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This note guides policy advice on the use of foreign exchange intervention (FXI) as part of the Integrated Policy Framework (IPF) in Fund surveillance. The note provides general principles for the advice in countries with flexible exchange rates and sets out three use cases for FXI that are tied to specific frictions. It explores the use of FXI as part of an overall policy response, allowing the advice to differ with shocks, frictions, and country-specific circumstances.
In the Mundell-Fleming framework, standard monetary policy and exchange rate flexibility fully insulate economies from shocks. However, that framework abstracts from many real world imperfections, and countries often resort to unconventional policies to cope with shocks, such as COVID-19. This paper develops a model of optimal monetary policy, capital controls, foreign exchange intervention, and macroprudential policy. It incorporates many shocks and allows countries to differ across the currency of trade invoicing, degree of currency mismatches, tightness of external and domestic borrowing constraints, and depth of foreign exchange markets. The analysis maps these shocks and country characteristics to optimal policies, and yields several principles. If an additional instrument becomes available, it should not necessarily be deployed because it may not be the right tool to address the imperfection at hand. The use of a new instrument can lead to more or less use of others as instruments interact in non-trivial ways.
The Mundell-Fleming IS-LM approach has guided generations of economists over the past 60 years. But countries have experienced new problems, the international finance literature has advanced, and the composition of the global economy has changed, so the scene is set for an updated approach. We propose an Integrated Policy Framework (IPF) diagram to analyze the use of multiple policy tools as a function of shocks and country characteristics. The underlying model features dominant currency pricing, shallow foreign exchange (FX) markets, and occasionally-binding external and domestic borrowing constraints. Our diagram includes the use of monetary policy, FX intervention, capital controls, and domestic macroprudential measures. It has four panels to explore four key trade-offs related to import consumption, home goods consumption, the housing market, and monetary policy. Our extended diagram adds fiscal policy into the mix.
Physical Activity in Public Health Practice provides the first evidence-based, practical textbook to guide readers through the process of conceptualizing, justifying, implementing, and evaluating physical activity interventions across a broad array of settings and populations. Section One begins with an overview of epidemiology, measurement, critical milestones, and the importance of moving beyond individual-level physical activity intervention, to interventions aimed at policy-, systems-, and environmental-level changes. Section Two considers planning interventions across a variety of settings and populations, including general concepts for implementation and evaluation, how to build effective coalitions, steps for developing community-, regional- or state-level strategic plans, and effectively translating policy into practice. Section Three addresses how to implement physical activity strategies across a variety of settings, including worksites, faith-based settings, healthcare settings, schools, and parks and recreation. This section also provides guidance on the complexities and challenges of targeting interventions for specific populations, such as families, older adults, persons with disabilities, as well as different strategies for urban and rural populations. Lastly, Section Four outlines effective strategies for how to evaluate interventions depending upon impact, outcome, and cost evaluation, and dissemination models for your intervention. Presented from both a research and a practice perspective while discussing the best available research, this book provides the basis for planning and implementing physical activity programs that work and can build healthier communities. This hands-on text incorporates learning objectives, real-world examples, case studies, and bulleted lists whenever possible so that the content can be digested easily not only in undergraduate and graduate course settings but also by public health workers and other health educators in practice. Written by world experts and augmented by practical applications, this textbook prepares public health students and practitioners to develop effective interventions and spur greater physical activity in their communities. Key Features: Provides effective strategies for properly measuring and increasing physical activity in communities Demonstrates how to carry out physical activity interventions across a variety of settings, including schools, communities, worksites and many more Discusses methods for directing physical activity interventions to specific populations Delivers strategies for building successful partnerships and coalitions Practical group activities, exercises, discussion questions, audio podcast discussions, and a full instructor packet accompany the textbook
Collection of articles presented at the Seminar on Public Policy Analysis and Design organized by Lal Bahadur Shastri National Academy of Administration from 23 to 25 August, 1993; with special reference to India.
This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic general equilibrium (DSGE) model of the world economy, featuring a range of nominal and real rigidities, extensive macrofinancial linkages with endogenous risk, and diverse spillover transmission channels. In the pursuit of inflation and output stabilization objectives, it is optimal to adjust all policies in response to domestic and global financial cycle upturns and downturns when feasible—including foreign exchange intervention and capital flow management under some conditions—to widely varying degrees depending on the structural characteristics of the economy. The framework is applied empirically to four small open advanced and emerging market economies.
This is a timely work on a very dynamic field. It provides more than 40 best practice case studies from nearly half the states in America, and discusses current and evolving trends in the relations between educational institutions and cities, towns and other municipalities. The schools include public and private universities and colleges, public school districts, and other local school systems. Case studies examine current and evolving state-of-the-art practices. Appendices include a glossary; regional, national and international resource directories; bibliographic sources; model agreements and documents; a state municipal league directory; a state public library directory; and a summary of distance learning resources. The handbook is indexed. The future of America's cities and schools depends upon the proper management of resources through the use of state-of-the-art town-gown planning practices. Both public officials and taxpayers, faculties, as well as students, benefit from town and gown best practices.

Peru

International Monetary Fund. Western Hemisphere Dept.

Published: 2023-03-27

Total Pages: 127


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Against the background of a strong economic performance over the last quarter of a century, Peru has been hit by multiple shocks in the last several years. Adequate policies and very strong policy frameworks have made the economy resilient. Following a steep decline in 2020 at the outset of the pandemic and a rapid recovery in 2021, growth slowed significantly in 2022 as the policy stimulus was withdrawn and external and financial conditions deteriorated. Recent political developments suggest that the new government needs to work across the political spectrum to create broader political consensus, reduce uncertainty, ease social tensions, and boost growth.
Since at least the Great Financial Crisis, authorities around the world have increasingly relied on macroprudential policy to help secure financial stability and complement monetary policy as an integral element of a broader macro-financial stability framework. In today's interconnected global financial system, policy actions taken by the major advanced economies can have spillovers on the rest of the world through their impact on capital flows and exchange rates, potentially generating vulnerabilities across borders. Conversely, in emerging market economies, macroprudential policy as well as foreign exchange intervention and/or capital flow management policy can help mitigate the corresponding impact. This can in turn generate spillbacks on advanced economies — spillbacks that have become more sizeable as the emerging market economies' heft in the world has grown. Yet little is known about these interactions.The contents of this book are based on a conference held on 26-28 May 2021 and jointly hosted by the Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS). It aims to contribute to existing literature on macro-financial policymaking by providing an overall conceptual framework and documenting the latest global trends and country experiences. In particular, it highlights the role of international spillovers and spillbacks, paying particular attention to emerging market economies. This book is essential reading for academics, graduate students and economic professionals. It can also serve as a handbook for policymakers at central banks, regulatory authorities and other government agencies tasked with designing and implementing macroprudential or more generally macro-financial stability policies. The book will also be of interest to researchers at international organisations.
Pandemic prevention and preparedness are at the top of everyone’s mind as the world continues to tackle the COVID-19 pandemic. During this time, however, the threats posed by the silent pandemic of antimicrobial resistance to human, animal, and plant health, food production, and the environment have not ceased and are steadily growing. More than ever before, we know that addressing the interlinked and multi-faceted challenges posed by antimicrobial resistance requires that we work together – across sectors, government, academic disciplines, civil society, the private sector, and the multilateral system – to advance a One Health approach. This strategic framework on antimicrobial resistance represents an important milestone in the decades-long history of collaboration between the Tripartite organizations - a collaboration that now is even stronger as a result of our close engagement with the United Nations Environment Programme. The framework sets out for the first time what our organizations – as leaders in the multilateral system on the human, animal, plant, and environmental health – will do jointly to support countries’ efforts to scale up national responses to antimicrobial resistance. Countries and partners are strongly encouraged to replicate and amplify the One Health approach used in the framework, based on their own contexts and needs.