Download or read book IEO Evaluation of Exchange Rate Policy written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2007-08-22 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF is charged by its Articles of Agreement and a 1977 Executive Board Decision to exercise surveillance over the international monetary system and members’ exchange rate policies. The overriding question addressed by this evaluation is whether, over the 1999–2005 period, the IMF fulfilled this core responsibility. The main finding is that the IMF was simply not as effective as it needs to be in both its analysis and advice and in its dialogue with member countries. The evidence supporting this conclusion, along with other key findings, is set out in this report. The report also presents a detailed set of recommendations that could go a long way in improving the quality and effectiveness of IMF surveillance.
Download or read book IEO Evaluation of Exchange Rate Policy written by International Monetary Fund Staff and published by International Monetary Fund. This book was released on 2007-08-22 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF is charged by its Articles of Agreement and a 1977 Executive Board Decision to exercise surveillance over the international monetary system and members' exchange rate policies. The overriding question addressed by this evaluation is whether, over the 1999-2005 period, the IMF fulfilled this core responsibility. The main finding is that the IMF was simply not as effective as it needs to be in both its analysis and advice and in its dialogue with member countries. The evidence supporting this conclusion, along with other key findings, is set out in this report. The report also presents a detailed set of recommendations that could go a long way in improving the quality and effectiveness of IMF surveillance.
Download or read book IMF Exchange Rate Policy Advice written by Louellen Stedman and published by International Monetary Fund. This book was released on 2017-12-27 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. The report revisits the 2007 evaluation of IMF Exchange Rate Policy Advice, which found that the IMF was “not as effective as it needed to be” in fulfilling its responsibilities for exchange rate surveillance in the period 1999–2005. While acknowledging the inherent complexity of providing exchange rate policy advice, including the lack of professional consensus on many of the key issues, the evaluation observed serious weaknesses in the IMF’s work on key analytical issues and in its engagement with members. The update finds that the IMF has substantially overhauled its approach to exchange rate policy advice since 2007. Key steps taken include: adoption of a more comprehensive approach to exchange rate surveillance under the 2012 Integrated Surveillance Decision; development of enhanced analytical tools; a new institutional view on capital flows; and introduction of the annual External Sector Report that provides an integrated picture of the external balances of major economies. The IMF continues to work on further enhancements of its approach. Nonetheless, the update concludes that challenges remain that impact the effectiveness of the IMF’s work in an area central to its mandate. The approach for assessing external balances and exchange rates continues to be contentious, in part reflecting differing views across the membership about the process of external adjustment. There are also ongoing questions in other areas, including considerations for exchange rate regime choice, attention to policy spillovers, the institutional view on capital flows, and data availability. The update suggests that the persistence of key issues identified in 2007 merits a full evaluation by the IEO.
Download or read book Progress Report on the Activities of the Independent Evaluation Office written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-10-02 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its April 2007 Report to the IMFC, the IEO has released its report on The IMF’s Advice on Exchange Rate Policy, continued work on three other evaluations, and issued its Annual Report for 2006–07.
Download or read book IEO Evaluation Report on the IMF s Approach to Capital Account Liberalization 2005 written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2005-08-09 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on evidence from a sample of emerging market economies over the period 1990-2004, this evaluation report reviews the IMF’s approach to capital account liberalization and related issues. The evaluation seeks to contribute to transparency by documenting what in practice has been the IMF's approach to these issues and to identify areas where the IMF’s instruments and operating methods might be improved, in order to deal with these issues more effectively.
Download or read book Independent Evaluation Office Annual Report 2017 written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2017-10-05 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses that the Independent Evaluation Office (IEO) has also launched three new evaluations—which will analyze the IMF’s role on fragile states, its financial surveillance activities, and its advice on unconventional monetary policies—and two evaluation updates—which will look into the IMF’s exchange rate policy advice and structural conditionality. The evaluation found that, for the most part, the IMF’s euro area surveillance identified the right issues during the pre-crisis period but did not foresee the magnitude of the risks that would later become paramount. The IMF’s surveillance of the financial regulatory architecture was generally of high quality, but staff, along with most other experts, missed the buildup of banking system risks in some countries. The report found several issues with the way decision making was managed by the IMF. In May 2010, the IMF Executive Board approved a decision to provide exceptional access financing to Greece without seeking preemptive debt restructuring, even though its sovereign debt was not deemed sustainable with a high probability.
Download or read book IEO Annual Report 2007 written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2008-10-09 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IEO’s latest Annual Report covers its activities during the financial year ended April 2007. It summarizes the most recent IEO evaluations of The IMF and Aid to Sub-Saharan Africa and IMF Exchange Rate Policy Advice. The report also presents messages that are common to many IEO evaluations and are particularly noteworthy as the IMF proceeds with the implementation of its Medium-Term Strategy. Other topics discussed include implementation of recommendations made in 2006 by the External Evaluation Panel of the IEO, ongoing projects, the identification of future evaluations, and summaries of follow-ups of past evaluations.
Download or read book IMF Exchange Rate Policy Advice written by Louellen Stedman and published by . This book was released on 2017 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007 IEO evaluation of IMF exchange rate policy advice found that the IMF was "not as effective as it needed to be" in fulfilling its responsibilities for exchange rate surveillance in the period 1999-2005. It acknowledged the inherent complexity of this task, including the lack of professional consensus on many of the key issues. At the same time, the evaluation found a lack of understanding and consensus around the IMF's role in exchange rate surveillance; shortcomings in the coverage and quality of IMF analysis and advice, as well as in the traction of IMF engagement with its members; a strong sense among some member countries of a lack of evenhandedness in surveillance; and issues in the management of work of exhange rates. This report considers the extent to which the key conslusions of the 2007 eveluation remain issues for the institution. The update is based on a review of IMF documents, includeing a desk study of a sample of 20 Article IV staff reports, and interviews with IMF staff and Executive Directors, as well as consultations with academic experts. The update is not a full evaluation of the IMF's analytical work, policy advice, or the traction of its advice, which would require a detailed assessment of IMF analysis and judgments, and extensive consideration of the experiences and perspectives of member countries.
Download or read book Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF written by International Monetary Fund and published by International Monetary Fund. This book was released on 2018-04-19 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the October 2017 report to the IMFC, the IEO has completed an evaluation of the IMF’s work in fragile states and an update of its 2007 evaluation of IMF exchange rate policy advice. The office continued work on two evaluations, on IMF financial surveillance and on IMF advice on unconventional monetary policies, as well as an update of the 2008 evaluation of structural conditionality. It also launched an update of IEO’s 2008 Evaluation of IMF Governance. The IEO welcomes recent steps taken by the IMF to follow through on Board-endorsed recommendations of its 2016–17 evaluations.
Download or read book IEO Evaluation Report written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2017-10-05 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes that the IMF has moved beyond its traditional fiscal-centric approach to recognize that social protection can also be macro-critical for broader reasons including social and political stability concerns. Evaluating the IMF’s involvement in social protection is complicated by the fact that there is no standard definition of social protection or of broader/overlapping terms such as social spending and social safeguards in (or outside) the IMF. In this evaluation, social protection is understood to include policies that provide benefits to vulnerable individuals or households. This evaluation found widespread IMF involvement in social protection across countries although the extent of engagement varied. In some cases, engagement was relatively deep, spanning different activities (bilateral surveillance, technical assistance, and/or programs) and involving detailed analysis of distributional impacts, discussion of policy options, active advocacy of social protection, and integration of social protection measures in program design and/or conditionality. This cross-country variation to some degree reflected an appropriate response to country-specific factors, in particular an assessment of whether social protection policy was macrocritical, and the availability of expertise from development partners or in the country itself.
Download or read book Statement by the Managing Director on the Independent Evaluation Office Report on IMF Exchange Rate Policy Advice written by International Monetary Fund and published by International Monetary Fund. This book was released on 2017-10-31 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt: I would like to thank the Independent Evaluation Office (IEO) for preparing this informative and timely report, which provides an update on the IMF’s progress in its approach to exchange rate policy advice since 2007. I am pleased with its main finding that the IMF has substantially overhauled its approach to exchange rate policy advice, and concur that some issues need our continued attention. I would like to note that management and staff remain fully committed to the role of the External Sector Report (ESR) in Fund surveillance.
Download or read book IEO Evaluation Report written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2017-10-05 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes that the IMF has moved beyond its traditional fiscal-centric approach to recognize that social protection can also be macro-critical for broader reasons including social and political stability concerns. Evaluating the IMF’s involvement in social protection is complicated by the fact that there is no standard definition of social protection or of broader/overlapping terms such as social spending and social safeguards in (or outside) the IMF. In this evaluation, social protection is understood to include policies that provide benefits to vulnerable individuals or households. This evaluation found widespread IMF involvement in social protection across countries although the extent of engagement varied. In some cases, engagement was relatively deep, spanning different activities (bilateral surveillance, technical assistance, and/or programs) and involving detailed analysis of distributional impacts, discussion of policy options, active advocacy of social protection, and integration of social protection measures in program design and/or conditionality. This cross-country variation to some degree reflected an appropriate response to country-specific factors, in particular an assessment of whether social protection policy was macrocritical, and the availability of expertise from development partners or in the country itself.
Download or read book Exchange Rate Analysis in Support of IMF Surveillance written by Mr.Charalambos G. Tsangarides and published by International Monetary Fund. This book was released on 2008-09-08 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate analysis lies at the center of the IMF's surveillance mandate and policy advice, as well as in the design of IMF-supported programs, and IMF staff are called upon to analyze a wide variety of exchange rate issues in various member countries, both small and large, from the least economically developed to the most advanced, and from those whose currencies circulate only locally to those whose currencies are of global importance. Each year, IMF staff produce dozens of studies on exchange rate issues, some published by the IMF, others in various professional journals or books. This book aims to give a flavor of the topics the IMF staff typically examine under the broad rubric of exchange rate analysis, encompassing several topics: determination and impact of the real exchange rate, assessing competitiveness and the equilibrium real exchange rate in specific countries or country groups, and considerations in the choice of exchange rate regime.
Download or read book IEO Report on Multilateral Surveillance written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2006-09-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Surveillance is a core function of the IMF, a critical element of its toolkit for promoting global financial stability. Multilateral surveillance brings into analysis economic linkages and policy spillovers between countries, as well as international economic and market developments. This evaluation report covers the IMF’s multilateral surveillance activities during 2000–05 and addresses a variety of questions: Do the issues analyzed under multilateral surveillance reflect the IMF’s comparative advantage? Are these issues relevant and timely? How well are macroeconomic and capital market surveillance combined in the analysis of relevant issues? How well are the messages of multilateral surveillance presented? And does multilateral surveillance have an impact on country policies? The evaluation concludes with recommendations for the IMF.
Download or read book Progress Report on the Activities of the Independent Evaluation Office written by Internationaler Währungsfonds and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its April 2007 Report to the IMFC, the IEO has released its report on The IMF's Advice on Exchange Rate Policy, continued work on three other evaluations, and issued its Annual Report for 2006-07.
Download or read book Implementation Plan in Response to Board Endorsed Recommendations Arising from the IEO Report on the Evaluation of the IMF Exchange Rate Policy Advice 1999 2005 written by and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-08-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an implementation plan that responds to the Board endorsed recommendations in the IEO Report on the Evaluation of the IMF's Exchange Rate Policy Advice, 1999-2005 ("the IEO Report"). The IEO recommendations and the views of the Executive Board are summarized in Section II, followed by descriptions of implementation plans (Section III) and the projected resource cost associated with the implementation plan (Section IV).
Download or read book IEO Report on the Evaluation of IMF Support to Jordan written by Tsidi M. Tsikata and published by International Monetary Fund. This book was released on 2005 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates the role of the IMF in supporting economic reform in Jordan during 1989–2004. The evaluation provides an opportunity to assess typical features of relations between the IMF and its borrowing members, and to put into a specific country context IEO’s earlier findings on program design and the links between programs, surveillance, and technical assistance. The report highlights a number of broad lessons suggested by the IMF’s experience in Jordan, as well as other lessons focusing on the IMF’s future role in Jordan.