Top 10 Blogs of 2020

By IMFBlog Welcome to 2021. Before we step too far into the new year, the editors at IMFBlog invite you to reflect on what the world went through in 2020. As much as we would like to turn the page on 2020, navigating a course forward through still uncertain times entails using all we’ve learned […]

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Cyber Risk is the New Threat to Financial Stability

By Jennifer Elliott and Nigel Jenkinson Many of us take for granted the ability to withdraw money from our bank account, wire it to family in another country, and pay bills online.Amid the global pandemic, we’ve seen how much digital connection matters to our everyday life. But what if a cyberattack takes the bank down […]

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A Bridge to Economic Recovery: Be Aware of Financial Stability Risks

By Tobias Adrian عربي, 日本語 Despite a global economic crisis comparable only to the Great Depression, near-term financial stability risks have been contained with the help of unprecedented monetary policy easing and massive fiscal support across the globe. But many economies had pre-existing vulnerabilities—which are now intensifying, representing potential headwinds to the recovery. Extraordinary policy […]

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The Next Phase of the Crisis: Further Action Needed for a Resilient Recovery

By Kristalina Georgieva When the Group of Twenty industrialized and emerging market economies (G-20) finance ministers and central bank governors last met in April, the world was in the midst of the Great Lockdown forced by the outbreak of COVID-19. As they meet virtually this week, many countries are gradually reopening, even as the pandemic […]

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Toward an Integrated Policy Framework for Open Economies

By Tobias Adrian and Gita Gopinath While capital mobility provides many benefits, capital flows to emerging market and developing economies are often volatile and depend critically on global financial conditions. The risks posed by volatile capital flows to macroeconomic and financial stability are often difficult to address with conventional monetary policy tools. Hence, policymakers have […]

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