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IMF Article IV Reports: An Analysis of Policy Recommendations

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  • Rathin Roy

    ()
    (International Policy Centre for Inclusive Growth)

  • Raquel Almeida Ramos

    ()
    (IPC-IG)

Abstract

When the International Monetary Fund (IMF) was created during the United Nations Monetary and Financial Conference in 1944, its purpose was ?to provide a framework that facilitates the exchange of goods, services, and capital among countries, and that sustains sound economic growth.? In that context of the Bretton Woods system, the Fund?s main responsibility was to support the operation of the new system of fixed exchange rate regimes. With the breakdown of the par-value system in 1971, the Article on exchange rate arrangements, Article IV, had to be revised to legalise the choice for a floating exchange rate regime. In accordance with the new principle of guaranteeing a stable system of exchange rates, the Article stated that member countries should seek a stable exchange rate arrangement and mentioned policies they should pursue to achieve these goals. The Article makes reference not only to external aspects, such as exchange rate manipulation, but also to the domestic side? ?orderly economic growth with reasonable price stability? and ?orderly underlying economic and financial conditions?. (?)

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File URL: http://www.ipc-undp.org/pub/IPCWorkingPaper86.pdf
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Bibliographic Info

Paper provided by International Policy Centre for Inclusive Growth in its series Working Papers with number 86.

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Length: 45
Date of creation: Feb 2012
Date of revision:
Publication status: Published by UNDP - International Policy Centre for Inclusive Growth , February 2012, pages 1-45
Handle: RePEc:ipc:wpaper:86

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Keywords: IMF Article IV Reports: An Analysis of Policy Recommendations;

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  1. Márcio Gomes Pinto Garcia & Bernando S. de M. Carvalho, 2006. "Ineffective controls on capital inflows under sophisticated financial markets: Brazil in the nineties," Textos para discussão 516, Department of Economics PUC-Rio (Brazil).
  2. Berganza, Juan Carlos & Broto, Carmen, 2012. "Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries," Journal of International Money and Finance, Elsevier, vol. 31(2), pages 428-444.
  3. Roberto Frenkel, 2006. "An alternative to inflation targeting in Latin America: macroeconomic policies focused on employment," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 573-591, July.
  4. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements.
  5. Alvaro Angeriz & Philip Arestis, 2006. "Has inflation targeting had any impact on inflation?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 559-571, July.
  6. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number marshall1890.
  7. Stijn Claessens & Luc Laeven & Deniz Igan & Giovanni Dell'Ariccia, 2010. "Lessons and Policy Implications From the Global Financial Crisis," IMF Working Papers 10/44, International Monetary Fund.
  8. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
  9. Charles Freedman & Douglas Laxton, 2009. "Why Inflation Targeting?," IMF Working Papers 09/86, International Monetary Fund.
  10. Christopher J. Neely, 1999. "An introduction to capital controls," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 13-30.
  11. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August.
  12. David, Drukker & Pedro, Gomis-Porqueras & Paula, Hernandez -erme, 2005. "Threshold effects in the relationship between inflation and growth: a new panel-data approach," MPRA Paper 38225, University Library of Munich, Germany.
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Cited by:
  1. Islam, Iyanatul & Ahmed, Ishraq & Roy, Rathin & Ramos, Raquel, 2012. "Macroeconomic policy advice and the Article IV consultations a development perspective," ILO Working Papers 478371, International Labour Organization.
  2. Raquel Almeida Ramos, 2012. "Financial Flows and Exchange Rates: Challenges Faced by Developing Countries," Working Papers 97, International Policy Centre for Inclusive Growth.

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