{
  "title": "The United States: Spillover Report: 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 25, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/the-united-states-spillover-report-2011-article-iv-consultation-25083",
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  "summary": "The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers. Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown. A credible plan for a gradual U.S.",
  "publishDate": "2011-07-25",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers.\n- Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown.\n- A credible plan for a gradual U.S. fiscal consolidation would likely have limited short-term spillovers and substantial longer-term benefits.\n- Overall, U.S. and foreign goals appear better aligned for U.S. fiscal and financial policies than for monetary policies.\n- Fiscal consolidation and sounder financial regulation will help."
    },
    {
      "heading": "Key findings",
      "content": "- U.S. economic scale and global financial market dominance generate uniquely large international spillovers.\n- Termination of QE2 is unlikely to cause a rapid reversal of emerging market capital flows.\n- A credible, gradual U.S. fiscal consolidation offers limited short-term spillovers and substantial longer-term benefits.\n- Alignment between U.S. and foreign objectives is stronger for fiscal and financial policies than for monetary policy."
    },
    {
      "heading": "Policy recommendations and implications",
      "content": "- Implement a credible plan for gradual fiscal consolidation in the United States to minimize short-term spillovers and maximize longer-term benefits.\n- Strengthen financial regulation to reduce international vulnerabilities arising from U.S. financial market dominance.\n- Consider the differing international alignment of U.S. policies: prioritize coordination on fiscal and financial regulation where interests are better aligned, and manage monetary policy spillovers recognizing potential misalignment."
    },
    {
      "heading": "Relevant topics and keywords",
      "content": "- Banking; Emerging and frontier financial markets; Exports; Financial crises; Financial markets; Financial sector policy and analysis; Financial services; International trade; Spillovers; Yield curve\n- Keywords appearing in the material: asset price; banking sector; Central America; CR; credit default swap; Emerging and frontier financial markets; Europe; exchange rate risk; Exports; financial market; Global; global bond; interest rate; ISCR; market response; risk premium; Spillovers; Treasury yield; Yield curve\n\nInternational Monetary Fund. The United States: Spillover Report: 2011 Article IV Consultation. July 25, 2011.\n\n---\n\n Content in this bundle\n\n- cr11203\n  - cr11203 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr11203 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/the-united-states-spillover-report-2011-article-iv-consultation-25083"
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    "Published: July 25, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781462317349.002",
    "The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers.",
    "Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown.",
    "A credible plan for a gradual U.S. fiscal consolidation would likely have limited short-term spillovers and substantial longer-term benefits.",
    "Overall, U.S. and foreign goals appear better aligned for U.S. fiscal and financial policies than for monetary policies.",
    "Fiscal consolidation and sounder financial regulation will help.",
    "U.S. economic scale and global financial market dominance generate uniquely large international spillovers.",
    "Termination of QE2 is unlikely to cause a rapid reversal of emerging market capital flows.",
    "A credible, gradual U.S. fiscal consolidation offers limited short-term spillovers and substantial longer-term benefits.",
    "Alignment between U.S. and foreign objectives is stronger for fiscal and financial policies than for monetary policy.",
    "Implement a credible plan for gradual fiscal consolidation in the United States to minimize short-term spillovers and maximize longer-term benefits.",
    "Strengthen financial regulation to reduce international vulnerabilities arising from U.S. financial market dominance.",
    "Consider the differing international alignment of U.S. policies: prioritize coordination on fiscal and financial regulation where interests are better aligned, and manage monetary policy spillovers recognizing potential misalignment.",
    "Banking; Emerging and frontier financial markets; Exports; Financial crises; Financial markets; Financial sector policy and analysis; Financial services; International trade; Spillovers; Yield curve",
    "Keywords appearing in the material: asset price; banking sector; Central America; CR; credit default swap; Emerging and frontier financial markets; Europe; exchange rate risk; Exports; financial market; Global; global bond; interest rate; ISCR; market response; risk premium; Spillovers; Treasury yield; Yield curve",
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