The Ukraine-Russia deal

Charles Wyplosz, 24 December 2013

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As the price to deter a westward move of Ukraine, Russia has made an offer that the Ukrainian president has found impossible to turn down, if he ever contemplated seriously tying his country to the EU. This is generally hailed as a master coup by President Putin and a great relief for President Yanukovych. In fact, this coup is likely to end in tears for both countries.

Topics: International finance
Tags: IMF, Ukraine

Smart governance: solutions for today’s global economy

Nemat Shafik, 14 December 2013

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Making the case for smart governance

Global economic crises tend to reignite discussions of global governance and international cooperation. This is because crises lay bare the shortcomings of existing international rules and institutions. The recent crisis has been no different.

Topics: Global governance
Tags: financial crisis, global crisis, global governance, IMF

Revisiting sovereign bankruptcy

Lee C. Buchheit , Beatrice Weder di Mauro, Anna Gelpern, Mitu Gulati, Ugo Panizza, Jeromin Zettelmeyer, 12 November 2013

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Sovereign-debt crises occur regularly and often violently. The recent debt crisis in Greece almost led to the collapse of the euro. Yet, there is no legally and politically recognised procedure for restructuring the debt of bankrupt sovereigns.

Topics: EU institutions, Global economy
Tags: eurozone, IMF, sovereign debt crisis

Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras

Olivier Blanchard, Florence Jaumotte, Prakash Loungani, 18 October 2013

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Growth in advanced economies is gaining some speed. The IMF projects these economies will grow 2% next year, up from an expected 1.2% this year. The average unemployment rate in advanced economies is expected to inch down from its peak of 8.3% in 2010 to 8% next year. This is progress, but it is clearly not enough. The state of labour markets remains dismal for a number of reasons.

Topics: Labour markets, Welfare state and social Europe
Tags: collective bargaining, EZ crisis, IMF, institutions, labour-market flexibility, trust, unemployment, Unemployment insurance

The IMF and the legacy of the euro crisis

Susan Schadler, 15 October 2013

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The IMF will live with the legacy of its role in the European debt crisis for years — if not decades.

Topics: Global governance, International finance
Tags: debt, EZ crisis, IMF

Who profits from trade-facilitation initiatives?

Bernard Hoekman, Ben Shepherd, 3 June 2013

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Analyses continue to accumulate that demonstrate that the global gains from trade facilitation – understood as measures that reduce the overall costs of the international movement of goods – are potentially very large (Hufbauer et al 2012).

Topics: International trade
Tags: IMF, trade facilitation

A pro-growth economic plan

Richard Wood, 11 May 2013

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There are similarities in the nature of the economic problems facing affected economies around the world:

Topics: Global crisis
Tags: austerity, Eurozone crisis, IMF, recovery

The 'Good Global Citizen' remit for the international community: A novel responsibility for the IMF

Biagio Bossone, Roberta Marra, 16 March 2013

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A fundamental lesson from the Great Recession is that global instability is more than the sum of domestic instabilities of single countries (Borio 2011). Not only do country exposures to global factors matter a lot: those same global factors, while they are considered to be exogenous from each country, are in fact endogenous to their collective behaviour.

Topics: Global crisis, Global governance
Tags: globalisation, Group of Lecce, IMF

IMF lending and banking crises

Luca Papi, Andrea F Presbitero, Alberto Zazzaro, 25 February 2013

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During the 1990s, the IMF’s lending policy has been blamed for imposing the economic recipes of the Washington Consensus on recipient countries.

Topics: Global governance, International finance
Tags: banking crises, conditionality, Eurozone crisis, IMF

The multilateral approach to capital controls

Olivier Blanchard, Jonathan D Ostry, 11 December 2012

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Paul Krugman blogged a few days ago about the “surprising intellectual flexibility” of the IMF in endorsing the use of capital controls to “calm volatile cross-border flows” (Krugman 2012).

Topics: Macroeconomic policy
Tags: capital controls, IMF

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