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IMF Survey Magazine

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Amid a recovery from the financial crisis that continues to disappoint and growing fear that the global economy is entering a prolonged period of mediocre growth, a new IMF study says that fiscal policy can actually lift potential growth.
Amid a recovery from the financial crisis that continues to disappoint and growing fear that the global economy is entering a prolonged period of mediocre growth, a new IMF <a href="http://www.imf.org/external/np/pp/eng/2015/042015.pdf">study</a> says that fiscal policy can actually lift potential growth.
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The key task of monetary policy today is to weigh the balance of multiple risks. A paper by IMF economists  Ali Alichi, Douglas Laxton, Jarkko Turunen, and Hou Wang lays out a framework for thinking about U.S. monetary policy in the face of two-sided but uncertain risks. The paper finds that—under conditions of still recovering demand, low inflation, and the policy interest rate near zero—the balance of risks favors more patience to start interest rate increases. The consequence of such a policy would still mean gradual, albeit slightly steeper, path of subsequent rate increases and a modest planned overshooting of inflation. #usa  
By Ali Alichi, Douglas Laxton, Jarkko Turunen, and Hou Wang A few weeks ago, the Fund suggested that the Federal Reserve could defer its first increase in the policy rate until it sees greater sign...
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#Cyprus has made good progress in implementing its economic program, notably reforms to ease the burden of bad loans. In the first quarter of 2015, the nation returned to positive growth for the first time in four years.
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Christian Gollier and Jean Tirole of the Toulouse Business School write: "There is no perfect political-economy solution to climate change, which wraps economic efficiency in a politically convenient package. But the current pledge-and-review strategy is unacceptable, and will just prolong the waiting game. A carbon tax, which is efficient and reasonable, is clearly superior. But the cap-and-trade approach combines the efficiency of the carbon tax with easier enforcement. For that reason we believe it should sit at the heart of any successful global climate agreement."
This December France will play host to crowds of diplomats as the United Nations holds make-or-break talks on climate change. The challenge for delegates in Paris is to achieve a binding agreement that will limit the increase in the world's temperature to no more than 2°C. It is an incredibly ...
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Lifting the proportion of income going to the poor and middle class by 1 percentage point can increase economic growth in a country by as much as 0.38 percentage point over five years, while boosting the rich’s share of income appears to lower growth domestic product growth slightly, says Christine Lagarde, citing IMF research. “You do not have to be an altruist to support policies that lift the incomes of the poor and the middle class,” she said. “Reducing excessive inequality — by lifting the ‘small boats’ — is not just morally and politically correct, but it is good economics.”
International Monetary Fund chief Christine Lagarde called on officials around the world to make changes to tax regimes, clamp down on corruption and take other steps to reduce income inequality, which she blamed for weighing on global growth.
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The pricing of water makes a big difference. It both provides a substantial share of the funding for water-related infrastructure, and also shapes the incentives for water conservation. However, in many countries water is a subsidized good, often based on the argument that the poor should have access to water. However, in low-income countries, such subsidies typically mostly benefit those with high incomes.   #water  
The geological starting point for thinking about the economics of fresh water is understanding that while about 70% of Earth's surface is water, fresh water is much more scarce. As a result, how the available fresh water supp...
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New on the G+ Economics and Finance community (just reached 10k followers!) -- the surprise Greek  referendum;  China's interest rate cut; California's water crisis;  U.S. monetary policy;  Is Taylor Swift more popular than Apple?;  health care in the United States;  Brazil's rising inflation rate;  Japan's second hand handbag market;  Nigeria tightens forex controls;  and climate finance for developing countries.
#japan   #greece   #economics   #water   #climate   #brazil   #nigeria   #africa   #china   #taylorswift   #usa   #euro  
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IMF Survey Magazine

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The IMF has published a new work program that aims to diminish risks and tackle emerging global challenges to help bolster actual and potential growth. 
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The IMF has published a new work program that aims to diminish risks and tackle emerging global challenges to help bolster actual and potential growth. 
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On average, about 30 percent of the potential value of public investment is lost to inefficiencies in the investment process, and closing this efficiency gap could substantially increase the economic dividends from public investment.
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"There is little doubt," says John Lipsky, " that international financial intermediation is less liquid and effective than it was prior to the crisis. The effort at “ring-fencing” banking systems reflects an effort to insure that individual country markets are more stable, but it isn’t clear to what degree this will enhance overall financial stability internationally, as it will continue to encourage the deleveraging of banks, and the migration of credit to non-bank institutions. At the same time, the drive to eliminate money laundering and the financing of terrorism has resulted in the severe shrinkage in many international banks’ correspondent networks, thus making traditional trade and other finance much more difficult in some less developed economies."
Interview with John Lipsky Senior Fellow, Johns Hopkins School of Advanced International Studies; former Acting Managing Director, International Monetary Fund; former Vice Chairman, JPMorgan Investment Bank; former chief economist, JPMorgan Chase. Has the experience of the crisis changed your view of the central bank policy toolkit? Managing Director Lipsky: In many ways, the onset of the Global Financial Crisis underscored earli...
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At a conference hosted by the International Monetary Fund, Brad Delong, an economist at the University of California, Berkeley, argued that private markets were ill suited to handle the sort of long-term assessments needed to ensure a decent retirement. “The 21st century will see longer life expectancy, and thus a greater role for pensions,” he wrote. “Yet here in the United States the privatization of pensions via 401(k)’s has been an equally great disaster.”
The United States may need to enhance Social Security rather than curb it and require employers to take more responsibility for employees’ retirement savings.
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IMF Survey - the news magazine of the International Monetary Fund -- global economic and financial analysis
Introduction
IMF Survey is an online magazine carrying news, views, and analysis from the International Monetary Fund. Intended for a broad audience, the IMF Survey features insight into Fund operations, policy analyses, country developments, globalization, interviews with leading economists, and current issues in international finance. Selected articles from the online Survey are also published on the IMF’s Arabic, Chinese, French, Japanese, Russian, and Spanish websites.