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The paper introduces practical extensions to IMF macroeconomic frameworks that incorporate banking-sector dynamics and macro-financial feedbacks, helping country teams better assess how financial conditions affect the real economy. By linking macroeconomic developments, banks' lending capacity, credit growth, and economic activity, it aims to strengthen the Fund's surveillance, lending, and capacity development. The paper also advances the IMF's broader efforts to improve macro-financial integration, building on recommendations from recent surveillance reviews through a collaborative effort across MCM, RES, and SPR.
The question for policymakers is how to seize new opportunities to renew Asia’s economic growth
In a world of frequent shocks, central bank communications should anchor expectations by explaining how policy responds to changing conditions, rather than committing to a fixed path
Many G20 economies face constraints from excessive labor, product-market, or consumer regulations, an IMF survey shows
Authors probe complex issues to shed light on global economic challenges
After restoring stability, Argentina needs to turn hard-won gains into lasting prosperity
Sustained rebalancing requires policy action in both surplus and deficit countries
