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Mr. Charalambos G Tsangarides, Mr. Carlo Cottarelli, Mr. Gian M Milesi-Ferretti, and Mr. Atish R. Ghosh


Exchange rate analysis lies at the center of the IMF's surveillance mandate and policy advice, as well as in the design of IMF-supported programs, and IMF staff are called upon to analyze a wide variety of exchange rate issues in various member countries, both small and large, from the least economically developed to the most advanced, and from those whose currencies circulate only locally to those whose currencies are of global importance. Each year, IMF staff produce dozens of studies on exchange rate issues, some published by the IMF, others in various professional journals or books. This book aims to give a flavor of the topics the IMF staff typically examine under the broad rubric of exchange rate analysis, encompassing several topics: determination and impact of the real exchange rate, assessing competitiveness and the equilibrium real exchange rate in specific countries or country groups, and considerations in the choice of exchange rate regime.

International Monetary Fund. External Relations Dept.

This paper reviews the self-help housing project in El Salvador. The paper highlights that projects like this one become community efforts in a real sense. The families participate in road building, construction, digging trenches, and pipe-laying, under supervision. The Fundación Salvadoreña de Desarrollo y Vivienda Mi'nima (FSVM) is the executing agency in this self-help project involving a US$6 million International Development Association (IDA) credit and a US$2.5 million loan from the World Bank to the government of El Salvador. The FSVM has already completed about 1,020 fully serviced lots for families with monthly incomes below US$120.

Mr. Fabio Scacciavillani and Mr. Malcolm D. Knight
This paper surveys the main theoretical approaches for analyzing movements in the current account of the balance of payments, from the Mundell-Fleming paradigm to modern intertemporal approaches. It discusses the main implications of these analyses for policymaking, highlighting that modern economic theory views current account imbalances not simply as a reflection of goods market developments, but also as an outcome of intertemporal consumption and investment choices and associated capital market behavior. To reflect on the policy strategies applied under diverse circumstances, the paper analyzes the recent experiences of Italy, Israel, and Pakistan.