This paper elaborates the introduction of surveillance that gave the IMF broader responsibilities with respect to oversight of its members’ policies than existed under the par value system. The IMF’s purview has been broadened under the new system but, by the same token, its members are no longer obliged to seek its concurrence in changes in exchange rates. The continuing volatility of exchange rates, and their prolonged divergence from levels that appear to be sustainable over time, have been matters of growing concern.

Abstract

This paper elaborates the introduction of surveillance that gave the IMF broader responsibilities with respect to oversight of its members’ policies than existed under the par value system. The IMF’s purview has been broadened under the new system but, by the same token, its members are no longer obliged to seek its concurrence in changes in exchange rates. The continuing volatility of exchange rates, and their prolonged divergence from levels that appear to be sustainable over time, have been matters of growing concern.

Agriculture as a percentage of GDP, by regions1

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Measured in current prices.

Growth in cereal production, by regions, 1963–83

(Average annual percentage change)

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Excluding high income oil exporters.

A04ufig01

Cereal prices, 1950-84

1983 dollars per metric ton

Citation: Finance & Development 22, 004; 10.5089/9781616353636.022.A004

A04ufig02

Agricultural growth in selected developing countries, 1963–83

Citation: Finance & Development 22, 004; 10.5089/9781616353636.022.A004

Sources World Bank and FAO data
Finance & Development, December 1985
Author: International Monetary Fund. External Relations Dept.