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This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.

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Genre: Business & Economics
Author: Mr. Steven A. Symansky
Publisher: International Monetary Fund
Release: 1994-09-15
File: 31 Pages
ISBN-13: 9781452783277

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Dated December 1994

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Genre: Business & Economics
Author: Vários Autores
Publisher: International Monetary Fund
Release: 1994-09-15
File: 26 Pages
ISBN-13: 1557754519

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The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the collective research of the economics profession. The research has provided several general approaches that are useful for assessing whether countries' exchange rates seem broadly appropriate. One involves the calculation of purchasing power-party (PPP) measure or international competitiveness indicators. A second, known as the macroeconomic balance framework, focuses on the extent to which prevailing exchange rates and policies are consistent with simultaneous internal and external equilibrium over the medium run. Some recent extensions of the macroeconomic balance approach and the manner in which it is applied by the IMF staff are described in this paper.

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Genre: Business & Economics
Author: International Monetary Fund
Publisher: International Monetary Fund
Release: 1998-07-24
File: 79 Pages
ISBN-13: 1557757313

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In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

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Genre: Business & Economics
Author: Vários Autores
Publisher: International Monetary Fund
Release: 1996-09-26
File: 91 Pages
ISBN-13: 1557755620

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Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.

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Genre: Business & Economics
Author: International Monetary Fund Staff
Publisher: International Monetary Fund
Release: 1996-06-18
File: 88 Pages
ISBN-13: 1557755612

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This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.

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Genre: Business & Economics
Author: Tomás J. T. Baliño
Publisher: International Monetary Fund
Release: 1997-09-05
File: 52 Pages
ISBN-13: 1557756686

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Faced with a steadily worsening economy, the government of the Lao Peoples Democratic Republic took its first steps toward reforming its centrally planned economy in December 1979. The reform process gathered momentum with the introduction of the New Economic Mechanism in 1985, as the authorities began a series of far-reaching policy reforms in virtually all economic areas. This paper provides a much-needed overview of the Lao P.D.R.'s experience with systemic transformation and macroeconomic adjustments in recent years and highlights challenges that the country is likely to face in the coming years.

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Genre: Economic development
Author: Jonathan G. Anderson
Publisher: International Monetary Fund
Release: 1996-05-28
File: 70 Pages
ISBN-13: 1557755604

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Poland was the first centrally planned economy in Eastern Europe to leave the Soviet bloc and introduce systemic reforms in all sectors of the economy. The transformation of the National Bank from a monobank to an institution of a market-based system and the Polish financial sector into a market-oriented banking system was an important element of the reform process and received strong support from the IMF and the international community. This paper describes the steps taken by the National Bank, analyzes the monetary situation, and makes recommendations.

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Genre: Business & Economics
Author: International Monetary Fund Staff
Publisher: International Monetary Fund
Release: 1996-11-04
File: 48 Pages
ISBN-13: 1557756023

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Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

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Genre: Business & Economics
Author: International Monetary Fund Staff
Publisher: International Monetary Fund
Release: 1996-10-24
File: 38 Pages
ISBN-13: 1557755833

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Over the past two decades, sub-Saharan Africa has lagged behind other regions in economic performance. The important overall indicators of performance, however, mask wide differences among countries. On the whole, countries that effectively implemented comprehensive adjustment and reform programs showed better results. Their experiences demonstrate that an expansion in private saving and investment is key to achieving gains in real per capita GDP. The four papers included in this publication provide a cross country analysis that assesses empirically the role of publlic policies in stimulating private saving and investment in the region in 1986-92 and describe the adjustment experiences of Ghana (1983-91), Senegal (1978-1993), and Uganda (1987-94).

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Genre: Business & Economics
Author: Michael T. Hadjimichael
Publisher: International Monetary Fund
Release: 1996-10-15
File: 88 Pages
ISBN-13: 1557755663

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