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Mr. Joseph Gold

Abstract

En esta publicación se presenta la séptima encuesta sobre la evolución de la legislación y la práctica monetaria internacional y nacional en relación con los derechos especiales de giro (DEG), las monedas y el oro. Desde la publicación del folleto No. 40 en 1983, el FMI ha adoptado tres decisiones publicadas sobre la supervisión de las políticas de tipo de cambio de los países miembros. La lista de monedas se mantuvo sin cambios debido a que la participación del país que ocupa el sexto lugar en las exportaciones de bienes y servicios en relación con el total mundial (Italia) fue inferior a la participación del país que ocupa el quinto lugar (Reino Unido).

Mr. Joseph Gold

Abstract

Cette brochure est le septième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Le FMI a adopté trois décisions publiées sur la surveillance des taux de change des pays membres depuis la publication de la brochure n° 40 en 1983. La liste des monnaies est demeurée inchangée du fait que l'Italie arrive au sixième rang des exportateurs de biens et de services avec une part du total mondial inférieure à celle du cinquième pays, le Royaume-Uni.

Mr. Joseph Gold

Abstract

Cette brochure est le sixième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Ce document souligne le fait que la monnaie d'un pays membre détenu par le FMI dans des comptes autres que le compte des ressources générales n'est pas assujettie, selon les statuts du FMI, au principe du maintien de sa valeur en termes de DTS applicable aux monnaies détenues au compte des ressources générales. Le FMI est habilité, explicitement ou implicitement, à investir des avoirs dans des comptes auxquels ne s'applique aucune obligation de maintien de la valeur.

Mr. Barry J. Eichengreen, Ms. Inci Ötker, Mr. A. J Hamann, Mr. Esteban Jadresic, Mr. R. B. Johnston, Mr. Hugh Bredenkamp, and Mr. Paul R Masson

Abstract

In a world of increasing capital mobility and broadening and more diversified trade, many (but not all) developing and transition economies are likely to find it desirable to move from relatively fixed exchange rate regimes to regimes of greater exchange rate flexibility. This paper suggests why, and considers strategies that countries may consider for such a move. It reinforces this discussion with a review of experience from teh past two decades with alternative exchange rate regimes. The paper also identifies policies that can facilitate the transition to greater exchange rate flexibility for countries that wish to pursue this option.

International Monetary Fund

Abstract

This paper examines legal developments in area of floating currencies, special drawing rights, and gold in the IMF. It highlights that the breakdown of the par value system of the original Articles of the IMF and the failure of the IMF’s efforts to substitute a comparable system based on central rates are producing widespread effects in international and domestic law. The floating of sterling has been an impetus to the reversal of the ancient rule that English courts can give monetary judgments only in sterling. It has also influenced the choice of the exchange rate on the day when payment is actually made.

International Monetary Fund. External Relations Dept.

This paper highlights that IMF activities in the first three months of 1977 were marked by a number of “firsts.” In addition to approving the largest stand-by arrangement in its history—the SDR 3.36 billion for the United Kingdom—the IMF welcomed its first new member of the year: Guinea-Bissau; held its first gold auction on behalf of the Trust Fund under the new schedule of monthly auctions; made its first loan disbursements as a Trustee of the Trust Fund; and held the first sale of gold for “restitution.”

Mr. Barry J. Eichengreen, Ms. Inci Ötker, Mr. A. J Hamann, Mr. Esteban Jadresic, Mr. R. B. Johnston, Mr. Hugh Bredenkamp, and Mr. Paul R Masson

Abstract

In a world of increasing capital mobility and broadening and more diversified trade, many (but not all) developing and transition economies are likely to find it desirable to move from relatively fixed exchange rate regimes to regimes of greater exchange rate flexibility. This paper suggests why, and considers strategies that countries may consider for such a move. It reinforces this discussion with a review of experience from the past two decades with alternative exchange rate regimes. The paper also identifies policies that can facilitate the transition to greater exchange rate flexibility for countries that wish to pursue this option.

Mr. Barry J. Eichengreen, Ms. Inci Ötker, Mr. A. J Hamann, Mr. Esteban Jadresic, Mr. R. B. Johnston, Mr. Hugh Bredenkamp, and Mr. Paul R Masson

Abstract

The appropriate choice of an exchange rate regime and the economic and other factors that should influence that choice are the subjects of an immense literature.1 The subject of the present paper is the reason why many developing countries are likely to find it advisable to move in the direction of regimes of greater (but not absolutely unfettered) exchange rate flexibility, and the “exit strategies” that they may choose, that is, when and how to move to a new economic policy regime with a greater degree of exchange rate flexibility. This discussion has three main parts: when and how to move to greater exchange rate flexibility when the existing policy regime is not under substantial stress; what to do and what not to do when the existing regime is already threatened; and what to do after the exit.

Mr. Barry J. Eichengreen, Ms. Inci Ötker, Mr. A. J Hamann, Mr. Esteban Jadresic, Mr. R. B. Johnston, Mr. Hugh Bredenkamp, and Mr. Paul R Masson

Abstract

The trend toward greater exchange rate flexibility for developing and transition countries is a prominent theme in the recent evolution of the international monetary system. As detailed in International Monetary Fund (1997), there has been a marked shift away from single-currency pegs since the early 1980s, as described by the official classification that distinguishes between pegged rates, limited flexibility, and more flexible arrangements. In 1975, 87 percent of developing countries had some type of pegged exchange rate, while only 10 percent had flexible rates (the remaining 3 percent being accounted for by the “limited flexibility” category); by 1985. the proportions were 71 percent and 25 percent, respectively; and by 1996, the proportions were 45 percent and 52 percent. It is noteworthy, however, that a number of countries that officially report their exchange rate as “flexible” have exhibited remarkable exchange rate stability against the U.S. dollar, including a number of Southeast Asian currencies prior to the recent crisis in the region. Thus, the movement to de facto exchange rate flexibility is somewhat less than the movement de jure.

International Monetary Fund

Pakistan showed great achievements under the program supported by the Stand-By Arrangement. Executive Directors stressed the need to implement strong fiscal, monetary, and exchange rate policies, and accelerate structural reforms. They emphasized the need for enhancing governance, rationalization of energy prices, broadening of tax base, strengthening of tax administration, and improving the financial position of public enterprises and banks. Directors agreed that the country has completed the first review under the Stand-By Arrangement, and approved a waiver.