DOCSLIB.ORG

Download PDF (92.8

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Download PDF (92.8 IMF Annual Report | 2007 Executive Directors and Alternates on April 30, 20071 (Alternate Executive Directors are indicated in italics.) Appointed Meg Lundsager United States Pierre Duquesne France Vacant Bertrand Dumont Shigeo Kashiwagi Japan Tom Scholar United Kingdom Michio Kitahara Jens Larsen Klaus D. Stein Germany Stephan von Stenglin Elected Willy Kiekens Austria Richard Murray Australia (Belgium) Belarus (Australia) Kiribati Johann Prader Belgium Wilhemina C. Mañalac Korea (Austria) Czech Republic (Philippines) Marshall Islands Hungary Micronesia, Federated Kazakhstan States of Luxembourg Mongolia Slovak Republic New Zealand Slovenia Palau Turkey Papua New Guinea Jeroen Kremers Armenia Philippines (Netherlands) Bosnia and Herzegovina Samoa Yuriy G. Yakusha Bulgaria Seychelles (Ukraine) Croatia Solomon Islands Cyprus Vanuatu Georgia GE Huayong China Israel (China) Macedonia, former HE Jianxiong Yugoslav Republic of (China) Moldova Jonathan Fried Antigua and Barbuda Netherlands (Canada) Bahamas, The Romania Peter Charleton Barbados Ukraine (Ireland) Belize Roberto Guarnieri Costa Rica Canada (República Bolivariana El Salvador Dominica de Venezuela) Guatemala Grenada Ramón Guzmán Honduras Ireland (Spain) Mexico Jamaica Nicaragua St. Kitts and Nevis Spain St. Lucia Venezuela, República St. Vincent and the Bolivariana de Grenadines Arrigo Sadun Albania Tuomas Saarenheimo Denmark (Italy) Greece (Finland) Estonia Miranda Xafa Italy Jon Thorvardur Sigurgeirsson Finland (Greece) Malta (Iceland) Iceland Portugal Latvia San Marino Lithuania Timor-Leste Norway Sweden 1 The voting power of each chair can be found in Appendix IV on the CD-ROM; changes in the Executive Board during FY2007 are listed in Appendix V on the CD-ROM. 68 Governance, organization, and fi nances | 5 Elected (continued) A. Shakour Shaalan Bahrain Aleksei V. Mozhin Russian Federation (Egypt) Egypt (Russian Federation) Samir El-Khouri Iraq Andrei Lushin (Lebanon) Jordan (Russian Federation) Kuwait Abbas Mirakhor Afghanistan, Islamic Lebanon (Islamic Republic of Iran) Republic of Libyan Arab Jamahiriya Mohammed Daïri Algeria Maldives (Morocco) Ghana Oman Iran, Islamic Republic of Qatar Morocco Syrian Arab Republic Pakistan United Arab Emirates Tunisia Yemen, Republic of Paulo Nogueira Batista, Jr. Brazil Abdallah S. Alazzaz Saudi Arabia (Brazil) Colombia (Saudi Arabia) María Ines Agudelo Dominican Republic Ahmed Al Nassar (Colombia) Ecuador (Saudi Arabia) Guyana Hooi Eng Phang Brunei Darussalam Haiti (Malaysia) Cambodia Panama Chantavam Sucharitakul Fiji Suriname (Thailand) Indonesia Trinidad and Tobago Lao People’s Democratic Adarsh Kishore Bangladesh Republic (India) Bhutan Malaysia Amal Uthum Herat India Myanmar (Sri Lanka) Sri Lanka Nepal Singapore Javier Silva-Ruete Argentina Thailand (Peru) Bolivia Tonga Héctor R. Torres Chile Vietnam (Argentina) Paraguay Peru Peter Gakunu Angola Uruguay (Kenya) Botswana Samura Kamara Burundi Laurean W. Rutayisire Benin (Sierra Leone) Eritrea (Rwanda) Burkina Faso Ethiopia Kossi Assimaidou Cameroon Gambia, The (Togo) Cape Verde Kenya Central African Republic Lesotho Chad Malawi Comoros Mozambique Congo, Democratic Namibia Republic of the Nigeria Congo, Republic of Sierra Leone Côte d’Ivoire South Africa Djibouti Sudan Equatorial Guinea Swaziland Gabon Tanzania Guinea Uganda Guinea-Bissau Zambia Madagascar Mali Thomas Moser Azerbaijan Mauritania (Switzerland) Kyrgyz Republic Mauritius Andrzej Raczko Poland Niger (Poland) Serbia Rwanda Switzerland São Tomé and Príncipe Tajikistan Senegal Turkmenistan Togo Uzbekistan 69 IMF Annual Report | 2007 Senior offi cers on April 30, 2007 Jaime Caruana, Counsellor Information and liaison Simon Johnson, Economic Counsellor Masood Ahmed Director, External Relations Department Area departments Akira Ariyoshi Abdoulaye Bio-Tchané Director, Regional Offi ce for Asia and the Pacifi c Director, African Department Saleh M. Nsouli David Burton Director, Offi ces in Europe Director, Asia and Pacifi c Department Vacant1 Michael C. Deppler Director and Special Representative to the Fund Offi ce Director, European Department at the United Nations Mohsin S. Khan Director, Middle East and Central Asia Department Support services Anoop Singh Liam P. Ebrill Director, Western Hemisphere Department Director, Human Resources Department Functional and special services departments Shailendra J. Anjaria Secretary, Secretary’s Department Michael G. Kuhn Director, Finance Department Frank Harnischfeger Director, Technology and General Services Department Teresa M. Ter-Minassian Director, Fiscal Affairs Department Jonathan Palmer Chief Information Offi cer, Technology and General Leslie J. Lipschitz Director, IMF Institute Services Department Sean Hagan Offi ces General Counsel and Director, Legal Department Barry H. Potter2 Jaime Caruana Director, Offi ce of Budget and Planning Director, Monetary and Capital Markets Department Bert Keuppens Mark Allen Director, Policy Development and Review Department Director, Offi ce of Internal Audit and Inspection Simon Johnson Vacant Director, Research Department Director, Offi ce of Technical Assistance Management Robert Edwards Thomas Bernes Director, Statistics Department Director, Independent Evaluation Offi ce 1 Barry H. Potter assumed the position of Director and Special Representative to the Fund Offi ce at the United Nations effective August 13, 2007. 2 Siddharth Tiwari succeeded Barry H. Potter as Director of the Offi ce of Budget and Planning effective August 15, 2007. 70 Governance, organization, and fi nances | 5 IMF organization chart as of April 30, 2007 International Joint IMF–World Board of Monetary and Bank Development Governors Financial Committee Committee1 Independent Executive Board Evaluation Offi ce Managing Director Deputy Managing Directors Investment Offi ce Offi ce Offi ce Offi ce—Staff of Internal of Technical of Budget Retirement Audit and Assistance and Planning Plan Inspection Management AREA FUNCTIONAL AND SPECIAL INFORMATION SUPPORT DEPARTMENTS SERVICES DEPARTMENTS AND LIAISON SERVICES African Finance Legal External Relations Human Resources Department Department Department Department Department Monetary and Asia and Pacifi c Fiscal Affairs Fund Offi ce Secretary’s Capital Markets Department Department United Nations2 Department Department Regional Offi ce Policy Development Technology and for Asia and IMF Institute and Review General Services the Pacifi c Department Department European Joint Africa Research Department Institute Department Offi ces in Joint Vienna Statistics Europe Institute Department Middle East and Singapore Central Asia Training Department Institute Western Hemisphere Department 1 Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries. 2 Attached to the Offi ce of the Managing Director. 71 IMF Annual Report | 2007 Acronyms and abbreviations AFRITAC Africa Regional Technical Assistance Center IEO Independent Evaluation Offi ce AML/CFT Anti–money laundering/combating the fi nancing IF Integrated Framework for Trade-Related of terrorism Technical Assistance APEC Asia-Pacifi c Economic Cooperation IFRS International Financial Reporting Standards ASEAN Association of Southeast Asian Nations IFS International Financial Statistics BIS Bank for International Settlements IMFC International Monetary and Financial Committee CCE Coordinated Compilation Exercise MCM Monetary and Capital Markets Department CCL Contingent Credit Lines MDG Millennium Development Goal CEMAC Central African Economic and Monetary Community MDRI Multilateral Debt Relief Initiative CFF Compensatory Financing Facility MTS Medium-Term Strategy CGER Consultative Group on Exchange Rate Issues OAP Regional Offi ce for Asia and the Pacifi c DFID U.K. Department for International Development OECD Organization for Economic Cooperation DQAF Data Quality Assessment Framework and Development DSBB Dissemination Standards Bulletin Board OFC Offshore fi nancial center DSF Debt sustainability framework OIA Offi ce of Internal Audit and Inspection ECCU Eastern Caribbean Currency Union OTM Offi ce of Technical Assistance Management ECU European Currency Unit PDR Policy Development and Review Department EFF Extended Fund Facility PIN Public Information Notice EMBI JPMorgan Emerging Markets Bond Index PRGF Poverty Reduction and Growth Facility ENDA Emergency Natural Disaster Assistance PRSP Poverty Reduction Strategy Paper EPA Ex post assessment PSI Policy Support Instrument EPCA Emergency Post-Confl ict Assistance PSIA Poverty and Social Impact Analysis ESAF Enhanced Structural Adjustment Facility QEDS Quarterly External Debt Statistics ESF Exogenous Shocks Facility REO Regional Economic Outlook EU European Union ROSC Report on the Observance of Standards EXR External Relations Department and Codes FAD Fiscal Affairs Department RTAC Regional Technical Assistance Center FATF Financial Action Task Force RTC Regional Training Center FCC Forward commitment capacity SAF Structural Adjustment Facility FSAP Financial Sector Assessment Program SBA Stand-By Arrangement FSF Financial Stability Forum SCA-1 First Special Contingent Account FSI Financial soundness indicator SDA Special Disbursement Account FSRB FATF-style regional body SDDS Special Data Dissemination Standard FSSA Financial System Stability Assessment SDMX Statistical Data and Metadata Exchange FY Financial year SDR Special drawing right GDDS General Data Dissemination System SRF Supplemental Reserve Facility GDP Gross domestic product STA Statistics
Load more

Recommended publications
  • O Robert Mundell Και Το Βραβείο Nobel Στα Οικονομικά
    SAE./No.178/April 2021 Studies in Applied Economics ROBERT MUNDELL, 1932-2021: AHEAD OF HIS TIME Miranda Xafa Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Robert Mundell, 1932-2021: Ahead of his Time By Miranda Xafa About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Founder and Co-Director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise ([email protected]). About the Author Miranda Xafa started her career at the International Monetary Fund in Washington in 1980 and moved on to senior positions in government and in the financial sector. In 1991-93 she served as chief economic advisor to Prime Minister Constantin Mitsotakis in Athens, and subsequently worked as a financial market strategist at Salomon Brothers and Citigroup in London. After serving as a member of the IMF’s Executive Board in 2004-09, she is now a senior scholar at the Centre for International Governance Innovation (CIGI). She holds a Ph.D. in Economics from the University of Pennsylvania and has taught economics at the University of Pennsylvania and Princeton University. 1 I met Bob Mundell in Washington in 1982, when I was already working at the International Monetary Fund, at a conference on the international monetary system. My first impression was the absolute confidence with which he expressed his views. When one of the participants in his panel claimed that the data did not confirm his views, he responded: "If the data do not confirm my views, then the data are wrong." I had the chance to follow his life and career, and to participate in the conferences he organized and chaired in the last two decades in his beloved Palazzo Mundell in Tuscany where he lived.
    [Show full text]
  • The Role of the IMF in the Global Financial Crisis
    The Role of the IMF in the Global Financial Crisis Miranda Xafa Hellenic Bank Association June 2009 1 I.I. EconomicEconomic andand financialfinancial developmentsdevelopments GlobalGlobal economyeconomy facesfaces itsits mostmost severesevere recessionrecession 2 sincesince WWIIWWII Real GDP Growth (Annual percent change) 10 Emerging and Developing economies 8 World 6 4 2 Advanced economies 0 -2 -4 1970 80 90 2000 10 3 Global outlook deteriorated sharply since October 08; modest turnaround expected with policy stimulus WEO Real GDP Growth Projections (In percent change from a year earlier) U.S. Euro Japan China India World 2009 (Apr. 09) -2.8 -4.2 -6.2 6.5 4.5 -1.3 2009 (Oct. 08) -0.7 -0.5 -0.2 8.5 6.3 2.2 Change -2.1 -1.5 -6.0 -2.0 -1.8 -3.5 2010 (Apr. 09) 0.0 -0.4 0.5 7.5 5.6 1.9 2010 (Oct. 08) 1.5 0.9 1.1 9.5 6.8 3.8 Change -1.5 -1.5 -0.6 -2.0 -1.2 -1.9 Source: IMF, World Economic Outlook, April 2009 Update. 4 Heightened uncertainty a defining feature of the crisis VIX and Standard Deviation of Forecasts (in percent) 1.2 70 VIX Index 60 1.0 (RHS) 50 0.8 U.S. Consensus Forecasts (STDEV; following 40 year; LHS) 0.6 30 0.4 20 0.2 10 Gulf Asian Crisis LTCM 9/11 War I Apr. 09 0.0 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 TentativeTentative signssigns ofof stabilizationstabilization emergedemerged 5 inin AprilApril--MayMay 2009...2009..
    [Show full text]
  • Hellenic Link–Midwest a Scientific and Cultural Link with Greece Ελληνικοσ Επιστημονικοσ Και Πολιτιστικοσ Συνδεσμοσ P.O
    HELLENIC LINK–MIDWEST A SCIENTIFIC AND CULTURAL LINK WITH GREECE ΕΛΛΗΝΙΚΟΣ ΕΠΙΣΤΗΜΟΝΙΚΟΣ ΚΑΙ ΠΟΛΙΤΙΣΤΙΚΟΣ ΣΥΝΔΕΣΜΟΣ P.O. Box 3, Park Ridge, IL 60068-0003 Phone 630-790-2939 www.helleniclinkmidwest.org Hellenic Link Midwest on FaceBook Greece: Recovering from Two Debt Crises and a Pandemic On Sunday, November 15, Hellenic Link–Midwest presents Dr. Miranda Xafa in an online lecture titled "Greece: Recovering from Two Debt Crises and a Pandemic”. Please note that this lecture will start at 2:00 pm U.S. Central Time. This lecture is supported by the Hellenic Foundation, Chicago. The support of the Foundation is greatly appreciated. Please click Savvas Koktzoglou the link below to join the webinar: President Constantine Tzanos https://us02web.zoom.us/j/84171967132 Vice President Angelo Dalageorgas The Webinar ID is 841 7196 7132. Further Information on how to join this Treasurer lecture is shown on page 2. Thomas Mantzakides Recording Secretary The crisis that hit Greece in the aftermath of the 2008-2009 Global Financial Crisis Stefanos Sakellarides Corresponding Secretary ended a debt-financed consumer boom and triggered a deep recession. After two EU/IMF-funded adjustment programs and a massive debt restructuring in 2012, the Greek economy returned to growth and re-accessed capital markets in 2014. The disastrous negotiations with creditors conducted by the SYRIZA government in 2015 Committees set back the adjustment effort and resulted in a third bailout agreement. With Greece Membership Committee and its creditors aligned in their desire to avoid a fourth bailout, Greece achieved a Program Committee Dinner Dance Committee smooth exit from the program in August 2018, even though growth-enhancing reforms Scholarship Committee were not fully implemented.
    [Show full text]
  • Study on the Financial Sector in Greece During the Economic Adjustment Programmes: 2010-2018 Final Report
    Study on the financial sector in Greece during the economic adjustment programmes: 2010-2018 Final Report Written by Oskar Andruszkiewicz and Juliette Mathis (ICF), Charu Wilkinson (ICF Associate), Michalis Vassiliadis, Peppas Konstantinos and George Gatopoulos (IOBE) June 2020 EUROPEAN COMMISSION Directorate-General for Economic and Financial Affairs Directorate L — Treasury and financial operations Unit L.2 — Treasury and Asset Management Contact: Ludmila Nola E-mail: [email protected] European Commission Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE The information and views set out in this study are those of the authors and do not necessarily reflect the official opinion of the European Commission. The European Commission does not guarantee the accuracy of the data included in this study. Neither the European Commission nor any person acting on the European Commission’s behalf may be held responsible for the use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2020. PDF ISBN 978-92-76-22204-0 doi: 10.2765/403158 KC-02-20-737-EN-N © European Union, 2020 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders.
    [Show full text]
  • Greece: Recovering from Two Debt Crises and by the Hellenic Foundation, Chicago
    HELLENIC LINK–MIDWEST Newsletter A CULTURAL AND SCIENTIFIC LINK WITH GREECE No. 112 October–November 2020 EDITORS: Constantine Tzanos, S. Sakellarides http://www.helleniclinkmidwest.org P.O. Box 3, Park Ridge, IL 60068-0003 Upcoming Events Iliou as historical advisor in several documentaries including “The Journey: the Greek Dream in America” and “Smyrna The Contributions of Greeks of Egypt to 1922–the Destruction of a Cosmopolitan City.” Their most Homeland and Adopted Country recent film, “Athens Between East and West, 1821-1896” On Sunday, October 18, 2020, at 3:00 pm, Hellenic Link– which is the first of a five-part series, premiered in February Midwest presents professor Alexander Kitroeff in an online 2020 at the Benaki Museum in Athens. lecture titled "The Contributions of Greeks of Egypt to Homeland and Adopted Country”. This lecture is supported Greece: Recovering from Two Debt Crises and by the Hellenic Foundation, Chicago. The support of the a Pandemic Foundation is greatly appreciated. Because of the pandemic, On Sunday, November 15, Hellenic Link–Midwest presents this lecture will be delivered online. Information on how to Dr. Miranda Xafa in an online lecture titled "Greece: join the lecture will be provided separately by email and Recovering from Two Debt Crises and a Pandemic”. Please regular mail. note that this lecture will start at 2:00 pm U.S. Central From the early nineteenth century through to the 1960s, the Time. This lecture is supported by the Hellenic Foundation, Greeks formed the largest, most economically powerful, and Chicago. The support of the Foundation is greatly geographically and socially diverse of all European appreciated.
    [Show full text]
  • Issues and Challenges in Mobilizing African Diaspora Investment Cyrus Rustomjee
    Policy Brief No. 130 — April 2018 Issues and Challenges in Mobilizing African Diaspora Investment Cyrus Rustomjee Key Points Introduction → The costs of financing African development, including infrastructure African countries face major challenges in securing the and the United Nations’ Sustainable financing and investment needed to attain the SDGs. Development Goals (SDGs), are Given current public and private levels of investment, escalating, intensifying the quest annual shortfalls in available financing to meet their for new innovative sources of SDGs is estimated at up to US$210 billion (United Nations financing to meet these costs and Conference on Trade and Development [UNCTAD] close existing financing gaps. 2016). The AfDB estimates needs amount to US$130– $170 billion a year, with an annual financing gap in the → African diaspora populations are range of US$68–$108 billion (AfDB 2018). Faced with growing, as are their savings and these challenges, many African countries are exploring the scale of resources available to innovative new sources of financing for investment to reinvest in their countries of origin. supplement traditional domestic and external resources. Yet, until recently, African countries have made little substantive progress An increasingly important source is annual diaspora in attracting these savings. savings, which can be transferred from workers living abroad to recipients in countries of origin. These private → Several key actions, catalyzed transfers can take several forms, including remittances, and supported by the African direct investment by migrants and diaspora bonds. The Development Bank (AfDB) and other most recent estimated global aggregate savings was development partners, can generate approximately US$497 billion in 2013 (World Bank 2013).
    [Show full text]
  • WILL GREECE GO BANKRUPT and KILL the EURO? the Benefits and Cost of Helping Greece
    WILL GREECE GO BANKRUPT AND KILL THE EURO? The benefits and Cost of Helping Greece HERBERT GRUBEL* Fecha de recepción: 30 de septiembre de 2012. Fecha de aceptación: 19 de diciembre de 2012. Resumen: Este artículo compara los beneficios con los costes derivados del salvamento griego, llegando a la conclusión de que los beneficios superan claramente a los costes. También se analizan las causas del problema, el papel de las sociedades de rating y la euforia previa especulativa, efectuán- dose unas consideraciones sobre el futuro del euro y del orden financiero internacional. Palabras clave: Bancarrota Griega, Euro, Estadísticas en Grecia, Credit ratings. Clasificación JEL: F33, F34, F36, F55, G15, G24. Abstract: This paper compares the benefits to Greece, the Euro zone and the rest of the world arising from policies that prevent a Greek default and exit from the Euro with the costs of preventive policies. It concludes that the * Professor of Economics (Emeritus), Simon Fraser University. Senior Fellow, The Fraser Institute. Note: I thank participants at the Athenian Conference in Thessaloniki, Greece, July 1, 2012 and at the 75th Anniversary Conference of the Hong Kong Polytechnic University in Hong Kong on November 14, 2012 for comments on an earlier version of this paper. The analysis has also been influenced by discussions of the issues at the annual meeting of financial experts organized by Robert Mundell in Siena, Italy in July 2012 and at the Mont Pelerin Society meetings in Prague, Czech Republic in September 2012. I also gratefully acknowledge helpful comments on an earlier draft by George Bitros, Richard Cooper, Max Corden, Nick Kaiser, Wolfgang Kasper, Antonios Koumpias, Helmut Mayer, Claire Morrissey and Richard Pomfret.
    [Show full text]
  • Miranda Xafa Stylized Facts
    GLOBAL IMBALANCES:DO THEY MATTER? Miranda Xafa This article reviews the recent literature on global imbalances and discusses the policy implications of the various theories that have been advanced to explain their unprecedented increase. Most of these theories fit the stylized facts, namely, the steady increase in the U.S. current account deficit, the shift to a surplus position of the developing countries, and the low nominal and real interest rates globally. The “low U.S. savings” theory—reflecting the increase in the fiscal deficit and in housing wealth—views the current account deficit as the result of fiscal and monetary policy decisions in the United States that need to be urgently reversed to prevent a crash landing. Other theories however, focusing on developments outside the United States, portfolio balance effects, or previously neglected be- nign factors, do not yield such a doomsday scenario. It is relevant to note that there is no historical precedent of disorderly exchange rate adjustment in industrial countries that keep inflation under control (Croke, Kamin, and Leduc 2005). Concerns over a disorderly un- winding of global imbalances therefore appear exaggerated. This view, prevalent among market participants and several prominent academics, has not been widely embraced by policymakers. Stylized Facts The U.S. current account deficit has grown steadily to historically unprecedented levels over the past decade: $805 billion (6.5 percent of GDP) in 2005 and at an annual rate of $875 billion (6.7 percent of GDP) in the first three quarters of 2006 (Figure 1). The rising U.S. current account deficit has increased concerns among policymakers about a possible abrupt and disorderly unwinding, involving a major Cato Journal, Vol.
    [Show full text]
  • 1 Reforms and Collective Action in a Clientelist Party System: Greece
    Reforms and collective action in a clientelist party system: Greece during the Mitsotakis administration (1990-1993)* Aris Trantidis ABSTRACT: Economic reforms face a collective action problem: they trigger the reaction of groups that expect significant losses, while the anticipated gains are often dispersed across the population and too uncertain to animate strong popular support. This pattern may exhibit different characteristics in a clientelist economy where the affected groups are client groups under the protection of political parties. The reform agenda of the Mitsotakis government in Greece (1990-1993) illustrates that the collective action problem affects primarily the internal structure of the clientelist parties and thereby their capacity for political mobilisation. Reforms that depart from the established political equilibrium on economic policy will undermine the internal cohesion of the government party and will offer the opposition party the opportunity to strengthen its own unity and political mobilisation capacity. * This is a draft earlier version of the eponymous article, published in the Journal of South European Society and Politics, 2014, Volume 19, Issue 2, pp. 215-243. Key words: economic reforms, clientelism, political cost, collective action, crisis, Greece Interest groups compete and lobby around the allocation of the benefits and costs of reforms initiated by the government (Alesina and Drazen 1991; Geddes 1994; Heller, Keefer and McCubbins, 1998; Schamis 1999). These groups often act as veto players effectively delaying or blocking reform initiatives (Haggard 2000:28; Tsebelis 2002). Depending on the institutional setting, the government may enjoy a degree of autonomy from group pressures and some room for manoeuvre around the options of co-optation, re-alignment, compromise and compensation (C.f.
    [Show full text]
  • The International Monetary Fund
    The International Monetary Fund Name State Representative of Votes Meg Lundsager United States of America United States of America 371,743 Daniel Heath Daisuke Kotegawa Japan Japan 133,378 Hiromi Yamoaka Klaus D. Stein Germany Germany 130,332 Stephan von Stenglin Ambroise Fayolle France France 107,635 Benoit Claveranne Alex Gibbs United Kingdom of G.B. and N.I. United Kingdom of G.B. and N.I. 107,635 Jenns Larsen Willy Kiekens Belgium Austria, Belarus, Belgium, Czech Republic, 113,969 Johann Prader Austria Hungary, Kazakhstan, Luxembourg, Age F.P. Bakker Netherlands Armenia, Bosnia and Herzegovina, 105,412 Yuriy G. Yakusha Ukraine Bulgaria, Croatia, Cyprus, Georgia, Israel, Jose A. Rojas Venezuela Costa Rica, El Salvador, Guatemala, 98,659 Ramon Guzman Spain Honduras, Mexico, Nicaragua, Spain, Arrigo Sadun Italy Albania, Greece, Italy, Malta, Portugal, San 90,968 Miranda Xafa Greece Marino, Timor-Leste Richard Murray Australia Australia, Kiribati, Korea, Marshall Islands, 85,360 Wilhemina C. Mañalac Philippines Micronesia, Mongolia, New Zealand, Palau, GE Huayong China, P.R. of China, P.R. of 81,151 HE Jianxiong Jonathan Fried Canada Antigua and Barbuda, Bahamas, Barbados, 80,636 Peter Charleton Ireland Belize, Canada, Dominica, Grenada, Jens Henriksson Sweden Denmark, Estonia, Finland, Iceland, Latvia, 76,276 Jarle Bergo Norway Lithuania, Norway, Sweden A. Shakour Shaalan Egypt Bahrain, Egypt, Iraq, Jordan, Kuwait, 70,852 Samir El-Khouri Lebanon Lebanon, Libya, Maldives, Oman, Qatar, Abdallah S. Alazzaz Saudi Arabia Saudi Arabia 70,105 Ahmed Al Nassar Perry Warjiyo Indonesia Brunei, Cambodia, Fiji, Indonesia, Laos, 69,019 Chantavam Sucharitakul Thailand Malaysia, Myanmar, Nepal, Singapore, Peter Gakunu Kenya Angola, Botswana, Burundi, Eritrea, 65,221 Samuel Itam Sierra Leone Ethiopia, Gambia, Kenya, Lesotho, Malawi, Thomas Moser Switzerland Azerbaijan, Kyrgyzstan, Poland, Serbia, 61,827 Andrzej Raczko Poland Switzerland, Tajikistan, Turkmenistan, Aleksei V.
    [Show full text]
  • Life After Debt the Greek PSI and Its Aftermath
    Life after Debt The Greek PSI and its aftermath Miranda Xafa Key points • Debt exchange and buyback operations concluded in 2012 (PSI) reduced Greece’s debt burden by 31% of GDP in net terms, demonstrating that it is possible to have an orderly debt restructuring in the euro area. • Concluding the debt exchange earlier would not have made the debt burden sustainable, given Greece’s huge official financing needs. • The debt buyback made efficient use of creditor funds by retiring three euros of debt per euro of official financing. • Markets remain fearful of the potential for further debt restructuring, which will likely involve the official sector. Introduction The Greek debt exchange (PSI) that took place in March 2012 was unprecedented in two ways: it was the biggest sovereign default ever and the first within the euro area. This paper examines the debt exchange and the subsequent debt buyback with a view to drawing lessons for policy- makers and market participants. It discusses the interaction between the political dimension and the market perception, including areas of actual or Miranda Xafa is CEO of E.F. Consulting Ltd and a former member of the IMF Executive Board. WORLD ECONOMICS • Vol. 14 • No. 1 • January–March 2013 81 Miranda Xafa potential conflicts between the two. The paper does not address Greece’s longer-term prospects for debt sustainability or euro area membership, but instead focuses narrowly on an assessment of the debt exchange and its aftermath, taking into account its impact on the broader euro area crisis. The paper is organised as follows: the first two main sections briefly review the history and decisions that led to the Greek debt exchange, seen from the perspective of the developing euro area crisis.
    [Show full text]
  • Hellenic Observatory
    HELLENIC OBSERVATORY NEWSLETTER 2019-2020 Issue 18 2019-20 Newsletter EDITORIAL In reading this Newsletter, I hope, like me, The visits and downloads from our webpages you will appreciate the remarkable range show the Observatory’s international profile, and value of activities promoted by the which incorporates significant activity from Hellenic Observatory. the USA, China, Australia, and Canada, for example. We are a small team in the Observatory, but we have a disproportionate impact. This is We were delighted that the LSE’s Director, because we have a highly dedicated team, Dame Minouche Shafik, came with us to serving the mission of the Observatory. And Athens and Cyprus to show the School’s I thank them here for their commitment support for the future of the Hellenic and professionalism. But the Observatory’s Observatory. She very much enjoyed impact is also due to the strategy and meeting our alumni and partners – as have operating model we have carefully set and her predecessors. developed, in collaboration with our valued partners. We are also pleased to join ‘LSE Cities’ in their new venture – ‘LSE Athens Urban Age Because of these factors, we can effectively Taskforce’ – launched with the Mayor of fulfil our core mission: to enhance the Athens. This important platform will bring understanding of contemporary Greece and together policy experts from around the Cyprus, via high quality research and serious world to share and discuss the challenges public discussion. We produce, facilitate, and faced by the City of Athens. engage – connecting our own work with partners in the UK, Greece and Cyprus – to Last December, Ismini Demades decided create a larger collaborative network.
    [Show full text]