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IMF Exchange Rate Policy Advice
			: Revisiting the 2007 IEO Evaluation

IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation »

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

DOI: http://dx.doi.org/10.5089/9781484325766.017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions....

Regional Economic Outlook, May 2010, Europe
			: Fostering Sustainability

Regional Economic Outlook, May 2010, Europe : Fostering Sustainability »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2010

DOI: http://dx.doi.org/10.5089/9781589069190.086

ISBN: 9781589069190

Keywords: capital inflows, exchange rate, financial stability, current account, capital flows

This issue of the Regional Economic Outlook for Europe examines the moderate and uneven recovery occurring across the region. The varying speed of recovery in advanced Europe is closely linked to the degree of over...

1. Introduction

1. Introduction »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

In 2007, the IEO completed an evaluation of IMF Exchange Rate Policy Advice. The evaluation addressed issues at the heart of the IMF’s work, as laid out by the Articles of Agreement. In particular, the Artic...

2. Key Findings and Recommendations of the 2007 IEO Evaluation

2. Key Findings and Recommendations of the 2007 IEO Evaluation »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The IEO evaluation of IMF Exchange Rate Policy Advice found that the IMF was “not as effective as it need[ed] to be” in fulfilling its responsibilities for exchange rate surveillance in the period reviewed (...

3. The IMF’s Mandate and Rules of the Game

3. The IMF’s Mandate and Rules of the Game »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The 2007 IEO evaluation pointed out a lack of clarity in the 1977 Surveillance Decision and in the associated guidance for staff. It also noted the need for greater “trust and engagement with the membership...

4. Elements of Analysis and Advice

4. Elements of Analysis and Advice »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

As the IMF has moved forward under the successive new Surveillance Decisions and also adapted its work to reflect the lessons of the global financial crisis, the institution has invested substantially in enh...

5. Management and Accountability

5. Management and Accountability »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The 2007 evaluation found shortcomings in the management of work on exchange rate issues, including a lack of clarity around responsibility and accountability among the area and functional departments, as we...

6. Conclusion

6. Conclusion »

Source: IMF Exchange Rate Policy Advice : Revisiting the 2007 IEO Evaluation

Series: Independent Evaluation Office Reports

Author(s): Louellen Stedman , John Hicklin , and Roxana Pedraglio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2017

ISBN: 9781484325766

Keywords: Exchange rate policy, external stability, global imbalances, surveillance, IEO, IMF

The IMF deserves recognition for the progress over the last decade in overhauling its approach to exchange rate policy advice, enhancing its work in an area central to its mandate. In particular, the 2012 IS...

Appendix Tables

Appendix Tables »

Source: Regional Economic Outlook, May 2010, Europe : Fostering Sustainability

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2010

ISBN: 9781589069190

Keywords: capital inflows, exchange rate, financial stability, current account, capital flows

Table 1. Capital Inflows Panel Regression Dependent variable: Gross Capital Inflows in percent of GDP (standard erro...

1. Outlook: Getting the Exit Right

1. Outlook: Getting the Exit Right »

Source: Regional Economic Outlook, May 2010, Europe : Fostering Sustainability

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2010

ISBN: 9781589069190

Keywords: capital inflows, exchange rate, financial stability, current account, capital flows

Across Europe, unprecedented policy actions are shoring up a moderate and uneven recovery. In the very near term, policies must push to establish a firm recovery. However, in some countries, fis...