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International Monetary Fund. Monetary and Capital Markets Department

Abstract

The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) has been published by the IMF since 1950. It is a unique publication based on a database maintained by the IMF that tracks exchange arrangements and foreign exchange systems for all member countries on an annual basis and also provides historical information on these. The introduction to the volume provides a summary of recent global trends and developments in the areas covered by the publication. Individual country chapters report exchange measures in place, the structure and setting of the exchange rate, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. A separate section in each chapter lists changes made during 2005 and the first part of 2006. The AREAER draws on information made available to the IMF from a number of sources, including during official staff visits to member countries, and has been prepared in close consultation with national authorities. The information is presented in a tabular format.

International Monetary Fund. Statistics Dept.

Abstract

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (national, state, local). Topics covered include deficit/surplus or total financing, revenues or grants, expenditures, lending minus repayments, domestic financing, foreign financing, domestic debt or total debt, and foreign debt. The Yearbook provides data on budgetary operations, extra-budgetary operations, social security, and consolidated financial operations of central governments. A section of the Government Finance Statistics Yearbook is devoted to a cross-country comparison of data.

International Monetary Fund

Abstract

This year’s capital markets report reviews developments and trends in the mature and emerging capital markets and banking systems and examines two important policy challenges—the implications of European Economic and Monetary Union (EMU) for financial markets and the management of external liabilities of emerging market countries, A key development in the mature markets was the continued appreciation of the dollar, owing mainly to large capital flows into the onshore and offshore dollar markets and to the relatively strong performance of the United States economy vis-à-vis Europe and Japan. Many of the mature equity markets also advanced further, reaching record highs. In an environment of low inflation and stable growth, investors entered into a broad spectrum of debt markets in search of higher yields, thus contributing to the compression of interest rate spreads that was a prominent feature of most markets. Against the backdrop of continuing globalization of financial markets, a record net inflow into the emerging markets reinforced the compression of borrowing spreads and contributed to surges of activity in domestic securities markets. But this generally favorable financial environment was not without problems, as markets challenged the ability of authorities in some emerging market countries to maintain currency stability in the presence of external imbalances.

International Monetary Fund

Abstract

This year’s capital markets report reviews developments and trends in the mature and emerging capital markets and banking systems and examines two important policy challenges—the implications of European Economic and Monetary Union (EMU) for financial markets and the management of external liabilities of emerging market countries, A key development in the mature markets was the continued appreciation of the dollar, owing mainly to large capital flows into the onshore and offshore dollar markets and to the relatively strong performance of the United States economy vis-à-vis Europe and Japan. Many of the mature equity markets also advanced further, reaching record highs. In an environment of low inflation and stable growth, investors entered into a broad spectrum of debt markets in search of higher yields, thus contributing to the compression of interest rate spreads that was a prominent feature of most markets. Against the backdrop of continuing globalization of financial markets, a record net inflow into the emerging markets reinforced the compression of borrowing spreads and contributed to surges of activity in domestic securities markets. But this generally favorable financial environment was not without problems, as markets challenged the ability of authorities in some emerging market countries to maintain currency stability in the presence of external imbalances.

Mr. Andrew Crockett and Mr. Morris Goldstein

Abstract

At its meeting in Seoul on October 6-7, 1985, the Interim Committee of the Board of Governors of the International Monetary Fund requested the Fund’s Executive Board “. . . to study the issues raised in these reports [the reports on the international monetary system presented by the Group of Ten and the Group of Twenty-Four] with a view to facilitating a substantive consideration by the Committee at its next meeting.” 1 This chapter, as part of the response to that request, discusses issues directly related to the functioning and improvement of the exchange rate system.

Mr. Andrew Crockett and Mr. Morris Goldstein

Abstract

At its meeting in Seoul on October 6-7, 1985, the Interim Committee of the Board of Governors of the International Monetary Fund requested the Fund’s Executive Board “. . . to study the issues raised in these reports [the reports on the international monetary system presented by the Group of Ten and the Group of Twenty-Four] with a view to facilitating a substantive consideration by the Committee at its next meeting.” 1 This chapter, as part of the response to that request, discusses issues directly related to the functioning and improvement of the exchange rate system.

International Monetary Fund

Abstract

Since the last review of developments in international capital markets, the mature markets have been dominated by four related developments; large capital inflows into dollar fixed-income markets; the continued appreciation of the dollar; a convergence of interest rates at relatively low levels—and a compression of yield spreads—even in high-yield corporate and emerging markets; and further advances in the major equity markets. These developments occurred against a background of a stable macroeconomic environment, characterized by widespread convergence to low inflation rates and in some cases price stability, lingering disparities in growth rates, and continued fiscal consolidation. Intermittent periods of market tensions in currency and bond markets were associated with uncertainty about the sustainability of the appreciated value of the dollar, monetary policy, progress toward EMU, and the resolution of financial sector problems in Japan.

International Monetary Fund

Abstract

Since the last review of developments in international capital markets, the mature markets have been dominated by four related developments; large capital inflows into dollar fixed-income markets; the continued appreciation of the dollar; a convergence of interest rates at relatively low levels—and a compression of yield spreads—even in high-yield corporate and emerging markets; and further advances in the major equity markets. These developments occurred against a background of a stable macroeconomic environment, characterized by widespread convergence to low inflation rates and in some cases price stability, lingering disparities in growth rates, and continued fiscal consolidation. Intermittent periods of market tensions in currency and bond markets were associated with uncertainty about the sustainability of the appreciated value of the dollar, monetary policy, progress toward EMU, and the resolution of financial sector problems in Japan.

Mr. Andrew Crockett and Mr. Morris Goldstein

Abstract

The Articles of Agreement of the International Monetary Fund, as amended in 1978, provide that member countries can adopt exchange arrangements of their choice, other than a peg to gold. The amended articles also specify certain general obligations of members and require the Fund to “exercise firm surveillance over the exchange rate policies of members and [to] adopt specific principles for the guidance of all members with respect to those policies” (Article IV, Section 3(b)). In preparation for the entry into force of the amended Articles, the Executive Board adopted in 1977 the document “Surveillance over Exchange Policies” (see Appendix III).90

Mr. Andrew Crockett and Mr. Morris Goldstein

Abstract

The Articles of Agreement of the International Monetary Fund, as amended in 1978, provide that member countries can adopt exchange arrangements of their choice, other than a peg to gold. The amended articles also specify certain general obligations of members and require the Fund to “exercise firm surveillance over the exchange rate policies of members and [to] adopt specific principles for the guidance of all members with respect to those policies” (Article IV, Section 3(b)). In preparation for the entry into force of the amended Articles, the Executive Board adopted in 1977 the document “Surveillance over Exchange Policies” (see Appendix III).90