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Industrial Policy Coverage in IMF Surveillance— Broad Considerations

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  • International Monetary Fund

Abstract

The paper aims to provide a conceptual framework and guiding principles for the coverage of Industrial Policy (IP) in IMF surveillance. It proposes a working definition of industrial policy, discusses its objectives and main instruments, and provides a brief review of academic literature on IP. The paper discusses the four broad sets of considerations for assessing IP: justification, design, cost-benefit assessment, and implementation. It stresses that IP should be covered in IMF surveillance when it is deemed macro-critical and/or has the potential to generate significant cross-border spillovers. The paper also discusses specific aspects of industrial policies, including trade-related IP, green IP, Special Economic Zones (SEZs), and State-Owned Enterprises (SOEs), and provides examples of the IP coverage in the Article IV consultations with China, Euro Area, Indonesia, Saudi Arabia, and the United States.

Suggested Citation

  • International Monetary Fund, 2024. "Industrial Policy Coverage in IMF Surveillance— Broad Considerations," IMF Policy Papers 2024/008, International Monetary Fund.
    • Handle: RePEc:imf:imfpps:2024/008
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