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International Monetary Fund


This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

Mr. Carlo Cottarelli and Curzio Giannini


During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.

International Monetary Fund


The Report evaluates statistical practices relating to the measurement of international capital flows. In particular, the principal sources of statistical descrepancies in the component categories of the capital account in the global balance of payments are addressed.