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International Monetary Fund. Statistics Dept.


The IMF Committee on Balance of Payments Statistics was established in1992 for the following purposes: to oversee the implementation of the recommendations contained in the reports of two IMF working parties that investigated the principal sources of discrepancy in global balance of payments statistics published by the IMF;t o advise the IMF on methodological and compilation issues in the context of balance of payments and international investment position statistics; and to foster greater coordination of data collection among countries. This slim volume is the official report of the Committee’s sixteenth meeting in December 2003 in Washington, D.C.

International Monetary Fund

ensure that the recommendations of this report are followed and that the quality of capital account statistics is improved. With hindsight, it is clear that recommendations (directed toward national compilers) from the Current Account Report were not effectively acted upon. The Working Party therefore recommends that (12) A small standing committee of senior balance of payments compilers should be set up to oversee the implementation of the recommendations in this report (and those in the Current Account Report ). The group should be constituted under IMF

Mr. Kenneth Rogoff and Mr. Jeromin Zettelmeyer

) , the IMF or a similar international agency would play the role of a monitor. The free rider problem would be addressed by “mandating equal treatment” of all creditors within a creditor class and across all creditor classes except for the IFIs. The reorganization plan would encompass not only debt reduction but also domestic economic restructuring under IMF auspices, and take into account “the domestic needs of the debtor state”. V. A fter M exico : S achs (1995) and beyond The implementation of the Brady plan in 1991 and the subsequent resumption of

Alan M. Taylor

known to have coincided with what was historically the most stringent era of capital controls (imposed under IMF auspices as the very basis of the Bretton Woods fixed exchange rate regime), and thus the era in which global imbalances were at their all-time nadir. However, it also coincided with a very stringent era of domestic financial regulation in most countries around the world. Policymakers reacted strongly to the bank panics and financial distress of the 1930s with a combination of rules and supervision, plus backstops and insurance (in the U.S. case, for

Alan Taylor
Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in excessive credit booms. We can use the lens of macroeconomic and financial history to confront these dueling hypotheses with evidence. The credit boom explanation is the most plausible predictor of crises since the late nineteenth century; global imbalances have only a weak correlation with financial distress compared to indicators drawn from the financial system itself.
Alan Taylor

the role of omitted common factors driving both patterns. One obvious area for concern with respect to proper statistical control would be changes in other aspect of the macroeconomic and financial policy regime over time and across countries. For example, when we consider the period of unusual calm in the 1940–70 period, we also know that it coincided with what was historically the most stringent era of capital controls (imposed under IMF auspices as the very basis of the Bretton Woods fixed exchange rate regime), and thus the era in which global imbalances were

Mr. Kenneth Rogoff and Mr. Jeromin Zettelmeyer
This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
International Monetary Fund. External Relations Dept.

impeding economic activity, effective fiscal adjustment might instead stimulate it. In support of this argument, Wescott provided the following summary of a study, carried out under IMF auspices, that analyzed fiscal adjustment experiences across a wide range of industrial countries over a 25-year period: • Consolidation and growth . Tight fiscal consolidation efforts need not trigger a recession. A number of countries have experienced positive growth both during and following needed fiscal contraction. Industrial countries’ fiscal situation is more serious when

Mr. Jeromin Zettelmeyer and Mr. Kenneth Rogoff

international bankruptcy mechanism under IMF auspices might be designed and practically implemented (“Note on an International Debt Adjustment Facility,” May 26, 1995). 30 In some ways, this paper provides the counterpoint to Sachs’s proposal. It is short on motivation: while free rider problems are occasionally referred to in the text, there is no explicit analysis of the inefficiencies embodied in the status quo, except to say that it is presently difficult to negotiate an orderly restructuring for lack of a legal process. However, it is more specific than any of the

Mr. Taimur Baig and Mr. Ilan Goldfajn

-09: For Korea , a successful $4 billion overseas bond sale takes place. 04-20: Various reform measures under IMF auspices begins in Indonesia . 04-23: Malaysia’s Finance Minister Anwar Ibrahim gives a thumbs up to the resolution of a drawn-out banking merger between RHB Bank Bhd and Sime Bank Bhd 05-15: The Kuala Lumpur Stock Exchange reports that 50 out of Malaysia’s 62 stockbroking firms exceed the bourse’s minimum liquid funds requirement. B ibliography Agénor , Pierre-Richard , and Joshua Aizenman ( 1997 ), “ Contagion and