Per Jacobsson Lecture
Per Jacobsson Lecture

Author: Mr.Timothy Geithner

Publisher: International Monetary Fund

Published: 2017-10-10

Total Pages: 54

ISBN-13: 1484325885

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The choices we make in advance of the next financial crisis will have a major impact in determining the magnitude of the economic damage. Our vulnerability to crisis depends on the strength of the protections we build into the financial system through prudential regulation, as well as on the degrees of freedom we create for ourselves to respond to the unanticipated, and the knowledge and experience we bring in managing crises. Is the financial system safer today? With the reforms now in place and with the memory of the crisis still fresh, how confident should we feel about the resilience of the financial system and our ability to protect the US economy from a major financial crisis? Warburg Pincus President and former US Secretary of the Treasury Timothy Geithner attempts to answer these questions in his October 2016 Per Jacobsson Lecture.

Per Jacobsson Lecture
Per Jacobsson Lecture

Author: International Monetary Fund. External Relations Dept.

Publisher: International Monetary Fund

Published: 2013-03-25

Total Pages: 40

ISBN-13: 1616355255

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The future of finance, and in particular saving it from a popular backlash against the global financial crisis and related crisis management policies, has become a matter of great concern. In this brochure, which presents in written form a lecture from the Per Jacobsson Foundation’s lecture series, former Reserve Bank of India Governor Y. V. Reddy explores three interrelated issues of particular concern to central bankers in the search for good finance for the future: how to ensure that the financial sector serves the society better, how to integrate financial sector policies better with national economic policies, and how to ensure that the financial industry functions as a means and not as an end in itself. The question-and-answer session following the lecture is also included in the brochure.

Per Jacobsson Lecture
Per Jacobsson Lecture

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2011-10-14

Total Pages: 68

ISBN-13: 1463904347

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This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning financial system plays an essential role in generating high levels of saving, promoting the efficient allocation of investment, and smoothing economic fluctuations stemming from nonfinancial causes. By facilitating informed risk taking, it is a key element in achieving optimal levels of productivity growth and rising living standards.

Per Jacobsson Lecture
Per Jacobsson Lecture

Author: International Monetary Fund. Communications Department

Publisher: International Monetary Fund

Published: 2015-04-08

Total Pages: 30

ISBN-13: 1475547285

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As the Federal Reserve’s statutory objectives are defined as specific goals for the U.S. economy—to pursue maximum sustainable employment and price stability—and its policy decisions are targeted to achieve these dual objectives, there might seem to be little need for its policymakers to pay attention to developments outside the United States. But such an inference would be incorrect: the state of the U.S. economy is significantly affected by the state of the world economy, and of course, actions taken by the Federal Reserve influence economic conditions abroad, which in turn spill back on the evolution of the U.S. economy and therefore must be taken into account in the Federal Reserve’s monetary policy choices. This Per Jacobsson Lecture first reviews the effect of the Federal Reserve’s monetary policies on the rest of the global economy, particularly emerging market economies. It then addresses prospective outcomes and possible risks associated with the normalization of the Federal Reserve’s policies. Finally, it discusses the Federal Reserve’s responsibilities in the world economy.

Per Jacobsson Lecture
Per Jacobsson Lecture

Author: Ms.Carmen Reinhart

Publisher: International Monetary Fund

Published: 2017-09-18

Total Pages: 44

ISBN-13: 148432093X

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Latin America: Outlook and Challenges Ahead

Per Jacobsson Lecture: September 2011
Per Jacobsson Lecture: September 2011

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2012-06-08

Total Pages: 34

ISBN-13: 1475507720

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This paper discusses that as the IMF had been designed to assist countries with current account deficits, its role came under discussion. It subsequently regained some importance during the Latin American crises in the 1980s and the emerging market crises in the 1990s. It became apparent that an initially national crisis might very quickly assume a global character by spreading through closely linked financial systems. The global financial system and the global real economy are so intertwined that a financial crisis can severely affect the real economy in both emerging and advanced economies. Emerging economies acted as an important stabilizer at the height of the crisis, whereas major advanced economies are now facing a rather modest outlook for growth. The ultimate objective should be to tackle the roots of the crisis instead of just creating ever more instruments to fight the symptoms. Against this backdrop, any attempt to enhance the IMF's capacity for crisis management has to be thoroughly assessed in terms of costs and benefits.

Transition to Market
Transition to Market

Author: Mr.Vito Tanzi

Publisher: International Monetary Fund

Published: 1993-06-15

Total Pages: 404

ISBN-13: 9781557752758

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The IMF has been a major participant in the challenge of transforming many African, Asian, and European countries from centrally planned to market economies. The authors of this book, mainly staff members of the IMF, have distilled their firsthand experience with fiscal reform in transition economies into 15 case studies of these countries. In doing so they analyze issues of privatization, fiscal federalism, social safety nets, and the net worth of the Soviet Union. The editor of the volume is Vito Tanzi, Director of the IMF's Fiscal Affairs Department.

The Making of Global Capitalism
The Making of Global Capitalism

Author: Leo Panitch

Publisher: Verso Books

Published: 2013-10-08

Total Pages: 605

ISBN-13: 1781684413

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The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren't straightforwardly opposing forces. In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state. The Making of Global Capitalism identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements that might transcend global markets.

Fiscal Reform in European Economies in Transition
Fiscal Reform in European Economies in Transition

Author: Mr.George Kopits

Publisher: International Monetary Fund

Published: 1991-04-01

Total Pages: 42

ISBN-13: 1451846258

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Most European economies in transition are engaged in public sector reform aimed mainly at replacing the previous fiscal system subordinated to the central plan with a system where fiscal instruments can make a distinct contribution to stabilization, equity, and efficiency. This paper examines past progress and future tasks in major reform areas: taxation, subsidies, social security, public investment, public enterprises, government debt, and intergovernmental relations. An overview of the fiscal reform process suggests that the contraction and restructuring of government operations are not likely to materialize soon and that there is a serious risk of widening fiscal imbalances during the transition.