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IMF's Call for Complacence

Vol. 51, Issue No. 20, 14 May, 2016
C P Chandrasekhar

The International Monetary Fund's World Economic Outlook of April 2016 bodes that emerging market economies, including India, are at risk of sudden capital outflows. The IMF once again makes a case for its conventional, much-discredited tools to manage this risk. To repeat these recommendations, that on many occasions have only worsened crises, is to encourage complacency.

Capital Account Management in India

Vol. 51, Issue No. 12, 19 Mar, 2016
Abhijit Sen Gupta, Rajeswari Sengupta

India has been subject to capricious capital flows since its integration with the global capital markets in the early 1990s. In a bid to balance diverse objectives, India, like many other emerging markets, has resorted to active management of various types of capital flows. This paper finds that while the calibrated liberalisation approach resulted in altering the composition of capital flows towards more stable flows, and has helped India to negotiate the "Trilemma," the use of sporadic capital account management measures in the face of surge or stop of capital flows has not been very effective in achieving their objectives of reducing external vulnerability or mitigating macro-prudential risks.

Calcutta Diary

Vol. 36, Issue No. 37, 15 Sep, 2001
AM

Climbing down from the high horse it was accustomed to ride, the IMF is now telling the poor countries that, in order to stimulate growth, they could lower lending rates; market forces may for the present be forgotten. Why, the Federal Reserve System in the US has, since beginning of the year, lowered its prime rate on as many as seven occasions. So, please do as the Americans do.

Determinants of Sovereign Borrowings from IMF

Vol. 36, Issue No. 36, 08 Sep, 2001
Mridul Saggar, Raghbendra Jha

The article delineates the IMF's rationale for its role in the international economy; particularly in helping those countries that are going through balance of payments crises. The authors attempt to decipher whether the actual lending pattern of the IMF conforms to this rationale. This is done in the context of panel data models for several groups of countries. There appears to be some arbitrariness in the lending pattern of the IMF.

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