This paper is an analysis of Japan’s credit channel. The economic condition has no hindrance, but credit demand showed an inert performance. The state’s policies have helped the flow of finance and prevent bankruptcy, but several other aspects act as an impediment to credit...

This paper discusses the 59th issue of the By-Laws and Rules and Regulations of the IMF. The By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the IMF. The Rules and Regulations supplement the Articles of Agreement and the By-Laws...

This paper was originally prepared for a seminar of the Executive Board of the Fund. In the seminar, Executive Directors expressed a broad range of views with regard to both the adequacy of the Fund's approach to financial programming and the validity of the analysis presented in this paper

In View of the continuation of substantial movements in exchange rate relationships among major currencies, the recent increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about the possible adverse effects of exchange rate...

In a response to a request from the G20 IFA Working Group, this note provides a framework for public lenders and borrowers to assess collateralized financing practices from a development perspective. The work of the IMF and World Bank suggests that the availability of collateralized financing...

This paper proposes a further six-month extension of the period for consent to increase quotas under the Fourteenth General Review of Quotas. The current deadline is due to expire on December 31, 2015, however, Board of Governors Resolution No. 66-2 provides that the Executive Board may extend...