- Peter Quirk
- Published Date:
- April 1995
© 1995 International Monetary Fund
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- I. Overview
- II. Progress Toward Current Account Convertibility
- III. Capital Account Convertibility
- IV. Evolving Roles of Exchange Rate Regimes
- V. Bilateralism and Regionalism in Cross-Border Payments
- VI. Implications for the IMF’s Technical Assistance
- VII. Issues That Arise in the Context of Exchange System Developments
- Text Tables
- 1. Countries Availing Themselves of the Transitional Arrangement of Article XIV, as of December 31, 1994
- 2. Industrial Countries: Main Features of Regulations Affecting Forward Exchange Markets, December 31, 1993
- 3. Summary Features of Forward Exchange Systems in Selected Developing Countries, December 31, 1992
- Appendix Table
The following symbols have been used throughout this paper:
- … to indicate that data are not available;
- — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- – between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This study was prepared in the Exchange Regime and Market Operations Division in the Monetary and Exchange Affairs Department of the International Monetary Fund under the direction of Peter Quirk. Division Chief. In addition to Hernán Cortés, Kyung-Mo Huh, Barry Johnston, Arto Kovanen, Dmitri Menchikov, Hiro Nishikawa, Chris Ryan, and Virgilio Sandoval, others who contributed significantly to the study were Mark O’Brien and Claudia Echeverria. The authors are grateful to Marie Pirret and Francine Koch for excellent secretarial assistance and Elisa Diehl of the External Relations Department for careful editing and coordination of production. The authors are also indebted to a number of colleagues in the IMF for their willingness to exchange views and provide information.
The present study was completed in October 1994 and outlines developments on the basis of information available at that time, including information reported by member countries for the IMF’s 1992 and 1993 Annual Report on Exchange Arrangements and Exchange Restrictions (hereinafter AREAER), and a preliminary analysis of information in the 1994 edition of this Report. These latter publications were assembled by Kyung-Mo Huh on the basis of input provided by many colleagues from the Monetary and Exchange Affairs Department and comments and input from the IMF’s area departments and member country authorities. The present study has also benefited from comments by other members of the IMF’s staff and members of its Executive Board. The views expressed, however, are those of the authors and do not necessarily reflect the views of the IMF. Developments in international exchange and payments systems were most recently reviewed in the biennial review published in June 1992, and in Developments in International Exchange and Trade Systems in September 1989 (the first of the three biennial papers to date). Previously such reviews had been published annually as Part One of AREAER.