Strengthening the International Monetary System

Strengthening the International Monetary System

Author: Mr.Morris Goldstein

Publisher: International Monetary Fund

Published: 1987-02-26

Total Pages: 100

ISBN-13: 9780939934768

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This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.


Treatment of Exchange Rate Issues in Bilateral Surveillance - A Stocktaking

Treatment of Exchange Rate Issues in Bilateral Surveillance - A Stocktaking

Author: International Monetary Fund. Legal Dept.

Publisher: International Monetary Fund

Published: 2006-08-30

Total Pages: 25

ISBN-13: 1498332269

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Review the quality of the Fund staff’s analysis and policy advice on exchange rate issues. The Fund is sometimes criticized for not taking a sufficiently clear position on several exchange rate issues, ranging from the assessment of the level of exchange rates to the description of exchange rate policies, and their adequacy. Is this criticism valid, and in what respect? Answering these questions is critical as exchange rate issues are at the heart of the Fund’s surveillance mandate.


Strengthening the International Monetary System

Strengthening the International Monetary System

Author: Mr. Andrew Crockett

Publisher: International Monetary Fund

Published: 1987-02-26

Total Pages: 97

ISBN-13: 1452717710

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This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.


Exchange Rate Analysis in Support of IMF Surveillance

Exchange Rate Analysis in Support of IMF Surveillance

Author: Mr.Charalambos G. Tsangarides

Publisher: International Monetary Fund

Published: 2008-09-08

Total Pages: 352

ISBN-13: 1589067282

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Exchange rate analysis lies at the center of the IMF's surveillance mandate and policy advice, as well as in the design of IMF-supported programs, and IMF staff are called upon to analyze a wide variety of exchange rate issues in various member countries, both small and large, from the least economically developed to the most advanced, and from those whose currencies circulate only locally to those whose currencies are of global importance. Each year, IMF staff produce dozens of studies on exchange rate issues, some published by the IMF, others in various professional journals or books. This book aims to give a flavor of the topics the IMF staff typically examine under the broad rubric of exchange rate analysis, encompassing several topics: determination and impact of the real exchange rate, assessing competitiveness and the equilibrium real exchange rate in specific countries or country groups, and considerations in the choice of exchange rate regime.


Issues in the Assessment of the Exchange Rates of Industrial Countries

Issues in the Assessment of the Exchange Rates of Industrial Countries

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1984-07-08

Total Pages: 40

ISBN-13: 1557750769

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In its surveillance activities, the Fund is frequently confronted with the difficult problem of how to identify exchange rate behavior that is unrelated to underlying economic and financial conditions and, consequently, should be viewed with concern from a national or international standpoint. This paper considers the various issues related to this problem as it pertains to industrial countries, both those that have independently floating exchange rates and those that operate under other exchange arrangements.


Reference Rates and the International Monetary System

Reference Rates and the International Monetary System

Author: John Williamson

Publisher: Columbia University Press

Published: 2007-04-30

Total Pages: 73

ISBN-13: 0881324795

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Growing global imbalances threaten to induce a collapse of the dollar, which could in turn produce a severe recession in the rest of the world. This crisis could force countries to say "never again" and search for a system to prevent similar disasters. The system that could do so is a reference rate system—where countries' authorities are forbidden from intervening in order to push the exchange rate too far from what is termed the "reference rate." It could help a country's authorities manage its exchange rate to avoid large misalignments, assist the private sector in forming more dependable expectations of future exchange rates and thus to manage their businesses more efficiently in a world of floating exchange rates, and aid the International Monetary Fund in designing and managing an effective system of multilateral surveillance. The world economy would function better as a result, with less chance of the global imbalances leading to a world recession.


Moving to a Flexible Exchange Rate

Moving to a Flexible Exchange Rate

Author: Mrs.Gilda Fernandez

Publisher: International Monetary Fund

Published: 2006-01-09

Total Pages: 29

ISBN-13: 1589064763

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A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.