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We analyse the impact of International Monetary Fund (IMF) programmes on appointing women leaders in ministerial positions. We hypothesize that women leaders are selected after an incumbent government starts an IMF programme to shift accountability to them during political and economic turmoil. This political manoeuvring of appointing women to leadership positions during a crisis is known as the 'glass cliff' effect. We demonstrate substantial evidence for such a 'glass cliff' effect using data covering all IMF programmes from 1980 to 2018. Our evidence shows that women are more likely to be appointed to austerity‐bearing ministerial positions under IMF programmes but not in positions of authority during negotiations with the IMF. This effect is more pronounced when a country displays worse societal gender norms, a higher level of corruption and a government facing a deeper economic crisis. Importantly, we verify that neither women's leadership nor a higher share of women in government predicts a balance of payments crisis triggering an IMF programme. In other words, women leaders do not govern worse; they are appointed to leadership positions in precarious, crisis‐ridden conditions. [ABSTRACT FROM AUTHOR]

Copyright of Larq Journal for Philosophy, Linguistics & Social Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) 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 abstract 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 abstract. (Copyright applies to all Abstracts.)

International organizations (IOs) are rapidly reorienting around climate change, despite powerful principal states having divergent preferences on the issue. When and why do IOs prioritize climate change? We argue that they do so as a result of an endogenous process of staff learning and rotation. IO staff surveil and implement programs in target states. When working in climate‐vulnerable countries, they come to see climate change as an issue warranting aggressive action. As these staff are rotated and promoted, interest in climate diffuses outwards and upwards through the institution. To test this theory, we introduce original data tracking the International Monetary Fund's attention to climate change and the career paths of key staff. We complement this with interviews of International Monetary Fund personnel. We find support for our theory. [ABSTRACT FROM AUTHOR]

Purpose: The study aims to find out the impact of financial inclusion and financial development on financial stability using panel data from eight countries in the Middle East and North Africa (MENA). Design/methodology/approach: To achieve the aim of the study, the researcher prepared two indicators of financial inclusion and governance to find out the impact of financial development on the relationship between financial inclusion and financial stability. Data on financial inclusion was obtained from the International Monetary Fund, data on financial development and financial stability were obtained from the World Bank. Findings: The results of the fixed and random effect methods show that financial inclusion has a significant positive effect on financial stability. Additionally, financial development represents a moderating variable in the significant positive effect on the relationship between financial inclusion and stability in the MENA countries. Research limitations/implications: The current study suffers from some limitations that researchers must be aware of in future research. First, there is an inability to determine qualitative aspects such as time and cost when designing a composite indicator of financial inclusion. Second, due to limited data, we used only eight countries from the MENA. It is suggested to expand the sample to include other countries. Originality/value: This paper contributes to the related literature between financial inclusion and financial stability by confirming or denying the results of previous studies. Also, to the best of the author's knowledge, this paper is the only one that explains the role of financial development in the relationship between financial inclusion and stability in MENA countries, using a composite index to calculate financial inclusion. Finally, the study seeks to focus the attention of the government and policymakers to build a system of financial inclusion that leads to improving financial stability. [ABSTRACT FROM AUTHOR]

Global foreign direct investment (FDI) has been declining both in absolute terms and as a share of world GDP due to various factors such as changes in industrial organization, rising trade barriers, and a decrease in M&A activity. While greenfield FDI projects have shown a positive trend in recent years, with investments shifting away from China to other Asian economies and the US, the overall impact on growth remains uncertain. The slowdown in FDI is seen as a sign of 'slowbalisation,' indicating a shift from rapid globalization to a more subdued global economic environment. [Extracted from the article]

The elimination of budgetary disequilibrium remains a contentious issue, with scholars and policymakers debating the efficacy of tax alterations versus limiting government outlays. This topic has garnered significant attention, although research on the spending-revenue nexus is noticeably skewed against Africa, which presents an intriguing research opportunity. The International Monetary Fund (IMF) reported a concerning rise in public debt across Africa, highlighting the urgent need for public finance consolidation. In contrast to the extant literature, this study examines the dynamic link between revenues and expenditures from 1990 to 2022. Applying wavelet decomposition to account for temporary variations, our analysis reveals dynamic patterns in the revenue-expenditure nexus. Our findings support the institutional separation hypothesis in the short run, suggesting a distinct relationship between revenues and outlay. However, in the medium-to long-run, our results support the fiscal synchronization hypothesis, accentuating a more intertwined association between revenues and expenditures. This study sheds light on the nuanced dynamics of budgetary equilibrium in Africa, providing insights that can inform policy priorities and decision-making. Finally, by focusing on the unique context of Africa and using advanced techniques, this study contributes to the existing literature on budgetary equilibrium, filling a crucial gap in our knowledge of the public finance dynamics in the region. [ABSTRACT FROM AUTHOR]

During the Malaysian prime minister's inaugural visit to China in April 2023, Anwar Ibrahim proposed the idea of establishing an Asian Monetary Fund (AMF), an idea that had previously been proposed at the height of the 1997 Asian financial crisis. The proposal in 1997 was due to frustration with the performance of the International Monetary Fund (IMF). Today, it is identified, together with de-dollarization, as part of efforts to reshape the global order. This paper explores the factors driving countries towards initiatives like the AMF and de-dollarization, and their prospects of successfully transforming the existing global order. This paper finds that initiatives such as the AMF and de-dollarization are driven by multiple factors, which include achieving monetary autonomy, and for a few, geostrategic objectives. This study argues that instead of replacing the liberal international order, the objective of the countries seeking change through the AMF or de-dollarization is to strengthen their voices in the international system by reducing those of the US. Nevertheless, these initiatives are hampered because they lack the qualities that give shape to and maintain the architecture of the international order: power and legitimacy. This study concludes that both initiatives are unlikely to significantly reshape the global order. De-dollarization still has a long way to go before it can displace the dollar in the global economy. Likewise, the establishment of the AMF may not in the end reshape the global order but could instead complement the existing one. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has led to a recession in the global economy since its onset at the end of 2019. According to the International Monetary Fund's World Economic Outlook report issued in October 2021, the global real GDP growth rate for 2019 was 2.9, then declined and reached -3. The BRICS organisation is a major player in the global economy, and Algeria's application to join it was recently rejected, Therefore, this study aims to discuss the impact of the pandemic on the real GDP of these countries by examining the variables during the pandemic period and the relationship between them, as the study concluded that it had a negative impact as a consequence of the lockdown decision more than being affected by the percentage of deaths from Covid-19 by relying on annual real GDP data and the annual incidence and mortality rate per million population for the countries under study during the pandemic. [ABSTRACT FROM AUTHOR]

Objective: The objective of the article is to investigate the suitability of the European Union (EU) convergence criteria as an evaluative instrument in assessing its progression from the monetary union (MU) to the fiscal union (FU). The secondary aim was to propose a list of 'fiscal confluence criter ia' as a foundation for evaluating member states' ability to adhere to the fiscal union. Research Design & Methods: A quantitative research methodology was employed, using eight indicators and three distinct methods (Euclidean distance, standardized sums, Technique for Order Preference and Similarity to Ideal Solution) to create a joint development measure, known as the core measure, for each group: CMMU and CMFU. I employed Spearman's - to calculate the rank correlation between Monetary and fiscal union. The research sample comprised all 27 European Union member states (EU MS). I sourced the datasets from reputable databases, namely Eurostat, the International Monetary Fund (IMF), the World Bank (WB), and Accounting for Transparency (AFT). Findings: The integrity level of the EU member states falls notably below the established thresholds. There are significant discrepancies between the countries. Consequently, the possibility of the EU attaining the next level of integration (FU) in the foreseeable future is limited. Implications & Recommendations: Given the obvious limitations on the ability of EU member states to pursue further integration in the immediate future, policymakers, and business entities within the EU should prioritize maintaining the agreement in its current form (Economic and monetary union). Further research should immediately concentrate on the causes and remedies of rising Euroscepticism in EU MS. Contribution & Value Added: This research offers valuable insights into the potential for further integration within the EU. Moreover, it initiates a discourse on the formulation of new criteria for the next level of integration (fiscal union). [ABSTRACT FROM AUTHOR]

When countries are confronted with a crisis and have no alternative but to turn to the International Monetary Fund (IMF), speed is of the essence. Why do some countries negotiate IMF loans more quickly than others? We introduce an original dataset on the timing and intensity of negotiations between the borrowing government and IMF staff for more than 700 IMF loans agreed between 1985 and 2020. Applying concepts from this special issue on the "Power of the Weak" (Snidal et al., 2024), we argue that although borrowing countries are in a weak position when they approach the IMF, they nonetheless sometimes achieve more rapid negotiations. In particular, we argue that borrowers can obtain speedier negotiations on the basis of their ties to major IMF shareholder states, specifically through shared membership in other international organizations and financial exposure. Importantly, we suggest that well-placed borrowers can hasten the conclusion of negotiations without compromising on the conditions attached to IMF programs. We use our original data and an illustrative case study of Côte d'Ivoire to support our claims. [ABSTRACT FROM AUTHOR]

This study explores the impact of International Monetary Fund (IMF)-linked conditionality on government education expenditures in the Middle East and North Africa (MENA) region. Understanding the impact of conditional lending by international financial institutions on education spending is important due to the pivotal role education plays in fostering social and economic development. We use country-level panel data encompassing a representative set of 10 MENA countries from 1990 to 2020 and employ a cross-national fixed effects regression model. Our findings suggest that IMF conditionality demonstrates a positive relationship with government education expenditures in the MENA region. The proposed explanation is that the application of IMF policy advice can have a catalytic effect on donor financing, including for education. This indicates that the Fund's financing arrangements in the region can free up fiscal space for social spending, which, in turn, signals a sort of departure of the IMF from the reputation that typically precedes it—its traditional bias for macroeconomic stability irrespective of social costs. We argue that our findings are instructive for policy, especially if one shares the idea that education is a necessary prerequisite for achieving Sustainable Development Goal (SDG) 4: guaranteeing inclusive and equitable quality education and promoting enduring learning opportunities for all. [ABSTRACT FROM AUTHOR]

Copyright of Direito e Práxis is the property of Editora da Universidade do Estado do Rio de Janeiro (EdUERJ) 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 abstract 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 abstract. (Copyright applies to all Abstracts.)

Transparency about measurement errors in macroeconomic statistics is lacking. Inaccuracy is usually acknowledged only during extraordinary situations or under specific policy demands. Despite advances in technology and methodology, the overall accuracy has not improved due to economic changes and new complex activities. Even striking historical efforts did not change the persistence of substantial inaccuracies and biases. While the pioneers of national accounting addressed inaccuracies by using multiple accounting approaches and transparently reported error estimates, current statistical offices and other data producers rarely publish error measures, thereby creating an illusion of precision. Best practices and new measurement methods, such as satellite observation, Big Data, and Artificial Intelligence, promise improvements but face significant challenges without clear standards and an awareness of measurement error and bias. Regular and transparent reporting of measurement errors is and will be essential to improve the data reliability. Empowering data users—funding agencies, academics, and journalists—through error reporting and education can challenge the status quo.

This study presents novel estimates of foreign holdings using a consolidated-by-nationality approach for a sample of 14 developed countries over multiple years. This approach provides an alternative for policymakers and researchers to analyse international exposure that complements the existing approach based on residence-based data. Two main advantages of the nationality-based approach are that it looks through corporate structures of multinational enterprises and considers local positions. The resulting novel data show that aggregate international financial integration is larger than residence-based data indicate for the sample. These data are used to analyse (i) profit-shifting activities and (ii) spillovers from United States monetary policy shocks. This study presents evidence suggesting that nationals of relatively high-tax countries may shift assets to low-tax countries in ways not fully captured in residence-based statistics. It also shows that a tightening in United States monetary policy is associated with a decline in foreign asset holdings by non-financial multinational enterprises using the consolidated-by-nationality approach. These findings underscore the relevance of using the consolidated-by-nationality approach to evaluate policy-relevant questions. Keywords : consolidated-by-nationality statistics, financial globalization, international financial integration, policy spillovers, residence-based statistics, tax differentials JEL classification codes : F21, F23, F36, F41, F42, 1. Introduction How can policymakers assess the exposure that a country's households and firms have to international risk factors? The conventional approach uses data on countries' foreign holdings. These data [...]

Djibril Diop Mambety's 1994 film Le Franc explores experiences of disruption and powerlessness caused by monetary devaluation. This paper examines the cinematic grammars of Mambety's film as they relate to currency devaluation. The CFA franc was devalued by 50 percent on January 12, 1994. The devaluation, imposed on countries in the franc zone, represents an instrument of financial control that restrains their monetary sovereignty, perpetuating vestiges of imperialism. Analyzing Mambety's cinematic language, I offer a reading of his film through these economic structures. He works against the forms of temporal disruption introduced by processes of financialization in general and by the devaluation in particular. Ultimately, by embracing the future-past tense, Mambety reaches into a future that has still yet to come, wresting comedy and even hope out of intolerable economic and social realities and offering a radical vision of possibility in the midst of degradation., On January 12, 1994, without any prior warning, the CFA franc was devalued by 50 percent. The devaluation and its reverberating consequences became the historical backdrop in which the final [...]

Fiscal rules are spreading fast among countries. However, why and when governments enact fiscal rules and strengthen their national fiscal legal frameworks are less well understood. This article argues that governments use fiscal rules to signal commitment to fiscal prudence to both creditors and national voters. It investigates this theoretical argument empirically by using a worldwide panel of countries from 1985 to 2015. The empirical analyses find robust evidence that fiscal rules enactment becomes more likely, and that fiscal rules stringency increases when government debt is high and in election years but less evidence that being under an IMF program increases the strength of fiscal rules. [ABSTRACT FROM AUTHOR]

While the important role of financial development for economic growth, as well as for its effect on economic inequality, has been widely acknowledged by the literature, far less attention has been put on understanding how growth and inequality may be differently influenced by alternative types of financial development. Against this background, we investigate the impact of different types of financial development on the growth–inequality nexus with a panel of 110 advanced and emerging economies and yearly data ranging from 1980 to 2016. Using the panel conditionally homogeneous vector-autoregressive (PCHVAR) model of Georgiadis (2014) ; Georgiadis (2012) , we find that the overall level of financial development (measured by the International Monetary Fund (IMF)'s financial development index) has a significant impact on the growth–inequality nexus. Specifically, our results reveal that a higher level of overall financial development results in more equitable economic growth. Furthermore, an increase in the income share of the top 10% income earners has a significant negative impact on economic growth for low and high levels of overall financial development but is insignificant for middle levels. By looking at more disaggregated subindices of financial development, we find that economic growth increases the income share of the low 10% income earners when financial institutions and markets are deeper and financial markets are more efficient. Thus, our results call for a more differentiated view on the concept of financial development in order to derive policy measures aimed at different parts of the society. [ABSTRACT FROM AUTHOR]

This article examines the issue of international cooperation on the platform of selected international organizations during the late Stalin era at the beginning of the Cold War, approximately between 1947 and 1953. A number of historians such as Kaplan and Prucha in their monographs highlight the flows of information, capital and technology solely within the Eastern Bloc, but as the newly accessible UN archives in Geneva reveal, even the period of Stalin's strongly authoritarian rule was characterized by hitherto under-appreciated cross-Curtain ties instrumental in forging diplomatic dialogue, trade and scientific-technical cooperation. The present article analyses these ties on the platform of selected international organizations, namely the UN Economic Commission for Europe and the International Monetary Fund. The selection of these organizations was not arbitrary. Preliminary research of their archival material has outlined their crucial role in the formation of inter-bloc dialogue at the turn of the 1940s and 1950s. The present paper devotes particular attention to the role of Czechoslovakia and its delegates on the above-mentioned platforms. It turns out that it was Czechoslovakia that was able to emerge as an actor mediating and proactively shaping East-West dialogue and different cooperation projects. Although this Central European state was part of the Eastern Bloc, the strong traditional ties of Czechoslovak diplomacy and economy to Western Europe were not completely deconstructed at the beginning of the Cold War, thus enabling Czechoslovakia to become an imaginary bridge between the two halves of the Iron Curtain.

The recent approval by the International Monetary Fund (IMF) of a $7 billion Extended Fund Facility (EFF) for Pakistan marks a pivotal moment for the nation's economic landscape. While this [...]

This article explores the important role of women in European security, specifically in Ukraine. It discusses how the war in Ukraine is deeply influenced by gender, with gender rights being a significant issue. The article also addresses the declining population in Ukraine and the significance of women's labor in the Ukrainian and European economies. It criticizes the recovery plans in Ukraine for disadvantaging women and advocates for greater inclusion of women in recovery and peace planning. The article concludes by emphasizing the need for well-designed policies to enhance security by addressing the challenges faced by women. Additionally, the text examines the impact of International Financial Institutions (IFIs) on war-torn countries' recovery, focusing on the Western Balkans as an example. It highlights the neglect of feminist political economists' perspectives and the failure of IFIs to address gender inequalities. The low labor participation of women in the region, along with issues like women trafficking and violence against women, are also discussed. The text emphasizes the need for strategic public investment in foundational sectors to reverse these trends and stresses the importance of addressing gender equity. [Extracted from the article]

This study delves into the global evolution of 43 Sustainable Development Goals (SDG) indicators, spanning 7 major health themes across 185 countries to evaluate the potential progress loss due to the COVID-19 pandemic. Both the cross-country and temporal variability of the dataset are employed to estimate an empirical model based on an extended version of the Preston curve, which links well-being to income levels and other key socioeconomic health determinants. The approach reveals significant global evolution trends operating in each SDG indicator assessed. We extrapolate the model yearly between 2020 and 2030 using the IMF's pre-COVID-19 economic growth projections to show how each country in the dataset are expected to evolve in these health topics throughout the decade, assuming no other external shocks. The results of this baseline scenario are contrasted with a post-COVID-19 scenario, where most of the pandemic costs were already known. The study reveals that economic growth losses are, on average, estimated as 42% and 28% for low- and lower middle-income countries, and of 15% and 7% in high- and upper middle-income countries, respectively, according to the IMF's projections. These disproportional figures are shown to exacerbate global health inequalities revealed by the curves. The expected progress loss in infectious diseases in low-income countries, for instance, is an average of 34%, against a mean of 6% in high-income countries. The theme of Infectious diseases is followed by injuries and violence; maternal and reproductive health; health systems coverage; and neonatal and infant health as those with worse performance. Low-income countries can expect an average progress loss of 16% across all health indicators assessed, whereas in high-income countries the estimated loss is as low as 3%. The disparity across countries is even more pronounced, with cases where the estimated progress loss is as high as nine times worse than the average loss of 8%. Conversely, countries with greater fiscal capacity are likely to fare much better under the circumstances, despite their worse death count, in many cases. Overall, these findings support the critical importance of integrating the fight against inequalities into the global development agendas. [ABSTRACT FROM AUTHOR]

Changes in the production of agricultural products in Ukraine are analyzed. Forecasting of the volume of exports of agricultural products from Ukraine until 2027 was carried out. The following factors were taken into account: projected changes in real GDP in those countries that are the main importers of these products; reduction of cultivated agricultural land caused by military actions; forecasted changes in the population of Ukraine during the forecast period. It was concluded that there are no threats to Ukraine's food security caused by changes in the production and export of agricultural products. The research was based on a forecasting method, which made it possible to take into account retrospective information and a number of internal and external factors affecting the processes of production and export of agricultural products. The sources of information were the data of the International Monetary Fund and the State Statistics Service of Ukraine. The hypotheses of the study were confirmed, and the results showed that the volume of production of agricultural products will be sufficient to support the population of the country, while maintaining the previous proportion of exports. At the same time, there is a potential for growth of the share of products that Ukraine can export. The forecast volumes of export of Ukrainian agricultural products obtained can serve as a guideline for regulating exports, taking into account the issue of food security in Ukraine. [ABSTRACT FROM AUTHOR]

This study examines the determinants influencing the likelihood of Sub-Saharan African (SSA) countries seeking assistance from the International Monetary Fund (IMF). The IMF, as a global institution, aims to promote sustainable growth and prosperity among its member countries by supporting economic strategies that foster financial stability and collaboration in monetary affairs. Utilising panel-probit regression, this study analyses data from thirty-nine SSA countries spanning from 2000 to 2022, focusing on twelve factors: Current Account Balance (CAB), inflation, corruption, General Government Net Lending and Borrowing (GGNLB), General Government Gross Debt (GGGD), Gross Domestic Product Growth (GDPG), United Nations Security Council (UNSC) involvement, regime types (Closed Autocracy, Electoral Democracy, Electoral Autocracy, Liberal Democracy) and China Loan. The results indicate that corruption and GDP growth rate have the most significant influence on the likelihood of SSA countries seeking IMF assistance. Conversely, factors such as CAB, UNSC involvement, LD and inflation show inconsequential effects. Notable, countries like Sudan, Burundi, and Guinea consistently rank high in seeking IMF assistance over various time frames within the observed period. Sudan emerges with a probability of more than 44% in seeking IMF assistance, holding the highest ranking. Study emphasises the importance of understanding SSA region rankings and the variability of variables for policymakers, investors, and international organisations to effectively address economic challenges and provide financial assistance. [ABSTRACT FROM AUTHOR]

The populist backlash against international organizations (IOs) is well known, but to what extent do populists engage with IOs, and what form does this engagement take? We theoretically draw a distinction between public versus private forms of interactions with IOs. We hypothesize that more concealed types of engagement appeal to populists because they allow populists to use the benefits IOs offer, while avoiding the domestic costs associated with visible involvement. We test our theory using novel data based on archival documentation from the International Monetary Fund and find strong evidence that populists prefer private participation. The study advances scholarship on the international dimensions of populism, with implications for IO legitimacy and accountability. [ABSTRACT FROM AUTHOR]

During the COVID-19 pandemic, there was a dramatic increase in national debt levels across the world, with reported cases of downgrading sovereign debt ratings and difficulty of fulfilling debt obligations ("debt distress"), heavily concentrated in low- and middle-income countries. In this context, the unfolding sovereign debt crisis in Sri Lanka has attracted worldwide attention as the canary in the coal mine for what could become a global "development" crisis. This paper examines the Sri Lankan crisis encompassing both the sources of vulnerability to the COVD-19 shock, and stabilization and structural adjustment reforms after the debt default, with emphasis on the systemic "solvency" challenge of dealing with the massive debt overhang evolved over the previous two decades. The prime focus of the Extended Fund Facility (EFF) program that Sri Lanka signed with the IMF in March 2023 is on economic stabilization through fiscal consolidation. This paper makes a strong case for combining economic stabilization with coherent structural adjustment policies to redress the long-standing antitradable bias in the incentive structure that underpinned vulnerability of the economy to external shocks. [ABSTRACT FROM AUTHOR]

This study investigates the impact of FinTech adoption on traditional financial inclusion in 22 countries in sub-Saharan Africa (SSA). The study utilizes the World Bank's World Development Indicators data and the International Monetary Fund's Financial Access Survey data. This study employed Principal Component Analysis (PCA) to construct the dimensions of traditional financial inclusion and the overall financial inclusion index. Applying the Generalized Method of Moments estimation technique to annual data spanning from 2004 to 2022, the findings show that FinTech has a negative and statistically significant effect on the geographic and usage dimensions. However, it has a positive and statistically significant impact on the demographic dimension and the overall traditional financial inclusion index. These findings indicate that FinTech does not have a detrimental impact on traditional financial inclusion, which is contrary to the findings of other studies. Therefore, in order to enhance the degree of financial inclusion in SSA, it is important for traditional financial inclusion to effectively utilize FinTech. [ABSTRACT FROM AUTHOR]

The article explores strategies to address violence in Central America. Topics discussed include U.S. effort to address the root causes of violence-fueled migration, role of the International Monetary Fund and World Bank in addressing root causes of violence-fueled migration through economic investments, motivations of China in developing economic relationships with countries in Central America, and public policy implemented in El Salvador to reduce violence.

As study after study has pointed out, the health care systems in Africa pay little attention to the critical interface between education and good health, especially when it comes to the education of women and mothers, who are the primary line of defense against child diseases, and perform simultaneously most domestic chores and critical agricultural activities. While many medical educational institutions on the continent tend to perpetuate, at times, skewed and irrelevant Eurocentric health training, the national pyramidal health structure, weakened at the village level, and disproportionately favoring the provincial and national hospitals, gives the illusion that rural areas are well-served, when in actuality they are not. This chapter endorses the restrengthening of an uncompromised health care system to make it effective and efficient for both rural and urban areas; one that finds ways of trimming financial and human resource waste; revamps the institutions that train health care and service providers to make the system responsive to the real health needs of the people and not just the wealthy; one that compensates physicians just as civil servants; and aligns the educational system with targeted and ex- pected measurable health outcomes. [ABSTRACT FROM AUTHOR]

According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial, and political determinants of IMF credit use in the post-2010 era. The main contribution of our study lies in its temporal analysis as we investigate how the robustness of different factors has evolved. By utilizing an extensive dataset on 216 countries over the period of 2010–2021 and employing a variant of the Extreme Bounds Analysis (EBA) method, our study reveals that fluctuations in the IMF credit to external debt ratio can be attributed to changes in the total reserves to external debt ratio, where this relationship is statistically significant and reliable. However, high political risks seem to no longer affect the IMF's decision, post 2010. Furthermore, our findings demonstrate that excluding countries with low debt arrears strengthens the results' robustness. These findings contribute to a better understanding of the complexities surrounding IMF credit use in the contemporary global economic scene and offer new standpoints on the Fund's lending choices. [ABSTRACT FROM AUTHOR]

This paper analyzes the inflation forecast errors over the period 2021Q1-2022Q3 using forecasts of core and headline inflation from the International Monetary Fund World Economic Outlook for a large group of advanced and emerging market economies. The findings reveal evidence of forecast bias that worsened initially and then subsided towards the end of the sample. There is also evidence of forecast oversmoothing, indicating rigidity in forecast revision in the face of incoming information. Focusing on core inflation forecast errors in 2021, four factors provide a potential ex post explanation: a stronger-than-anticipated demand recovery; demand-induced pressures on supply chains; the demand shift from services to goods at the onset of the pandemic; and labor market tightness. Ex ante, we find that the size of the COVID-19 fiscal stimulus packages announced by different governments in 2020 correlates positively with core inflation forecast errors in advanced economies. This result hints at potential forecast inefficiency, but we caution that it hinges on the outcomes of a few, albeit large, economies. [ABSTRACT FROM AUTHOR]

Why does the International Monetary Fund (IMF) exit its lending relationships before member states have resolved their financial crises? It is particularly surprising given that the IMF often resumes its lending shortly after its withdrawal. We argue that IMF withdrawals are conditioned by global contagion risk. The tension between the IMF's mandate of global financial stability and its limited financial resources compels the IMF's early exit from its lending relationships. During periods of high global contagion, the IMF prioritizes its mandate by continuing its lending despite noncompliance. However, when the IMF perceives minimal contagion risk, it focuses on moral hazard, and willingly cuts its lending ties to preserve its reputation and resources for future crises. Employing a comparative analysis of IMF decision‐making in two of its largest borrowers, Argentina and Greece, we find supportive evidence for our claims. [ABSTRACT FROM AUTHOR]

Background: Affordability of medicines is key for effective healthcare. Thus, we compared medicine prices using International Dollar (I$), which allows confronting the values of different currencies. Besides, we intended to verify if pharmaceutical market deregulation leads to lower medicines prices. Materials and methods: We conducted the study between December 2019 and September 2022 collecting data from 21 countries. From the preliminary sampling of 30 medicines, we selected 10 brand names (5 Rx and 5 OTC brands) for the analysis. In each country, we collected price information from 3 pharmacies and then converted them to the I$ using the rates published by the International Monetary Fund. Results: There were differences between regulated and deregulated markets in prices presented in I$. For instance, Aspirin C® (10 soluble pills) was on average I$ 5.41 in Finland (regulated market) and I$ 13.25 in Brazil. The most expensive Xarelto® 20 x 28 pills (I$ 538.40) was in Romania, which in the case of other medicines, was in the group of cheaper countries. There was no statistical significance in price comparison between regulated and deregulated markets. In some cases, however, regulated markets offered lower prices of the same medicine than deregulated markets. Conclusion: The analysis revealed differences in I$ prices between countries. Pharmaceutical market regulation does not mean higher prices of medicines. There is a need for affordable medicines. Hence, decision-makers should work on the medicines prices and adjust them to the local economies. I$ could be important in creating pharmaceuticals prices, and the conducted study should encourage other researchers to present their results using this currency. [ABSTRACT FROM AUTHOR]

Can international organizations improve natural resource governance? The International Monetary Fund (IMF) is most noted for its role in crisis lending, where it can wield the "teeth" of loan suspensions to push for reforms. But IMF officials also spend a large amount of time conducting routine surveillance through Article IV consultations, which assess a country's economic developments and provide non-binding recommendations. Do governments follow this "toothless" advice? To answer this question, we examine the content of all Article IV staff appraisals published between 2004 and 2019. Using text analysis and a difference-in-differences estimator, we find that resource-rich developing countries are more likely to adopt legislation reforming the oil, gas, and mining sectors in the wake of an Article IV appraisal that extensively discusses the natural resource sector and recommends natural resource governance reforms. Our results suggest that technocratic advice—a tool often overlooked in international organization scholarship—can lead to the adoption of policies that help ameliorate the resource curse. [ABSTRACT FROM AUTHOR]

Intramuscular fat (IMF) in pork holds significant importance for economic performance within the pig industry and dietary calcium supplementation enhances the accumulation of intramuscular fat. Additionally, calcium ions inhibit translation and reduce protein synthesis. However, the mechanism by which calcium regulates IMF deposition in muscle through translation remains largely unknown. In this study, we compared the ribosome profiles of the longissimus dorsi muscles of Duroc × Landrace × Large white pigs from the normal calcium (NC) group or calcium supplement (HC) group by Ribo-seq, and RNA-seq. By integrating multiple-omics analysis, we further discovered 437 genes that were transcriptionally unchanged but translationally altered and these genes were significantly enriched in the oxidative phosphorylation signaling pathway. Furthermore, experimental data showed that inhibiting the expression of COX10 and mtND4L increased triglyceride accumulation in C2C12 cells, providing new targets for intramuscular fat deposition. Finally, this work links dietary calcium, translation regulation and IMF deposition, providing a new strategy for both meat quality and economic performance within the pig industry. [ABSTRACT FROM AUTHOR]

Argentina has a history of tumultuous agreements with the International Monetary Fund. While the IMF has provided essential economic support, their loan agreements have often caused further economic issues that most profoundly impact the middle and working class, such as high inflation and poverty rates. This has created much frustration among the people, and they have taken these frustrations into music, protesting the damage and harm that is produced by the IMF's involvement in Argentina. These protest songs can be analyzed through Jeneve Brooks' EMM-framing theory, with EMM standing for emotive, moral, and mnemonic, to understand how the IMF is negatively represented and how the songs can influence the public's opinion on the IMF. This paper makes use of this theoretical framework to analyze three examples of Argentine protest songs against the IMF: "Estoy tocando fondo" by Viuda e Hijas de Roque Enroll,"F.M.I. (Sufre Sudamérica)" by Fun People, and "Sinceramente militamos" by La Cámpora. This analysis provides insight into the increasing reactiveness of the Argentine people against the IMF, which was witnessed in 2021 and 2022 when protests broke out over negotiations between the IMF and the Argentine government even though an agreement had yet to be made. [ABSTRACT FROM AUTHOR]

This paper delves into the limitations of trusted grey literature in tackling climate change by scrutinizing available information through case studies on recycling, biomass, and ESG investments, and revealing challenges consumers face relative to the messages they receive about climate change. The recycling scenario reveals the illusion of plastic recycling, with a mere 5% effectively recycled in the U.S., prompting a reevaluation of consumer choices. Examining aviation's pursuit of sustainable fuels, the biomass scenario exposes hurdles in reducing greenhouse gas emissions. The ESG investment scenario probes the impact of anti-ESG political rhetoric, highlighting the clash between environmental responsibility and opposing ideologies. The author emphasizes the messages consumers receive about their pivotal role in greenhouse gas emissions reduction, citing the significant sway of Scope 3 emissions. The author also stresses the necessity for a new consumer-centric narrative adapting to current climate realities, and advocates for a message that encourages investment in innovative, scalable solutions, aligning with the International Monetary Fund's priorities for achieving net-zero by 2050 through global cooperation, incentivizing clean technologies, and supporting vulnerable nations. The paper issues a call to action for a more impactful and inclusive approach to address climate change, transcending traditional literature and academic discourse. [ABSTRACT FROM AUTHOR]

Dynamic Pattern Synthesis (DPS) provides a new longitudinal method for evaluating the impacts of macroeconomic and public policy interventions. Situated within complexity theory and critical realism, it has evolved from the established methods of Cluster Analysis and Configurational Modelling approaches. Dynamic Pattern Synthesis identifies case convergence and divergence (using quantitative techniques), while remaining close to the qualitative uniqueness of each case. In this paper, the DPS approach is used to consider macroeconomic convergence across Sub-Saharan Africa during the Millennium Development Goals, and the possible impacts of IMF interventions in stimulating long-term macroeconomic outcomes. The findings reveal a high degree of economic instability experienced across the region and varying responses to an external shock. The importance of 'outliers' and inconsistency in country convergence are also observed. The DPS method highlights the importance of individual country experiences in relation to external shocks. When factoring in IMF interventions, the findings highlight multiple paths to a given policy outcome, rather than a single optimal economic strategy. This opens up the debate on policy issues associated with economic complexity, including how best to create an overall environment of stability that might promote convergence and reduce the instability that undermines planning and investment. [ABSTRACT FROM AUTHOR]

Despite the importance of financial development-international trade nexus and its implication for growth, studies have yet to look at the impact of new financial development indicators developed by the International Monetary Fund on international trade performance in Nigeria. This is one of the few attempts made to examine the elasticity of trade to financial development, given the inconclusive findings that permeate the literature. Therefore, this paper investigates the effect of financial development on aggregate trade performance in Nigeria using annual data from 1980 to 2021. The empirical framework is based on the ARDL approach to cointegration and error correction model. The findings revealed that (i) The ARDL bound test revealed the existence of a long-run equilibrium association between the variables; (ii) We find that a unit improvement in financial development induces a 1.1%-1.2% increase in trade performance in the short-run short term and a 9.7% in the long-run; (iii) The results show that a 1% increase in the exchange rate (depreciation) leads to a 0.01% improvement in trade performance in the short-term. The findings have important policy implications. The paper concludes that financial development contributes to trade performance. [ABSTRACT FROM AUTHOR]

The financial sector plays a vital role in fostering economic growth, regardless of a nation's development stage. However, East Africa, compared to other regions, faces unique challenges in advancing its financial landscape. While the existing body of research acknowledges the significance of financial development in promoting economic growth, some studies need more regional specificity, focusing on broader frameworks that may neglect specific factors like the quality of institutions within East Africa. This research addresses this gap by investigating the relationship between financial development and economic growth in 18 East African countries from 1995 to 2021. Employing dynamic panel estimation (GMM) to address potential Endogeneity and reverse causality concerns, the study delves into the moderating effect of institutional quality on this relationship. Factors like government stability, rule of law, presence of the military in politics, and corruption control measure institutional quality. Additionally, the study controls for other relevant factors influencing economic growth. Data sourced from reputable international organizations such as the World Bank, International Monetary Fund, and relevant risk assessment institutions serves as the basis for analysis. The findings reveal that the impact of financial development on economic growth in East Africa is multifaceted. While financial development itself demonstrates a positive influence on growth, this effect is significantly amplified in countries with stronger institutional frameworks. This suggests that robust institutions act as a catalyst, maximizing the positive impact of financial development on economic growth. [ABSTRACT FROM AUTHOR]

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This study explores the nuanced relationship between sustainable investments, particularly from entities such as the United States (US), and their impact on unemployment trends in South Africa, contributing to discussions on sustainable development goals (SDGs). Utilizing a quantitative approach with data from sources such as the World Bank and Statistics SA, this study employs statistical and econometric methods to assess the socioeconomic consequences of international sustainability funding. The findings indicate a significant link between US sustainable investments and youth unemployment in South Africa, challenging and reinforcing existing research. It depicts that while foreign investments in green initiatives are crucial, they may inadvertently affect local employment negatively. This study recommends policy adjustments in both US and South African legislation to align foreign investments with SDGs, aiming to mitigate youth unemployment. This study underscores the importance of understanding the implications of international funding conditions on local economies, offering insights for policymakers and scholars to develop strategies that leverage sustainable investments for economic growth and employment opportunities. This study provides a fresh perspective on the dynamics between international investments and local unemployment, offering valuable insights for economic planning and policy formulation in South Africa and across other African nations. [ABSTRACT FROM AUTHOR]

Cross-border payments, especially between different currency areas, are still more expensive, slower and less transparent than domestic transactions. In addition to attempts to facilitate interoperability by harmonising message standards or legal frameworks, there is also the vision of using multilateral platforms to reduce existing inefficiencies. A particular focus here is on distributed ledger technology (DLT), which could create additional benefits beyond payment transactions, for example by facilitating broader economic activity by means of tokenised assets. Some private sector players, as well as international organisations such as the International Monetary Fund and the Bank for International Settlements, have already developed concepts for DLT-based multilateral platforms. However, their realisation faces broader policy challenges that are unlikely to be solved per se with the help of new technologies. Although a global multilateral platform does indeed harbour great potential for efficiency gains, regional solutions are more likely to emerge that could be linked together to achieve efficiency gains at a global level. [ABSTRACT FROM AUTHOR]

The climate crisis prompted the International Monetary Fund (IMF), an international lender of last resort, to implement wholesale reforms to incorporate climate policy into its operations. At the IMF, selected countries from the Global North—historically the largest emitters of greenhouse gases—dominate decision‐making. This raises several questions. Can the Fund implement an ambitious and effective climate policy? How are climate‐vulnerable developing countries and their interests represented in everyday decision‐making at the institution? Drawing on scholarship on the political economy and legitimacy of international organizations, we focus on the formal distribution of decision‐making power within the IMF to evaluate the IMF's shift toward climate change. Our empirical analysis of the representation of 57 self‐identifying climate‐vulnerable developing countries (the V20) at the IMF and within its Executive Board shows that these countries, speaking for almost a third of the Fund's membership, command a vote share of merely 5.6%. Our assessment of the Climate Strategy adopted by the IMF amplifies equity concerns over its climate policies and further attests to the disregard of requests by developing countries. Barring meaningful governance reform to increase the voice and representation of climate‐vulnerable developing countries, the IMF's approach to addressing climate change is unlikely to translate into legitimate and effective climate policy. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Research in Finance & Accounting is the property of Journal of Research in Finance & Accounting 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 abstract 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 abstract. (Copyright applies to all Abstracts.)

There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. We show here how transaction data for new‐built properties can undermine the timeliness of hedonic HPIs when new‐built properties are pre‐sold during the planning or building stage, but entered into deed books only once the projects are completed. As a consequence, HPIs for new‐builds will include stale transaction prices. We investigate this issue for two Polish cities (Warsaw and Poznan) and find that HPIs for existing properties lead indices for new‐builds by up to 2 years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe—the Harmonized Index of Consumer Prices (HICP)—since it is planned to include owner‐occupied housing in the HICP using a transactions HPI specifically for new‐builds. We show that the timeliness issue disappears when preliminary agreements on new‐builds are used instead of transactions in the compilation of an HPI. [ABSTRACT FROM AUTHOR]

Crippling debt accrued within emerging and frontier market nations forces developing governments to enact policies contrary to the well-being of their overall economies. The influence of credit rating agencies as well as organizations like the World Bank and the International Monetary Fund ("IMF") have handcuffed governments into implementing Environmental, Social, and Governance ("ESG") policies that are unrealistic and unfeasible and have therefore caused detrimental societal impacts. This note examines how the application of ESG policies and governmental corruption resulted in Sri Lanka's devastating economic collapse. Also scrutinized are those countries which have taken on debt but have managed well throughout slowing economic growth. At bottom, this note recommends that emerging and frontier markets move with caution when implementing ESG policies while credit rating agencies apply leniency when assessing sustainability measures. Moving beyond the top-down approach of the IMF and World Bank enables stable growth, which will benefit developing and developed economies alike. [ABSTRACT FROM AUTHOR]

In this contribution, the authors explore recent developments in South Africa's approach to bank resolution, assessing compliance of its new regime with the Financial Stability Board's Key Attributes of Effective Resolution Regimes for Financial Institutions (KAs). Emphasizing the imperative for orderly resolutions to avert financial crises, the authors scrutinize the post‐2008 Global Financial Crisis regulatory landscape. Until June 2023, South Africa's approach to bank failure was limited to curatorship and liquidation under the Banks Act 94 of 1990. Addressing gaps identified by international bodies such as the Financial Stability Board, International Monetary Fund, and the World Bank, and taking lessons from the failure of African Bank in 2014, South Africa has transitioned to a Twin Peaks regulatory model and also introduced a comprehensive resolution framework effective June 1, 2023, captured in the Financial Sector Regulation Act 9 of 2017. This framework currently applies to banks only. The South African Reserve Bank now holds an explicit financial stability mandate and is designated as the resolution authority. The article discusses the design features for an effective resolution regime as recommended in the KAs to benchmark the new South African resolution regime, noting overall compliance. However, it acknowledges the need for further development in certain respects to enhance alignment. [ABSTRACT FROM AUTHOR]

The International Monetary Fund (IMF) levies 'surcharges' or extra fees beyond the normal borrowing costs on member countries that either draw "sufficiently large" amounts of IMF credit to mitigate balance of payments constraints, or that maintain their credit exposure with the institution for "sufficiently long" periods of time. Such surcharges have become increasingly important: 10 countries paid surcharges in 2020. Now, 22 countries are subject to IMF surcharges, and revenues from surcharges between 2020 and 2023 have reached about $6.4 billion, just as countries are struggling to recover from their balance of payments issues amidst multiple shocks, such as COVID-19, climate change, war, and advanced economy interest rate changes. Reportedly designed to discourage the overuse of Fund resources and to ensure the financial soundness of the IMF's own balance sheet, in recent years surcharges have come under scrutiny for two reasons. First, such surcharges are inherently pro-cyclical as they increase the burden of debt payments at exactly the time when a member country needs counter-cyclical and low-cost financing, contravening the very rationale of the IMF. Secondly, IMF surcharges have now become among the largest sources of revenue for the IMF, creating a perverse situation whereby the most economically disadvantaged member countries are a major source of income for Fund operations. This paper reviews the rationale for IMF surcharges, evaluates their impacts on member country economies and on the IMF business model, and presents and evaluates various proposals for IMF surcharge reform. [ABSTRACT FROM AUTHOR]

The International Monetary Fund (IMF) is entering a period of unprecedented challenge. Countries need its assistance to deal with debt distress, the post-Covid development crisis, new threats of financial instability, and the fallout of a decade of unconventional monetary policy. But the IMF faces two challenges of its own. As powerful countries 'reset' the rules on which the IMF's work proceeds, it must build a new paradigm for advising its borrowers. Equally, as those same powerful countries show less willingness to cooperate with each other in international organizations, the IMF must keep them involved and working together within the institution. [ABSTRACT FROM AUTHOR]