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International Monetary Fund. Secretary's Department

, and make the process of restoring competitiveness in stressed economies even harder. Further monetary easing, including through unconventional measures, was needed in the euro area to help achieve the European Central Bank’s price stability objective. Quantitative easing was also recommended to be sustained in Japan. The second new risk was in emerging market economies. Corporate leverage had been rising, and there was the added risk of heightened market volatility associated with monetary policy normalization in the United States, all against the background of a

International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the stability of the financial system in New Zealand. Imbalances in the housing market, banks’ concentrated exposures to the dairy sector, and their high reliance on wholesale offshore funding are the key macro-financial vulnerabilities. The banking sector has significant exposure to real estate and agriculture, is relatively dependent on foreign funding, and is dominated by four Australian subsidiaries. A sharp decline in the real estate market, a reversal of the recent recovery in dairy prices, deterioration in global economic conditions, and tightening in financial markets would adversely impact the system. Despite these vulnerabilities, the banking system is resilient to severe shocks. Strengthening the macroprudential framework is important.
International Monetary Fund. Secretary's Department

Abstract

The period from May 2013 through April 2014—the IMF’s financial year 20141—saw the world economy reach a critical juncture: emerging from the greatest financial crisis in almost a hundred years. Recovery was taking hold but was too slow and faced many obstacles along the road. In her Global Policy Agenda, the IMF’s Managing Director set out bold policy steps that could overcome these obstacles and take the global economy toward more rapid and sustainable growth. The top priority was to strengthen the coherence of the policies and cooperation among policymakers, both at home and across borders: national prosperity and global prosperity are linked and depend, more than ever before, on countries working together. The IMF is indispensable for this global cooperation.

International Monetary Fund. Secretary's Department

Abstract

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2014—From Stabilization to Sustainable Growth, published today. The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment. Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing.” Ms. Lagarde said that “throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensible agent of economic cooperation” for its membership. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2013, to April 30, 2014. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.

International Monetary Fund. Secretary's Department

Abstract

In the course of overseeing the international monetary system, underpinning programs in member countries, helping countries strengthen their institutions and capacities, and monitoring member countries’ economies, the IMF provides policy advice to member countries on a variety of issues pertaining to economic stability.

International Monetary Fund. Secretary's Department

Abstract

The current income model for the IMF, endorsed by the Executive Board and approved by the Board of Governors in 2008, includes the establishment of an endowment in the IMF’s Investment Account funded from the profits of the sale of a limited portion of the institution’s gold holdings (see “Gold Sales” later in the chapter). The account’s objective is to invest these resources and generate returns to contribute support to the IMF’s budget while preserving the endowment’s long-term real value. A broadening of the IMF’s investment authority to enhance returns on investments is a key element of the model. In January 2013, the Executive Board adopted new rules and regulations for the Investment Account that provided the legal framework for implementation of the expanded investment authority, authorized under the Fifth Amendment to the Articles of Agreement, which became effective in February 2011.74