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In the current context, various factors add to the existing social and economic crisis, such as the COVID-19 pandemic and the Russian invasion of Ukraine, which, when articulated with common conflicting facts, increase projections regarding the slowdown in the economy, with an impact on inflation and declines in global economic growth. As part of the adverse effects of these variables, if the increase in the cost of basic products and services was anticipated, the supply chain escaped, food safety, the widening of social gaps, poverty, contributing to the massification of restrictive medicines, increasing vulnerabilities in social and political scenarios, in addition to less dynamism in the global economy, in the availability of food resources, increases in energy prices, inflationary pressure, among others. Previously, this investigative note explores the macroeconomic forecast, taking as reference the informants of the year 2022 brought by the World Bank, the International Monetary Fund, the Economic Committee for Latin America and the Caribbean and the Inter-American Development Bank. (English) [ FROM AUTHOR] En el contexto actual, diversos factores se suman a la crisis social y económica a existente, como la pandemia COVID-19 y la invasión rusa a Ucrania que, al articularse con los hechos conflictivos comunes, aumentan las proyecciones con respecto a la desaceleración de la economía, con incidencia en la inflación y mermas en el crecimiento económico global. Como parte de los efectos adversos de estas va1riables, se prevé el aumento en el costo de los productos y servicios básicos, escasez en la cadena de suministros, inseguridad alimentaria, ampliación de las brechas sociales, de la pobreza, contribuyendo a la toma de medidas restrictivas, aumentando las vulnerabilidades en los escenarios sociales y en materia política, además de un menor dinamismo en la economía global, en la disponibilidad de recursos alimentarios, aumentos de los precios de la energía, presión inflacionaria, entre otros. En virtud de lo anterior, la presente nota de investigación explora la prognosis macroeconómica, tomando como referentes los informes del año 2022 aportados por el Banco Mundial, el Fondo Monetario Internacional, la Comisión Económica para América Latina y el Caribe y el Banco Interamericano de Desarrollo. (Spanish) [ FROM AUTHOR] Copyright of Revista de Filosofía is the property of Revista de Filosofia-Universidad del Zulia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
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The special drawing right (SDR) is issued by the International Monetary Fund (IMF). The SDR has the potential to strengthen dramatically the international monetary system. Established in 1969 and allocated twice during its first decade, the SDR was in the institutional closet from 1980 until 2009 when $250 billion in SDRs were allocated to members of the IMF to help address the global financial crisis. In 2021, another $650 billion in SDRs were allocated to help address the Coronavirus pandemic. The SDR has proved itself as a crisis instrument. This paper proposes regular annual SDR allocations.
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The business sector's finances have already begun to suffer as a result of decreased production and lockdowns, which have already begun to take their toll. In order to keep operations running smoothly, a significant public budget or stimulus is required to address issues such as interruptions in supply chains, difficulties in manufacturing, and paralyzed health systems. The banking and financial industry, whose prospects are related closely to those of the economy, is sure to face the brunt of the anticipated slowdown in economic development. The International Monetary Fund has reduced India's GDP growth prediction to 1.9 percent for 2020-21. There is a possibility of an increase in defaulted loans. "The downturn might potentially lead to job losses, which could put on on the retail lending books of financial institutions. The loss of revenue from tourism and the entertainment industries, amongst many other areas of business, has already damaged the economy. These and other such factors are all building up to put a burden on the economy of the whole world, which may potentially have ramifications for the next few years. The governments, central banks, and regulatory bodies in the Asia- Pacific region have each implemented their own unique set of countermeasures in response to COVID-19. These include the infusion of additional cash, loans directed at damaged companies and areas, and reductions in the policy interest rate. Additionally, it involves assistance for financial institutions in their provision of forbearance to economically viable people and companies that were negatively impacted by COVID-19.Copyright © 2022 Wolters Kluwer Medknow Publications. All rights reserved.
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The business sector's finances have already begun to suffer as a result of decreased production and lockdowns, which have already begun to take their toll. In order to keep operations running smoothly, a significant public budget or stimulus is required to address issues such as interruptions in supply chains, difficulties in manufacturing, and paralyzed health systems. The banking and financial industry, whose prospects are related closely to those of the economy, is sure to face the brunt of the anticipated slowdown in economic development. The International Monetary Fund has reduced India's GDP growth prediction to 1.9 percent for 2020-21. There is a possibility of an increase in defaulted loans. "The downturn might potentially lead to job losses, which could put on on the retail lending books of financial institutions. The loss of revenue from tourism and the entertainment industries, amongst many other areas of business, has already damaged the economy. These and other such factors are all building up to put a burden on the economy of the whole world, which may potentially have ramifications for the next few years. The governments, central banks, and regulatory bodies in the Asia-Pacific region have each implemented their own unique set of countermeasures in response to COVID-19. These include the infusion of additional cash, loans directed at damaged companies and areas, and reductions in the policy interest rate. Additionally, it involves assistance for financial institutions in their provision of forbearance to economically viable people and companies that were negatively impacted by COVID-19. Copyright © 2023 Wolters Kluwer Medknow Publications. All rights reserved.
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Thepaperexaminestheinfluenceofvariousfactorsontheworldwideeconomywhileconductingbusinessactiviti es.Newmanagementpracticeshaveevolvedinthelastdecade,includingunprecedentedeventslikeCOVID-19pandemic.Globalizationofhumanityhasbecomeaquestionofthecontemporarytime.Mentalpollution,whic hisspreadingoutwildly,mustbepaidattentiontoo.Paceofcertaineconomicactivitiescanbeseeninadwindlingsit uation.Theresearchindicatesavividrelationshipamongmultiplefactorsindifferentorganisationalstructuresfor carryingoutrequiredbusinessactivities.Worldhaswitnessedatransformeddimensionofhumanityalongwithliv elihoodactivities.Foreignpolicyisnolongerunaffectedbythesehappenings. Copyright © 2022, Anka Publishers. All rights reserved.
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Promoting stability is a core component of the International Monetary Fund (IMF) surveillance's mandate. The Covid-19 pandemic hit almost every country worldwide. This article evaluates whether and how the IMF surveillance documents in the aftermath of the health and economic crisis have identified risks and mitigation measures to improve health outcomes, protect vulnerable people and firms, and address climate change. Through the IMF COVID-19 Surveillance Monitor, a textual analysis index, the authors found that these issues received relatively little attention in Article IV consultations in 2019, with fiscal issues dominating the discussion. However, the consultations conducted in 2020 show some timely incremental shifts and more attention toward health systems and protecting vulnerable matters. While climate change has become a key part of senior IMF official narratives, it has not had a significant presence in surveillance activities. The techniques and indices developed here can help the IMF improve its surveillance policy. © 2022 Copyright 2022 by Koninklijke Brill NV, Leiden, The Netherlands.
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This article reviews Bretton Woods Institutions' approach to public services, including during the recent COVID-19 crisis. Drawing on the specific case of IMF and World Bank's response to the multiple crisis triggered by the pandemic, it shows that there is a discourse-practice disjuncture in the institutions approach to public services as they continue to favour austerity and market-oriented solutions for the delivery of public services. The article therefore seeks to demystify the Bretton Woods institutions rhetoric and demand the adoption of a different way of understanding public services, and social policy more broadly.
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The global financial safety net (GFSN) has become increasingly voluminous and complex. The ever-increasing capacity for crisis prevention and liquidity support of emergency financing institutions and arrangements at the bilateral, regional, and global level sums up to a total lending capacity of at least US$ 3.5 trillion (Mühlich, L., B. Fritz, W. N. Kring, and K. P. Gallagher. 2020. The Global Financial Safety Net Tracker: Lessons for the COVID-19 Crisis from a New Interactive Dataset. GEGI Policy Brief 10. Boston: Global Development Policy Center. Also available at:www.bu.edu/gdp/files/2020/04/GEGI-GDP_PolicyBrief_FInal.pdf). This represents a more than tenfold increase to available short-term liquidity compared to before the global financial crisis of 2008/09. Yet despite this tremendous increase in resources, the GFSN remains scarcely utilized throughout the COVID-19 crisis. This article develops a framework, that builds upon concepts in economics and international political economy, to analyze GFSN inefficiencies and to evaluate the utilization of the GFSN. Combining balance of payments models with the concept of regime complexity, we analyze and compare patterns of GFSN utilization in response to COVID-19 with past usage. We ask if the current GFSN is adequately built to efficiently respond to such a crisis. We are especially interested in examining the role that the six existing RFAs between EMDEs play in the GFSN.
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In 2009, the International Monetary Fund (IMF) reformed its lending arrangements and conditionality. Thereafter, it has pursued "parsimony,"emphasizing headline fiscal adjustments rather than detailed budgetary changes. This paper analyzes the extent to which these reforms have resulted in changes to the overall austerity required by IMF agreements. We create a new variable measuring the level of fiscal consolidation required in each IMF program from 2001 through 2021 the IMF Fiscal Adjustment Indicator (IMF FAI). We explore whether IMF austerity eased after the financial crisis and the later COVID-19 pandemic. We also estimate the economic and political determinants that help explain varying levels of IMF austerity across IMF programs during this period. We find that IMF conditions were less austere for the years of 2009 and 2020, but quickly returned to their previous levels, echoing the IMF's advice to "keep the receipts"during crises. However, these temporary relaxations were not statistically significant, pointing to overarching continuity. We find that countries that were granted relatively more lenient conditionality were found to be those with closer relations with major shareholders of the IMF: Western Europe and the United States. In contrast, countries with close diplomatic relations with China face higher IMF austerity. © 2022 Walter de Gruyter GmbH, Berlin/Boston 2022.
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This paper examines the dynamics and implications of gendered austerity in Ecuador in the context of the fiscal consolidation framework recommended in the country's International Monetary Fund (IMF) loan programme, through three channels. First, that of the public health sector and the experiences of women public health workers. Second, that of unpaid care work and significant augmentations in home-based health care of family members as well as education support. And third, increases in consumer debt incurred by women through extractive short-term lenders. To illustrate the lived experiences of women, interviews were conducted with a leader of a nurses' union in the capital city of Quito and results collected from external published focus group surveys with women engaged in unpaid and paid care work as well as in community savings organizations. Two key theoretical frameworks are employed within feminist political economy. First, the social provisioning approach, where economic activity encompasses unpaid and paid work, human well-being is the yardstick of economic success, and power inequities, agency and economic outcomes are shaped by gender. Second, the literature on gender, care work and. © 2022 Oxfam KEDV.
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The International Monetary Fund (IMF) provides a global public good when it lends emer-gency balance-of-payments support to countries that otherwise could not access such financing at comparable terms. No country borrows from the IMF lightly, and only does so as a last resort in the face of an economic crisis. In exchange for IMF lending, governments sur-render some sovereignty, self-determination of their economic policies, and implicitly admit that the government, on its own, could not manage the travails through which it is going. A lesser-known but also costly trade-off is that the IMF imposes significant surcharges – akin to the penalty rates imposed by banks – on countries with large borrowings from the IMF that are not paid back within a relatively short time. Indeed, IMF surcharges are pro-cyclical financial penalties imposed on countries precisely at a time when they can least afford them. This brief note examines the economic implications of the surcharges from a global distributive perspective. In so doing, the authors stress the need to eliminate excessive surcharges in the COVID-19 era and call for a more fundamental reform of IMF financing. © 2022 Edward Elgar Publishing Ltd.
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This paper presents the first comparative study of emerging stock markets' response to the COVID-19 pandemic with evidence from Ghana and Botswana. Using daily time-series data from March 1, 2020, to September 30, 2021, the study estimates parametric, semi-parametric and non-parametric models, and provides evidence to support the negative effects of the COVID-19 pandemic (i.e., the total number of reported COVID-19 cases and deaths) on the stock market performances of Ghana and Botswana. Interestingly, the study shows that the impact of the pandemic on Ghana's stock market is quantitatively greater than the stock market of Botswana. The study calls for fiscal and monetary policies to help firms on the stock market to survive the shock. Going forward, measures aimed at building a robust stock market to withstand such external shocks are critical.
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The paper assesses whether Special Drawing Rights (SDR), namely international reserve assets and claims on freely useable currencies of its members created and allocated by the International Monetary Fund (IMF), are inflationary. This question has been already raised in the economic literature, but the paper does so by specifically analyzing its most recent and highest allocation in August 2021 on the one hand and its use by member countries to combat the COVID-19 crisis on the other. Moreover, the article revamps the logical-conceptual debate on the essence of money as issued by banks and what the IMF (which is not a bank) is monetarily speaking capable of.
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Currently, many institutions and academics are working to establish strategies of economic recovery with the aim of mitigating the short- and long-term impacts of the COVID-19 crisis. The main aim of this study is to analyze how this crisis has impacted Spanish SMEs, considering their operating, financial, and investment activities. We also analyze the initiatives or public policies that SME managers consider necessary in order to face the effects of COVID-19. To do this, an empirical study has been carried out based on information from 612 Spanish SMEs, estimating a PLS research model and multigroup analysis that considers the activity sector as a moderating variable. The results are useful to companies and different economic and social agents, providing information to facilitate decision-making to overcome pandemic crisis mainly in the economic and strategic spheres.
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This paper explores the relationship between epidemics and International Disaster Law. In particular the paper addresses some selective examples of legal and operational issues pertaining to International Disaster Law where the increasing concern on health emergencies, dated back to the Ebola crisis, have progressively facilitated the management of tailored initiatives. In particular, in relation to prevention and preparedness, challenges experienced to include biological hazards in universal disaster risk reduction frameworks will be introduced, as well as the dedicated attention to preparedness for epidemics progressively experienced in international coordination disaster management systems. In relation to post-hazard phases, some initiatives aimed at facilitating international relief operations in front of epidemics will be explored, as complemented by international financial instruments factoring epidemics in assistance programs. This overview might thus permit to assess some trends in this area, paving the way for potential further reforms eventually based on developments already introduced in the framework of the COVID-19 pandemic. [ FROM AUTHOR] Copyright of International Community Law Review is the property of Brill Academic Publishers and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
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The global pandemic caused by the spread of the novel coronavirus COVID-19 put the attention on the International Monetary Fund's ability to promote the cooperation between states in the fight against its dramatic economic and financial effects. The measures adopted by the IMF after the declaration of the health emergency of international concern related to the global outbreak of COVID-19 reveal the intensification of some of the traditional structural challenges of this Post-World War II intergovernmental organization. In this sense, the COVID-19 pandemic has strengthened the critics against the lack of democratic legitimacy of the IMF and has reinforced the competition that the Fund faces from other international financial institutions. The characteristics of the lending programs adopted by the Fund in response to this global crisis manifest states' persisting concerns and hostility towards the IMF's conditionality. The economic and financial crisis caused by the COVID-19 outbreak has also created some new specific challenges for the efficient functioning of the Fund. It has highlighted that the IMF's work could not be separated from the respect of the human right to health and the protection of the environment, as existential prerequisites of sustainable economic development, monetary and financial stability, and social wellbeing. © 2021 Centro Universitario de Brasilia. All rights reserved.
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The Latin American debt crisis consumed the 1980s and was not restricted to Latin America. Starting from the August 1982 Mexican weekend, the crisis had three phases: Concerted Lending (1982-5), Baker Plan (1985-9) and Brady Plan (1989 to mid 1990s). This article describes the evolution of the debt strategy and the road to embracing debt write-downs at the end of the decade. In the absence of an external coordinating mechanism, four groups of parties had to reach agreement on any change in the strategy: the borrowing countries, their commercial bank lenders, the home-country authorities of those lenders, and the International Monetary Fund as the principal international institution. Each group could effectively veto any change in the strategy. This need for consensus is lesson number one from the 1980s for today. Lesson number two is that political economy aspects dictated that the strategy be implemented on a case-by-case basis. The article concludes with an application of these lessons to a similar, but even more global, potential debt crisis in the wake of the COVID pandemic.
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Globalization has altered the way we live and earn a livelihood. Consequently, trade and travel have been recognized as significant determinants of the spread of disease. Additionally, the rise in urbanization and the closer integration of the world economy have facilitated global interconnectedness. Therefore, globalization has emerged as an essential mechanism of disease transmission. This paper aims to examine the potential impact of COVID-19 on globalization and global health in terms of mobility, trade, travel, and countries most impacted. The effect of globalization were operationalized in terms of mobility, economy, and healthcare systems. The mobility of individuals and its magnitude was assessed using airline and seaport trade data and travel information. The economic impact was measured based on the workforce, event cancellations, food and agriculture, academic institutions, and supply chain. The healthcare capacity was assessed by considering healthcare system indicators and preparedness of countries. Utilizing a technique for order of preference by similarity to ideal solution (TOPSIS), we calculated a pandemic vulnerability index (PVI) by creating a quantitative measure of the potential global health. The pandemic has placed an unprecedented burden on the world economy, healthcare, and globalization through travel, events cancellation, employment workforce, food chain, academia, and healthcare capacity. Based on PVI results, certain countries were more vulnerable than others. In Africa, more vulnerable countries included South Africa and Egypt; in Europe, they were Russia, Germany, and Italy; in Asia and Oceania, they were India, Iran, Pakistan, Saudi Arabia, and Turkey; and for the Americas, they were Brazil, USA, Chile, Mexico, and Peru. The impact on mobility, economy, and healthcare systems has only started to manifest. The findings of this study may help in the planning and implementation of strategies at the country level to help ease this emerging burden.
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Multilateral financial institutions have pledged to do whatever it takes to enable emerging market and developing countries to fill a $2.5 trillion financing gap to combat Covid-19 and subsequent economic crises. In this article, we present new datasets to track the extent to which multilateral financial institutions are meeting these goals, and conduct a preliminary assessment of progress to date. We find that the International Monetary Fund and the principal regional financial arrangements have made relatively trivial amounts of new financing available and have been slow to disburse the financing at their disposal. As of July 31, 2020, these institutions had committed $89.56 billion in loans and $550 million in currency swaps, totaling $90.11 billion-just 12.6% of their current capacity. The new datasets allow scholars, policymakers, and civil society to continue to track these trends, and eventually examine the impact of such financing on health and development outcomes.