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IMF Article IV Reports: An Analysis of Policy Recommendations

Author

Listed:
  • 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?. (?)

Suggested Citation

  • Rathin Roy & Raquel Almeida Ramos, 2012. "IMF Article IV Reports: An Analysis of Policy Recommendations," Working Papers 86, International Policy Centre for Inclusive Growth.
  • Handle: RePEc:ipc:wpaper:86
    as

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    File URL: http://www.ipc-undp.org/pub/IPCWorkingPaper86.pdf
    File Function: First version, 2012
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    References listed on IDEAS

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    5. 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.
    6. 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.
    7. Stijn Claessens & Luc Laeven & Deniz O Igan & Giovanni Dell'Ariccia, 2010. "Lessons and Policy Implications from the Global Financial Crisis," IMF Working Papers 10/44, International Monetary Fund.
    8. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
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    10. 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.
    11. Christopher J. Neely, 1999. "An introduction to capital controls," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 13-30.
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    Cited by:

    1. Raquel Almeida Ramos, 2012. "Financial Flows and Exchange Rates: Challenges Faced by Developing Countries," Working Papers 97, International Policy Centre for Inclusive Growth.
    2. repec:ilo:ilowps:478371 is not listed on IDEAS
    3. Islam, Iyanatul. & Ahmed, Ishraq. & Roy, Rathin. & Ramos, Raquel., 2012. "Macroeconomic policy advice and the Article IV consultations a development perspective," ILO Working Papers 994783713402676, International Labour Organization.
    4. Csávás Csaba & Csom-Bíró Gabriella, 2017. "Indicators Used for the Assessment of the Reserve Adequacy of Emerging and Developing Countries – International Trends in the Mirror of Theories," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(1), pages 5-45.

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