Search Results

You are looking at 1 - 8 of 8 items for :

  • "C. IMF-supported program" x
Clear All
International Monetary Fund. Fiscal Affairs Dept. and International Monetary Fund. Strategy, Policy, & Review Department

. Efficiency of Pension Spending Incorporating Pension Issues into Country Work A. General Considerations B. Surveillance C. IMF-Supported Programs D. Dialogue with Country Authorities Boxes Box 1. Gender Aspects of Pension Provisions Box 2. Actuarial Equilibrium, Neutrality, and Balance Box 3. Point Systems and Notional Defined Contribution Schemes Box 4. Definition of Public Pension Spending Box 5. Benefit Adequacy at the Individual Level Box 6. Examples of How to Address Pension Issues in Surveillance Box 7. Examples of How to Address

International Monetary Fund. Fiscal Affairs Dept. and International Monetary Fund. Strategy, Policy, & Review Department
The International Monetary Fund (IMF) is increasingly involved in offering policy advice on public pension issues to member countries. Public pension spending is important from both fiscal and welfare perspectives. Pension policy and its reforms can have significant fiscal and distribution implications, can influence labor supply and labor demand decisions, and may impact consumption and savings behavior. This technical note provides guidance on assessing public pension systems’ macrocriticality, i.e., sustainability, adequacy, and efficiency; it also discusses the issues and policy trade-offs to be considered when designing responses aiming to address these dimensions of the pension system. The paper emphasizes the importance of taking a long-term, comprehensive perspective when evaluating public pension spending and providing policy advice. Where feasible, reforms should be gradual and transparent to allow individuals ample time to adjust their work and savings decisions and to facilitate consumption smoothing over their lifecycle to avoid poverty in old age. It is also important to ensure that pension systems’ design and reforms do not lead to undesirable impacts in other policy areas including general tax compliance, health insurance coverage, labor force participation among older workers, or labor market informality. The paper emphasizes the importance country-specific social and economic objectives and constraints, as well as political economy realities – factors that can determine whether a pension reform is a success or failure.
Mr. Masahiro Nozaki, Mr. Benedict J. Clements, and Mr. Sanjeev Gupta

Front Matter Page Fiscal Affairs Department C ontents Executive Summary I. Introduction II. IMF-Supported Programs and Social Spending: The Critics’ View III. How Have IMF-Supported Programs Affected Social Spending? A. Overview B. Social Spending in IMF-Supported Programs: Stylized Facts C. IMF-Supported Programs and Social Spending: Quantitative Analysis IV. Conclusions References Tables 1. Effect of IMF Programs on Social Spending in Low-Income Countries 2. Long-Term Effect of IMF-Supported Programs on Social Spending

Mr. Masahiro Nozaki, Mr. Benedict J. Clements, and Mr. Sanjeev Gupta
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Mr. Masahiro Nozaki, Mr. Benedict J. Clements, and Mr. Sanjeev Gupta

criteria or benchmarks, has been used sparingly in IMF-supported programs and does not appear to play a role in the observed increase in these outlays. 12 C. IMF-Supported Programs and Social Spending: Quantitative Analysis As noted earlier, to get a true assessment of the impact of IMF-supported programs on social spending, it is necessary to take account of developments in other variables that might influence this spending. Moreover, studies have to take into account the fact that countries with IMF-supported programs are not directly comparable to nonprogram

Mr. Tamon Asonuma, Mr. Marcos d Chamon, and Akira Sasahara
Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantially depending on whether the restructuring takes place preemptively without missing payments to creditors, or whether it takes place after a default has occurred. We document that countries with post-default restructurings experience on average: (i) a more severe and protracted decline in imports, (ii) a larger fall in exports, and (iii) a sharper and more prolonged decline in both GDP, investment and real exchange rate than preemptive cases. These stylized facts are confirmed by panel regressions and local projection estimates, and a range of robustness checks including for the endogeneity of the restructuring strategy. Our findings suggest that a country’s choice of how to go about restructuring its debt can have major implications for the costs it incurs from restructuring.
Mr. Tamon Asonuma, Mr. Marcos d Chamon, and Akira Sasahara

.80) 3.790 (4.84) 5.477 (5.46) 4.530 (5.79) Weakly preemptive (Commodity minus Non-commodity) 1.575 (1.00) 3.054** (1.26) 3.493*** (1.15) 4.055*** (1.20) 2.725** (1.20) 5.283*** (1.51) 6.550*** (2.20) 5.200** (2.40) 4.132 (2.58) 4.583* (2.61) Strictly preemptive (Commodity minus Non-commodity) 4.710*** (0.73) 3.455*** (1.21) 0.560 (1.24) 2.288 (1.72) −0.075 (1.78) 0.964 (1.67) 4.059** (1.95) 1.341 (2.78) 3.325 (3.78) 3.385 (3.85) Panel C: IMF-supported Programs (1) Imports Dep. var. is 100 times

International Monetary Fund. Fiscal Affairs Dept. and International Monetary Fund. Strategy, Policy, & Review Department

options for early retirement (three-quarters of men and half of women retired early). Serbia also continued reforms of the pension system in the context of an IMF-supported program ( Box 5 ). C. IMF-Supported Programs Engagement on pension issues in the context of IMF-supported programs should aim to address the underlying pension-related macroeconomic problems. Pension-related issues identified as macro-critical during surveillance (due to concerns about fiscal sustainability, spending efficiency, adequacy for poverty reduction, or consumption smoothing