The 36-month exceptional access Stand-By Arrangement (SBA) with the Republic of Argentina approved by the International Monetary Fund (IMF) in June 2018, later augmented in October 2018, represents the largest programme in the history of the Fund. The programme, however, has failed in all its...

This article examines the role of the IMF’s Debt Sustainability Assessments (DSAs) in achieving the UN’s Sustainable Development Goals (SDGs), which is a crucial agenda towards a resilient, sustainable, and inclusive post-pandemic recovery. Crucially, it advocates that the DSA should be...

The Debt Service Suspension Initiative (DSSI) for Poorest Countries provides for a time-bound suspension of debt repayments to public creditors. Commercial creditors, however, are not so bound. Earlier this year there was an initiative to introduce a moratorium on debt service on sovereign bond...

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....

Recent discussions at the IMF and the G-20 on strengthening the international monetary system have emphasized, among other efforts, increasing the financial depth of emerging markets. Such deepening is widely believed to confer important stability benefits, helping countries limit swings in...

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....