt to new realities pose difficult trade-offs between supporting demand and current activity, reducing financial risks as financial conditions tighten, and implementing needed structural reforms to revive growth. Against this backdrop the GPA called to support growth today, invest in resilience and safeguard financial stability, improve the sustainability of the public finances, implement the structural reforms needed for sustainable and inclusive medium-term growth, and secure the effectiveness of the 2010 reforms. This document translates the policy priorities and strategic directions laid out in the Fall 2015 GPA and the IMFC communiqué into an Executive Board agenda for the next twelve months. The key focus of this agenda is to continue to refine and adapt the Fund’s core activities?surveillance, lending, and capacity building?to the challenges faced by member countries. The 2015 Work Program continues the implementation of the 2014 Triennial Surveillance Review (TSR) recommendations and underpins a broader effort of the Fund to respond to the needs of the membership in an even more agile, integrated, and member-focused manner.
Book Synopsis Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, June 3, 2015 by : International Monetary Fund
Download or read book Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, June 3, 2015 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-03-06 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC in April identified a range of actions needed to bolster today’s actual and tomorrow’s potential output, diminish risks, and confront emerging global challenges. These actions included calibrating fiscal adjustment to economic conditions while establishing credible long-term fiscal frameworks and implementing growth-friendly fiscal policies, improving monetary policy effectiveness while containing excessive financial risk-taking, and accelerating structural reforms to raise growth potential and ensure inclusiveness. The GPA also outlined how the Fund would support the membership through assessments and policy advice provided in the context of multilateral and bilateral surveillance, financial support, and capacity building. This document translates the policy priorities laid out in the GPA and the IMFC communiqué into a work agenda for the Executive Board over the next 12 months. In particular, the Board will be engaged on several issues of multilateral scope, including quota reform and resources, the SDR basket review, challenges facing the international monetary system, and the post-2015 global development agenda. The work program also includes several items from the action plan of the 2014 Triennial Surveillance Review (TSR).
Book Synopsis The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations by : International Monetary Fund. Legal Dept.
Download or read book The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2014-05-23 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a follow-up to the Executive Board's May 2013 discussion, this paper considers a possible direction for reform of the Fund's lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund's exceptional access framework, since it is in this context that the Fund will most likely have to make the difficult judgment as to whether the member's problems can be resolved with or without a debt restructuring. The objective of the preliminary approaches set forth in this paper is to reduce the costs of crisis resolution for both creditors and debtors—relative to the alternatives—thereby benefitting the overall system. These ideas are market-based and their eventual implementation would require meaningful consultation with creditors.
Book Synopsis The Fund's Lending Framework and Sovereign Debt-Further Considerations by :
Download or read book The Fund's Lending Framework and Sovereign Debt-Further Considerations written by and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-09-04 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
Book Synopsis Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 19, 2017 by : International Monetary Fund
Download or read book Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 19, 2017 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2017-07-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Work Program (WP) translates the policy priorities and strategic directions laid out in the Spring 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months. The Managing Director’s GPA, welcomed by the IMFC, called on members to continue using supportive policies based on a three-pronged approach to sustain the recovery, to work together within the multilateral framework toward strong and more balanced growth, and to provide economic opportunities for all. It outlined how the Fund would support the membership by promoting efforts to sustain the recovery, lift productivity and increase resilience, and by promoting sustainable policies toward a more inclusive global economy, while facilitating multilateral solutions to global challenges. Where the work extends beyond traditional areas, the WP will focus on macro-relevant issues that are systemically important or relevant for many countries and amenable to change through economic policies.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498346138 Total Pages :87 pages Book Rating :4.4/5 (983 download)
Book Synopsis Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-12-19 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: protracted global uncertainty combined with frequent episodes of capital flow volatility have intensified demand for liquidity support. In response to calls from the IMFC and the G20, the Fund has identified gaps in the global financial safety net (GFSN) and the Fund’s lending toolkit for crisis prevention, including insufficient coverage against liquidity pressures resulting from volatile capital flows. The proposals in this paper draw on the previous Fund work on the adequacy of the GFSN, the review of the Fund’s current toolkit for crisis prevention, and extensive consultations with the membership. The review of the FCL concludes that the FCL has been effective in providing precautionary support against external tail risks. Successor FCL arrangements and associated access levels have been in line with the assessment of external risks and potential balance of payments needs. However, there is scope to strengthen the transparency and predictability of the qualification framework by adding indicator-based thresholds to complement and inform judgment. To enhance crisis resilience while improving the Fund’s toolkit coherence and resource use, the paper proposes three complementary reforms: The establishment of a Short-term Liquidity Swap to provide renewable and reliable liquidity support against potential short-term moderate volatility of capital flows. The proposed instrument is for members with very strong fundamentals and economic policies, and tailored to improve reliability and appeal to users. The use of a core set of indicators with thresholds to guide judgment in FCL qualification. This will improve predictability and transparency while keeping the standards unchanged. The elimination of the PLL to maintain a streamlined and coherent toolkit, given the low use of the PLL, likely reflecting issues of tiering with the FCL. The paper also discusses possible reforms of the current commitment fee policy to promote a more balanced use of Fund resources. Possible options include increasing the commitment fee at high access levels or introducing a new time-based commitment fee.
Book Synopsis Fifteenth General Review of Quotas— Additional Considerations and Data Update by : International Monetary Fund. Finance Dept.
Download or read book Fifteenth General Review of Quotas— Additional Considerations and Data Update written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2021-03-05 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides background for a further round of discussions on the Fifteenth General Review of Quotas (hereafter 15th Review). The paper builds on work presented in previous staff papers and Directors’ views expressed in three meetings of the Committee of the Whole in September 2017 and February 2018. No proposals are presented at this stage, pending further Board guidance on possible approaches to narrowing the current differences of views.
Book Synopsis Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations by : International Monetary Fund
Download or read book Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-03-29 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The FY 11–13 medium-term budget (MTB) presented in this paper brings to a close the three-year restructuring effort that began with the FY 09–11 MTB. It secures savings of $100 million in real terms while providing sufficient financing for structural operations and the Fund’s response to the global financial crisis. This budget has been crafted in a period of uncertainty regarding the final scope and duration of the financial crisis as well as the ongoing responsibilities that the Fund may retain even as the crisis unwinds. There is also uncertainty about new responsibilities that may result as a review of the Fund’s mandate is undertaken. Addressing these items will be part of the work agenda to be undertaken in the coming year.
Book Synopsis Fifteenth General Review of Quotas—Further Considerations by : International Monetary Fund. Finance Dept.
Download or read book Fifteenth General Review of Quotas—Further Considerations written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2021-03-05 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. Responding to Directors suggestions, the quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. While quantitative estimates are generally somewhat lower after factoring in the alternative assumptions, these reductions are more than outweighed when the analysis is extended through the middle of the next decade, recognizing that the outcome of the 15th Review will likely determine permanent Fund resources through at least the middle of the next decade. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. It also provides an assessment of the general impact of the various qualitative considerations. Taken together, the two pillars continue to make a case for at least maintaining existing Fund resources. Against this background, the simulations in the paper cover three illustrative sizes for quota increases (50, 75, and 100 percent), centered on broadly maintaining Fund resources, assuming the New Arrangements to Borrow (NAB) is maintained at its current level and Bilateral Borrowing Agreements (BBAs) expire.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475577737 Total Pages :118 pages Book Rating :4.4/5 (755 download)
Book Synopsis Germany by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Germany written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-29 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis Borrowing by the Fund - Operational Issues by : International Monetary Fund. Finance Dept.
Download or read book Borrowing by the Fund - Operational Issues written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2009-06-17 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increase in the Fund’s resources available to assist its members represents an important part of the multilateral response to the global crisis. To this end, the IMFC agreed in April that there should be an increase in the resources available to the Fund through immediate financing from members of $250 billion, subsequently incorporated into an expanded and more flexible New Arrangements to Borrow (NAB), increased by up to $500 billion. Recognizing that IMF is, and shall remain, a quota-based institution, the IMFC also called for the completion of the Fourteenth General Review of Quotas by January 2011. This is consistent with borrowing being a temporary arrangement to supplement Fund resources to address the current crisis.
