Capital flows can deliver substantial benefits for countries, but also have the potential to contribute to a buildup of systemic financial risk. Benefits, such as enhanced investment and consumption smoothing, tend to be greater for countries whose financial and institutional development enables...

This paper provides case studies of 13 of the largest non-UMP countries. The case studies begin with an overview of recent macro-economic developments as well as capital flow patterns during the crisis up to the first U.S. tapering announcement in May 2013. Country experiences with capital...

This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings of a substantial and growing academic and central banking literature, as well as...

Just as uncertainty associated with COVID-19 pandemic was abating, Russia invaded Ukraine. Uncertainty endured, shifting from pandemic to war, affecting all countries but in different ways. Above-target inflation rates and inflation surprises have helped reducing debt-to-GDP ratios but such...

(IEO), which provides an early evaluation of the Fund's emergency response to the initial stage of the COVID-19 pandemic and seeks to draw lessons from the experience for responding to possible future global crises. They highlighted the report's key finding that the Fund's response was effective...