bluuebunny/crossref_metadata_2025 huggingface dataset:
Poverty Reduction and Growth Trust Interest Rate Mechanism - Extension of Temporary Interest Rate Waiver
Authors:   International Monetary Fund
Published: August 2019

In recent months, a number of Directors have expressed support in the Executive Board for a further extension of the temporary exceptional interest waiver on concessional lending. An extension would send a signal of the Fund’s continued support for Low-Income Countries at a time when the global economic crisis is still ongoing. In view of the related downside risks to the global economic recovery and a decline in the ability of Low-Income Countries to respond to a further weakening of global growth, this paper proposes a further extension of the exceptional interest waiver by two years, to end-2014. This paper also proposes to further extend to April 2013 the existing subsidization of the rate of charge on outstanding Emergency Natural Disaster Assistance and Emergency Post-Conflict Assistance purchases by PRGT-eligible members.
Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of Research at the IMF--Relevance and Utilization
Authors:   International Monetary Fund
Published: August 2019

This paper presents a forward-looking implementation plan for the above-cited Independent Evaluation Office (IEO) report. During the Board discussion, Executive Directors noted that the report “provides a balanced assessment of the quality, relevance, management, and utilization of IMF research” and “were particularly encouraged by the overall finding that a large number of IMF analytical papers are of high quality, widely read, and appreciated by country authorities and the research community.” At the same time, they noted the finding that “IMF research is of uneven quality and perceived to be message driven.” Directors therefore saw scope for “enhancing the relevance and technical quality of the analytical work, openness to alternative points of view, and coordination of research activities across the institution.”
Managing Director’s Global Policy Agenda
Authors:   International Monetary Fund
Published: August 2019

The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects. Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.
Markets have been buoyed by central bank action in the advanced economies which provides an opportunity to lay the basis for a recovery. Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses—fiscal, financial, and structural. In the Euro area the ESM and the OMT need to be deployed, banking union advanced, and national authorities should implement strong policies to credibly ensure fiscal consolidation over the medium-term and to raise growth and employment. In the U.S., the immediate priority is to resolve the fiscal cliff and raise the debt ceiling, while developing an appropriately ambitious medium-term fiscal consolidation plan. In the Euro area, the Fund will support members’ efforts by assisting in the development and monitoring of well-designed adjustment programs and providing analysis and advice on options for banking and fiscal union. For other advanced economies, the Fund will assess the implications of the underlying policy framework.
Provisional Agenda for the Twenty-Sixth Meeting of the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: August 2019

Provisional Agenda

Friday, October 12, 2012
Introductory Session
Global Economic and Financial Prospects and Policies
(11:30 a.m. – 12:45 p.m.)
Tokyo International Forum, Hall B5

Restricted Session
Early Warning Exercise
(2:30 p.m. – 4:00 p.m.)
Imperial Hotel, Hikari Room

Saturday, October 13, 2012
Restricted Breakfast
Dialogue on Policy Challenges
(8:00 a.m. – 9:30 a.m.)
Imperial Hotel, Hikari Room

Plenary Session
1. Opening Remarks by the Chair
(10:00 a.m. – 1:00 p.m.)
Imperial Hotel, Fuji Room

2. Global Policy Agenda

- Securing the recovery and anchoring the future. Issues facing the advanced economies, emerging markets, low-income countries, Arab countries in transition, and the role of the Fund

- Strengthening IMF Governance. 2010 Quota and Governance reforms; Quota Formula Review

3. Approval of Press Communiqué

Press Conference
(1:30 p.m.)
Tokyo International Forum, Hall D7

**********
An Informal Gathering of World Economic Leaders, bringing together IMFC members and selected private sector, civil society and academic leaders, will be held on Friday, October 12 from 4:30 p.m. to 6:00 p.m. in the Hikari Room at the Imperial Hotel.
Review of Facilities for Low-Income Countries
Authors:   International Monetary Fund
Published: August 2019

The 2009 reforms have broadly achieved their objective of closing gaps and creating a streamlined architecture of facilities that is better tailored to the diverse needs of LICs. Supported by the financing package to boost the PRGT’s lending capacity for 2009–14 and the accompanying doubling of access, the Fund was able to mount an effective response to LICs’ needs during the global financial crisis.
2012 Spillover Report
Authors:   International Monetary Fund
Published: August 2019

Spillover reports examine the external effects of domestic policies in five systemic economies (S5), comprising China, the Euro Area, Japan, the United Kingdom, and the United States. The report aims to provide an added perspective to the policy line developed in the Article IV discussions with these entities and an input into the Fund’s broader multilateral surveillance. Topics for this report were chosen based on consultations with officials from the S5 and selected emerging markets (Brazil, the Czech Republic, India, Korea, Mexico, Poland, Russia, Saudi Arabia, Singapore, South Africa, and Turkey). Each participant was asked about policy concerns and spillovers from the S5. To facilitate candor, the report does not attribute views regarding partner countries. Rather than try to capture the full range of spillovers, this report builds on last year’s findings, focusing on the forward-looking issues raised by partners and on S5 officials’ reactions.
2011 Review of Conditionality - Overview Paper
Authors:   International Monetary Fund
Published: August 2019

The review generally yields positive findings on conditionality and design in Fund-supported programs. Programs in the review period internalized lessons from the past, for example with program design incorporating the lessons of the Asian crisis, and the approach to conditionality being modified to take into account the recommendations made in the 2007 report on structural conditionality by the Fund’s Independent Evaluation Office (IEO). (Box 1 also summarizes recommendations from the previous Review of Conditionality and follow-up.) These findings hold for the substantial majority of programs supported under both the Fund’s General Resources Account and the Poverty Reduction and Growth Trust (hereafter GRA programs and PRGT programs, respectively)
2011 Review of Conditionality - Design of Fund-Supported Programs
Authors:   International Monetary Fund
Published: August 2019

Design of Fund-supported programs aims to address country specific needs while remaining even-handed and consistent with Fund policy. This paper examines the extent to which program design and conditionality have been appropriate in pursuing these goals, by seeking to answer several questions: has program design been consistent and evenhanded; has it addressed country specific needs and objectives appropriately; has it been based on reasonably good macroeconomic projections; and has it been flexible in the face of evolving country circumstances. The description and analysis focuses on the period between 2006 and September 2011, with some attention to the 2002-05 period.
Precautionary and Liquidity Line—Operational Guidance Note
Authors:   International Monetary Fund
Published: August 2019

The Precautionary and Liquidity Line (PLL) was introduced in the context of the Board discussion on the Fund's Financing Role: Reform Proposals on Liquidity and Emergency Assistance in November 2011, replacing and broadening the scope of the previously established Precautionary Credit Line (PCL). The following note provides operational guidance to staff and further background information on the PLL. SPR (the Emerging Markets Division), FIN, and LEG stand ready to clarify any further questions that departments may have on the PLL
Statement by the Managing Director on the Management Implementation Plan for the IEO Report on the Fund's Performance in the Run-Up to the Crisis
Authors:   International Monetary Fund
Published: August 2019

The Management Implementation Plan puts forward a range of measures crucial to strengthening surveillance, carefully drawing on the IEO’s report and on the Triennial Surveillance Review (TSR). Yet stronger surveillance cannot be cast simply in terms of technical processes, such as those for better data, risk assessments, macro-financial integration, or messaging. Deeper and more difficult questions of institutional culture, of how we conduct our daily work, are also at play, and these too need to be answered. I will focus on two aspects of the task at hand: (1) breaking down silos; and (2) promoting diverse views/candor. I would like to share with you today some initiatives that the management team has sought to implement over the past nine months, to go over the initial results, and to propose a way forward with what remains to be done
Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries
Authors:   International Monetary Fund
Published: August 2019

Commitments under new PRGT-supported programs are expected to increase in 2012 in part reflecting the weaker global economic outlook. PRGT commitments in 2011 amounted to SDR 1.2 billion, unchanged from their 2010 level. Staff projections suggest demand could rise to about SDR 2 billion in 2012. If all elements of the 2009 financing package are secured, the PRGT will have an annual average lending capacity of SDR 2.2 billion over 2012–14, or SDR 1.6 billion through 2015. Additional pledges of SDR 1 billion in loan resources are still required to secure the targeted loan resources approved under the 2009 financing package. Fourteen members have so far pledged SDR 9.8 billion in new loan resources for the PRGT compared with the target of SDR 10.8 billion. New borrowing agreements totaling SDR 9.5 billion have been signed with thirteen lenders.
Managing Director's Action Plan to the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: August 2019

As described in the latest Consolidated Multilateral Surveillance Report, policy actions in Europe and improving U.S. indicators have helped attenuate financial strains. But recent developments point to the fragility of the world economy and the need to come to grips with a formidable policy agenda. Among the challenges ahead are the immediate risks from a return of stresses in Europe and higher oil prices. Beyond that lie the risks from protracted low growth, too rapid fiscal consolidation in certain cases, deleveraging and uncertain medium-term policy frameworks in some key advanced countries. Many emerging markets may have to deal with inflation risks, elevated oil prices, the resurgence and volatility in capital inflows, and the consequences of extended credit booms. Delays in implementing global regulatory reforms also pose risks.
The IMF’s Financial Surveillance Work Agenda
Authors:   International Monetary Fund
Published: August 2019

The Fund has the responsibility to ensure the effective operation of the international monetary system, thereby promoting economic and financial stability and growth. The recent crisis was a reminder that these goals are best served by Fund surveillance that seeks to ensure that members’ financial systems are properly regulated and supervised, and maintain the right balance between dynamism and stability.
Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of IMF Performance in the Run-Up to the Financial and Economic Crisis
Authors:   International Monetary Fund
Published: August 2019

This paper presents a forward-looking management implementation plan (MIP) for the IEO evaluation. In addition to addressing the specific Board-endorsed IEO recommendations, the paper also tries to transcend a narrow interpretation by providing new implementation ideas where the Board saw merit in the IEO’s general, if not specific, approach. For example, while the Board did not agree with the specific recommendation to create a risk-assessment unit, this paper takes a broader view and presents proposals to address the general concern of a lack of risk-focus in IMF surveillance.
Gulf Cooperation Council (GCC)—Oil Prices, Financial Stability, and the Use of Countercyclical Macroprudential Policies in the GCC
Authors:   International Monetary Fund
Published: August 2019

Economic and financial developments in the GCC economies are interwoven with oil price movements. GCC economies are highly dependent on oil and gas exports. Oil price upturns lead to higher oil revenues, stronger fiscal and external positions, and higher government spending. This boosts corporate profitability and equity prices and strengthens bank balance sheets, but can also lead to the buildup of systemic vulnerabilities in the financial sector. Banks in the GCC are well-capitalized, liquid, and profitable at present, and well-positioned to manage structural systemic risks. However, oil-macro-financial linkages mean that asset quality and liquidity in the financial system may deteriorate in a low oil price environment and financial sector stress may emerge.

The scope for amplification of oil price shocks through the financial sector suggests a role for a countercyclical approach to macroprudential policies. Countercyclical macroprudential policy can prove useful to reduce the buildup of systemic risks in the financial sector during upswings, and to cushion against disruption to financial services during periods of financial sector stress.

The GCC countries have considerable experience with implementing a wide range of macroprudential policies, but these policies have not generally been adjusted through the cycle. GCC central banks implemented several macroprudential measures before the global financial crisis and have continued to enhance their macroprudential frameworks and toolkits to limit systemic financial sector risks. Although there is some evidence of macroprudential tools being adjusted in a countercyclical way, most of the tools have not been adjusted over the financial cycle.

Further enhancements to the GCC macroprudential framework are needed to support the countercyclical use of these policies. A comprehensive and established framework, supported by strong institutional capacity, is essential for countercyclical macroprudential policies. This framework should provide clear assignment of responsibilities and guidance on how policies will be implemented to maintain financial stability and manage systemic risks over the financial cycle. Addressing data gaps and the further development of reliable early warning indicators in signaling potential systemic stress are needed to help guide the countercyclical use of a broad set of macroprudential policies.

Expanding the countercyclical policy toolkit and its coverage can help address emerging financial sector risks. The implementation of countercyclical capital buffers and dynamic loan loss provisions could boost resilience in line with systemic risks faced in GCC economies. At the same time, using existing macroprudential policies countercyclically would prove useful to address emerging financial sector risks in a more targeted way. Expanding the coverage of macroprudential tools to nonbanks can help boost effectiveness by reducing leakages.
Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 23, 2015
Authors:   International Monetary Fund
Published: August 2019

The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC last month highlights the challenges associated with a rapidly changing and uncertain world. The limited room for policy maneuver and the need to adapt to new realities pose difficult trade-offs between supporting demand and current activity, reducing financial risks as financial conditions tighten, and implementing needed structural reforms to revive growth. Against this backdrop the GPA called to support growth today, invest in resilience and safeguard financial stability, improve the sustainability of the public finances, implement the structural reforms needed for sustainable and inclusive medium-term growth, and secure the effectiveness of the 2010 reforms. This document translates the policy priorities and strategic directions laid out in the Fall 2015 GPA and the IMFC communiqué into an Executive Board agenda for the next twelve months. The key focus of this agenda is to continue to refine and adapt the Fund’s core activities?surveillance, lending, and capacity building?to the challenges faced by member countries. The 2015 Work Program continues the implementation of the 2014 Triennial Surveillance Review (TSR) recommendations and underpins a broader effort of the Fund to respond to the needs of the membership in an even more agile, integrated, and member-focused manner.
Review of the Method of Valuation of the SDR
Authors:   International Monetary Fund
Published: August 2019

This paper provides the basis for the quinquennial review of the method of valuation of the Special Drawing Right (SDR). The review considers the composition, size, and weighting of the SDR currency basket and the financial instruments used to determine the SDR interest rate.

The analysis in this paper is guided by the informal discussion of Executive Directors in July on initial considerations for the review. In light of Directors’ preference, the two currency selection criteria for SDR inclusion are maintained. Since China continues to meet the export criterion, a key focus of this paper is on assessing whether the renminbi (RMB) could be determined to be a freely usable currency, which is the second criterion.

The paper documents the rising international use and trading of the RMB since the 2010 SDR valuation review. A range of indicators suggests that use of the RMB in international transactions has risen substantially, albeit from a low base. The paper also finds that the RMB has become far more actively traded in foreign exchange markets, with sufficient depth to support operations of the size Fund members might undertake without an appreciable change in the exchange rate.

Full Text also available in Chinese.
Review of the Fund's Income Position for FY 2016 and FY 2017-2018
Authors:   International Monetary Fund
Published: August 2019

The Fund’s total net income for FY 2016 including surcharges is projected at about SDR 1.0 billion or some SDR 0.15 billion higher than expected in April 2015. Lending income continues to be the main source of income and is in line with April 2015 estimates. Investment income has fallen reflecting the decline in equity markets that exceeded the modest returns on fixed income securities. As a result of the 5-yearly review of key actuarial assumptions, the IAS 19 adjustment (relating to reporting of employee benefits) is expected to contribute about SDR 0.3 billion to net income in FY 2016.

The paper recommends that GRA net income of SDR 1.1 billion for FY 2016 (which excludes projected losses of the gold endowment), be placed equally to the special and general reserve. After the placement to reserves, precautionary balances are projected to reach SDR 15.2 billion at the end of FY 2016.

Following the completion of the Board’s review of the investment strategy for the Fixed-Income Subaccount, the paper further proposes to transfer currencies equivalent to the increase of the Fund’s reserves for FY 2014 and FY 2015 (totaling SDR 2.6 billion) and FY 2016 (estimated at SDR 1.1 billion), from the GRA to the Investment Account.

The paper proposes that the margin for the rate of charge be set at 100 basis points for the two years FY 2017 and FY 2018. This follows a comprehensive review of the underlying factors relevant for the establishment of the margin this year and also takes into account the impact of the inclusion of the renminbi in the SDR basket on Fund income and borrowing costs. The projections for FY 2017 and FY 2018 point to a net income position of SDR 1 billion and SDR 0.7 billion, respectively. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions.
Adequacy of the Global Financial Safety Net
Authors:   International Monetary Fund
Published: August 2019

The Global Financial Safety Net (GFSN) is comprised mainly of countries' own reserves and external public sources of insurance and financing. The main external official arrangements are central bank bilateral swap arrangements (BSAs), regional financial arrangements (RFAs), and the Fund. The safety net seeks to provide countries with insurance against crises, financing when shocks hit, and incentives for sound macroeconomic policies.
Review of the Adequacy of the Fund's Precautionary Balances
Authors:   International Monetary Fund
Published: August 2019

This paper reviews the adequacy of the Fund’s precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle. The paper discusses developments since the last review in 2014 and revisits several issues discussed at that time.

The framework provides an indicative range for the target for precautionary balances linked to credit outstanding, and allows for judgment in setting this target. A reserve coverage ratio of 20-30 percent draws on approaches in other IFIs, adapted to the circumstances of the Fund, and is a guide for determining the target. At the same time, Directors have emphasized the continued importance of judgment and Board discretion in light of a broad assessment of financial risks facing the Fund.
Second Review of the Implementation of Government Finance Statistics Framework to Strengthen Fiscal Analysis
Authors:   International Monetary Fund
Published: August 2019

This paper reports on the further developments since 2013 in the implementation of the 2010 Board decision concerning Government Finance Statistics (GFS) to Strengthen Fiscal Analysis, and develops a path to continued improvement of fiscal data in the Fund. The Board decision approved (i) developing a staggered migration strategy, including tailored capacity development inside and outside the Fund taking into consideration country-specific and fiscal surveillance needs; (ii) encouraging staff to continue the effort to routinely assess financial balance sheets during surveillance; (iii) gradually expanding the coverage of fiscal data, taking into consideration country-specific circumstances and fiscal risk assessments; and (iv) reaffirming the support for the phased implementation of the GFS over the medium term.
Large Natural Disasters--Enhancing the Financial Safety Net for Developing Countries
Authors:   International Monetary Fund
Published: August 2019

The Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) are valuable components of the disaster risk financing tool kit for Fund members, especially developing countries. They help to meet urgent balance of payments needs, and are designed to play a catalytic role in mobilizing other external financing.

This paper develops proposals for a higher annual access limit under the RCF and RFI, building on a November 2016 staff paper on small states’ resilience to natural disasters and climate change (IMF, 2016c). Directors generally supported the proposal in that paper to establish higher annual access limits of 60 percent of quota under the RCF and RFI for countries experiencing severe natural disaster-related damages.

The focus of this paper is to specify the threshold of damage from a natural disaster that would allow members experiencing urgent balance of payments needs arising from such disasters to access emergency financing at the higher annual limit. In the November 2016 paper, staff proposed, among other things, the possibility of establishing a higher access limit under the RCF and RFI where the amount of damage reached the threshold of 30 percent of GDP. Most Directors regarded the proposed threshold of disaster damage as overly restrictive, and suggested lowering the threshold to 20 percent of GDP or lower, provided that this did not jeopardize the self-sustainability of the PRGT. For a range of future disaster outcomes, a damage threshold of 20 percent of GDP could increase projected annual average PRGT loan demand in the 1-5 percent range over the next decade, which should not pose significant risks to the robustness of PRGT self-sustainability. Cautious stewardship of PRGT resources argues against a lower disaster damage threshold, pending further experience with disaster trends and associated PRGT loan demand.

This paper does not propose changes to the current cumulative access limits for the RCF and RFI. The cumulative access limits play an important role in the Fund’s financing architecture, constraining the extent to which countries can access Fund resources without implementing a Fund-supported program with upper credit tranche (UCT) conditionality and associated policies in circumstances where such a program would be more appropriate. The Board will have the opportunity to review the cumulative access limits in the context
Gender Budgeting in G7 Countries
Authors:   International Monetary Fund
Published: August 2019

At the request of the Italian Presidency of the G7, the IMF has prepared a paper on gender-budgeting as a contribution to the G7 initiative on equality. The paper provides an overview of gender-responsive budgeting concepts and practices in the G7 countries. It summarizes recent trends in gender equality in G7 and advanced countries, noting that while equality has improved overall, exceptions and gaps remain. Recognizing that many fiscal policies have gender-related implications, this paper:

Sets out the main fiscal policy instruments, both expenditure and tax, that have a significant impact on gender equality.
Provides a conceptual framework for the public financial management (PFM) institutions that play an enabling role in implementing gender-responsive fiscal policies. These instruments include gender budget statements, gender impact assessments, performance-related budget frameworks, and gender audits. Ministries of finance have an especially important role in promoting and coordinating gender budgeting, and associated analytical tools.
Provides an assessment of the status of gender budgeting in the G7 countries. In preparing the paper, the IMF carried out a survey of PFM institutions and practices in the G7, as well as in three comparator countries that are relatively strong performers in developing gender-responsive budgeting (Austria, Belgium, and Spain). This information was complemented by other sources, including recent studies by the OECD and the World Bank.
The main policy implications and conclusions of the paper include:

Well-structured fiscal policies and sound PFM systems have the potential to contribute to gender equality, furthering the substantial progress already made by the G7 countries.
While G7 countries have made effective use of a wide range of fiscal and non-fiscal policies to reduce gender inequalities, there has generally been less progress in developing effective gender-specific PFM institutions; embedding a gender dimension in the normal budgeting and policy-making routines varies across G7 countries and is not done systematically.
Fiscal policy instruments of relevance to increasing gender equality include the use of tax and tax benefits to increase the supply of female labor, improved family benefits, subsidized child-care, other social benefits that increase the net return to women’s work, and incentives for businesses to encourage the hiring of women.
The Managing Director’s Global Policy Agenda
Authors:   International Monetary Fund
Published: August 2019

The global economy is gaining momentum, but further progress hinges on policies to support the recovery, lift productivity growth, and enhance resilience. Against the background of rapid technological progress, a cooperative multilateral framework for trade and financial integration has served countries well, producing large economic benefits. However, some groups have not been able to share in these benefits, a trend exposed by a too-slow post-crisis recovery, which limited the room for all segments of society to experience income gains. Working within the multilateral framework, countries should strive for strong and more balanced growth and to provide economic opportunities for all. To this end, they should anticipate the effects of technological progress and economic integration, equip their populations with tools to reap the benefits, and put in place domestic policies to share them more broadly. The Fund will assist members through carefully tailored policy advice, lending to smooth adjustment, and capacity development.
Implementation Plan in Response to the Executive Board-Endorsed Recommendations for the IEO Evaluation Report—The IMF and the Crises in Greece, Ireland, and Portugal
Authors:   International Monetary Fund
Published: August 2019

This paper sets out Management’s response to the Independent Evaluation Office’s (IEO) report The IMF and the Crises in Greece, Ireland, and Portugal as part of the Management and staff follow-up to an IEO evaluation. The implementation plan proposes specific actions to address the recommendations endorsed by the Executive Board in its July 19, 2016 discussion. The implementation plan notes the Board’s endorsement of the principles that the IMF’s technical analysis should remain independent, that existing policies should be followed and should not be changed without careful deliberation, and that the Executive Board and Management should reaffirm their commitment to accountability and transparency, as well as the role of independent evaluation in fostering good governance. As to the IEO’s specific recommendations supported by the Board, the implementation plan proposes actions to address the need for the Fund to clarify how guidelines on program design apply to currency union members, the need for the Fund to establish a policy on cooperation with regional financing arrangements, and the need to further strengthen Fund cooperation with the IEO, including on modalities of interactions between the IEO and Fund staff and the IEO’s access to information.

The implementation of some of the proposed actions is already underway and some actions have been included in the Fall 2016 Work Program. The paper also explains how implementation will be monitored by the Executive Board.
Poverty Reduction and Growth Trust
Authors:   International Monetary Fund
Published: August 2019

The IMF, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement with the Government of Canada (Canada), and has entered into amendments to the 2010 borrowing agreement with De Nederlandsche Bank NV (The Netherlands) and the 2011 borrowing agreement with the Bank of Korea (Korea). The new borrowing agreement with Canada and the amendments to the borrowing agreements with The Netherlands and Korea will each provide new resources of SDR 500 million to the General Loan Account of the PRGT, for a total amount of SDR 1.5 billion in new PRGT lending resources. Except for the increase in amount for drawings, all other elements of the borrowing agreements with The Netherlands and Korea remain unchanged.
Nexus between Economic Growth, Tourism Revenue and Financial Development in Bangladesh: A Time Series Analysis
Authors: Habib Syeda Sumaiya , Sharif Md. Shahanawaz , Hossain Mohammad Amzad
Published: August 2019

The main objective of this study is to analyze the nexus between economic growth, tourism revenue, and financial development in Bangladesh. This paper uses time series data from 1995 to 2016. Advance technique of time series analysis: Johansen Cointegration Approach is used to test the Cointegration among variables. Moreover, the Vector Error Correction (VECM) has been applied to study the long run and short run association among variables. The outcome of this study reveals that the tourism revenue and financial development has positive impact on economic growth in the long run. Variance decomposition and impulse response function also supports the positive association. According to the estimation of Granger Causality also reveals the unilateral direction in short run economic growth to tourism revenue. Providing more credit by financial sector to invest more on infrastructure and promoting Bangladesh as well as insuring proper security for foreign visitors would increase the revenue of this sector, which in turn stimulates economic growth of the country.
Electrical detection of degradation in specimens of HVDC cable insulation
Authors: Jutsell Nilsson Douglas , Gubanski Stanislaw
Published: August 2019

One of the challenges in laboratory investigation of degradation and ageing of HVDC cable insulation is related to securing, or in other words, imitating the real service environment of the material specimens. So far, the published data refer to experiments conducted in thermo-oxidative conditions, which is not the case during normal cable operation. In reality the cable insulation is protected by a metallic barrier that blocks the transfer of any substances in and out of the construction. By-products from the cross-linking reactions cannot diffuse out and any foreign substances, such as oxygen and water, are blocked from entering into the insulation. Thus, in order to generate results that are valid, these conditions must be replicated in laboratory experiments.This contribution presents a methodology elaborated for performing ageing experiments in a hermetically sealed environment. Degradation of the material is evaluated through measurements of changes in the electrical tree inception voltage and test object capacitance over time. Securing the environmental isolation is primarily accomplished with an isolation system consisting of a glass enclosure with attached metallic electrodes. Indium is used to create a glass-to-metal seal between the glass and the electrodes. The electrode geometry is of needle-plane type and the needle injection process is semi-automated to secure a large degree of repeatability in specimen preparation.
Cable Capacity Enhancement by Utilizing Trapezoidal Voltage Waveform
Authors: Ghaffarian Niasar Mohamad , Li W , Vaessen Peter
Published: August 2019

To avoid installation of expensive new underground cable connections in locations where peak load exceeds existing cable capacity, it is advantageous to transfer more power through a cable than its nominal power capacity, without endangering its reliability. Dynamic current rating of cables is a typical approach that is used to exceed the nominal cable capacity for a short time period. In this paper a new method for cable capacity enhancement based on dynamic voltage rating is introduced. The method can be applied if multilevel converters are installed at both ends of cable as will become more commonplace in the future when an inverter rich power system is realized. In this study the influence of trapezoidal voltage waveform on the electric field distribution inside cable insulation is investigated. The results shows that by using trapezoidal waveform it is possible to achieve a more homogeneous field distribution inside the cable insulation. This enables better utilization of the insulation system which translates into higher continuous power transfer capacity.
Blister Test as Method of Measuring Adhesion of Solids on a Flat Surface
Authors: Liland Knut B , Faremo Hallvard , Furuheim Knut-Magne
Published: August 2019

The adhesion between coating and a flat metal surface hasbeen investigated by measurements. The setup is based on theformation of a blister by injecting nitrogen gas under pressurebetween the coating and the substrate. The adhesion energy isdetermined by recording the pressure as a function of therecorded blister radius development. A laser is moved over theblister in 2D with two programmable step engines to measurethe blister profile and thereby the radius of the blister betweensuccessive pressure increases. The design and operation of theinstrument are described and an evaluation of its performanceand limitations is given. The method could be useful for accuratemeasurement of adhesion of many types of surface coatings tometal and, possibly, to other substrates, as well as for studies ofthe various factors that influence adhesion. A better accuracy ofthe laser for measuring the blister profile would improve thesetup.We treated aluminium surfaces in different manners (sandpaper, polishing and blowing using glass particles) but found nosignificant impact on the adhesion energy between the x-linkedcoating layer and the metal. The adhesion energy measurementshowever have a large scatter. The coating layer that was not xlinkedhad a much lower adhesion energy.
Material Poetry and the Compiler's Textual Self: Compilation and Textual Agency in Hernando del Castillo and Garcia de Resende
Authors: Gómez-Bravo Ana M.
Published: August 2019

This article analyzes some of the strategies involved in the compilation of such multi-authored cancioneros as Hernando del Castillo's Cancionero General and Garcia de Resende's Cancioneiro geral, published under the aegis of a compiler with a strong textual presence. The compilational process was riddled with tensions among the different agents involved in textual production and resulted in the creation of a supra-authorship that involved a narrative of the self as a powerful textual agent. A strong compiler was characterized by poetic competence, authorial abilities, pervasive exhaustivity, and textual access and control.
“Flores de adulterada elocuencia”: Poesía, predicación y materialidad en el Barroco“Flores de adulterada elocuencia”: Poetry, Preaching, and Materiality in the Baroque Era
Authors: Vitulli Juan
Published: August 2019

Scholarship has yet to study in full the relationship between poetry and preaching in the Baroque. So far studies have connected both discursive practices exclusively in terms of language and style. In my essay I examine a number of preaching treatises in which, curiously enough, their authors reflect on the role of poetry and the material space of preaching. Specifically, I analyze how the link between the materiality of the pulpit (shape, size, location, materials, acoustics) and that of the poetic word becomes a space in which we can better understand the relationships between subject, materiality, language, and power in the seventeenth century. Following Agamben's ideas on liturgy, I show that it is possible to reconstruct the (unfinished and unconcluded) process of creation of the Baroque preacher by studying the unexpected resistances that authors of preaching treatises find when reflecting on the materiality of the pulpit and the poetic language.
Moraic Domains between feet and syllables: An argument from vowel reduction typology
Authors: Nazarov Aleksei
Published: August 2019

In this paper, I propose a separate prosodic domain that regulates mora assignment in syllables: the Moraic Domain, a domain between the foot and the syllable in which only the head syllable may be moraic (see also van der Hulst & Moortgat 1980; LeSourd 1993; and Hermans & Torres-Tamarit 2014, among others, for other proposals of metrical domains between the foot and the syllable). I argue that this domain is necessary to account for the combination of two typological generalizations about vowel reduction. The first is the Ambiselectivity Generalization, according to which vowel reduction that decreases sonority (Crosswhite 1999; 2001; de Lacy 2002) may be restricted to foot-internal unstressed syllables, or to unfooted (minimal foot-external) syllables (see Martínez-Paricio 2013 for evidence). The second is the Sonority Requirement Generalization, which is derived from typological facts discovered by Crosswhite (1999; 2001); according to this generalization, a language may have at most one vowel reduction process that forces underlying low vowels to reduce to mid or high vowels.While accounts for each individual generalization may be derived from existing proposals without a Moraic Domain (Crosswhite 1999; 2001; Martínez-Paricio 2013), I show that no such account can derive both generalizations at once. In contrast, I argue that a Moraic Domain can account for both generalizations when embedded into Crosswhite’s (1999; 2001) account. This is demonstrated with a case study of Dutch semi-informal vowel reduction (Kager 1989), which cannot be derived in Crosswhite’s (1999; 2001) original approach without Moraic Domains.
An Agency Perspective on Firm Diversification, Efficiency and Performance: Evidence From Malaysia
Authors: Ng Sin-Huei , Ong Tze San , Teh Boon Heng
Published: August 2019

I examine, from the agency perspective, the relationship between three important corporate measures among the Malaysian publicly-listed family-controlled firms: firm diversification, asset utilization efficiency and firm performance. I also explore the role of board independence in moderating the firm diversification-performance relationship. My findings suggest that the greater the extent of firm diversification, the poorer will the asset utilization efficiency be. The poorer efficiency is likely to have caused the equally poorer performance for the firms in my findings. Notably, firm diversification is found to be more detrimental to performance for those firms affiliated to business group compared to firms without group affiliation. The group-affiliated firms which are found to be more diversified than the non-group firms, could have engaged in greater diversification for the self-interest of the controlling family. Specifically, I find that the agency-driven diversification causes the ROA (Tobin’s Q) of the firms to be lowered by 0.354% (0.026) for every additional increase in the number of business segments as the measure of firm diversification. In terms of the moderating effect of board independence, my finding shows that audit committee of board comprises entirely of independent outside directors positively moderate the firm diversification-performance linkage and is capable of reversing the apparently negative linkage between the two.
Determinants of intention to use social media for health purposes among Jewish women in Israel: A cross-sectional study
Authors: Rosenberg Dennis , Mano Rita , Mesch Gustavo S
Published: August 2019

Women use the Internet more for health purposes than men, probably due to their gender socialization as caregivers. Indeed, women’s use of social media for health is not a one-time occurrence but is expected to continue for a long time to come. Hence, it is important to understand women’s future intention to use social media for health purposes. This study integrated health empowerment, health beliefs and digital inequality perspectives to explain this intention among Jewish female social media users (N = 94). The data were collected through a telephone survey. The results indicated that searching for health information on social media and cues to action are consistent predictors of women’s intention to use social media for health purposes. With the exception of marital status, no effect of socio-demographic variables was found. Health empowerment approach and health belief model are, therefore, the best predictors of future intention to use social media for health. Women should be encouraged by their communities to expand their experience with social media, since it may serve as a source of health empowerment. In addition, they must be encouraged to be more attentive to internal or external stimuli in maintaining or changing their health behavior.
Decreased cardiac output: Diagnostic accuracy in heart transplant candidates
Authors: Matos Ligia Neres , Guimarães Tereza Cristina Felippe , Da Silva Lima Viviani Christini , Cavalcanti Ana Carla Dantas , Correa Trotte Liana Amorim , Brandão Marcos Antônio Gomes
Published: August 2019

Objective: To identify the accuracy of non-invasive, defining characteristics for the nursing diagnosis of Decreased Cardiac Output among patients with heart failure.Methods: Cross-sectional study. This study included 17 patients considered heart transplant candidates during the data collection period were selected (from May 2013 to May 2014). They were evaluated by the experts, and the cardiac output value was measured using a Swan Ganz® catheter.Results: Accuracy of the experts in diagnosing decreased cardiac output among patients with HF was high. Jugular vein stasis and electrocardiogram changes exhibited greater positive and negative predictive power for diagnosis.Conclusions: It was concluded that jugular vein stasis and electrocardiogram changes were the defining characteristics that reached satisfactory efficiency values and were more relevant in producing correct classifications of the occurrence of decreased cardiac output by the moderate and high sensitivity and specificity of each defining characteristic.
Can Theists Avoid Epistemological Objections to Moral (and Normative) Realism?
Authors: Morton Justin ,   The Society of Christian Philosophers
Published: August 2019

Epistemological objections to moral realism allege that realism entails moral skepticism. Many philosophers have assumed that theistic moral realists can easily avoid such objections. In this article, I argue that things are not so easy: theists run the risk of violating an important constraint on replies to epistemological objections, according to which replies to such objections may not rely on substantive moral claims of a certain kind. Yet after presenting this challenge, I then argue that theists can meet it, successfully replying to the objections without relying on the problematic kinds of substantive moral claims. Theists have a distinctive and plausible reply to epistemological objections to moral (and, in fact, normative) realism.
FRA BONDE TIL KONGE
Authors: Kulturstudier Redaktionssekretær
Published: August 2019

Skatter og afgifter var en væsentlig del af middelalderens økonomi. I det væsentlige forstår forskningen disse fænomener som en del af den overordnede fortælling om centralisering og rigets opbygning. Det foreslås i artiklen, at dette perspektiv suppleres med forståelsen af skatter og afgifter som akkumulerende strukturer omkring samfundseliten, fordi dette tillader nye blik, metoder og teorier på væsentlige spørgsmål om senmiddelalderens opbygning og kultur. Dette gælder i særdeleshed i forhold til dets bureaukrati, centralisering, dokumentationspligt- og ambition, samt bønders og herrers selvforståelse gennem deres respektive roller i skattevæsenet som enten “givere” eller “modtagere”