Does IMF Support Accelerate Inflation Stabilization?

This paper analyzes the effects of International Monetary Fund (IMF) arrangements on the timing of inflation stabilization programs. By providing financial support that may allow the reduction of inflation without incurring politically unacceptable economic costs, the IMF can hasten stabilization. But, since support can also reduce the costs of inflation, it may instead delay it. Empirical results obtained for 10 countries that suffered from chronic inflation fail to support the hypothesis that IMF financial assistance accelerates stabilization. Rather, they indicate that other factors have a greater impact on the timing of stabilizations: greater fragmentation of the political system delays stabilization, while a higher level of inflation hastens it. JEL Classification Numbers: E63, E31, F35     

IMF的预测靠谱吗?

5年后中国经济世界第一在国际货币基金组织(International Monetary Fund,下称"IMF")最近的全球地区经济展望地图上,中国被标上了醒目的红色——它的最新报告表明,中国将成为未来几年发展最快的     

Does Fintech benefit financial disintermediation? Evidence based on provinces in China from 2013 to 2018

Financing for small and medium-sized enterprises (SME) is a challenge worldwide. Thus, it is worth considering how SME overcome the financing dilemma to use financial technology (Fintech). Using data from 31 provinces in China from 2013 to 2018, we construct a regional Fintech evaluation index system and examine the effects of Fintech on enterprise financing based on China's provincial panel data. The results show that Fintech can promote direct financing and form robust technology-driven disintermediation. Compared with capital-driven disintermediation, technology-driven disintermediation is more inclusive. We also conclude that more shadow banks and private enterprises, or higher digitalization, marketization, and securitization levels, will improve the efficiency of technology-driven disintermediation.     

IMF为何一直姓“欧”?

从1946年国际货币基金组织成立至今,历任总裁都由欧洲人担任,这不禁让人们疑惑,这究竟是一个世界组织,还是一个欧洲组织?"凭什么一直让姓‘欧’的当掌柜?"无数人堵在楼门外,有的宣泄不满情绪,有的手捧简历毛遂自荐。难怪这个职位如此惹火,因为这可不是一般小店,而是大名鼎鼎的国际货币基金组织(IMF)。随着第11任IMF总裁卡恩因涉嫌性侵犯而离职,下一任IMF总裁是否仍是欧洲人,再度引发争论。     

IMF总裁之争

欧洲对IMF总裁一职摆出志在必得之势。     

IMF何去何从？

世界各国的财政部长们周六将在华盛顿举行的国际货币基金组织（International Monetary Fund，IMF）春季会议上会聚一堂，曾经为无数陷入困境的政府指点前程的IMF到时将为自己的身份危机寻找解决良方。     

IMF再度改革

国际货币基金组织（IMF）的治理改革反映了国际经济形势的历史性变化，也是国际金融危机爆发以来的现实要求。当前的国际金融体系是从二：战后的布雷顿森林体系演进而来，在这一体系当中，IMF居丁核心地位。传统上，该组织被欧美发达国家把持。     

IMF副总裁竞争背后

有这样一个组织：它由186个成员国组成，组织的资金来源于各成员国缴纳的会费，每个成员国可以按照缴纳会费份额的大小来借用外汇。     

IMF副总裁竞争背后

正"放在一年前,提名中国人担任IMF高级职务的事情是不会发生的,他们会提名日本人。"有这样一个组织:它由186个成员国组成,组织的资金来源于各成员国缴纳的会费,每个成员国可以按照     

IMF展望世界经济

【法新社4月13日】国际货币基金组织(IMF)今天对于高油价以及欧洲与日本经济的低迷表示忧虑，它预计今年的全球经济增长率可能放慢至4．3％。     

Which firms benefit from robot adoption? Evidence from China

This paper investigates which firms benefit from robot adoption in a developing open economy such as China. First, we construct a unique comprehensive dataset to identify robot adoption in Chinese industrial firms. Second, we adopt difference-in-differences to provide empirical analysis after conducting the common trends tests. Third, we find that adopting robots significantly increases a series of firm performance indicators in robot adoption firms. Compared with adopting firms in the labor-intensive sector, firms in the capital-intensive sector significantly benefit from robot adoption in a series of firm performance indicators, e.g., employment, capital stock, output, total factor productivity, capital returns, and exports. Finally, we check the robustness, investigate the dynamic effects, and find persistent positive effects. Our findings shed some light on the impacts of robot adoption in developing and transition countries.     

IMF逆市推变革

IMF自身的“亲美欧倾向”和内部权力分配制度与世界形势发展不相符合，使其对全球经济的影响力越来越弱     

IMF Programs: Do They Work? Can They be Made to Work Better?

A central issue in the debate about a new international financial architecture has been whether programs of policy reform supported by the International Monetary Fund work. The Fund claims that “on balance” they do, because of their positive effect on the balance of payments. Others claim that programs are ineffective, and suggest that they should be discontinued. This paper reviews the econometric evidence dealing with the macroeconomic effects of IMF programs. It goes on to provide additional evidence and judges success against alternative criteria. Although the record is not good, the paper argues that it would be unwise for the Fund to cease lending and to abandon conditionality altogether. IMF programs need to be redesigned and refocused. The paper concludes by identifying a number of principles that should underpin reform.     

IMF总裁大热门——拉加德:法国人的新希望?

当前任男总裁因涉性侵犯而辞职后,IMF(国际货币基金组织)的下任总裁或许是位女士。国际货币基金组织斯特劳斯·卡恩因被控性侵犯而宣布辞职后,国际上关于IMF新掌门花落谁家展开了激烈的争论和预测。土耳其前财长德尔维什(Kemal Dervis)、法国财长拉加德(Christine Lagarde)、德国前央行行长韦伯(Axel Weber)等都成为人们津津乐道的热门人选。     

Do oligopolistic firms benefit from being forced to act non-strategically?

The present study seeks to answer the question of whether acting non-strategically can benefit firms. In a static Cournot framework, if a subset of firms are constrained to the equilibrium level of output, being non-strategic will have no impact on profits of neither constrained nor strategic firms and provided that sufficiently large number of firms are restricted, a marginal quantity contraction can be to their benefit. In contrast, using a dynamic Cournot framework, we find that the constraint set at the equilibrium level or moderately deviated from it, leads to increased profits for all firms irrespective of the number of non-strategic ones.     

Can soft power help the IMF make the world more stable?

In an integrated world, one of the more intractable problems we have to deal with is how to ensure all countries undertake macroeconomic policies that are in the global interest even when these go against short-term domestic political compulsions. It is unlikely that countries will sign up to a common set of policy rules, nor is it probable that peer pressure alone will convince countries to co-operate. This paper argues that multilateral institutions have to do more to sell the global policy consensus to the influential public in each country, so that leaders are pushed by domestic constituencies to internalize the global good. Rather than solely a top down process of global policy-making, where grand summits make little progress, we also need a bottom up approach, where the summiteers will feel the pressure for global deals from their primary domestic constituencies.     

IMF上调欧元区增长预期

国际货币基金组织（IMF）2日承认，尽管出现全球经济风暴，但欧元区的经济出人意料地活跃，IMF将不得不大幅上调欧元区2008年的经济增长预期。     

IMF修改汇率操纵标准

19日，国际货币基金组织（IMF）在其最大股东美国两年来的持续压力下，终于对外汇政策指导方针作出30年来的首次修改，实际上放宽了“汇率操纵”的定义。这增加了中国汇率政策日后受到负面评价的概率，也意味着人民币升值的外部压力可能进一步加大。