Wed, 22 Mar 2017 17:22:40 +0000
Scott Morris testified before the House Financial Services Subcommittee on Monetary Policy and Trade at a hearing titled, “Examining Results and Accountability at the World Bank” on March 22, 2017. Morris’s testimony offered recommendations for Congress in effective oversight and influence at the World Bank, as well as discussing what US contributions to the institution deliver for US taxpayers.
Tue, 21 Mar 2017 16:40:05 +0000
This paper presents results on the impact of fiscal policy on inequality and poverty around 2010 in sixteen Latin American countries: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Peru, Dominican Republic, Uruguay, and Venezuela.
Mon, 20 Mar 2017 15:24:31 +0000
The US Agency for International Development (USAID) is the lead US development agency, managing roughly $20 billion in annual appropriations. The agency operates in over 120 countries, including the world’s poorest and most fragile. Its work spans a wide range of sectors, supporting humanitarian relief, economic growth, health, education, and more. USAID’s broad remit reflects the agency’s mission: “We partner to end extreme poverty and promote resilient, democratic societies while advancing our security and prosperity."
Fri, 17 Mar 2017 22:07:15 +0000
Treasury’s Office of International Affairs works with other federal agencies, foreign governments, and international financial institutions to strengthen the global economy and foster economic stability. The United States’ international engagement through Treasury supports our national economic and security interests by promoting strong economic governance abroad and bolstering financial sector stability in developing countries. Through Treasury, the United States exercises leadership in international financial institutions where it shapes the global economic and development agenda and leverages US government investments, while tackling poverty and other challenges around the world.
Fri, 17 Mar 2017 20:43:24 +0000
State Department guidance underscores the importance of its work in furthering development: “The surest path to creating more prosperous societies requires indigenous political will; responsive, effective, accountable, and transparent governance; and broad-based, inclusive economic growth. Without this enabling environment, sustained development progress often remains out of reach.”
Thu, 09 Mar 2017 18:27:03 +0000
An energizing development for IMF staff working on sub-Saharan Africa (SSA) over the past decade was the region's clear growth uptick and progress in reducing poverty relative to earlier periods. A number of African countries graduated to lower middle-income country (MIC) status and became "frontier economies." This was the essence of the “Africa Rising” story. But since my time at the Fund, I have pondered whether the IMF has fully adjusted to the evolving financing needs of these countries. I think it’s fair to conclude that this adjustment is a work in progress and that SSA frontier countries can themselves do more to accelerate it.
Wed, 08 Mar 2017 16:46:09 +0000
In the wake of the global financial crisis, the IMF undertook a series of reforms to its lending facilities to manage volatility and help prevent future crises. The reforms included the adoption of two new lending instruments: the Flexible Credit Line (FCL), introduced in 2009, and the Precautionary and Liquidity Line (PLL), introduced in 2011. They are meant to serve as precautionary measures—effectively, as insurance—for member states with a proven track economic record. Yet, the IMF’s precautionary instruments remain underutilized.
Tue, 28 Feb 2017 22:58:47 +0000
This paper addresses four misconceptions (or ‘myths’) that have likely played a role in the limited utilization of the IMF’s two precautionary credit lines, the Flexible Credit Line (FCL) and the Precautionary and Liquidity Line (PLL). These myths are 1) too stringent qualification criteria that limit country eligibility; 2) insufficient IMF resources; 3) high costs of precautionary borrowing; and 4) the economic stigma associated with IMF assistance. We show, in fact, that the pool of eligible member states is likely to be seven to eight times larger than the number of current users; that with the 2016 quota reform IMF resources are more than adequate to support a larger precautionary portfolio; that the two IMF credit lines are among the least costly and most advantageous instruments for liquidity support countries have; and that there is no evidence of negative market developments for countries now participating in the precautionary lines.
Mon, 27 Feb 2017 16:52:55 +0000
Using the Demographic and Health Survey (DHS) data on the ability of women at various levels of schooling attainment to read a simple sentence, we show that reaching universal completion of grade six among girls would not bring the world anywhere close to the goal of universal female literacy.
Mon, 06 Feb 2017 17:09:15 +0000
The benefits of global trade are numerous and well-documented, but trade channels can still be made more inclusive for women entrepreneurs and wage workers. Incorporating pre-ratification conditions into the trade agreement negotiation process to remove legal barriers against women’s equal participation in the economy (and therefore equal advantages from trade), as well as instituting follow-up enforcement mechanisms, can help to ensure trade benefits women and men more equally going forward.