Despite increasing volatility in the global economy, the uptake of the IMF's two precautionary credit lines, the Flexible Credit Line (FCL) and the Precautionary and Liquidity Line (PLL), has remained limited — currently to just four countries. The two new lending instruments were created in...

This paper examines the operational limitations of the Chiang Mai Initiative Multilateralization (CMIM) as a regional financial safety net in East Asia and presents a new regional financial arrangement. To overcome the drawbacks of the Chiang Mai Initiative Multilateralization which has never...

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of "the IMF and the crises in Greece, Ireland, and Portugal." It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common...

We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, 'PSIs'). This enables us to focus on the effects of IMF...

This paper examines the contemporary and possible future role of the IMF in European economic governance in light of the cooperation developed between the EU and the Fund in order to tackle financial problems both in non-euro area and euro area Member States. Attention is paid to the influence...

From the literature review, it is particularly argued that failure to implement effective fiscal policy measures have greatly hampered economic growth and sound macroeconomic stability in most developing countries. The prevailing economic climate indicates that growth has slowed down...

The major objective of paper is to analyse the analytics of IMF conditionality, and its application with India time series data for the period of 41 years ie 1971-2012. It also takes into account its relevance in the rapidly growing economies. IMF has changed its major Financial programming in...

The year was marked by difficult challenges and milestone achievements. To reinvigorate modest growth at a time of uncertainty about a complicated global economy, the IMF membership endorsed a three-pronged approach of monetary, fiscal, and structural policies to get the world economy back on a...