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Bank of Canada RSS Feedsen2024-03-29T14:20:45+00:00The Role of the International Monetary Fund in the Post-Crisis World
https://www.bankofcanada.ca/2016/02/staff-discussion-paper-2016-6/
The International Monetary Fund (IMF, or the Fund) has undergone a number of significant policy changes and reforms in the wake of the global financial crisis. Most notably, in December 2015, the United States approved long-delayed legislation to increase the representation of developing countries in the Fund’s governance structure.2016-02-16T09:05:23+00:00enThe Role of the International Monetary Fund in the Post-Crisis World2016-02-16International topicsStaff Discussion Paper 2016-6https://www.bankofcanada.ca/wp-content/uploads/2016/02/sdp2016-6.pdfThe Role of the International Monetary Fund in the Post-Crisis WorldMark KrugerRobert LavigneJulie McKayFebruary 2016FF3F33Spillover Effects of Quantitative Easing on Emerging-Market Economies
https://www.bankofcanada.ca/wp-content/uploads/2014/11/boc-review-autumn14-lavigne.pdf
While quantitative easing (QE) in the United States likely increased capital flows to emerging-market economies (EMEs), putting upward pressure on asset prices and exchange rates, diverging fundamentals between advanced economies and EMEs were also important drivers. Evidence suggests that the benefits of QE to EMEs, in higher global demand and increased confidence, appear to outweigh the costs. When advanced economies begin to normalize monetary policy, the best defence for EMEs against any potential instability is likely to be further strengthening of their macroeconomic and financial policy frameworks.2014-11-13T08:36:36+00:00enSpillover Effects of Quantitative Easing on Emerging-Market Economies2014-11-13The G-20 Framework for Strong, Sustainable and Balanced Growth: Macroeconomic Coordination Since the Crisis
https://www.bankofcanada.ca/wp-content/uploads/2013/02/boc-review-winter-12-13-lavigne.pdf
Since 2009, the G-20 Framework for Strong, Sustainable and Balanced Growth has provided a mechanism for international macroeconomic policy coordination. The Framework has had some successes, including agreement on objectives for fiscal consolidation. However, post-crisis global growth has been neither strong nor balanced. Progress has also been slow in developing credible fiscal consolidation plans in some advanced countries and in increasing exchange rate flexibility in certain emerging economies. A stronger peer review process and enhanced analysis of international spillovers would increase the Framework’s influence on member policies.2013-02-21T10:32:15+00:00enThe G-20 Framework for Strong, Sustainable and Balanced Growth: Macroeconomic Coordination Since the Crisis2013-02-21Inflation Targeting: The Recent International Experience
https://www.bankofcanada.ca/wp-content/uploads/2012/05/boc-review-spring12-lavigne.pdf
In the years since the 2006 renewal of Canada’s inflation-control agreement, monetary policy regimes have faced significant shocks, including the global economic and financial crisis. This article reviews the recent experience with inflation targeting, including the debate about the appropriate role of monetary policy in maintaining financial stability. In the aftermath of the crisis, both […]2012-05-17T10:22:01+00:00enInflation Targeting: The Recent International Experience2012-05-17Strengthening IMF Surveillance: An Assessment of Recent Reforms
https://www.bankofcanada.ca/2009/07/discussion-paper-2009-10/
The authors assess the potential impact of recently approved reforms to International Monetary Fund (IMF) surveillance; namely, the "2007 Decision on Bilateral Surveillance Over Members' Policies" and the "Statement of Surveillance Priorities" (SSP). They conclude that these complementary reforms have the potential to create a comprehensive and coherent framework for IMF surveillance. If implemented properly, […]2009-07-01T10:11:20+00:00enStrengthening IMF Surveillance: An Assessment of Recent Reforms2009-07-01International topicsDiscussion Paper 2009-10https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp09-10.pdfStrengthening IMF Surveillance: An Assessment of Recent ReformsRobert LavigneLawrence L. SchembriJuly 2009FF3F33Assessing the Implementation of the IMF's 2007 Surveillance Decision
https://www.bankofcanada.ca/2009/02/discussion-paper-2009-6/
The International Monetary Fund (IMF) recently adopted the "2007 Decision on Bilateral Surveillance Over Members' Policies," a landmark reform that modernizes the general principles of IMF surveillance. However, support for the reform was not unanimous, and doubts have been expressed about how the Decision would be applied in practice. The authors assess the first year […]2009-02-27T20:00:00+00:00enAssessing the Implementation of the IMF's 2007 Surveillance Decision2009-02-27International topicsDiscussion Paper 2009-6https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp09-6.pdfAssessing the Implementation of the IMF’s 2007 Surveillance DecisionRobert LavigneGarima VasishthaFebruary 2009FF3F33Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
https://www.bankofcanada.ca/2008/03/discussion-paper-2008-4/
The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged sterilization are beginning to manifest themselves.2008-03-21T13:08:49+00:00enSterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks2008-03-21Exchange rate regimesFinancial stabilityInternational topicsDiscussion Paper 2008-4https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-4.pdfSterilized Intervention in Emerging-Market Economies: Trends, Costs, and RisksRobert LavigneMarch 2008EE5E52FF3F31OO2O24A vision for IMF Surveillance
https://www.bankofcanada.ca/2007/06/working-paper-2007-37/
The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re-examine the role, functions and governance of the Fund.2007-06-02T12:47:57+00:00enA vision for IMF Surveillance2007-06-02Financial stabilityInternational topicsWorking Paper 2007-37 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-37.pdfA Vision for IMF SurveillanceRobert LavignePhilipp MaierEric SantorJune 2007FF3F33The Institutional and Political Determinants of Fiscal Adjustment
https://www.bankofcanada.ca/2006/02/working-paper-2006-1/
The author empirically assesses the effects of institutional and political factors on the need and willingness of governments to make large fiscal adjustments.2006-02-01T12:00:50+00:00enThe Institutional and Political Determinants of Fiscal Adjustment2006-02-01Development economicsEconometric and statistical methodsFiscal policyInternational topicsWorking Paper 2006-1 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp06-1.pdfThe Institutional and Political Determinants of Fiscal AdjustmentRobert LavigneFebruary 2006EE6E62OO1O17O19