LEADER 04031nam 2200721 a 450 001 9910463184303321 005 20191030193401.0 010 $a1-299-05150-2 010 $a1-4008-4716-8 024 7 $a10.1515/9781400847167 035 $a(CKB)2670000000330409 035 $a(EBL)1108131 035 $a(OCoLC)826660102 035 $a(SSID)ssj0000819772 035 $a(PQKBManifestationID)11463169 035 $a(PQKBTitleCode)TC0000819772 035 $a(PQKBWorkID)10845325 035 $a(PQKB)10452938 035 $a(MiAaPQ)EBC1108131 035 $a(MdBmJHUP)muse43355 035 $a(DE-B1597)453925 035 $a(OCoLC)979686149 035 $a(DE-B1597)9781400847167 035 $a(PPN)201963965$9sudoc 035 $a(PPN)187961549 035 $a(Au-PeEL)EBL1108131 035 $a(CaPaEBR)ebr10648943 035 $a(CaONFJC)MIL436400 035 $a(EXLCZ)992670000000330409 100 $a20121025d2013 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Federal Reserve and the financial crisis$b[electronic resource] /$flectures by Ben S. Bernanke 205 $aCourse Book 210 $aPrinceton $cPrinceton University Press$d2013 215 $a1 online resource (145 p.) 300 $aIncludes index. 311 $a0-691-16557-2 311 $a0-691-15873-8 327 $aLecture 1: origins and mission of the Federal Reserve -- Lecture 2: the Federal Reserve after World War II -- Lecture 3: the Federal Reserve's response to the financial crisis -- Lecture 4: the aftermath of the crisis. 330 $aIn 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history. 606 $aFederal Reserve banks 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial crises$zUnited States 606 $aMonetary policy$zUnited States 607 $aUnited States$xEconomic policy$y2009- 608 $aElectronic books. 615 0$aFederal Reserve banks. 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial crises 615 0$aMonetary policy 676 $a330.973/0931 700 $aBernanke$b Ben$0765161 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463184303321 996 $aFederal Reserve and the financial crisis$91554948 997 $aUNINA LEADER 08630oam 22013694 450 001 9910958936403321 005 20250426110529.0 010 $a9781475567960 010 $a1475567960 010 $a9781484328422 010 $a1484328426 035 $a(CKB)2670000000617931 035 $a(EBL)2056318 035 $a(SSID)ssj0001537012 035 $a(PQKBManifestationID)11829797 035 $a(PQKBTitleCode)TC0001537012 035 $a(PQKBWorkID)11513211 035 $a(PQKB)11020270 035 $a(MiAaPQ)EBC2056314 035 $a(Au-PeEL)EBL2056314 035 $a(CaPaEBR)ebr11060820 035 $a(OCoLC)910447108 035 $a(IMF)1GHAEE2015001 035 $a(IMF)1GHAEA2015001 035 $a1GHAEA2015001 035 $a(EXLCZ)992670000000617931 100 $a20020129d2015 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGhana : $eRequest for a Three-Year Arrangement Under the Extended Credit Facility 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2015. 215 $a1 online resource (126 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 08$a9781484328255 311 08$a1484328256 311 08$a9781484328613 311 08$a1484328612 327 $aCover; CONTENTS; BACKGROUND AND RECENT DEVELOPMENTS; FIGURES; 1. Real Sector Indicators; 2. Fiscal Indicators; 3. External Indicators; 4. Monetary and Financial Indicators; POLICIES UNDER A THREE-YEAR ECF ARRANGEMENT; A. Program Objectives and Macroeconomic Framework; B. Fiscal Policy: Achieving an Ambitious Fiscal Consolidation; C. Structural Reforms to Strengthen Public Finances and Fiscal Discipline; D. Monetary Policy and Exchange Rate Regime; E. Financial Sector: Preserving Financial Stability; F. The Growth and Social Protection Agenda 327 $aPROGRAM MODALITIES, FINANCING ASSURANCES, AND RISKSSTAFF APPRAISAL; TABLES; 1. Selected Economic and Financial Indicators, 2011-17; 2a. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Cash Basis, in percent of GDP); 2b. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Cash Basis, millions of GHc); 2c. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Commitment Basis); 2d. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Commitment Basis, millions of GHc); 3. Monetary Survey, 2011-15 327 $a4. Balance of Payments, 2011-175. External Financing Requirements and Sources, 2014-17; 6. Indicators of Capacity to Repay the Fund, 2015-27; 7. Proposed Schedule of Reviews and Purchase Under the ECF Arrangement, 2015-18; 8. Financial Soundness Indicators, 2010-14; ANNEX; I. Deepening the Domestic Debt Market in Ghana; Three-Year Arrangement Under the Extended Credit Facility; APPENDIX; I. Letter of Intent; Attachment I. Memorandum of Economic and Financial Policies, 2015-17; Attachment II. Technical Memorandum of Understanding; A. Government; B. Bank of Ghana 327 $aC. Non-accumulation of New External Arrears D. Ceiling on the Contracting or Guaranteeing of New Non-concessional External Debt; E. Adjusters to the Program Targets; F. Provision of Data to the Fund; CONTENTS; RELATIONS WITH THE FUND; JOINT WORLD BANK-IMF WORK PROGRAM, 2014-15; STATISTICAL ISSUES 330 3 $aEXECUTIVE SUMMARY Context. The emergence of large fiscal and external imbalances in recent years, which led to a slowdown in growth, is putting Ghana?s medium-term prospects at risk. The Government?s efforts to achieve fiscal consolidation since mid-2013 have been undermined by policy slippages, external shocks and rising interest cost. Until mid- 2014, the net international reserves position had further weakened and the exchange rate depreciated sharply, fueling inflationary pressures. The situation has stabilized on the back of the Eurobond issued in September and a short-term loan contracted by the Cocoa Board, but public debt continued to rise at an unsustainable pace. Extended Credit Facility Arrangement (ECF). The Ghanaian authorities have requested a three-year arrangement under the ECF in an amount of SDR 664.20 million (180 percent of quota) in support of their medium-term economic reform program. Program Framework. The authorities? three year ECF-supported program, anchored on their second Ghana Shared Growth and Development Agenda (GSGDA II), aims at a sizeable and frontloaded fiscal adjustment to restore debt sustainability, rebuild external buffers, and eliminate fiscal dominance of monetary policy, while safeguarding financial sector stability. It focuses on: ? Substantially strengthening the fiscal position by mobilizing additional revenues, restraining the wage bill and other primary spending, while making space for priority spending. The government is also taking additional adjustment measures to help offset lower-than-budgeted oil revenue. A prudent borrowing policy will complement fiscal consolidation efforts to restore debt sustainability. ? Accelerating the reform agenda: strengthening public financial management and expenditure controls, in particular cleaning-up the payroll and enhancing wage bill control; improving revenue collection through tax policy and tax administration reforms; restoring the effectiveness of the inflation-targeting (IT) framework by eliminating fiscal dominance and enhancing monetary policy operations. Risks. Risks to the program include delayed or partial implementation of policies, including next year in the run-up to elections, a slower growth recovery if the electricity crisis is not addressed quickly, and additional negative commodity price shocks. Staff supports the authorities? request for IMF support. Forceful and sustained implementation of the program will be essential to address macroeconomic imbalances. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2015/103 606 $aExports and Imports$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aTaxation$2imf 606 $aStatistics$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aFiscal Policy$2imf 606 $aData Collection and Data Estimation Methodology$2imf 606 $aComputer Programs: Other$2imf 606 $aPublic finance & taxation$2imf 606 $aInternational economics$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aPublic debt$2imf 606 $aExternal debt$2imf 606 $aPublic financial management (PFM)$2imf 606 $aWages$2imf 606 $aExpenditure$2imf 606 $aDebts, Public$2imf 606 $aDebts, External$2imf 606 $aFinance, Public$2imf 606 $aExpenditures, Public$2imf 606 $aIncome economics$2imf 607 $aGhana$xEconomic conditions 607 $aGhana$xEconomic policy 607 $aGhana$2imf 615 7$aExports and Imports 615 7$aLabor 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aTaxation 615 7$aStatistics 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aInternational Lending and Debt Problems 615 7$aNational Government Expenditures and Related Policies: General 615 7$aWages, Compensation, and Labor Costs: General 615 7$aFiscal Policy 615 7$aData Collection and Data Estimation Methodology 615 7$aComputer Programs: Other 615 7$aPublic finance & taxation 615 7$aInternational economics 615 7$aLabour 615 7$aincome economics 615 7$aEconometrics & economic statistics 615 7$aPublic debt 615 7$aExternal debt 615 7$aPublic financial management (PFM) 615 7$aWages 615 7$aExpenditure 615 7$aDebts, Public 615 7$aDebts, External 615 7$aFinance, Public 615 7$aExpenditures, Public 615 7$aIncome economics 676 $a330.9667 801 0$bDcWaIMF 906 $aBOOK 912 $a9910958936403321 996 $aGhana$9739385 997 $aUNINA