IEO Evaluation of Exchange Rate Policy

Front Cover
International Monetary Fund, 2007 M08 22 - 144 pages
The IMF is charged by its Articles of Agreement and a 1977 Executive Board Decision to exercise surveillance over the international monetary system and members’ exchange rate policies. The overriding question addressed by this evaluation is whether, over the 1999–2005 period, the IMF fulfilled this core responsibility. The main finding is that the IMF was simply not as effective as it needs to be in both its analysis and advice and in its dialogue with member countries. The evidence supporting this conclusion, along with other key findings, is set out in this report. The report also presents a detailed set of recommendations that could go a long way in improving the quality and effectiveness of IMF surveillance.
 

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Contents

Overview
3
1 Introduction and Context
4
Boxes
5
Figures
6
2 Is the IMFs Role in Exchange Rate Policy Well Defined and Understood?
8
3 What Has Been the Quality of IMF Analysis and Advice?
13
Tables
20
4 The IMFs Policy Dialogue and the Impact of Its Advice
29
BACKGROUND DOCUMENTS
45
Background Document Figures
47
Background Document Tables
61
STATEMENT BY THE MANAGING DIRECTOR STAFF RESPONSE IEO COMMENTS ON MANAGEMENT AND STAFF RESPONSES AND TH...
117
Statement by the Managing Director
119
Staff Response
120
IEO Comments on Management and Staff Responses
129
The Chairmans Summing Up
131

5 Findings and Recommendations
35
References
40

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