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A quantitative analysis of the size of IMF resources

Author

Listed:
  • L´Hotellerie-Fallois, Pilar
  • Broos, Menno
  • Herrero, Sonsoles Gallego
  • Chamorro, Isabel Garrido
  • Vicente, Fernando López
  • Mukhopadhyay, Mayukh
  • Maurini, Claudia
  • Vonessen, Benjamin

Abstract

In this report, three methodological approaches are applied to assess the size of the International Monetary Fund: benchmarking Fund resources against a number of relevant global economic and financial indicators; an extrapolation of past and current IMF programme characteristics; and a shock scenario analysis. Overall, while the results of the different approaches depend on the assumptions and the timeframe considered, the quantitative analysis indicates that a prudent approach would call for maintaining Fund total resources at their current levels. Yet, the quantitative analysis of the size of the Fund made in this report should be seen only as one element to assess the adequacy of Fund resources. It does not take into account qualitative considerations, such as the increased resilience of the global economy and the efforts made to strengthen regulation and supervision since the financial crisis, which should complement the quantitative analysis to complete the analytical basis for decision makers. Moreover, the final decision on the appropriate size of Fund resources will need to include political judgement. Therefore, this report does not provide recommendations on the appropriate level of IMF resources after the expiration of borrowed resources. JEL Classification: F3, F32, F38, F42, F65, G28

Suggested Citation

  • L´Hotellerie-Fallois, Pilar & Broos, Menno & Herrero, Sonsoles Gallego & Chamorro, Isabel Garrido & Vicente, Fernando López & Mukhopadhyay, Mayukh & Maurini, Claudia & Vonessen, Benjamin, 2018. "A quantitative analysis of the size of IMF resources," Occasional Paper Series 213, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2018213
    Note: 2601864
    as

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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    GFSN; IMF; shock scenario analysis;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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