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Independent Evaluation at the IMF
This volume examines how independent evaluation contributes to the legitimacy and effectiveness of the IMF. It describes the evolution and impact of the Independent Evaluation Office ten years after its creation as well as the challenges it has faced. It also incorporates feedback from a wide range of internal and external actors and offers useful insights for international organizations, academics, and other global stakeholders.
Studies of IMF Governance
The papers in this volume draw on background work done in preparation for the study Governance of the IMF: An Evaluation, Independent Evaluation Office, International Monetary Fund, May 28, 2008 (available at http://www.ieo-imf.org). This compilation presents in one collection the most recent work to date on the subject of governance of the IMF and contributes to the ongoing dialogue on how best to strengthen the governance of this important global institution. Good governance can contribute to the IMF’s legitimacy by ensuring appropriate voice and representation for the membership, by allowing the Fund to fulfill its mandates effectively and efficiently, and by facilitating accountability...
Structural Conditionality in IMF-Supported Programs
This evaluation examines factors influencing the effectiveness of the IMF structural conditionality in bringing about structural reform. It assesses the impact of the streamlining initiative launched in 2000 and of the 2002 Conditionality Guidelines. These guidelines aimed at reducing the volume and scope of structural conditionality by requiring “parsimony” in the use of conditions and stipulated that conditions must be “critical” to the achievement of the program goals. The evaluation finds that during the period 1995–2004, there was extensive use of structural conditionality in IMF-supported programs, with an average of 17 conditions per program/year.
The Role of the IMF as Trusted Advisor
The IMF carries out its mandate to foster macroeconomic stability and thereby facilitate prosperity by promoting the adoption of sound policies and international cooperation. Ultimately, the means to achieve these goals is to have Fund policy advice translated into concrete action. Key to achieving such traction is the relationship between Fund staff and member country authorities, together with the quality of the advice and members’ confidence in it. That is, the Fund needs to be seen as a trusted advisor. This evaluation examines in what circumstances the Fund is viewed as a trusted advisor to its member countries. It uses evidence gathered since 2005, but emphasizes the period since the onset of the global crisis in 2007–08. Because the concept of trusted advisor is “in the eyes of the beholder,” the evaluation derives the main attributes from country authorities themselves.
Russia
Spanish edition (Experiencia de Asia Oriental). East Asian policies that fostered economic growth, reduced poverty, and raised living standards are the main theme of this cogent overview. Seven newly industrialized economies (NIEs) are described and compared. They are Hong Kong, Indonesia, Korea, Malaysia, Singapore, Taiwan, and Thailand. These country studies examine the macroeconomic policies common to NIEs. They review the highly flexible government interventions that succeeded in developing key industries and the more aggressive interventions that led to failure. The role foreign direct investment plays in producing dramatic growth is also discussed. Also available in English (ISBN 0-8213-2607-4) Stock No. 12607.
Annual Report on Exchange Arrangements and Exchange Restrictions 2009
Published since 1950, this authoritative, annual reference is based upon a unique IMF database that tracks exchange and trade arrangements for all 185 IMF member countries, along with Hong Kong SAR, Aruba, and the Netherlands Antilles. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) draws together information available to the IMF from a number of sources, including during official IMF staff visits to member countries. There is a separate chapter for each of the 187 countries included, and these are presented in a clear, easy-to-read tabular format. A summary table allows for simple cross-country comparisons of key features of their exchange and trade regimes. Th...
Illustrative Effects of Voluntary Debt and Debt Service Reduction Operations
This paper discusses the potential effects of voluntary debt and debt service reduction operations supported by multilateral agencies and governments of creditor countries. The paper considers alternative financial structures for these operations : buy-backs, par and discounted debt exchanges and concessional debt restructurings. The note concludes that for relatively small market based operations, the overall benefits to the country under those alternative structures are likely to be very similar. Tax and regulatory benefits as well as the possibility of creating some degree of seniority for exit bonds, could enhance the benefits obtained through debt exchanges relative to buy-backs. Concessional loan restructurings are the most difficult to evaluate, because the outcome hinges on the determinants of the bargaining strength of each side, as well as on the economics of debt reduction.
