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<title>Central_Banks RSS : Gourt</title>
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<dc:rights>Copyright 2007, Gourt.com</dc:rights>
<dc:date>2009-12-10T22:44+03:00
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<dc:subject>Central_Banks RSS : Gourt</dc:subject>
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<item rdf:about="http://www.economist.com/businessfinance/displaystory.cfm?story_id=14816649&#x26;fsrc=rss">
<title>India&#x27;s gold purchase: Adornment and investment</title>
<link>http://www.economist.com/businessfinance/displaystory.cfm?story_id=14816649&#x26;fsrc=rss</link>
<description><![CDATA[India is eager for the IMF&#8217;s bullionIF YOU count bangles, necklaces, anklets and other pieces of jewellery, India is the largest repository of gold in the world, according to the World Gold Council. Many Indians see gold as an investment as well as an adornment. India&#8217;s post office sells 24-carat gold coins, as small as 0.5 grams, to savers wary of fiat currencies or mutual funds. The latest big investor in the metal is the Reserve Bank of India (RBI). On November 3rd the central bank said it had bought 200 tonnes of gold from the IMF, a purchase that would have cost about $6.7 billion. The news pushed the price past $1,090 an ounce for the first time.The IMF&#8217;s gold holdings are less decorative than India&#8217;s, but also impressive: the third-biggest official stash in the world. Its sale to the RBI is part of a plan to offload 403.3 tonnes, or an eighth of its total. The proceeds will create an endowment to cover the fund&#8217;s operating expenses and help expand its lending. It is doing its best not to rock the market by selling first to central banks, in keeping with their agreement in August to sell no more than 2,000 tonnes over five years. But the gold market is now interested in how much central banks might buy, not how much they might sell. ...]]></description>
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<item rdf:about="http://www.economist.com/businessfinance/displaystory.cfm?story_id=14584651&#x26;fsrc=rss">
<title>The World Bank-IMF meetings: Money, votes and politics</title>
<link>http://www.economist.com/businessfinance/displaystory.cfm?story_id=14584651&#x26;fsrc=rss</link>
<description><![CDATA[Battles over money and power at the World Bank and IMF&#8220;WE ARE into the world of politics&#8221;, said the World Bank&#8217;s president, Robert Zoellick, at the two-day annual meetings of the World Bank and the International Monetary Fund, ending on Wednesday October 7th in Istanbul. Mr Zoellick was referring to the disagreements between richer and poorer countries over his institution&#8217;s pleas for more funding to cope with the aftermath of the financial crisis. But his statement held true for much of what went on at this year&#8217;s meetings. It was easy to reach broad agreement that it was too early for governments and central banks to begin winding down their big stimulus packages. But opinions diverged over the need to boost the funding of the world&#8217;s main financial institutions, and even more so when it came to discussing demands by big developing countries such as China and India for more voting power on their boards.  ...]]></description>
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<item rdf:about="http://www.economist.com/businessfinance/displaystory.cfm?story_id=14558474&#x26;fsrc=rss">
<title>The role of emerging markets: Cosmetic surgery?</title>
<link>http://www.economist.com/businessfinance/displaystory.cfm?story_id=14558474&#x26;fsrc=rss</link>
<description><![CDATA[The face of global economic governance is changingSYMBOLISM or substance? The G20 meeting in Pittsburgh secured the place of emerging markets at the top table of global economic policy. &#8220;Bretton Woods is being overhauled before our eyes,&#8221; declared Robert Zoellick, head of the World Bank. The G20 leaders agreed to shift voting power substantially within the IMF towards &#8220;dynamic emerging markets and developing countries&#8221;, and endorsed similar reform at the World Bank. They also announced that the G20 itself will replace the G7, a rich-world club that will now concentrate mainly on security issues, as the primary forum for international economic co-operation. The Financial Stability Board, which is supposed to oversee the co-ordination of global financial regulation, has also expanded to include the G20&#8217;s emerging&#8211;market members. But how much clout the developing world will actually have remains unclear. ...]]></description>
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<item rdf:about="http://www.economist.com/businessfinance/displaystory.cfm?story_id=14489982&#x26;fsrc=rss">
<title>The IMF on economic recovery: Snail&#x27;s pace</title>
<link>http://www.economist.com/businessfinance/displaystory.cfm?story_id=14489982&#x26;fsrc=rss</link>
<description><![CDATA[Recovery from this recession is likely to take several years, says the IMFWHEN the chairman of the Federal Reserve, Ben Bernanke, told a Washington think-tank this month that &#8220;the recession is very likely over at this point&#8221;, he was careful to add that the American economy would remain weak for some time yet. Analysis released on Tuesday September 22nd by IMF economists who have been studying the aftermath of 88 banking crises over the past four decades, supports Mr Bernanke's cautious talk. While most discussion of the worst recession since the Depression looks at the immediate pain from lost jobs and shuttered shops, the IMF analysis suggests that the effects of the downturn will be felt long after it is technically over.It is not surprising that trouble in the banks results in big drops in GDP: the IMF finds that output per head falls steadily for three years after a typical banking crisis. Recovering from that takes a long time, even after a return to pre-crisis growth rates. Seven years after a typical banking crisis has ended output per head is 10% lower, on average, than it would have been in the absence of a crash. The IMF also finds that recessions (such as this one) that are associated with banking crises lead to output declines that are about three times as large in the medium term as those that follow currency crises (222 of which the fund's economists also scrutinised). ...]]></description>
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<title>The IMF assessed: A good war</title>
<link>http://www.economist.com/businessfinance/displaystory.cfm?story_id=14456879&#x26;fsrc=rss</link>
<description><![CDATA[The IMF has done well under Dominique Strauss-Kahn, but its future is unclearDOMINIQUE STRAUSS-KAHN, the ebullient managing director of the International Monetary Fund, likens its role to that of a doctor. As the crisis has spread, the IMF has been called in to cure ailing economies from Ukraine to Pakistan. It is still too early to judge the success of the fund&#8217;s prescriptions for troubled countries. But the IMF itself is certainly in far ruder health than it was at the start of the financial crisis.Just a year ago the fund&#8217;s finances were in tatters and its relevance was in doubt. During the early stages of an economic crisis that should have been its natural terrain, Barry Eichengreen, an economic historian at the University of California, Berkeley, wrote: &#8220;Global crises used to remind us why we have the IMF. If the fund doesn&#8217;t come up with some new ideas for how to handle this one, the crisis may only remind us why we can forget it.&#8221; ...]]></description>
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<title>The International Monetary Fund: Back from the dead</title>
<link>http://www.economist.com/opinion/displaystory.cfm?story_id=14455617&#x26;fsrc=rss</link>
<description><![CDATA[But the IMF is not quite ready for the futureTHE International Monetary Fund has had a good crisis. Two years ago the world&#8217;s main international economic institution was heading for irrelevance, its homilies ignored by rich countries, its advice despised in poorer ones and its lending unnecessary in a world flush with private capital. Today the fund is widely hailed as a flexible and innovative crisis-responder. It has committed over $160 billion in a host of new loans and credit lines, up from barely more than $1 billion in 2007. Its lending capacity is being trebled to $750 billion.This warp-speed revival is the result, in part, of good luck. The sudden slump in private capital flows after the collapse of Lehman Brothers a year ago was calamitous for many emerging economies, but it was a powerful reminder of the importance of an official emergency lender. Good leadership has also played a role. Dominique Strauss-Kahn, the former French finance minister who took the IMF&#8217;s helm in November 2007, has shown a boldness and political deftness his predecessors lacked. His Keynesian instincts (he hails from France&#8217;s Socialist Party) proved right for the times. His call for a global fiscal stimulus in January 2008, for instance, now seems prescient. He has pushed through reforms that allow the fund to dole out large amounts of money fast, while convincing a broad array of countries, including rising powers like China, India and Brazil, to contribute to its coffers (see article).  ...]]></description>
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<item rdf:about="http://www.economist.com/businessfinance/displaystory.cfm?story_id=14413372&#x26;fsrc=rss">
<title>The World Bank&#x27;s Doing Business report: Reforming through the tough times</title>
<link>http://www.economist.com/businessfinance/displaystory.cfm?story_id=14413372&#x26;fsrc=rss</link>
<description><![CDATA[A World Bank report makes surprisingly cheerful readingWITH falling sales, rising public indebtedness and surging anti-business sentiment, the past year has been a tough one both for business people and for pro-business policymakers. &#8220;It is not just a crisis of the economy,&#8221; says Mahmoud Mohieldin, Egypt&#8217;s minister of investment. &#8220;It is a crisis of economic thinking. It is a crisis that is confusing many reformers.&#8221;Even so, the World Bank&#8217;s annual Doing Business report*, which tracks changes to the regulations that affect business, suggests that governments have handled the storm well. In the year since June 2008, 131 countries introduced 287 pro-business reforms&#8212;20% more than in the previous 12 months and more than in any year since the World Bank started the survey in 2004.  ...]]></description>
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<item rdf:about="http://www.economist.com/world/la/displaystory.cfm?story_id=14416716&#x26;fsrc=rss">
<title>Ecuador, Argentina and the IMF: The price of pride</title>
<link>http://www.economist.com/world/la/displaystory.cfm?story_id=14416716&#x26;fsrc=rss</link>
<description><![CDATA[Life outside the system becomes a bit harderWHEN the world economy was booming and prices for South America&#8217;s commodities were high, several left-wing governments in the region liberated themselves from what they denounced as the oppressive tutelage of the IMF, and embarked on a dash for growth powered by big increases in public spending. In today&#8217;s straitened times, such policies are harder to finance. First to find this out is Ecuador. High oil prices allowed Rafael Correa, its socialist president, to ramp up spending on social programmes and to win a second term at an election in April. But oil output and remittances from Ecuadoreans abroad are both falling. Despite better tax collection, the budget deficit is heading for around $1.5 billion this year. Since Ecuador adopted the dollar as its currency after a financial meltdown in 1999, the government must borrow this money and cannot print it. ...]]></description>
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<item rdf:about="http://www.worldbank.org/ieg/arde09/index.html">
<title>2009 Annual Review of Development Effectiveness: Achieving Sustainable Development
</title>
<link>http://www.worldbank.org/ieg/arde09/index.html</link>
<description><![CDATA[The global financial crisis has driven up demand for World Bank support to mitigate the effects of the crisis on the poor. At the same time, concern has intensified that every development dollar be used effectively and efficiently to meet development objectives. Although it has always been important for the Bank to demonstrate that its work is producing real results for people living in poverty, it is particularly critical to do so this year. The Annual Review of Development Effectiveness 2009 presents the World Bank’s record of performance in achieving outcomes from its projects and country programs and focuses on the Bank's contributions in supporting environmental sustainability. 
]]></description>
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<item rdf:about="http://siteresources.worldbank.org/EXTDIRGEN/Resources/Evaluation_to_improve.pdf">
<title>Evaluation to Help Improve Development Results: A New Paper by the Director General of IEG
</title>
<link>http://siteresources.worldbank.org/EXTDIRGEN/Resources/Evaluation_to_improve.pdf</link>
<description><![CDATA[This new paper by IEG Director General Vinod Thomas addresses a twofold question on evaluation. First, it deals with the question of the "what" – the need for evaluation methods and institutional frameworks to respond to the growing uncertainties and complexity of development situations. The paper notes the lasting validity of
some of the basics in evaluation, and the need to return to the basics. But it also suggests shifts needed to respond to emerging issues, such as growing interlinkages across sectors. Second, it discusses the "how." In particular, there are issues of capacity building, incentives, and organization that are necessary for an independent evaluation function to be effective within a country’s institutional architecture.

]]></description>
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<item rdf:about="http://www.worldbank.org/ieg/ecd/index.html">
<title>New Monitoring and Evaluation Resource: Mexico&#x27;s M and E System: Scaling Up from the Sectoral to the National Level</title>
<link>http://www.worldbank.org/ieg/ecd/index.html</link>
<description><![CDATA[This paper provides a brief review of Mexico's progressive movement from a sectoral to a governmentwide M and E system. It highlights the critical institutional reforms introduced, the policy decisions, and the most important operational steps that were taken, offering an account of the political context within which such changes and decisions were possible. The paper emphasizes the specific role of the National Council for the Evaluation of Social Policy (CONEVAL) as an innovative development, which furthered institutionalization of evaluation and a results focus at the federal government level through the implementation of the System for Performance Evaluation (SED). A quick review of the governmentwide system’s strengths and main challenges for the future is offered. Some lessons for other countries and conclusions follow.
]]></description>
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