Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains...

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

On June 20, 2018, the Executive Board approved the largest stand-by arrangement in the Fund's history, in support of Argentina's 2018-21 economic program. After an augmentation in October 2018, access under the arrangement amounted to USD 57 billion (1,227 percent of Argentina's IMF quota). The...

Wo zeigt sich bereits heute eine Haftungsunion? -- Inwiefern ist der Wiederaufbaufonds die Blaupause für einen fiskalisch-zentralistischen Europäischen Währungsfonds? -- Kommt ein Schuldenerlass? -- Sind griechische „Geuros“ und italienische „Minibots“ als Regierungsgeld die Lösung?...