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Tag Archives: Global economy

To Safeguard Global Financial Stability, Boost the Resilience of Investment Funds

By Tobias Adrian, Antonio Garcia Pascual, Ranjit Singh, and Jay Surti Investment funds were hit hard by the pandemic; their response amplified its adverse impact on financial markets and capital flows. Our brush last year with one of the biggest economic shocks of our lifetimes revealed some fundamental vulnerabilities that could affect global financial stability. Caught up in the financial market turmoil generated by risk averse investors, many investment funds were heavily affected by the...

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How to Tax in Asia’s Digital Age

By Era Dabla-Norris, Ruud De Mooij, Andrew Hodge, and Dinar Prihardini Español New global reforms will change where tech giants pay taxes in Asia and make the international tax system more robust. Digitalization —the technology that powers fintech, e-commerce, and online services—enables us to make mobile money transfers, purchase goods and services online, and interact with people across the globe. It has created some of the largest global businesses, such as online platforms and...

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Your Top 5 Back-to-School Blogs

By IMFBlog What’s on your mind as you (or your kids) head back to school? To help you stay on top of the news and policy debates from the past few months, our IMFBlog editors have put together a list of our top reads on economics and finance. Our list of blogs gives you a snapshot on the state of the global economy, a glimpse at the new world of cryptocurrencies, and some insight into the phenomenon of rising prices. Urgent Action Needed to Address a Worsening “Two-Track” Recovery   ...

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A Shot in the Arm—How Special Drawing Rights Can Help Struggling Countries

By IMFBlog The largest allocation of Special Drawing Rights, or SDRs, in history—about $650 billion—came into effect earlier this week. The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis. The SDR allocation will provide additional liquidity to the global economic system—supplementing countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt. Countries can...

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Pacific Island Airlines: Flying on Empty?

By Vybhavi Balasundharam and Leni Hunter With virtually no international travel since March 2020, national airlines in the Pacific face mounting financial difficulties. For Pacific Island countries this shock is particularly severe given the weak financial condition of national carriers prior to the pandemic, the reliance of these countries on airline connectivity to support tourism, and limited fiscal space to provide ongoing or future financial support to these airlines. Recovery from...

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From the History Books: The Rethinking of the International Monetary System

By Atish Rex Ghosh Fifty years ago, the world changed. On August 15, 1971, US President Richard Nixon slammed shut the “gold window,” suspending dollar convertibility. Although it was not Nixon’s intention, this act effectively marked the end of the Bretton Woods system of fixed exchange rates. But, in truth, with the rise of private cross-border capital flows, a system based on fixed exchange rates for the major currencies was no longer viable and Nixon’s decision—decried at the time as an...

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IMF Summer Reads

By IMFBlog A book is a must, as you head off to visit family and friends, or take time off during the summer to unwind. A good book can bring in new thinking and perspective from the past. And it can inspire and motivate us to act. Below you’ll find some additions to your summer reading list, and possibly some food for thought, based on a selection of recent book reviews by our editors at Finance & Development (F&D). Rebellion, Rascals, and Revenue: Tax Follies and Wisdom...

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Coming Together

By Vitor Gaspar and Gita Gopinath عربي, Español, Français, Português, Русский Differences in vaccine access and the ability to deploy policy support are creating a growing divergence between advanced economies from many emerging market and developing economies. Faced with high deficits and historic levels of debt, countries with limited access to financing are walking a fiscal tightrope between providing adequate support and preserving financial stability. IMF support focused most where it...

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Women in Economics

By IMFBlog Women remain underrepresented in economics, yet many have made an outsized impact on the field. Whether it’s in working to eliminate poverty, reinventing development economics, examining social safety nets, or improving democratic institutions, Finance & Development magazine has regularly highlighted the contributions made by women economists. In F&D’s People in Economics series, the work of women economists has featured prominently. To add to your summer reading list,...

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Chart of the WeekHow To Escape The Perils of Fragility

By Olusegun Akanbi, Kenji Moriyama, Keyra Primus Already facing huge development needs, the COVID-19 pandemic is exacerbating the challenges facing fragile and conflict states—a group of currently about 40 countries trapped in cycles of low administrative capacity, political instability, conflict, and weak economic performance. Our new IMF staff working paper, which analyzes the experiences of 196 countries between 1979 and 2018, shines a light on how countries can avoid or break out of this...

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