IEO Evaluation of Exchange Rate Policy
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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Background Document Figures
Background Document Tables
STATEMENT BY THE MANAGING DIRECTOR STAFF RESPONSE IEO COMMENTS ON MANAGEMENT AND STAFF RESPONSES AND TH...
Statement by the Managing Director
IEO Comments on Management and Staff Responses
The Chairmans Summing Up
5 Findings and Recommendations
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1977 Surveillance Decision adjustment advanced economies advanced Major advanced analysis and assessment analytical approach Article IV consultations Article IV reports Background Document balance CFA franc context coun country authorities country respondents country-specific country’s coverage currency current account developments Directors discussions with IMF effective exchange rate emerging market emerging market economies EMEs Other advanced EMEs/DCs Large EMEs equilibrium exchange rate euro area example exchange rate issues exchange rate levels exchange rate policy exchange rate regime exchange rate surveillance Executive Board external facto FEER Figure Financial stability focus foreign exchange market Fund’s global imbalances identified IEO’s IMF advice IMF Exchange Rate IMF staff IMF’s impact implementation improvement integrated International Monetary Fund intervention policies large emerging market level assessment macroeconomic member countries ment methodologies misalignment multilateral NATREX option percent rate policy advice real exchange rate selected issues papers staff reports staff respondents tion U.S. dollar views WAEMU