Guidance Note for the Liberalization and Management of Capital Flows

Policy Papers ◽  
2013 ◽  
Vol 2013 (34) ◽  
Author(s):  
Keyword(s):  
Capital Flows ◽  
Technical Assistance ◽  
International Agreements ◽  
Policy Advice ◽  
Research Staff ◽  
Guidance Note ◽  
Consistent Basis ◽  
Operational Guidance ◽  
Institutional View ◽  
Over Time

This note provides operational guidance to staff for how to use the Fund’s institutional view on the liberalization and management of capital flows. The institutional view is a consistent basis for providing policy advice on capital flows and policies related to them and assessments when required for surveillance. In the absence of an institutional view, country teams risk providing inconsistent advice to countries in similar circumstances (IEO, 2005). The view does not have mandatory implications for Fund-supported programs or technical assistance. It does not alter members’ rights and obligations under the Fund’s Articles of Agreement or under any other international agreements. The institutional view and guidance will evolve over time to reflect new experience, emerging views of authorities and staff, and research. Staff teams are encouraged to reflect useful lessons from authorities’ experiences with capital flow liberalization and management in Fund reports so that these experiences can continue to influence the Fund’s approach to these issues.

Managing Capital Outflows - Further Operational Considerations

Policy Papers ◽  
2015 ◽  
Vol 2015 (39) ◽  
Author(s):  
Keyword(s):  
Capital Flows ◽  
Capital Flow ◽  
Capital Inflows ◽  
Guidance Note ◽  
Management Measures ◽  
Crisis Type ◽  
Capital Outflows ◽  
Policy Challenge ◽  
Operational Guidance ◽  
Institutional View

The Guidance Note for the Liberalization and Management of Capital Flows (IMF 2013a) provides operational guidance to staff on the use of the Fund’s institutional view on the liberalization and management of capital flows (Box 1). It discusses appropriate policies with respect to the liberalization of capital flows and the management of disruptive capital inflows and outflows. With respect to capital outflows, the institutional view considers that capital flow management measures (CFMs) may be appropriate in crisis-type circumstances or, in the context of capital flow liberalization, if countries find that they have liberalized prematurely and are unable to handle the resulting capital flows. In non-crisis-type circumstances, the guidance considers outflows as being appropriately handled by macroeconomic, financial, and structural policies. It is intended to mirror the policy advice with respect to capital inflows. The guidance is, however, relatively brief and would benefit from some elaboration to lay out the possible configurations of policies in the context of the institutional view. This note seeks to provide such an elaboration, which is particularly relevant as capital outflows are becoming a more relevant policy challenge.

scholarly journals Guidance Note For Developing Government Local Currency Bond Markets

2021 ◽  
Vol 21 (001) ◽  
Author(s):  
◽  
Keyword(s):  
Technical Assistance ◽  
Developing Economies ◽  
Emerging Market ◽  
World Bank Group ◽  
Bond Markets ◽  
Sector Reform ◽  
Local Currency ◽  
Guidance Note ◽  
Financial Sector Reform ◽  
Bank Group

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

China's Economic Growth and Innovation in Globalization

2019 ◽  
pp. 1-27
Author(s):  
Bryan Christiansen
Keyword(s):  
Economic Integration ◽  
Capital Flows ◽  
Direct Investment ◽  
Chinese Economy ◽  
Business Organizations ◽  
Long Term Effects ◽  
Critical Determinant ◽  
National Economies ◽  
Over Time

The purpose of this chapter is to investigate the potential long-term effects of contemporary globalization on the Chinese economy and innovation in an era of global hypercompetition. Globalization today is basically accepted as the process that removes geographical boundaries and enables the economic integration and interdependence of national economies into the international economy through trade, foreign direct investment, migration, and capital flows. Since productivity remains the critical determinant of long-term national growth and prosperity, the effects of today's globalism on productivity demands the need for business organizations in particular to sustain a competitive advantage and to remain profitable over time. Based on an integrative literature review, this chapter explores why China must continue to develop its innovation capabilities as well as to provide opportunities for foreign businesses over the long-term via responsible economic development that also benefits the nation's domestic population.

Shades of Sovereignty: Understanding Sovereignty in International Politics

2018 ◽  
Vol 2 (1) ◽  
pp. 19-42
Author(s):  
Apekshya Shah
Keyword(s):  
International Politics ◽  
International Agreements ◽  
State Sovereignty ◽  
Conceptual Frame ◽  
Bilateral Relationship ◽  
Internal Affairs ◽  
Over Time

Correction: On 29th June 2020, the author's name was changed from Apkeshya Shah TO Apekshya Shah. This paper analyses the concept of Westphalian sovereignty and its practices among states, particularly in the bilateral relationship between Nepal and India. The notion of Westphalian sovereignty, basically a principle of non-intervention in the internal matters of other states, has been a contested concept since the beginning of its inception. Despite numerous international agreements, system-affecting and system-influencing countries have not refrained from meddling into the internal affairs of system-ineffectual states. Taking the issue of alleged Indian interference in Nepal's internal affairs into consideration, this paper examines levels and degrees of correction in accusations and assertions. And if it is correct then how can we understand it better. The first part of the paper discusses the conceptual frame of state sovereignty and its evolution over time. Then, the issue of the exercise of sovereignty is explored and, concurrently, the compromise of state sovereignty is also explained before analysing Nepal-India relations. Next, the Nepal-India relations are analysed.

The Extended Rights to Purchase Policy - Reduction of Blackout Periods in GRA Arrangements - Operational Guidance Note

Policy Papers ◽  
2013 ◽  
Vol 2013 (44) ◽  
Author(s):  
Keyword(s):  
Test Data ◽  
Program Design ◽  
Guidance Note ◽  
Operational Guidance

This note provides guidance on the operation of the IMF’s Extended Rights to Purchase policy for General Resources Account (GRA) arrangements. Provided certain safeguards are met, this policy extends the period (up to some limits) in which a member may access accumulated but undrawn balances under a GRA arrangement once a new test date is reached but for which the test data are not yet available. In so doing it addresses some access “blackouts” which can affect all GRA arrangements with the Fund, but especially precautionary ones. To assist in program design, other possible access blackouts, not addressed by this policy, are also described in this note.

Capital Flows - Review of Experience with the Institutional View

Policy Papers ◽  
2016 ◽  
Vol 2016 (36) ◽  
Author(s):  
Keyword(s):  
Capital Flows ◽  
International Monetary System ◽  
Monetary System ◽  
Institutional View

Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they also carry risks, and a key challenge for countries is how to harness the benefits while managing the risks. The institutional view on the liberalization and management of capital flows provides the Fund with a basis for consistent advice on policies related to capital flows. This paper reviews countries’ experiences with handling capital flows in the period since the adoption of the IMF’s institutional view in 2012. Based on the experience, it identifies a few areas in which the view would benefit from further clarification or elaboration.

Guidance Note for Surveillance Under Article IV Consultations

Policy Papers ◽  
2015 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Financial Stability ◽  
Balance Of Payments ◽  
Policy Options ◽  
Executive Board ◽  
Financial Policies ◽  
The Public ◽  
Guidance Note ◽  
Formal Requirements ◽  
Policy Adjustments ◽  
Operational Guidance

This note provides country teams with guidance on bilateral and multilateral surveillance in the context of Article IV consultations. It covers the following issues: Focus on stability. Stability is the organizing principle of surveillance. Article IV consultations should focus on the conduct of economic and financial policies pursued by members to promote present and prospective domestic and balance of payments stability, as well as global economic and financial stability. For the latter, Article IV consultations should discuss spillovers from members’ economic and financial policies that may significantly affect global stability, including alternative policy options that would minimize their adverse impact. Operational guidance. The note provides detailed guidance, suggestions and references in areas covered in surveillance including risks and spillovers, fiscal policy, macrofinancial and monetary policy, BOP stability, structural policies and data issues. Communication and Engagement. Effective two-way communication is key to surveillance, including with the authorities (to help staff’s advice get traction), the Executive Board (to support effective peer review), and the public and other stakeholders (to gain support for necessary policy adjustments). Surveillance messages need to be clear, concise, and focused. The Fund needs to be evenhanded, in line with the principle of uniformity of treatment, for surveillance to command the confidence of the membership. Process and formal requirements. A number of procedures, rules, and requirements are summarized in this note.

Precautionary and Liquidity Line - Operational Guidance Note

Policy Papers ◽  
2015 ◽  
Vol 2015 (09) ◽  
Author(s):  
Keyword(s):  
Review Process ◽  
Annual Review ◽  
Specific Nature ◽  
Guidance Note ◽  
Ex Post ◽  
Operational Issues ◽  
Operational Guidance ◽  
General Guidance

This note provides general guidance on the use of the Precautionary and Liquidity Line (PLL). After an overview of the instrument, explaining its specific nature, the operational issues are grouped into five areas: an outline of the process and specific steps that need to be followed if a member expresses interest in an arrangement; guidance on access, phasing, and purchases; guidance on determining qualification of a member and appropriate ex-post conditionality; and a guide to the semi-annual review process.

Flexible Credit Line--Operational Guidance Note

Policy Papers ◽  
2015 ◽  
Vol 2015 (08) ◽  
Author(s):  
Keyword(s):  
Emerging Markets ◽  
Background Information ◽  
Credit Line ◽  
Guidance Note ◽  
Operational Guidance

The Flexible Credit Line (FCL) was introduced as part of a package of reforms to the Fund’s lending facilities in March 2009 and its design was further refined in August 2010 and in the 2014 Review of the policy. The following provides operational guidance and further background information on the FCL. SPR (the Emerging Markets Division), FIN, and LEG stand ready to clarify any further questions departments may have on the FCL or other aspects of the reforms to lending and conditionality.

scholarly journals Review of Quality Deficiencies Found in Active Pharmaceutical Ingredient Master Files Submitted to the WHO Prequalification of Medicines Programme

2014 ◽  
Vol 17 (2) ◽  
pp. 169 ◽  
Author(s):  
Isabel Ortega Diego ◽  
Antony Fake ◽  
Matthias Stahl ◽  
Lembit Rägo
Keyword(s):  
Technical Assistance ◽  
Active Pharmaceutical Ingredient ◽  
The United States ◽  
World Health ◽  
European Medicines Agency ◽  
United States Food ◽  
Materials Used ◽  
The Stability ◽  
Health Organization ◽  
Over Time

Purpose. The aim of this work was to determine the number and type of active pharmaceutical ingredient (API) quality deficiencies in API Master Files (APIMFs) as submitted to the World Health Organization (WHO) Prequalification of Medicines Programme (PQP). Methods. We conducted a retrospective review of API quality deficiencies identified following the assessment of new APIMFs for non-sterile APIs during a 6-year period from 1 January 2007 to 31 December 2012. All deficiencies were collected, classified and quantified according to the Common Technical Document (CTD) sections and subsections and as groups of commonly raised questions. Results. There were 5446 deficiencies collected from 159 APIMF deficiency letters by CTD section, by selected CTD subsections and by selected CTD subsections and year. More than 50% of the total number of deficiencies related to the manufacturing sections of the CTD, followed by deficiencies concerning the impurities, the API specification and the stability sections of the CTD.  A pattern of API deficiencies across the different CTD subsections and over time was identified. Conclusions. The most frequent critical deficiencies were related to how the specific manufacturing process and the key materials used, in particular the API starting material, impact the API impurities content. The number and pattern of APIMF deficiencies did not change over time. The results are compared to the findings in similar studies as reported by the United States Food and Drug Administration (USFDA), the European Directorate for the Quality of Medicines (EDQM) and the European Medicines Agency (EMA) and similarities and differences are discussed. Our findings highlight the need for greater guidance and technical assistance for API manufacturers submitting APIMFs to the PQP. This article is open to POST-PUBLICATION REVIEW. Registered readers (see “For Readers”) may comment by clicking on ABSTRACT on the issue’s contents page.

Sign in / Sign up

Export Citation Format

Share Document