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Cover IMF Staff Country Reports
Republic of North Macedonia: Informational Annex
International Monetary Fund. European Dept.
This paper highlights the Informational Annex on Republic of North Macedonia. The National Bank of the Republic of North Macedonia (NBRNM) participates in the foreign exchange market, in order to achieve the goals of the monetary and foreign exchange policies. The NBRNM implements the monetary strategy of targeting the nominal exchange rate against the euro. The intermediary objective of the monetary policy is to maintain a stable denar exchange rate. Thus, the NBRNM maintains a stable exchange rate within a narrow band of bid-ask exchange rates determined by the Committee for Operational Monetary Policy. The de facto exchange rate arrangement is classified as a stabilized arrangement. North Macedonia has accepted the obligations of Article VIII, Sections 2, 3 and 4 and currently maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions. The first consultation with the Republic of North Macedonia was concluded in August 1993. The last consultation was concluded on January 22, 2020.
Keywords:
debt data; financial asset; liquidity data; public finance; IMF-World Bank collaboration; IBRD project; CPF objective; government of the Republic; Government finance statistics; External sector statistics
Cover Policy Papers
Front Matter
International Monetary Fund. Strategy, Policy, & Review Department
Keywords:
macrostructural policy
Cover Policy Papers
Background Note 4: Using the IPF Analytical Toolkit to Enhance Policy Assessments
International Monetary Fund

BACKGROUND NOTE 4: USING THE IPF ANALYTICAL TOOLKIT TO ENHANCE POLICY ASSESSMENTS

Keywords:
inflation expectation; inflow surge; IPF work stream; IPF workstream; risk exposure; Currency markets; Global
Cover Policy Papers
Front Matter
Marcin Kolasa, Gurnain Kaur Pasricha, Mr. Suman S Basu, Ms. Emine Boz, and Dimitre Milkov
Keywords:
note 4
Cover Policy Papers
Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Using the IPF Analytical Toolkit to Enhance Policy Assessments
Marcin Kolasa, Gurnain Kaur Pasricha, Mr. Suman S Basu, Ms. Emine Boz, and Dimitre Milkov
Insights from the IPF workstream can help guide the appropriate policy mix during an inflow surge, based on the shock and country characteristics. Inflow surges may be caused by a range of shocks and can take different forms in different countries. The IPF models suggest that warranted macroeconomic policy adjustments depend on the nature of the shock and country characteristics. The IPF models point to shocks and country characteristics that make it difficult to effectively respond to surges using only macroeconomic policy and exchange rate adjustment. The IPF models also suggest that, in the presence of overheating and overvaluation, the use of FXI and CFMs can enhance monetary autonomy in certain circumstances without generating other distortions. The relative costs and benefits of FXI and CFMs depend on country-specific factors. The IPF models also illustrate how surges can lead to a build-up of systemic financial risks. The IPF workstream connects the appropriate mix of MPMs and CFM/MPMs to the structure of the country's financial system.
Keywords:
Policy assessment; background note 4; title page; IPF analytical toolkit; IPF model; Currency markets; Capital flow management; Global
Cover Policy Papers
Implementation Plan in Response to The Board: Endorsed Recommendations from the IEO Evaluation on IMF Advice on Capital Flows
International Monetary Fund
The actions in this document aim at • Bringing the Fund’s framework for advice on capital flow policies up to date with recent research and lessons from experience. • Enhancing and coordinating a Fund-wide research • Ramping up the monitoring and analysis of capital flows. • Strengthening multilateral cooperation on policy issues affecting capital flows.
Keywords:
IEO recommendation; IMF taxonomy; resource implication; implementation plan; capital account; Capital flows; Capital account; Institutional View on capital flows; Capital flow management; Global
Cover Policy Papers
Toward an Integrated Policy Framework
International Monetary Fund
Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the understanding of the policy options and tradeoffs available to policymakers in a systematic and analytical way. The paper recognizes that the optimal path of the IPF tools depends on structural characteristics and fiscal policies. The operational implications of IPF findings require careful consideration. Developing safeguards to minimize the risk of inappropriate use of IPF policies will be essential. Staff remains guided by the Fund’s Institutional View (IV) on the Liberalization and Management of Capital Flows.
Keywords:
PP; IPF tool; IPF policy; fund policy advice; analytical workstream; takeaways from the Integrated Policy Framework; Exchange rates; Currency markets; Capital flows; Financial sector stability; Global
Cover Policy Papers
Toward an Integrated Policy Framework
International Monetary Fund

1. Policymakers can face difficult tradeoffs in managing large and volatile capital flows when confronted with financial and real shocks while pursuing their stabilization objectives. The benefits of capital flows are broadly recognized, but their volatility presents significant challenges. Capital flows to emerging market and developing economies (EMDEs) have exhibited large swings in the last two decades (Figure 1). Several periods of sustained inflows—in many cases driven at least in part by easy monetary conditions in major advanced economies (AEs)—have been interrupted by sharp reversals. Flows to commodity exporters have also been influenced by gyrations in commodity prices. Changes in global financial conditions—and attendant swings in capital flows—present particular challenges for many EMDEs, engendering difficult tradeoffs for monetary policy stemming from relatively shallow markets,1 external borrowing constraints, and other vulnerabilities. Advanced economies are not necessarily immune to these shocks either.

Keywords:
PP; IPF tool; IPF policy; fund policy advice; analytical workstream; takeaways from the Integrated Policy Framework; Exchange rates; Currency markets; Capital flows; Financial sector stability; Global; capital flow; monetary policy autonomy; foreign currency
Cover Policy Papers
Statement by the Managing Director on the Independent Evaluation Office Report on IMF Advice on Capital Flows Executive Board Meeting September 18, 2020
International Monetary Fund
As noted in the report, the adoption of the IV represented a major advance in the IMF’s policy framework to provide advice on capital account liberalization and the management of capital flows. Before the adoption of the IV, there was no consistent framework to guide policy advice on these areas. The IV was a major step towards filling the gap existing at the time. It welcomed the economic benefits of capital flows while recognizing the risks associated with capital flow volatility, developed a playbook for safe capital account liberalization, and incorporated capital flow management measures (CFMs) into the policy toolkit. It also noted the importance of international cooperation on capital flow policies in allowing countries to harness the benefits of capital flows safely, while minimizing negative spillovers. It was a demonstration of the institution’s flexibility and willingness to embrace theoretical advances and lessons from experience.
Keywords:
PP; IMF policy advice; policy; management; evaluation; liberalization
Cover IMF Staff Country Reports
Republic of North Macedonia: Staff Report for the 2019 Article IV Consultation—Informational Annex
International Monetary Fund. European Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of North Macedonia

Keywords:
ISCR; CR; staff appraisal; lower-than-projected inflation; baseline projection; deficit outcome; rate; staff's assessment; Minimum wages; Capital spending; Income; Wage adjustments; Global; government strategy; financial asset; denar exchange rate; government's program; government of the Republic; Government finance statistics; External sector statistics; Exchange rates