NDLI: Assessing the implementation of the IMF’s 2007 surveillance decision

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Jean Pisani-Ferry and Adam S. Posen. 2009. The Euro at Ten: The next global currency? (Washington D.C.: Peterson Institute for International Economics, Bruegel)

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Assessing the implementation of the IMF’s 2007 surveillance decision

Content Provider	Springer Nature Link
Author	Vasishtha, Garima Lavigne, Robert
Copyright Year	2010
Abstract	On June 15, 2007, the International Monetary Fund (IMF) adopted the “2007 Decision on Bilateral Surveillance over Members’ Policies,” a landmark reform that modernizes the general principles of the IMF’s bilateral surveillance. This paper assesses the first year of the Decision’s implementation in Article IV reports. We develop a questionnaire based on the key aspects of the Decision, which is used to evaluate Article IV reports published before and after the adoption of the new Decision for twenty-four countries. We find that the Decision has significantly increased the overall quality of Article IV reports, with improvements noted in emerging-market, advanced, and developing countries. Bilateral surveillance is more focused on external stability and core macroeconomic policies. Exchange rate analysis, in particular, has improved significantly. We note, however, that the integration with multilateral surveillance remains relatively weak and that cross-country spillovers still do not receive sufficient attention. Moreover, while most reports examine domestic stability in some detail, the link between domestic stability and external stability is not adequately analyzed. On the issue of the even-handed application of the Decision, we conclude that implementation has been broadly similar across country income groups, although differences remain for specific aspects of the Decision.
Starting Page	27
Ending Page	52
Page Count	26
File Format	PDF
ISSN	15597431
Journal	The Review of International Organizations
Volume Number	5
Issue Number	1
e-ISSN	1559744X
Language	English
Publisher	Springer US
Publisher Date	2010-01-14
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	International Monetary Fund IMF surveillance Exchange rates Economics general Political Science Social Sciences
Content Type	Text
Resource Type	Article
Subject	Political Science and International Relations Economics and Econometrics Organizational Behavior and Human Resource Management

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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