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
Size: 63.62 MB
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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.

Greece

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1484334779
Size: 68.87 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.

Ireland Second Post Program Monitoring Discussions Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498330487
Size: 49.26 MB
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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 Ÿ 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.

Ruling The Void

Author: Peter Mair
Publisher: Verso Books
ISBN: 1781682348
Size: 63.26 MB
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Ruling The Void from the Author: Peter Mair. In the long-established democracies of Western Europe, electoral turnouts are in decline, membership is shrinking in the major parties, and those who remain loyal partisans are sapped of enthusiasm. Peter Mair’s new book weighs the impact of these changes, which together show that, after a century of democratic aspiration, electorates are deserting the political arena. Mair examines the alarming parallel development that has seen Europe’s political elites remodel themselves as a homogeneous professional class, withdrawing into state institutions that offer relative stability in a world of fickle voters. Meanwhile, non-democratic agencies and practices proliferate and gain credibility—not least among them the European Union itself, an organization contributing to the depoliticization of the member states and one whose notorious ‘democratic deficit’ reflects the deliberate intentions of its founders. Ruling the Void offers an authoritative and chilling assessment of the prospects for popular political representation today, not only in the varied democracies of Europe but throughout the developed world. From the Trade Paperback edition.

Collaborative Project Procurement Arrangements

Author: Beverley Lloyd-Walker
Publisher: Project Management Institute
ISBN: 1628250941
Size: 60.70 MB
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Collaborative Project Procurement Arrangements from the Author: Beverley Lloyd-Walker. Large projects, especially in the construction and infrastructure sectors, involve collaborations of many different types, such as built-own-operate, public-private partnership, or competitive dialogue. This monograph details the authors’ research on the types of collaborative projects. The research undertaken for this book responds to the need for a taxonomy of relationship-based procurement approaches, a particular type of project alliancing in need of standardization. Recommendations are made based on interviews with 36 subject matter experts from several countries, as well as an extensive literature review

Imf Supported Programs Recent Staff Research

Author: Ashoka Mody
Publisher: International Monetary Fund
ISBN: 9781589063617
Size: 32.86 MB
Format: PDF
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Imf Supported Programs Recent Staff Research from the Author: Ashoka Mody. Research work by the IMF’s staff on the effectiveness of the country programs the organization supports, which has long been carried out, has intensified in recent years. IMF analysts have sought to “open up the black box” by more closely examining program design and implementation, as well as how these influence programs’ effectiveness. Their efforts have also focused on identifying the lending, signaling, and monitoring features of the IMF that may affect member countries’ economic performance. This book reports on a large portion of both the new and the continuing research. It concludes that IMF programs work best where domestic politics and institutions permit the timely implementation of the necessary measures and when a country is vulnerable to, but not yet in, a crisis. It points to the need for a wider recognition of the substantial diversity among IMF member countries and for programs to be tailored accordingly while broadly maintaining the IMF’s general principle of uniformity of treatment.

Imf Financial Operations 2014

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1484317440
Size: 65.87 MB
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Imf Financial Operations 2014 from the Author: International Monetary Fund. Finance Dept.. IMF Financial Operations 2014 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF’s activities during the most recent financial year. This publication updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF’s structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including measures taken in response to the global financial crisis of 2007-09 and the institutional reforms aimed at ensuring that the IMF’s governance structure evolves in line with developments in the global economy, as well as reforms to the IMF’s income model.

The Interpretation Of Cultures

Author: Clifford Geertz
Publisher: Hachette UK
ISBN: 0465093566
Size: 29.14 MB
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The Interpretation Of Cultures from the Author: Clifford Geertz. Hailed by the Times Literary Supplement as one of the hundred most influential books published since World War II 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.

Global Value Chains In A Changing World

Author: Deborah Kay Elms
Publisher:
ISBN: 9789287038821
Size: 65.12 MB
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Global Value Chains In A Changing World from the Author: Deborah Kay Elms. A collection of papers by some of the world's leading specialists on global value chains (GVCs). It examines how GVCs have evolved and the challenges they face in a rapidly changing world. The approach is multi-disciplinary, with contributions from economists, political scientists, supply chain management specialists, practitioners and policy-makers. Co-published with the Fung Global Institute and the Temasek