Front Matter

Front Matter

Peter Isard, and Hamid Faruqee
Published Date:
July 1998
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    ©1998 International Monetary Fund

    Reprinted March 2000

    Production: IMF Graphics Section

    Figures: In-Ok Yoon

    Typesetting: Julio R. Prego

    Cataloging-in-Publication Data

    Exchange rate assessment: extensions of the macroeconomic balance approach / edited by Peter Isard and Hamid Faruqee. — Washington DC : International Monetary Fund, 1998

    p. cm. — (Occasional paper, ISSN 0251–6365 ; 167)

    Includes bibliographical references.

    ISBN 1–55775-731–3

    1. Foreign exchange. 2. Foreign exchange rates 3. Purchasing power parity. 4. International finance. 5. Balance of payments. 6. Equilibrium (Economics). 7. Macroeconomics. 8. International Monetary Fund. I. Isard, Peter II Faruqee, Hamid. III. Series: Occasional paper (International Monetary Fund) ; no. 167.

    HG3821.E92 1998

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • n.a. to indicate not applicable;

    • — 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., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1994/95) 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 Occasional Paper collects various pieces of analysis that were prepared during 1995–97 in association with the efforts of the Coordinating Group on Exchange Rate Issues (CGER), a technical working group in which members of a number of the Fund’s departments participate. CGER was formally established in the spring of 1995, under the co-chairmanship of representatives from the Policy Development and Review Department (PDR) and the Research Department (RES). The PDR co-chair position during 1995–97 was held by Owen Evans through May 1997, and Roger Nord thereafter; RES co-chairs were Peter Clark, through August 1995, and subsequently Peter Isard. The general direction of CGER’s analytic work has been guided mainly by Stanley Fischer, the First Deputy Managing Director of the Fund, and by Michael Mussa, the Economic Counsellor and Director of RES. Valuable guidance has also been provided by Jack Boorman, Director of PDR, and by the directors and deputy directors of the Fund’s area departments, Fiscal Affairs Department, and Monetary and Exchange Affairs Department. In addition, the study has benefited from comments and suggestions by the Executive Directors of the Fund, who held a seminar in October 1997 to discuss an earlier draft of the material in Sections IIII.

    Much of the analytic work for this study has been conducted in the Economic Modeling and External Adjustment Division (EMEAD) of the Research Department, under the supervision of Peter Isard. Current and former members of EMEAD who have been actively involved in developing the analytic framework include Tamim Bayoumi, Guy Debelle, Hamid Faruqee, Thomas Krueger, and Steven Symansky. The study also includes chapters prepared by Robert Kahn and Roger Nord, Guy Meredith, and Paul Masson. Thomas Krueger provided many constructive suggestions on Section II, and at various stages these and other chapters have also benefited substantially from the comments and reactions of Peter Clark and other CGER members, including Charles Collyns, Steven Dunaway, Martin Fetherston, Karl Habermeier, Russell Kincaid, Timothy Lane, William Lee, Allesandro Leipold, Joaquim Levy, Jorge Marquez-Ruarte, Donogh McDonald, Hossein Samiei, Mark Stone, Mark Swinburne, Christopher Towe, and Maxwell Watson. The authors are greatly indebted to Norma Alvarado and Helen Hwang, who carefully prepared the manuscript, and to Juanita Roushdy of the External Relations Department, who edited the study and coordinated its publication. The opinions expressed are those of the authors and do not necessarily reflect the views of the Executive Directors, the management, or the staff of the International Monetary Fund.

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