Suchergebnisse

This volume considers issues on the management of foreign debt, and the macroeconomic policies that developing countries should pursue. It looks at a variety of the aspects of this subject, such as the scope of securitization and debt reduction via voluntary conversions.

Cover -- Contents -- Foreword -- Acknowledgments -- Preface -- Contributors -- Abbreviations and Acronyms -- PART I: THE LEGACIES OF THE CRISIS -- 1 Investment in the Euro Area: Why Has It Been Weak? -- 2 Indebtedness and Deleveraging in the Euro Area -- 3 Rebalancing: Where Do We Stand and Where to Go? -- PART II: THE ROLE OF MONETARY POLICY AND THE FISCAL FRAMEWORK -- 4 Fragmentation, the Monetary Transmission Mechanism, and Monetary Policy in the Euro Area -- 5 Possible Subordination Effects of Eurosystem Bond Purchases -- 6 An Early Assessment of Quantitative Easing -- 7 Fiscal Consolidation under the Stability and Growth Pact: Some Illustrative Simulations -- 8 Fiscal Governance in the Euro Area: Progress and Challenges -- PART III: COMPLETING THE ECONOMIC AND MONETARY UNION (EMU) -- 9 A Banking Union for the Euro Area -- 10 Toward a Fiscal Union for the Euro Area -- PART IV: THE ROLE OF STRUCTURAL POLICIES AT THE EURO AREA LEVEL -- 11 Capital Market Development: Financing of Small and Medium-Sized Enterprises in the Euro Area -- 12 Youth Unemployment in Europe: Okun's Law and Beyond -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- L -- M -- N -- O -- P -- Q -- R -- S -- T -- U -- V -- W.

Investment in the Euro Area: why has it been weak? / Bergljot Barkbu [and others] -- Indebtedness and deleveraging in the Euro Area / Fabian Bornhorst and Marta Ruiz-Arranz -- Rebalancing: where do we stand and where to go? / Thierry Tressel and Shengzu Wang -- Fragmentation, and monetary transmission mechanism, and monetary policy in the Euro Area / Ali Al-Eyd and S. Pelin Berkmen -- Possible subordination effects of Eurosystem bond purchases / Nico Valckx, Kenichi Ueda, and Manmohan Singh -- An early assessment of quantitative easing / S. Pelin Berkmen and Andreas (Andy) Jobst -- Fiscal consolidation under the stability and growth pact: some illustrative simulations / Derek Anderson [and others] -- Fiscal governance in the Euro Area: progress and challenges / Luc Eyraud and Tao Wu -- A banking union for the Euro Area / Rishi Goyal [and others] -- Toward a fiscal union for the Euro Area / IMF staff team led by` Ćeline Allard -- Capital market development: financing of small and medium-sized enterprises in the Euro Area / Ali Al-Eyd [and others] -- Youth unemployment in Europe: Okun's Law and beyond / Angana Banerji [and others].

The euro area has experienced an unprecedented economic downturn and exceptional financial market turmoil in the past few years. Policymakers have faced the twin challenges of addressing cyclical economic weakness--not unlike other industrial countries following the global economic crisis--and the underlying weaknesses in the architecture of the currency union, weaknesses that appear to have been masked during the first relatively calm years of Economic and Monetary Union (EMU). Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during three cycles of the IMF's annual Article IV consultations (2012-14) with euro area authorities.