In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...

This paper proposes a low cost alternative to the large bailout packages that the International Monetary Fund (IMF) has organized to address financial crises. The IMF would act as a lender of last resort. Faced with an unsustainable debt burden, a government would declare default. It would...

In a luncheon speech at the AEA meeting on January 3, 1999, Stanley Fischer argued the case, in a reformed international financial system for ?an agency that will act as lender of last resort for countries facing a crisis.? He asserts that there is a need for such an agency and ?that the IMF is...

Having lost its Bretton Woods role as a regulator of exchange rates and source of short-term balance-of-payments assistance, the IMF has since been an organization in search of a reason for it to exist. Had it been content to serve its members by keeping records of their monetary and economic...

Der Länderbericht des IMF über Turkmenistan beschreibt das wirtschaftliche Umfeld des Landes. In einzelnen Kapiteln wird auf die jüngere wirtschaftliche Entwicklung eingegangen, die institutionellen Rahmenbedingungen für die Wirtschaftspolitik dargestellt und das Wirtschaftsreformprogramm...