Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Assessing Reserve Adequacy Further Considerations
Download Assessing Reserve Adequacy Further Considerations full books in PDF, epub, and Kindle. Read online Assessing Reserve Adequacy Further Considerations ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Assessing Reserve Adequacy - Further Considerations by : International Monetary Fund
Download or read book Assessing Reserve Adequacy - Further Considerations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-11-14 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reserves remain a critical liquidity buffer for most countries. They are generally associated with lower crisis risks (crisis prevention) as well as space for authorities to respond to shocks (crisis mitigation). While other instruments, such as official credit lines and bilateral swap lines, are also external buffers, for most countries they principally act as a complement to their official reserves. For countries with sound fundamentals and a good policy framework, reserves provide policy makers with considerable space to respond to transitory shocks. However, this space diminishes as fundamentals deteriorate and the existence of adequate reserves does not, by itself, eliminate the risk of market pressures.
Book Synopsis Assessing Reserve Adequacy - Further Considerations - Supplementary Information by : International Monetary Fund
Download or read book Assessing Reserve Adequacy - Further Considerations - Supplementary Information written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-11-14 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498345646 Total Pages :42 pages Book Rating :4.4/5 (983 download)
Book Synopsis Guidance Note on the Assessment of Reserve Adequacy and Related Considerations by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Guidance Note on the Assessment of Reserve Adequacy and Related Considerations written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2016-03-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: operational guidance to staff on reserve adequacy discussions in the IMF’s bilateral and multilateral surveillance. It is based on the views presented in the policy paper Assessing Reserve Adequacy—Specific Proposals and the related Board discussion. The note addresses key issues related to Staff’s advice on the assessment of the adequacy of reserves and related items, including answering the following questions: What is the expected coverage of reserve issues at different stages of the bilateral surveillance process (Policy Note, mission, and Staff Report)? Which reserve adequacy tools best fit different economies based on their financial maturity, economic flexibility, and market access? What do possible reserve needs in mature markets relate to, and how can their adequacy be assessed? How can reserve adequacy discussions for emerging and deepening financial markets be tailored and applied to better evaluate reserve levels in: (i) commodity-intensive economies; (ii) countries with capital flow management measures (CFMs); and (iii) partially and fully dollarized economies? What reserve adequacy considerations hold for countries with limited access to capital markets? How can metrics for these economies be tailored to evaluate their reserve needs? How should potential drains on reserves be covered? What are the various measures of the cost of reserves for countries with and without market access?
Book Synopsis Assessing Reserve Adequacy - Specific Proposals by : International Monetary Fund
Download or read book Assessing Reserve Adequacy - Specific Proposals written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-12-19 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reserves have a central place in the policy tool kit of most economies, providing insurance against shocks. In conjunction with sound policies, they can help reduce the likelihood of balance of payment crises and preserve economic and financial stability. Reserves, however, can result from both precautionary and non-precautionary policy objectives and institutional settings. While they can bring several important benefits, reserve holdings can sometimes be costly. This paper brings together recent Fund work on reserve adequacy issues aiming to strengthen their discussion in bilateral surveillance. Despite the ongoing debate on reserve issues, there is little consensus about how to assess reserve holdings in different economies, even though this is an important aspect of a member’s external stability assessment. The work stream of which this paper is part aims to fill this gap by outlining a framework for discussing reserve adequacy issues in different economies. In this regard, the paper also forms part of the Fund’s response to the 2012 IEO evaluation of the Fund’s advice related to international reserves, which recommended, inter alia, that assessments of international reserves in bilateral surveillance reports should be more detailed and reflect country circumstances. To this end, the paper proposes that, where warranted, individual country Article IV reports include a fuller discussion of the authorities’ stated objectives (precautionary and non-precautionary) for holding reserves, an assessment of the reserve needs for precautionary purposes, and a discussion of the cost of reserves. The aim would be to ensure evenhandedness so that countries with similar circumstances are assessed in similar ways, while allowing the depth and emphasis of this discussion to vary depending on country conditions and needs
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498342094 Total Pages :11 pages Book Rating :4.4/5 (983 download)
Book Synopsis Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of International Reserves--IMF Concerns and Country Perspectives by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of International Reserves--IMF Concerns and Country Perspectives written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-03-21 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes Management’s response to the IEO’s Evaluation of International Reserves—IMF Concerns and Country Perspectives. The proposed implementation plan focuses on those recommendations that are not already being addressed by other recent Fund initiatives, and include: (i) a successor paper on reserve adequacy, which will review the work contained in the Fund’s 2011 Assessing Reserve Adequacy paper and develop additional and updated guidance where needed; (ii) the preparation of a staff guidance note for assessing adequacy; and (iii) additional engagement on reserve issues with members, the private sector, and academics.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781589062603 Total Pages :34 pages Book Rating :4.0/5 (626 download)
Book Synopsis Guidelines for Foreign Exchange Reserve Management by : International Monetary Fund
Download or read book Guidelines for Foreign Exchange Reserve Management written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: These guidelines are intended to assist countries in strengthening their policy frameworks for reserve management so that they can become more resilient to shocks that may originate from global financial markets or within the domestic financial system. The guidelines have been developed as part of a broader IMF work program to help strengthen international financial architecture, to promote policies and practices that contribute to stability and transparency in the financial sector, and to reduce external vulnerabilities of member countries.
Book Synopsis Seventh Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations by : International Monetary Fund
Download or read book Seventh Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-09 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Seventh PMR includes: (i) a discussion of progress made over the last year on the actions corresponding to four Management Implementation Plans (MIPs) that were classified as still “in progress” in the previous PMR; and (ii) an assessment of the progress made in achieving the high-level objectives in three areas directly related to those MIPs. In addition, an update on substantive issues related to five older MIPs agreed since 2007 is provided at the end of the report. Three new evaluations have been completed by the IEO since March 2014. In July and August 2015, Management issued the MIPs in response to these evaluations. Given that only a short time has passed since their completion, progress in addressing the actions contemplated in those MIPs will be discussed in the next PMR.
Book Synopsis Assessing Country Risk by : Mr.Ashvin Ahuja
Download or read book Assessing Country Risk written by Mr.Ashvin Ahuja and published by International Monetary Fund. This book was released on 2017-06-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing country risk is a core component of surveillance at the IMF. It is conducted through a comprehensive architecture, covering both bilateral and multilateral dimensions. This note describes some of the approaches used internally by Fund staff to examine a wide array of systemic risks across advanced, emerging, and low-income economies. It provides a high-level view of the theory and methodologies employed, with an on-line companion guide providing more technical details of implementation. The guide will be updated as Fund staff’s methodologies for assessing country risk continue to evolve with experience and feedback. While the results of these approaches are not published by the IMF for market sensitivity reasons, they inform risk assessments featured in bilateral surveillance as well as in the IMF’s flagship publications on global surveillance.
Book Synopsis Asset Management at Central Banks and Monetary Authorities by : Jacob Bjorheim
Download or read book Asset Management at Central Banks and Monetary Authorities written by Jacob Bjorheim and published by Springer Nature. This book was released on 2020-09-07 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the Global Financial Crisis and the COVID-19 pandemic, central banks have used all available instruments in their monetary policy tool-kit to avoid financial market disruptions and a collapse in real economic activities. These actions have expanded the size of their balance sheets and altered the composition of the asset-side. This edited book highlights how these assets are managed, providing an intellectual and practical contribution to an under-researched field of central bank responsibilities. It first reviews the sources and uses of domestic and international assets and how they complement—or possibly conflict with—the implementation of monetary policy goals. Next, the book examines the asset management mandate in a balance sheet context before turning to the investment decision-making process from strategic and tactical asset allocation to investment strategies, risk management, governance, reporting and control. Finally, it presents new developments in the field of managing assets at central banks. The individual chapters are written by central bankers, academics, and representatives from International Financial Institutions, each representing a particular aspect of the asset management practice. Practical and powerful insights from a hall of fame of investors, central bankers and scholars, are packed into this one volume. If you could have only one book on central bank asset management, this would be it. —Peter R. Fisher, Clinical Professor, Tuck School of Business at Dartmouth Jacob Bjorheim draws on his long experience in sovereign asset management to pull together a rich collection of insights from a broad range of expertise. Asset management at central banks has evolved and expanded considerably over the past decade. This book is a timely source of information and guidance. —Guy Debelle, Deputy Governor, Reserve Bank of Australia Central bank balance sheets have grown at a tremendous pace over the last decade and a half. Drawing on contributions from scholars and experienced central bankers from around the world, this timely and insightful book sheds light on how central banks are, and should be, managing their growing balance sheets. —Kjell G. Nyborg, Chaired Professor of Finance, University of Zurich, Author of Collateral Frameworks: The Open Secret of Central Banks Central banks and monetary authorities are charged with, and being held accountable for, managing portfolios of foreign currency assets of unprecedented size. The essays in this admirable book, written by some of the worlds most highly experienced officials, cover the full range of why and how this is currently being done and how new developments are affecting old practices. Interesting conceptually and immensely useful practically. —William White, Senior Fellow at the C.D. Howe Institute, former Head of the Monetary and Economic Department with the Bank for International Settlements (BIS) and chairman of the Economic and Development Review Committee at the OECD An excellent and timely review of modern international reserve management, which ought to be read by everyone working with, or simply interested in, international asset management and finance as well as monetary and economic policy. The spectrum of authors is broad and their combined insight is very valuable. —Tom A. Fearnley, Investment Director, Norwegian Ministry of Finance With “Asset Management at Central Banks and Monetary Authorities”, Jacob Bjorheim has achieved an editorial tour de force. The book assembles the insightful views of the leading experts in the field, both from an academic and practitioners’ perspective. It bridges the gap between the macroeconomics of central banks and the financial management of their reserves. A must read to understand how central banks are special in the group of institutional investors. —Eric Bouyé, Head of Asset Allocation and Quantitative Strategies, Treasury Department, The World Bank The balance sheet is a large and important toolbox for any central bank and specifically the foreign exchange reserves constitute one the more powerful of these tools. This book provides excellent insight in the various perspectives of managing reserves at a central bank. —Heidi Elmér, Director of Markets Department, Severiges Riksbank The world of international reserves has changed since the global financial crisis. In this volume, Jacob Bjorheim has assembled a stellar cast of experts to explain how and what that means for reserves management. With chapter authors like Andrew Ang, Jennifer Johnson-Calari, Robert McCauley, Ravi Menon, Simon Potter and Philip Turner, it is a book that every reserve manager must read. —Eli Remolona, Professor of Finance and Director of Central Banking, Asia School of Business in collaboration with MIT Sloan Jacob Bjorheim has succeeded in bringing together a first-class team of experts, and organising their contributions in an articulated journey from the central banks’ policy mandate to their asset management practices. An indispensable post-crisis update of the subject and a a required reading for anyone professionally involved with central bank’s asset management, or simply curious about a topic benefitting otherwise from limited research. —Louis de Montpellier, Former Global Head, Official Institutions Group, SSGA, and former Deputy Head, Banking Department, Bank for International Settlements (BIS), Basel At last, a book that shares with a wider audience, deep insight in a unique, challenging and ethical approach of asset management developed and implemented in the secretive world of central banks. If you wonder how to manage funds that stand ready for use at short notice in times of stress then this book is for you. Two features make it such a valuable read and a must-have reference: First, the very comprehensive list of themes covered from a rich diversity of angles. Second, the very impressive list of prominent institutions and authors that have contributed and shared their analysis and practical approaches of the issues presented. What is better than to get the information directly from first-hand practitioners, experts and managers themselves in their own words? —Jean-Pierre Matt, Former Head of Financial Analysis at the Bank for International Settlements (BIS) and founder of Quanteis This book holds the promise to become the go-to guide for anyone wishing to learn more about the management of official foreign exchange reserves. Central bankers in particular, but also those providing services to central banks, will find benefit from the broad scope in subject matter and varied perspectives being presented. I am yet to see a compendium on official reserve management with similar reach in subject matter. —Leon Myburgh, Former Head Financial Markets Department, South African Reserve Bank (SARB), Pretoria This is an immensely timely book at a time when central bank operations, and their balance sheets, remain “larger for longer”. Following the Financial Crisis 10 years ago, and with the Covid-19 Recession about to break, central bank balance sheets are at the forefront of the authorities’ response to economic issues as never before. Yet the management of their now large-scale assets remains a little known and little studied area. The authors of this book combine extensive technical and practical experience, and their observations will fill an important gap in the literature at a critical time. —Freyr Hermannsson, Former Head of Treasury, Central Bank of Iceland, Reykjavík
Book Synopsis The Management of Foreign Exchange Reserves by : Scott Roger
Download or read book The Management of Foreign Exchange Reserves written by Scott Roger and published by . This book was released on 1993 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 2015 External Sector Report by : International Monetary Fund
Download or read book 2015 External Sector Report written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-06-29 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: After narrowing modestly in 2013, the global scale of current account imbalances, and of excess imbalances, held steady in 2014. Over the last several years, while the country composition of imbalances has rotated somewhat, overall there has been little progress on reducing excess imbalances. Excess deficits narrowed in some cases, but widened in others; progress on reducing excess surpluses has stalled. An unfinished policy agenda to reduce excess imbalances remains. Efforts by both surplus and deficit economies would be mutually reinforcing and support growth. Several significant recent developments will affect external positions in 2015: sharply lower oil prices, cyclical divergence and different monetary policies among the major economies, and related currency movements. Those developments do not overturn the previous pattern of excess imbalances and associated policy agenda, but they will have significant effects and raise new issues.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1498303676 Total Pages :69 pages Book Rating :4.4/5 (983 download)
Book Synopsis Ecuador by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Ecuador written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2019-03-20 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates Ecuador’s potential growth in the range of 1 3/4 to 3 percent. The lower estimate corresponds to an extrapolation of recent trends while the higher estimate could be achievable through the implementation of a reform agenda that addresses fiscal and competitiveness challenges of Ecuador. The paper also develops models to nowcast and forecast GDP to improve the accuracy of growth projections. The oil sector remains an important driver of economic activity; however, it is not as important as it once was. A simple growth accounting exercise is used to decompose Ecuador’s growth between production factors accumulation; capital and labor, and total factor productivity. The study shows that low total factor productivity is the reason behind Ecuador’s recent economic decline and has been a negative contributor to long-term growth. The paper also explores different vector autoregression models to identify the best one to forecast real GDP in Ecuador.
Book Synopsis 2014 Pilot External Sector Report by : International Monetary Fund
Download or read book 2014 Pilot External Sector Report written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-26 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s third Pilot External Sector Report (ESR) presents a multilaterally consistent assessment of the largest economies’ external sector positions and policies for 2013 and early 2014. The report integrates the analysis from the Fund’s bilateral and multilateral surveillance to provide a coherent assessment of exchange rates, current accounts, reserves, capital flows, and external balance sheets. Together with the Spillover Report and Article IV consultations (with their heightened focus on spillovers), this Report is part of a continuous effort to ensure the Fund is in a good position to address the possible effects of spillovers from members’ policies on global stability and monitor the stability of members’ external sectors in a comprehensive manner.
Book Synopsis Assessing Reserve Adequacy by : International Monetary Fund
Download or read book Assessing Reserve Adequacy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-02-14 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic increase in reserves holdings over the past decade has resumed since the global financial crisis, even at an accelerated pace. While the crisis has heightened perceptions of the importance of holding adequate reserves, there is little consensus on what constitutes an adequate level from a precautionary perspective: traditional metrics are narrowly-based and often provide conflicting signals; while newer approaches tend to be hostage to stylized modeling assumptions and calibrations. As a result, assessments tend to rely on comparisons with peers, probably amplifying the upward trend as perceived needs rise in line with actual holdings.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498309682 Total Pages :45 pages Book Rating :4.4/5 (983 download)
Book Synopsis Flexible Credit Line - Operational Guidance Note by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Flexible Credit Line - Operational Guidance Note written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2018-08-06 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This note provides general guidance on the use of the Flexible Credit Line (FCL). After an overview of the instrument, explaining its specific nature, the operational issues are grouped into three areas: • an outline of the process and specific steps that need to be followed if a member expresses interest in an arrangement; • guidance on determining qualification of a member; and • a how-to guide for determining appropriate access levels. The note is an aid to the implementation of the policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with Board policy, Board policy prevails. It will be revised as needed, for example following relevant policy reviews."
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1513527266 Total Pages :95 pages Book Rating :4.5/5 (135 download)
Book Synopsis India by : International Monetary Fund. Asia and Pacific Dept
Download or read book India written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2016-03-02 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses outlook and risk related to the economic development of India. The Indian economy is on a recovery path, supported by a large terms of trade gain (about 21⁄2 percent of GDP) and reduced external vulnerabilities, though downside risks remain. Important economic and structural reforms have been initiated, but further reforms are needed to boost India’s growth potential. Notwithstanding the cyclical pickup, medium-term growth continues to be constrained by supply-side bottlenecks and weaknesses in the corporate and banking sectors. Past fund advice and the authorities’ macroeconomic policies have been broadly aligned, but progress on structural reforms has been partial.
Author :International Monetary Fund. Secretary's Department Publisher :International Monetary Fund ISBN 13 :1498395783 Total Pages :82 pages Book Rating :4.4/5 (983 download)
Book Synopsis International Monetary Fund Annual Report 2014 by : International Monetary Fund. Secretary's Department
Download or read book International Monetary Fund Annual Report 2014 written by International Monetary Fund. Secretary's Department and published by International Monetary Fund. This book was released on 2014-10-03 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2014—From Stabilization to Sustainable Growth, published today. The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment. Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing.” Ms. Lagarde said that “throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensible agent of economic cooperation” for its membership. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2013, to April 30, 2014. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.