Assessments of exchange rate misalignments and external imbalances for low-income countries are challenging because methodologies developed for advanced and emerging economies cannot be automaticall……続きを見る
This book provides a comprehensive review of recent economic developments in South Africa and the structural and policy challenges facing the authorities. Individual papers examine a range of topics……続きを見る
The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger……続きを見る
This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric ana……続きを見る
Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increase……続きを見る
This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the c……続きを見る
The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, ……続きを見る
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 p……続きを見る
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the g……続きを見る
The crisis has shifted the policy consensus away from the “benign neglect” view that it is better to pick up the pieces after a bust than try to prevent a real-estate boom in the first place. Yet, a……続きを見る
The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elab……続きを見る
En esta nota se examina cómo ha evolucionado el pensamiento económico con respecto a la gestión macroeconómica desde que se inició la crisis. Se analizan la evolución de la política monetaria, en pa……続きを見る
This paper contributes to the current debate on what role financial stability considerations should play in monetary policy decision and how best to integrate macro-prudential and monetary policy fr……続きを見る
The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing ……続きを見る
This SDN revisits the debate on bank resolution regimes, first by presenting a simple model of bank insolvency that transparently describes the trade-off involved between bail-outs, bail-ins, and la……続きを見る
