Advanced Search
MyIDEAS: Login

Strengthening IMF Surveillance: An Assessment of Recent Reforms

Contents:

Author Info

  • Robert Lavigne
  • Lawrence Schembri

Abstract

The authors assess the potential impact of recently approved reforms to International Monetary Fund (IMF) surveillance; namely, the "2007 Decision on Bilateral Surveillance Over Members' Policies" and the "Statement of Surveillance Priorities" (SSP). They conclude that these complementary reforms have the potential to create a comprehensive and coherent framework for IMF surveillance. If implemented properly, the reforms could strengthen the effectiveness of surveillance and thus enhance the IMF's ability to prevent crises and maintain a stable international financial system. Moreover, the impact of the reforms would be increased with a few refinements to the application of the 2007 Decision -- in particular, a focus on real exchange rate adjustment, rather than exchange rate misalignment -- and some evolutionary amendments to the SSP. In addition, surveillance reforms would be more effective if they were supported by changes to the surveillance review process and by governance reforms that enhance the IMF's accountability framework and improve member co-operation.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.bankofcanada.ca/en/res/dp/2009/dp09-10.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Bank of Canada in its series Discussion Papers with number 09-10.

as in new window
Length: 23 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:bca:bocadp:09-10

Contact details of provider:
Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Phone: 613 782-8845
Fax: 613 782-8874
Web page: http://www.bank-banque-canada.ca/

Related research

Keywords: International topics;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Robert Lavigne & Philipp Maier & Eric Santor, 2007. "A Vision for IMF Surveillance," Working Papers 07-37, Bank of Canada.
  2. C. Randall Henning, 2008. "Accountability and Oversight of US Exchange Rate Policy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4198.
  3. Garima Vasishtha & Robert Lavigne, 2010. "Assessing the implementation of the IMF’s 2007 surveillance decision," The Review of International Organizations, Springer, vol. 5(1), pages 27-52, March.
  4. Eric Santor, 2006. "Governance and the IMF: Does the Fund Follow Corporate Best Practice?," Working Papers 06-32, Bank of Canada.
  5. Philipp Maier & Eirc Santor, 2008. "Reforming the IMF: Lessons from Modern Central Banking," Discussion Papers 08-6, Bank of Canada.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Carlo Gola & Francesco Spadafora, 2009. "Financial Sector Surveillance and the IMF," IMF Working Papers 09/247, International Monetary Fund.
  2. Garima Vasishtha & Robert Lavigne, 2010. "Assessing the implementation of the IMF’s 2007 surveillance decision," The Review of International Organizations, Springer, vol. 5(1), pages 27-52, March.
  3. Olivier Gervais & Lawrence Schembri & Lena Suchanek, 2011. "External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies," Discussion Papers 11-5, Bank of Canada.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:bca:bocadp:09-10. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.