Ireland

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Ireland from the Author: . This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF) arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFF arrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland's home-grown program and as part of a broader financing package of Ireland and its European partners. The program focused on addressing the Irish banking crisis to break the adverse feedback loop between banks, the sovereign, and the real sector. It aimed to restore the banking system to health, including by establishing a smaller banking sector with high capital buffers and more stable funding sources; and to secure fiscal sustainability while limiting the near-term demand drag from fiscal consolidation. Large external financing was a key element of the crisis response. Program implementation was very strong. The program succeeded in stabilizing the banking sector and reducing its size, and fiscal developments were also broadly as anticipated. Domestic demand was, however, weaker than programmed and unemployment remained high, amid a very challenging external environment. Program success, including regaining market access at low interest rates, benefitted also from actions at the wider euro area level. The Ex Post Evaluation draws several lessons from Ireland's experience under the EFF. The main lessons emerge from what worked well: Strong country ownership, setting (and meeting) realistic and tailored targets were key for success, combined with effective communication and pro-active engagement. Addressing a banking crisis requires strong and credible actions upfront.? Some areas offer lessons for future program design: While the main pillars of the financial sector program were sound, more proactive and stronger supervisory interventions and other supportive steps could have strengthened banks' balance sheets and bank profitability and helped resolve problem loans; bank recapitalization should be limited to those with viable medium-term business strategies; unsecured and non-guaranteed creditors of failed banks should be bailed in, provided a strategy to ring fence potential systemic risks can be put in place; macro-financial linkages require careful attention and timely steps to limit sovereignbanking sector feedback loops; fiscal policy has to be mindful of debt sustainability but also of domestic demand conditions, and it needs a clear anchor. There are also lessons related to Fund policies: Ireland's EFF underscores the importance of addressing shortcomings of the systemic exemption clause in Criterion 2 of the exceptional access criteria; and it suggests the need to explore ways to secure stronger upfront commitments from monetary union authorities, when those are critical for program success.

Ireland Ex Post Evaluation Of Exceptional Access Under The 2010 Extended Arrangement

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 149830401X
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Ireland Ex Post Evaluation Of Exceptional Access Under The 2010 Extended Arrangement from the Author: International Monetary Fund. Finance Dept.. This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF) arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFF arrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland’s home-grown program and as part of a broader financing package of Ireland and its European partners. The program focused on addressing the Irish banking crisis to break the adverse feedback loop between banks, the sovereign, and the real sector. It aimed to restore the banking system to health, including by establishing a smaller banking sector with high capital buffers and more stable funding sources; and to secure fiscal sustainability while limiting the near-term demand drag from fiscal consolidation. Large external financing was a key element of the crisis response. Program implementation was very strong. The program succeeded in stabilizing the banking sector and reducing its size, and fiscal developments were also broadly as anticipated. Domestic demand was, however, weaker than programmed and unemployment remained high, amid a very challenging external environment. Program success, including regaining market access at low interest rates, benefitted also from actions at the wider euro area level. The Ex Post Evaluation draws several lessons from Ireland’s experience under the EFF: ? The main lessons emerge from what worked well: Strong country ownership, setting (and meeting) realistic and tailored targets were key for success, combined with effective communication and pro-active engagement. Addressing a banking crisis requires strong and credible actions upfront. ? Some areas offer lessons for future program design: While the main pillars of the financial sector program were sound, more proactive and stronger supervisory interventions and other supportive steps could have strengthened banks’ balance sheets and bank profitability and helped resolve problem loans; bank recapitalization should be limited to those with viable medium-term business strategies; unsecured and non-guaranteed creditors of failed banks should be bailed in, provided a strategy to ring fence potential systemic risks can be put in place; macro-financial linkages require careful attention and timely steps to limit sovereignbanking sector feedback loops; fiscal policy has to be mindful of debt sustainability but also of domestic demand conditions, and it needs a clear anchor. ? There are also lessons related to Fund policies: Ireland’s EFF underscores the importance of addressing shortcomings of the systemic exemption clause in Criterion 2 of the exceptional access criteria; and it suggests the need to explore ways to secure stronger upfront commitments from monetary union authorities, when those are critical for program success.

Ireland Second Post Program Monitoring Discussions Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498330487
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Ireland Second Post Program Monitoring Discussions Staff Report And Press Release from the Author: International Monetary Fund. European Dept.. Ireland’s recovery has strengthened yet political challenges to adjustment appear to have increased. The recovery is led by job creation and investment financed by retained earnings rather than lending. But uncertainties around medium-term prospects are wide given external risks and domestic crisis legacies. Sustaining recovery and rebuilding space for policy maneuver are therefore key policy priorities. However, weak polls for the governing coalition and adjustment fatigue—reflected in widespread protests against water charges—may constrain policy efforts, as seen in limited fiscal adjustment in 2015. A clear strategy to underpin reaching budget balance in the medium term is needed:Budget balance is a sound medium-term goal as it will put Ireland’s high public debt firmly on a downward path and enable fiscal policy to cushion the economy. As growth is likely to diminish over the medium term, steady structural adjustment of about ¾ percent of GDP annually is appropriate to avoid undue drag on growth.A strategy is needed to achieve the restraint envisaged by the authorities in the face of strong spending pressures. Such a strategy should include reforms to generate savings while protecting core services, flexibility in reallocating spending, and preparedness to implement new measures including on the revenue side if needed.Completing bank repairs and ensuring financial resilience are needed to ensure a revival of bank lending that supports a lasting recovery: Although bank capitalization, liquidity, and profitability are much improved, nonperforming loans (NPLs) remain exceptionally high. Priorities are further progress on durable resolution of distressed mortgages—supported by more timely repossession proceedings to motivate borrower engagement on restructures—and ensuring steady workouts or disposals of distressed commercial loans.Recent proposals by the Central Bank of Ireland (CBI) to strengthen regulation of mortgage loan origination are a welcome step to increase the resilience of banks and households to property cycles and help moderate such cycles in future.

Subnational Debt Management And Restructuring

Author: Kahkonen, Satu
Publisher: World Bank Publications
ISBN:
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Subnational Debt Management And Restructuring from the Author: Kahkonen, Satu . In the aftermath of the global financial crisis, policymakers around the world are focusing once again on government debt sustainability. In China, subnational government debt is an important part of total government debt, and therefore deserves the attention that policymakers have paid to the topic. Subnational debt has played an important role in financing China’s impressive infrastructure that is the envy of the world. It was instrumental in the economic stimulus that China so effectively staged after the global financial crisis, through which China maintained high levels of economic activity. This e-book reports on the proceedings of a joint P.R. China Ministry of Finance-World Bank international workshop on Subnational Debt Management held in Nanning, China in October 2015. Looking at both the Chinese perspective on this subject of subnational debt and selected international experiences along with experts’ perspectives together, we provide a syntheses of key issues which China needs to consider going forward in subnational debt management and restructuring. The roundtable discussion among international and Chinese experts oat the workshop on the way forward for China provided an illuminating discussion which highlighted the need for a transitional strategy for subnational financing, and the need to use debt sustainability as a guide for transition, which will involve tough fiscal policy choices and restructuring of the subnational economies concerned (not just debt restructuring alone). The urgency of strengthening budget and debt management prudent public investment prioritization and management in the subnational context cannot be emphasized enough.

Tangled Governance

Author: C. Randall Henning
Publisher: Oxford University Press
ISBN: 0198801807
Size: 60.69 MB
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Tangled Governance from the Author: C. Randall Henning. Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-establish financial stability, and prevent contagion beyond Europe. The author addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of the institutions that make up the 'Troika' (the European Commission, ECB, and IMF). He explains the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and the United States, with respect to the institutions and the advantages they sought in directing them to work together. The book locates the analysis within the framework of regime complexity, clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures spawned by that literature against the seven cases of financial rescues of euro area countries that were stricken by crisis during 2010-2015. Tangled Governance concludes that regime complexity is the consequence of a strategy by key states to control 'agency drift'. States mediate conflicts among institutions, through informal as well as formal mechanisms, and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In so doing, the book answers several key puzzles, including why (a) Germany and other Northern European countries supported IMF inclusion despite substantive positions opposed to their economic preferences, (b) crisis-fighting arrangements endured intense conflicts among the institutions, and (c) the United States and the IMF promoted further steps to 'complete' the monetary union.

Greece

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1484334779
Size: 15.67 MB
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Greece from the Author: International Monetary Fund. Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved. The program lacked in better tailoring of IMF lending policies, avoiding undue delays in debt restructuring, attention to the political economy of adjustment, and parsimony in fiscal structural reforms. The importance of streamlining the Troika process and effective risk-sharing arrangements within the euro area has been stressed by Executive Directors.

Greece

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475576323
Size: 25.94 MB
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Greece from the Author: International Monetary Fund. European Dept.. In accordance with Fund policies, this report conducts an ex-post evaluation of a four-year exceptional access extended arrangement under the Extended Fund Facility (EFF) with Greece approved in March 2012. The Fund committed €28 billion under the extended arrangement (SDR 23.8 billion or 2,159 percent of Greece’s quota at the time), following the cancellation of the 2010–12 Stand-By Arrangement (SBA). The program was supported by Greece’s EU partners, who committed €144.7 billion. Significant private sector debt relief (€106 billion) was completed at the outset of the program and large official debt relief was provided as well. The Fund disbursed SDR 10.2 billion. Only five out of 16 program reviews were completed as the program went off track finally in mid-2014. The arrangement was cancelled in January 2016.

Laid Low

Author: Paul Blustein
Publisher: McGill-Queen's Press - MQUP
ISBN: 1928096263
Size: 42.36 MB
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Laid Low from the Author: Paul Blustein. The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.

The Body Economic

Author: David Stuckler
Publisher: Penguin UK
ISBN: 0141976039
Size: 53.20 MB
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The Body Economic from the Author: David Stuckler. The global financial crisis has had a seismic impact upon the wealth of nations. But we have little sense of how it affects one of the most fundamental issues of all: our physical and mental health. This highly significant new book, based on the authors' own groundbreaking research, looks at the daily lives of people affected by financial crisis, from the Great Depression of the 1930s, to post-communist Russia, to the US foreclosure crisis of the late 2000s. Why, it asks, did Sweden experience a fall in suicides during its banking crisis? What triggered a mosquito-borne epidemic in California in 2007? What caused 10 million Russian men to 'disappear' in the 1990s? Why is Greece experiencing rocketing HIV rates? And how did the health of Americans actually improve during the catastrophic crisis of the 1930s? The conclusions it draws are both surprising and compelling: remarkably, when faced with similar crises, the health of some societies - like Iceland - improves, while that of others, such as Greece, deteriorates. Even amid the worst economic disasters, negative public health effects are not inevitable: it's how communities respond to challenges of debt and market turmoil that counts. The Body Economic puts forward a radical proposition. Austerity, it argues, is seriously bad for your health. We can prevent financial crises from becoming epidemics, but to do so, we must acknowledge what the hard data tells us: that, throughout history, there is a causal link between the strength of a community's health and its social protection systems. Now and for generations to come, our commitment to the building of fairer, more equal societies will determine the health of our body economic.

The Interpretation Of Cultures

Author: Clifford Geertz
Publisher: Basic Books
ISBN: 0786725001
Size: 57.62 MB
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The Interpretation Of Cultures from the Author: Clifford Geertz. In The Interpretation of Cultures, the most original anthropologist of his generation moved far beyond the traditional confines of his discipline to develop an important new concept of culture. This groundbreaking book, winner of the 1974 Sorokin Award of the American Sociological Association, helped define for an entire generation of anthropologists what their field is ultimately about.