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The Elusive Gains From International Financial Integration
Gourinchas, Pierre-Olivier; Jeanne, Olivier - International Monetary Fund (IMF) - 2004
Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of income convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this...
Persistent link: https://www.econbiz.de/10005605034
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The International Monetary System: Where Are We and Where Do We Need to Go?
Mohan, Rakesh; Patra, Michael Debabrata; Kapur, Muneesh - International Monetary Fund (IMF) - 2013
The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary …. Since international monetary cooperation might be difficult, though desirable, central banks in major advanced economies …
Persistent link: https://www.econbiz.de/10010790272
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Exploring the Dynamics of Global Liquidity
Sally F. (Sally Fangnan) Chen; Liu, Philip; Maechler, … - International Monetary Fund (IMF) - 2012
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series....
Persistent link: https://www.econbiz.de/10010790397
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The Debate on the International Monetary System
Lago, Isabelle Mateos y; Duttagupta, Rupa; Goyal, Rishi - International Monetary Fund (IMF) - 2009
Persistent link: https://www.econbiz.de/10010790468
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Rethinking Macroeconomic Policy
Dell'Ariccia, Giovanni; Blanchard, Olivier J.; Mauro, Paolo - International Monetary Fund (IMF) - 2010
The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review the main elements of the pre-crisis consensus, we identify where we were wrong and...
Persistent link: https://www.econbiz.de/10010790474
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Financial Deepening and International Monetary Stability
Wang, Shengzu; Marsh, Chris; Goyal, Rishi; Raman, Narayanan - International Monetary Fund (IMF) - 2011
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10010790489
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Exchange Rate Regimes and the Stability of the International Monetary System
Ghosh, Atish R.; Ostry, Jonathan David; Tsangarides, … - International Monetary Fund (IMF) - 2011
The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and … promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to … adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system. …
Persistent link: https://www.econbiz.de/10010790495
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American in the Shadows; Harry Dexter White and the Design of the International Monetary Fund
Boughton, James M. - International Monetary Fund (IMF) - 2006
Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry …
Persistent link: https://www.econbiz.de/10005768807
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Exchange Rates in the Periphery and International Adjustment Under the Gold Standard
Catão, Luis; Solomou, Solomos - International Monetary Fund (IMF) - 2003
exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency … important ingredient of international payments adjustment under the gold standard. …
Persistent link: https://www.econbiz.de/10005769107
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International Liquidity and the Role of the SDR in the International Monetary System
Polak, J. J.; Clark, Peter B. - International Monetary Fund (IMF) - 2002
This paper describes how the changed conditions in the international monetary system have undermined the role … originally envisaged for the SDR. It argues that the concept of a global stock of international liquidity, which was fundamental … demand for international reserves with SDR allocations: (i) there are efficiency gains, as SDRs can be created at zero …
Persistent link: https://www.econbiz.de/10005769234