Deciphering the Review of the IMF’s Institutional View on Capital Flows

By Kavaljit Singh | Briefing Paper # 52 | April 5, 2022

On March 30, 2022, the International Monetary Fund published the Review of the Institutional View on the Liberalization and Management of Capital Flows. The review updates the IMF’s Institutional View (IV), adopted in November 2012, followed by guidance notes on capital flows added in April 2013 and December 2015. The IMF’s Institutional View is an important policy document because it provides an analytical framework for the Fund’s policy advice on liberalizing and managing capital flows.

Since its adoption, IMF staff members have applied the IV extensively throughout the…

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FOMC Meeting: Key Takeaways

By Kavaljit Singh | Briefing Paper # 51 | January 28, 2022

This week, all eyes were on the Federal Open Market Committee (FOMC) meeting of the Federal Reserve, as financial markets and policymakers worldwide awaited the outcome of the committee’s deliberations. The FOMC concluded its deliberations on Wednesday with the release of a policy statement and a virtual press conference by Federal Reserve Chairman Jerome Powell.

Based on its deliberations, the FOMC signaled its willingness to accelerate plans to wind down monetary policy stimulus announced in response to the COVID-19 pandemic. In particular, the Committee reaffirmed its commitment to…

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The Fed’s Aggressive Monetary Policy Tightening: New Headwinds for Emerging Markets

By Kavaljit Singh | Briefing Paper # 50 | January 21, 2022

As the COVID-19 pandemic enters its third year, emerging market economies will continue to struggle to improve their financial resilience in the face of numerous domestic and global headwinds. The emergence of new virus variants like Omicron serves as a stark reminder that the COVID-19 pandemic is far from over, and it could jeopardize the economic recovery prospects of both emerging and advanced economies.

First identified in Botswana and South Africa in November 2021, the highly-contagious Omicron variant is already wreaking havoc on a significant portion of the global economy…

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The Far-Reaching Ramifications of WTO’s Ruling Against India’s Sugar Subsidies

By Biswajit Dhar | Briefing Paper # 49 | January 10, 2022

After they forced the government to repeal the three controversial farm laws, and thus to ensure the continuation of the minimum price support mechanism, India’s farmers face yet another challenge, this time from World Trade Organization (WTO). On 14th December, a WTO dispute settlement panel concluded in its report that India was violating its commitments under the Agreement on Agriculture (AoA) by granting price support to sugarcane producers and export subsidies to sugar during the period 2014/15 to 2018/19.

This is the first time that the government’s policies to support…

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The Fisheries Subsidies Negotiations at the WTO: The Mirage of Marine Conservation

By Ranja Sengupta | Briefing Paper # 48 | November 23, 2021

In a historic move, the UN Sustainable Development Goal 14.6 mandated the World Trade Organization (WTO) to “prohibit certain forms of fisheries subsidies which contribute to overcapacity and overfishing, and eliminate subsidies that contribute to IUU fishing …, recognizing that appropriate and effective special and differential treatment for developing and least developed countries should be an integral part of the WTO fisheries subsidies negotiation”.

The developed countries used this mandate to launch active negotiations on disciplining subsidies in coastal fishing under three pillars – IUU fishing,…

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