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IMF Exchange Rate Policy Advice
			: Revisiting the 2007 IEO Evaluation

IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation »

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

DOI: http://dx.doi.org/10.5089/9781484325766.017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions....

1. Introduction

1. Introduction »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

In 2007, the IEO completed an evaluation of IMF Exchange Rate Policy Advice. The evaluation addressed issues at the heart of the IMF’s work, as laid out by the Articles of Agreement. In particular, the Artic...

2. Key Findings and Recommendations of the 2007 IEO Evaluation

2. Key Findings and Recommendations of the 2007 IEO Evaluation »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The IEO evaluation of IMF Exchange Rate Policy Advice found that the IMF was “not as effective as it need[ed] to be” in fulfilling its responsibilities for exchange rate surveillance in the period reviewed (...

3. The IMF’s Mandate and Rules of the Game

3. The IMF’s Mandate and Rules of the Game »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The 2007 IEO evaluation pointed out a lack of clarity in the 1977 Surveillance Decision and in the associated guidance for staff. It also noted the need for greater “trust and engagement with the membership...

4. Elements of Analysis and Advice

4. Elements of Analysis and Advice »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

As the IMF has moved forward under the successive new Surveillance Decisions and also adapted its work to reflect the lessons of the global financial crisis, the institution has invested substantially in enh...

5. Management and Accountability

5. Management and Accountability »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The 2007 evaluation found shortcomings in the management of work on exchange rate issues, including a lack of clarity around responsibility and accountability among the area and functional departments, as we...

6. Conclusion

6. Conclusion »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The IMF deserves recognition for the progress over the last decade in overhauling its approach to exchange rate policy advice, enhancing its work in an area central to its mandate. In particular, the 2012 IS...

Fiscal Policy and the Current Account

Fiscal Policy and the Current Account »

Source: Fiscal Policy and the Current Account

Volume/Issue: 2010/121

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200801

Keywords: fiscal policy, external imbalances, current account, exchange rate, fiscal balance, government spending, budget balance

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis o...

International Capital Flows and National Creditworthiness

International Capital Flows and National Creditworthiness »

Source: International Capital Flows and National Creditworthiness : Do the Fundamental Things Apply As Time Goes By?

Volume/Issue: 1998/172

Series: IMF Working Papers

Author(s): Paul Cashin , and C. McDermott

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

ISBN: 9781451977523

Keywords: consumption smoothing, international capital flows, structural break, current account, current account deficit, current account imbalances, current account deficits, external liabilities

This paper examines the optimality of international capital flows to a persistent net importer of capital, Australia, during its post-capital-controls period 1984-98. The results suggest that international capital...

Demographics, Old-Age Transfers and the Current Account1

Demographics, Old-Age Transfers and the Current Account1 »

Source: Demographics, Old-Age Transfers and the Current Account

Volume/Issue: 2018/264

Series: IMF Working Papers

Author(s): Mai Chi Dao , and Callum Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484385906

Keywords: Pensions, Demographic indicators, Current account balances, Current account surpluses, Capital flows, Aging, Demographics, Current Account Flows, External Imbalances, General

Building on the evolving literature on the topic, this paper reviews the relationship between demographics and long-run capital flows in both theory and in the data. For this purpose, we develop a two region overla...