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Mr. Andrew Berg, Mr. Paolo Mauro, Mr. Michael Mussa, Mr. Alexander K. Swoboda, Mr. Esteban Jadresic, and Mr. Paul R Masson

Abstract

This paper examines the consequences of heightened capital mobility and of the integration of developing economies in increasingly globalized markets for the exchange rate regimes of the industrial, developing, and transition economies. It builds upon previous studies by IMF staff on various aspects of the exchange rate arrangements of member countries, consistent with the IMF's role of surveillance over its members exchange rate policies.

Mr. Andrew Berg, Mr. Paolo Mauro, Mr. Michael Mussa, Mr. Alexander K. Swoboda, Mr. Esteban Jadresic, and Mr. Paul R Masson

Abstract

The exchange rate regimes in today’s international monetary and financial system, and the system itself, are profoundly different in conception and functioning from those envisaged at the 1944 meeting of Bretton Woods establishing the IMF and the World Bank. The conceptual foundation of that system was of fixed but adjustable exchange rates to avoid the undue volatility thought to characterize floating exchange rates and to prevent competitive depreciations, while permitting enough flexibility to adjust to fundamental disequilibrium under international supervision. Capital flows were expected to play only a limited role in financing payments imbalances and widespread use of controls would insulate the real economy from instability arising from short-term capital flows. Temporary official financing of payments imbalances, mainly through the IMF, would smooth the adjustment process and avoid undue disturbances to current accounts, trade flows, output, and employment.

Mr. Andrew Berg, Mr. Paolo Mauro, Mr. Michael Mussa, Mr. Alexander K. Swoboda, Mr. Esteban Jadresic, and Mr. Paul R Masson

Abstract

Since the creation of the IMF at Bretton Woods, the international exchange rate regime has undergone very substantial changes, which may be broken down into four main phases. The first was a phase of reconstruction and gradual reduction in inconvertibility of current account transactions under the aegis of the Marshall Plan and the European Payments Union, culminating in the return to current account convertibility by most industrial countries in 1958. The second phase corresponds to the heyday of the Bretton Woods system and was characterized by fixed, though adjustable, exchange rates, the partial removal of restrictions on capital account transactions in the industrial countries, a gold-dollar standard centered on the United States and its currency, and a periphery of developing country currencies that remained largely inconvertible. The end of convertibility of the dollar into gold in the summer of 1971 was a first step toward the breakdown of this system, which collapsed with the floating of major currencies in early 1973, This marked the beginning of the third phase.

Mr. Andrew Berg, Mr. Paolo Mauro, Mr. Michael Mussa, Mr. Alexander K. Swoboda, Mr. Esteban Jadresic, and Mr. Paul R Masson

Abstract

The developing and transition countries whose exchange arrangements are the subject of this section cover a very broad range of economic development—from the very poorest to the newly industrialized economies with per capita incomes at levels that categorize them, along with industrial countries, as “advanced economies.” Correlated with the level of economic development, but not perfectly so, are both the degree of domestic financial sophistication and the extent of involvement with the global economic system, especially modern, global financial markets. The 30 or so countries that are most advanced in this last regard are commonly referred to as the “emerging markets.”

International Monetary Fund. Research Dept.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
La edición en Internet del Boletín del FMI, que se actualiza varias veces a la semana, contiene numerosos artículos sobre temas de actualidad en el ámbito de las políticas y la economía. Consulte las últimas investigaciones del FMI, lea entrevistas y escuche podcasts de los principales economistas del FMI sobre importantes temas relacionados con la economía mundial. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
In a press release issued on August 18, the IMF Executive Board announced that on August 3 it had discussed making the independent Evaluation Office operational (see Press Release No. 00/27) and agreed to the publication of the background paper that provided the basis for the discussion, as well as the Chairman’s concluding remarks.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx