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We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. We examine how the exchange rate affects the supply of short-term debt facing the government. We show that under a credible hard peg (currency board), default is a more likely outcome, even without an exceptionally large short-term debt, precisely because a devaluation is not an option. In a more conventional fixed peg, it can be optimal for the government to choose a level of the exchange rate that would be likely to result in partial or complete debt default. Depending on the exchange rate regime, multiple equilibria exist, in one of which the interest rate is high, the exchange rate is overvalued, output is low, and default is high. Under a hard peg, there is a unique equilibrium.

Exports and Imports --- Foreign Exchange --- Central Banks and Their Policies --- Fiscal Policy --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- International economics --- Exchange rates --- Exchange rate policy --- Real exchange rates --- Debt default --- Exchange rate adjustments --- External debt --- Debts, External --- Mexico

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The Millennium Development Goals (MDGs) represent a global commitment to improve economic and social conditions in low-income countries. Capacity building is key to promoting higher economic growth, which, in turn, is an important prerequisite for making progress toward the MDGs. This paper uses the UNDP's emerging framework for capacity building to show how the IMF supports capacity building at the individual, organizational, and the system level, thereby contributing to the efforts of countries to meeting the MDGs.

Banks and Banking --- Finance: General --- Macroeconomics --- Social Services and Welfare --- Development Planning and Policy: General --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Labor Economics: General --- Government Policy --- Provision and Effects of Welfare Program --- Finance --- Banking --- Labour --- income economics --- Social welfare & social services --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Labor --- Poverty reduction strategy --- Poverty --- Financial services industry --- Banks and banking --- Labor economics --- United Arab Emirates

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Social planning --- Social policy --- Community development --- Evaluation research (Social action programs) --- Planification sociale --- Politique sociale --- Développement communautaire --- Recherche évaluative (Programmes d'action sociale) --- Evaluation --- Handbooks, manuals, etc. --- Guides, manuels, etc. --- -Evaluation research (Social action programs) --- -Social policy --- -#SBIB:316.334.2A551 --- #SBIB:316.334.2A553 --- #SBIB:303H30 --- #SBIB:303H34 --- #SBIB:033.IOS --- AA / International- internationaal --- 201 --- 202 --- National planning --- State planning --- Economic policy --- Family policy --- Social history --- Social development planning --- Planning --- Evaluation of social action programs --- Evaluative research (Social action programs) --- Social action --- Social sciences --- Social service --- Regional development --- Economic assistance, Domestic --- Partijen en strategieën in de onderneming: ondernemingsbeleid en management --- Personeelsbeleid en loonbeleid, functieclassificaties --- Kwalitatieve methoden: algemeen --- Kwalitatieve methoden: grondige gevallenstudie, casework, social work --- Sociologie: algemeenheden. --- Sociale organisatie. --- Research --- Citizen participation --- Government policy --- Développement communautaire --- Recherche évaluative (Programmes d'action sociale) --- #SBIB:316.334.2A551 --- Sociologie: algemeenheden --- Sociale organisatie