{
  "title": "Harnessing the Power of Transparency",
  "publication": "IMF News, February 8, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/02/08/sp02082017-harnessing-the-power-of-transparency",
  "canonical": "https://www.imf.org/en/news/articles/2017/02/08/sp02082017-harnessing-the-power-of-transparency",
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  "summary": "The IMF’s job is to promote global economic and financial stability.",
  "publishDate": "2017-02-08",
  "sections": [
    {
      "heading": "The role of transparency in the IMF’s mission",
      "content": "- The IMF’s job is to promote global economic and financial stability.\n- Transparency underpins that mission by enabling countries to disclose data and policies, share information with other governments and the public, and collaborate daily—not only in crises.\n- The IMF cannot do its job without the power of transparency; it is essential because what happens in one economy or financial system matters to many others in a hyper-connected world.\n- The IMF’s membership: 189 member countries."
    },
    {
      "heading": "How the IMF harnesses transparency (institutional roles)",
      "content": "- Trusted adviser: governments often share market-sensitive information with the IMF.\n- Global watchdog: raises red flags and encourages information sharing and collaboration.\n- Fitness coach: provides hands-on technical assistance and training.\n- Firefighter: provides financial assistance in times of need so economies can get back on their feet."
    },
    {
      "heading": "Empirical findings on transparency and financial outcomes",
      "content": "- New IMF staff research shows that greater data transparency—promoted through the IMF data standard initiatives—leads to a 15 percent reduction in the spreads on emerging market sovereign bonds—three months after the improvements are made.\n- IMF staff research also shows that, during crises, capital flight is greater in the least transparent countries, which underlines the benefits for financial stability that transparency can bring.\n- Quoted evidence: Stanley Fischer—“Nothing would help improve standards more than if countries that met higher standards were rewarded with lower borrowing costs”."
    },
    {
      "heading": "Transparency, public engagement, and accountability",
      "content": "- Transparency allows the IMF to contribute to public debate, be scrutinized by the public, and increase its accountability.\n- Engaging the broadest possible audience is part of pursuing transparency; audiences include parliamentarians, labor unions, business owners, students, policy experts, “non-experts”, and think tanks."
    },
    {
      "heading": "Key publication details and references cited in the speech",
      "content": "- Speech by Christine Lagarde, Managing Director, International Monetary Fund; Atlantic Council, Washington, DC, February 8, 2017.\n- References cited in the speech:\n  - Fischer, Stanley. “Financial crises and reform of the international financial system.” Review of World Economics 139.1 (2003): 1-37.\n  - Sangyup Choi and Yuko Hashimoto. IMF Working Paper: “The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads”, (to be published: 2017).\n  - Gaston Gelos and Shang-Jin Wei. “Transparency and International Portfolio Holdings”. The Journal of Finance (December 2005).\n\nSpeech by Christine Lagarde, Managing Director, International Monetary Fund; Atlantic Council, Washington, DC, February 8, 2017.\n\n---\n\n\n References\n\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/02/08/sp02082017-harnessing-the-power-of-transparency"
    }
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    "Published: February 8, 2017",
    "The IMF’s job is to promote global economic and financial stability.",
    "Transparency underpins that mission by enabling countries to disclose data and policies, share information with other governments and the public, and collaborate daily—not only in crises.",
    "The IMF cannot do its job without the power of transparency; it is essential because what happens in one economy or financial system matters to many others in a hyper-connected world.",
    "The IMF’s membership: 189 member countries.",
    "Trusted adviser: governments often share market-sensitive information with the IMF.",
    "Global watchdog: raises red flags and encourages information sharing and collaboration.",
    "Fitness coach: provides hands-on technical assistance and training.",
    "Firefighter: provides financial assistance in times of need so economies can get back on their feet.",
    "New IMF staff research shows that greater data transparency—promoted through the IMF data standard initiatives—leads to a 15 percent reduction in the spreads on emerging market sovereign bonds—three months after the improvements are made.",
    "IMF staff research also shows that, during crises, capital flight is greater in the least transparent countries, which underlines the benefits for financial stability that transparency can bring.",
    "Quoted evidence: Stanley Fischer—“Nothing would help improve standards more than if countries that met higher standards were rewarded with lower borrowing costs”.",
    "Transparency allows the IMF to contribute to public debate, be scrutinized by the public, and increase its accountability.",
    "Engaging the broadest possible audience is part of pursuing transparency; audiences include parliamentarians, labor unions, business owners, students, policy experts, “non-experts”, and think tanks.",
    "Speech by Christine Lagarde, Managing Director, International Monetary Fund; Atlantic Council, Washington, DC, February 8, 2017.",
    "References cited in the speech:",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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