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The International Monetary Fund (IMF) is an agency of the United Nations,and an international financial institution,headquartered in Washington,D.C.,consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation,secure financial stability,facilitate international trade,promote high employment and sustainable economic growth,and reduce poverty around the world." Formed in 1944,started on 27 December 1945,at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes,it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016,the fund had XDR 477 billion.
The global financial system is the worldwide framework of legal agreements,institutions,and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization,its evolution is marked by the establishment of central banks,multilateral treaties,and intergovernmental organizations aimed at improving the transparency,regulation,and effectiveness of international markets. In the late 1800s,world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I,trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933,worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability,fostering record growth in global finance.
Full-reserve banking is a system of banking where banks do not lend demand deposits and instead,only lend from time deposits. It differs from fractional-reserve banking,in which banks may lend funds on deposit,while fully reserved banks would be required to keep the full amount of each depositor's funds in cash,ready for immediate withdrawal on demand.
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is,in effect,a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century,most central banks have been providers of lender of last resort facilities,and their functions usually also include ensuring liquidity in the financial market in general.
A currency crisis is a situation in which serious doubt exists as to whether a country's central bank has sufficient foreign exchange reserves to maintain the country's fixed exchange rate. The crisis is often accompanied by a speculative attack in the foreign exchange market. A currency crisis results from chronic balance of payments deficits,and thus is also called a balance of payments crisis. Often such a crisis culminates in a devaluation of the currency.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries,including trade,investment and transaction.
The Latin American debt crisis was a financial crisis that originated in the early 1980s,often known as La Década Perdida,when Latin American countries reached a point where their foreign debt exceeded their earning power,and they were not able to repay it.
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries,many financial crises were associated with banking panics,and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles,currency crises,and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
Raghuram Govind Rajan is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Between 2003 and 2006 he was Chief Economist and director of research at the International Monetary Fund. From September 2013 through September 2016 he was the 23rd Governor of the Reserve Bank of India;in 2015,during his tenure at the RBI,he became the Vice-Chairman of the Bank for International Settlements.
Capital controls are residency-based measures such as transaction taxes,other limits,or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measures may be economy-wide,sector-specific,or industry specific. They may apply to all flows,or may differentiate by type or duration of the flow.
A credit crunch is a sudden reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates. In such situations,the relationship between credit availability and interest rates changes. Credit becomes less available at any given official interest rate,or there ceases to be a clear relationship between interest rates and credit availability. Many times,a credit crunch is accompanied by a flight to quality by lenders and investors,as they seek less risky investments.
Markus Konrad Brunnermeier is an economist,who is the Edwards S. Sanford Professor of Economics at Princeton University,and a nonresident senior fellow at the Peterson Institute for International Economics. He is a faculty member of Princeton's Department of Economics and director of the Bendheim Center for Finance. His research focuses on international financial markets and the macro economy with special emphasis on bubbles,liquidity,financial crises and monetary policy. He promoted the concepts of liquidity spirals,CoVaR as co-risk measure,the paradox of prudence,financial dominance,ESBies,the Reversal Rate,Digital currency areas,the redistributive monetary policy,and the I Theory of Money. He is or was a member of several advisory groups,including to the IMF,the Federal Reserve Bank of New York,the European Systemic Risk Board,the German Bundesbank and the U.S. Congressional Budget Office. He is also a research associate at CEPR,NBER,and CESifo.
Stephany Griffith-Jones is an economist specialising in international finance and development,with emphasis on reform of the international financial system,specifically in relation to financial regulation,global governance and international capital flows. She is currently member of the Governor Board at the Central Bank of Chile. She has been financial markets director at the Initiative for Policy Dialogue,based at Columbia University in New York and associate fellow at the Overseas Development Institute. Previously she was professorial fellow at the Institute of Development Studies at Sussex University. She has held the position of deputy director of International Finance at the Commonwealth Secretariat and has worked at the United Nations Department of Economic and Social Affairs and in the United Nations Economic Commission for Latin America and the Caribbean. She started her career in 1970 at the Central Bank of Chile. Before joining the Institute of Development Studies,she worked at Barclays Bank International in the UK. She has acted as senior consultant to governments in Eastern Europe and Latin America and to many international agencies,including the World Bank,the Inter-American Development Bank,the European Commission,UNICEF,UNDP and United Nations Conference on Trade and Development. She was also a member of the Warwick Commission on international financial reform. She has published over 20 books and written many scholarly and journalistic articles. Her latest book,edited jointly with JoséAntonio Ocampo and Joseph Stiglitz,Time for the Visible Hand,Lessons from the 2008 crisis,was published in 2010.
International lender of last resort (ILLR) is a facility prepared to act when no other lender is capable or willing to lend in sufficient volume to provide or guarantee liquidity in order to avert a sovereign debt crisis or a systemic crisis. No effective international lender of last resort currently exists.
In economics,twin crises are simultaneous crises in banking and currency. The term was introduced in the late 1990s by economists Graciela Kaminsky and Carmen Reinhart,after the occurrence of several episodes with this characteristic around the globe.
Nicoletta Batini is an Italian economist,notable as a scholar of innovative monetary and fiscal policy practices. During the crisis she pioneered the IMF work exposing the dangers of excessive fiscal austerity and designed ways to consolidate public debt successfully during phases of financial deleveraging. Since 2003 at the International Monetary Fund,she has served as Advisor of the Bank of England’s Monetary Policy Committee between 2000-2003 and was Professor of Economics at the University of Surrey (2007-2012),and Director of the International Economics and Policy office of the Department of the Treasury of Italy’s Ministero dell’Economia e delle Finanze (MEF) between 2013-2015. Batini's fields of expertise include monetary policy,public finance,open economy macroeconomics,labor economics,energy and environmental economics,and economic modeling. She has handled extensive consultancy roles in the public sector in advanced and emerging market countries. She holds a Ph.D. in international finance from the Scuola Superiore S. Anna and a Ph.D. in monetary economics from the University of Oxford.
Graciela Kaminsky is a Professor of Economics and International Affairs at George Washington University and a Faculty Research Associate at the National Bureau of Economic Research. Kaminsky studied Economics at the Massachusetts Institute of Technology where she received her Ph.D. In 1984 she did a brief research stay at the Argentine Central Bank,later in 1985 she moved to San Diego as an assistant professor at the University of California. In 1992 she worked on the Board of Governors of the US Federal Reserve System,later in 1998 she was appointed a full professor at George Washington University where she works at the Elliot School of International Affairs. Kaminsky has been a visiting scholar at the Bank of Japan,the Bank of Spain,the Federal Reserve Bank of New York,the Hong Kong Monetary Authority,and the Central Bank of France.
María Soledad Martínez Pería is an economist who,as of 2020,is Chief of the Macro-Financial Division of the Research Department of the International Monetary Fund. She obtained her PhD at the University of California,Berkeley and a Bachelor's degree from Stanford University.
Anat Ruth Admati is an economist and currently the George G.C. Parker Professor of Finance and Economics at Stanford Graduate School of Business. In 2014,Time listed her as one of the 100 Most Influential People in the World.
Tobias Adrian is a German and American economist who has been Financial Counsellor of the International Monetary Fund and Head of their Monetary and Capital Markets Department since 2017. He was previously employed at the Federal Reserve Bank of New York,where he was a Senior Vice President and the Associate Director of the Research and Statistics Group. His research covers aspects of risk to the wider economy of developments in capital markets. In particular,he is known for his work on the global financial crisis,monetary policy transmission,and the yield curve.
References
- 1 2 IMFBlog. "Enrica Detragiache". IMF Blog. Retrieved 2019-11-25.
- ↑ "Enrica Detragiache | IDEAS/RePEc". ideas.repec.org. Retrieved 2019-11-25.
- ↑ "Enrica Detragiache | Ph.D. in Economics | International Monetary Fund, DC | European Department". ResearchGate. Retrieved 2019-11-27.
- ↑ Detragiache, Enrica (1988). Essays on external borrowing by less developed countries (Ph.D. thesis). United States -- Pennsylvania: University of Pennsylvania. ProQuest 303583149.
- ↑ "RePEc Genealogy page for Enrica Detragiache". genealogy.repec.org. Retrieved 2019-11-25.
- ↑ "List of Current and Past Faculty and Visitors at JHU Economics". Economics. Retrieved 2019-11-26.
- ↑ Tsangarides, Charalambos G.; Cottarelli, Carlo; Ghosh, Atish R.; Milesi-Ferretti, Gian-Maria (2008). Exchange Rate Analysis in Support of IMF Surveillance: A Collection of Empirical Studies. International Monetary Fund. ISBN 978-1451962031.
- ↑ "Germany: Staff Concluding Statement of the 2019 Article IV Mission". IMF. Retrieved 2019-11-26.
- ↑ "Transcript of Conference Call on the Completion of Article IV Consultation with Germany". IMF. Retrieved 2019-11-27.
- ↑ "Enrica Detragiache | VoxDev". voxdev.org. Retrieved 2019-11-26.
- 1 2 Kollewe, Julia (2016-01-20). "IMF says refugee influx could provide EU economic boost". The Guardian. ISSN 0261-3077 . Retrieved 2019-11-27.
- 1 2 Detragiache, E. (1996). Rational liquidity crises in the sovereign debt market: in search of a theory. International Monetary Fund. OCLC 1101891100.
- ↑ Tressel, Thierry; Detragiache, Enrica (2008). "Do Financial Sector Reforms Lead to Financial Development? Evidence From a New Dataset". IMF Working Papers. 08 (265): 1. doi: 10.5089/9781451871234.001 . ISSN 1018-5941.
- 1 2 Detragiache, Enrica; Ho, Giang (2010). "Responding to Banking Crises: Lessons From Cross-Country Evidence". IMF Working Papers. 10 (18): 1. doi:10.5089/9781451962239.001. ISSN 1018-5941. S2CID 168049987.
- ↑ Lilico, Andrew (2014-10-08). "Why bank deposit insurance leads to more financial crises". Daily Telegraph. ISSN 0307-1235 . Retrieved 2019-11-27.
- ↑ Petroff, Alanna (2017-07-07). "Germans should retire later, IMF says". CNNMoney. Retrieved 2019-11-27.
- ↑ Buergin, Rainer (2014-05-20). "IWF drängt Merkel zu Eurozonen-Hilfe - Inlandsnachfrage stärken" . Retrieved 2019-11-27.
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