This paper discusses Article IV, Section 8 of the Articles of Agreement which states the requirement of maintenance of the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of the member's currency notwithstanding changes in the par...

This paper discusses the promotion of IMF Stand-By Arrangements (SBAs), the drafting of private loan agreements, and order in international finance. The IMF approves a SBA or an extended arrangement for the benefit of a member country of the IMF only if the member presents to the IMF a letter of...

This paper deals with one aspect of the drafting of the amendment, the choice of language, and more particularly the two expressions-special drawing rights and a supplement to existing reserve assets. It shows the contribution that language can make, if not to the reconciliation of opposing...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

For most citizens, buying a residential property (dwelling) is the most important transaction during their lifetime. Residential properties represent the most significant component of households’ expenses and, at the same time, their most valuable assets. The Residential Property Prices...

This book examines the challenges facing the international monetary and financial system, as well as the future role of the Bretton Woods institutions in addressing those challenges. The volume is based on the proceedings of a 2004 conference cosponsored by the Banco de Espana and the...

Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were...

The government has continued to pursue an unconventional strategy for economic recovery. Despite improved market sentiment which has eased financing constraints, the economic outlook remains difficult and large external and public financing needs leave Hungary exposed to risks. Maintaining...

Non-performing loans (NPLs) were found to respond to macroeconomic conditions, such as GDP growth, unemployment, and inflation; there are also strong feedback effects from the banking system to the real economy. This suggests that the high NPLs that many CESEE countries currently face adversely...

Lithuania has achieved significant macroeconomic rebalancing since the 2008–09 crisis, and vulnerabilities have diminished. The current account and fiscal deficits were substantially reduced, debt has fallen in most sectors of the economy, and wage compression quickly restored competitiveness....