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International Monetary Fund. Statistics Dept.


Analysis and Plans, presents an assessment of 1997 survey data and a summary of improvements introduced, as a result of countries' participation in the 1997 Coordinated Portfolio Investment Survey, into national systems for collecting data on international (cross-border) portfolio investment The chapter reviews developments that occurred in international financial markets in the 1980s and 1990s, and the Godeaux Report assessment and recommendations about global data on international portfolio investment flows and stocks. The objectives set for the 1997 survey, the scope of survey results, and the process by which results have been assessed in the chapter. Since publication of the Godeaux Report, substantial expansion and evolution have occurred in exchange and over-the-counter markets for financial derivatives covering a range of financial risks. These markets now have the capacity, in effect, to change the currencies, maturities, and marketability of the financial instruments underlying associated derivative contracts. It is recommended that vigorous efforts should be made to secure the participation of more major investing countries in order to address the under-reporting of global portfolio investment assets and to confirm the reliability of the global data on portfolio investment liabilities.

International Monetary Fund. External Relations Dept.

This paper highlights that the World Bank and its affiliate, the International Development Association (IDA), will support three projects in Kenya—one for rural access roads, an additional for integrated rural development, and a third for wildlife and tourism. A US$4 million loan and a US$4 million IDA credit will assist the government of Kenya in implementing the first phase of the rural access roads program. The program aims at the construction of 15,000 km of rural access roads in eight years.


The resurgence of interest in money demand functions in single countries over the last couple of years (see, for example, Hall, Henry, and Wilcox (1990), Johansen and Juselius (1990), and Muscatelli and Papi (1990)), has been accompanied by a growing interest in the extent to which a similar approach can be taken in respect of the demand for a European aggregate money supply (see Bekx and Tullio (1987), Angeloni, Cottarelli, and Levy (1991), and Monticelli and Strauss-Kahn (1991)). “Economic and Monetary Integration and the Aggregate Demand for Money in the EMS,” by Kremers and Lane (1990) was one of the first papers to suggest that a stable exchange rate mechanism (ERM)-wide money demand function does indeed exist. In view of the important policy implications that could follow from the existence of such a stable function, it is essential that any results from which this conclusion might be drawn should be subject to rigorous testing—even if this means using the benefit of “hindsight” and data not available at the time of the original investigation.


In july 1978, the heads of government of the members of the European Economic Community agreed to the establishment of a “scheme for the creation of a closer monetary cooperation (European monetary system) leading to a zone of monetary stability in Europe.” 1 On March 13, 1979, the European Monetary System (EMS) came into existence and replaced the previous snake arrangement.2 More than a regional zone of fixed parities, the EMS is intended to further economic alignment among participating countries. An element in achieving this alignment is the operation of the divergence indicator, “designed to detect Community currencies that happen to deviate upward or downward from the Community average as represented by the ECU.” 3 When a currency crosses its threshold of divergence, there is the presumption that the authorities will implement corrective measures. Appropriate responses include diversified intervention in the foreign exchange market and domestic economic policy measures.

International Monetary Fund

This Selected Issues paper on Euro Area Policies reviews the integration of Europe’s financial markets and the challenges faced by the new European Union member states with respect to euro adoption. Markets in the Financial Instruments Directive are expected to become applicable in November 2007. The Directive injects new competition among financial intermediaries at all steps of a security’s transaction cycle, from the provision of investment advice to the practical execution and settlement of the transaction, and thus holds the promise to accelerate Europe’s apparently sluggish financial sector productivity growth.