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International Monetary Fund. Independent Evaluation Office

Abstract

20. Executive Board guidance on trade policy since the mid-1990s pushed staff both to broaden the range of issues they covered and to be more selective.5 Discussing the 1994 Comprehensive Trade Paper (an IMF staff review of trade policy issues that was conducted every few years until 1994), Directors asked for more analysis of several issues: macroeconomic effects of trade policies; spillovers, especially from PTAs; and effects of the Uruguay Round, especially on net food importers and countries facing preference erosion. In later years, the Board also asked for staff attention to countries’ positions in the Doha Round, market access for developing country exports, and trade in services. But staff interviewed for the evaluation saw the Board’s decision to abandon the Comprehensive Trade Paper as a sign of reduced interest in trade issues. This perception was reinforced by the streamlining of structural conditionality in 2000 and of trade policy surveillance in 2002. Also, as criteria for streamlining trade advice emerged only gradually through 2005, staff were often unclear when to address issues.

International Monetary Fund

Abstract

Mr. Jon Cunliffe, Chairman of the IMFC Deputies, presented the following report on the activities of the IMFC on behalf of Governor Gordon Brown, Chairman of the IMFC.

International Monetary Fund. External Relations Dept.

T he Independent Evaluation Office (IEO) was established in July 2001 to give the IMF objective and independent evaluations on crucial issues. It is intended to complement the institution’s longstanding internal review and evaluation processes. The IEO’s work is expected to enhance the learning culture within the IMF, strengthen the institution’s external credibility, promote greater understanding of the IMF’s work throughout the membership, and support the Executive Board’s institutional governance and oversight responsibilities. The office is independent

Mr. Ralph Chami, Mr. Ilhyock Shim, and Mr. Sunil Sharma
The paper shows that a coinsurance arrangement among countries can, in principle, play a useful role in helping countries bear the risks involved in developing their economies and integrating into the global financial system. The operation of the coinsurance arrangement is examined under different loan contracts offered by the IMF. The analysis suggests that, if the IMF's objective is to safeguard its resources and be concerned about the welfare of the borrower, an ex ante loan contract is more likely to create the right incentives-induce higher effort by member countries to avoid and overcome crises-than an ex-post loan contract. Such ex ante contracts highlight the need for precommitment to contend with the Samaritan’s dilemma and time inconsistency. The paper also shows that state-contingent repayment schemes are needed to deal with King Lear's dilemma.
Mr. Ralph Chami, Mr. Ilhyock Shim, and Mr. Sunil Sharma

) . Next, the expected utility maximization problem for a surveillance country is solved, given that it will adopt the strategy e 2 * , if it suffers a shock and becomes a program country. Finally, we find the optimal contract ( I 1 * , z L * , z H * ) that the IMF should offer the countries in the coinsurance arrangement. Below, we will examine the IMF’s problem of choosing the optimal contract, under each specification of its mandate. 1. IMF Objective: Safeguarding Resources In this section, we assume that the IMF’s objective function is given by (9) . We

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year 1952. The report highlights that five years since the IMF began operations, there has been a remarkable growth in production and one widespread adjustment of exchange rates. The attainment of a stable international equilibrium, however, still eludes large parts of the world, and there has been little secure or sustained progress toward the IMF objectives of unimpeded multilateral trade and the general convertibility of currencies. The report also discusses the use of the IMF’s resources, gold policy, and exchange restrictions.

International Monetary Fund. External Relations Dept.

Faster, less costly crisis resolution is an IMF objective. Over the past decade, the IMF has been actively engaged in strengthening the framework for crisis resolution and, over the past two years, has devoted particular attention to exploring how unsustainable sovereign debt can be restructured in a rapid and orderly manner. There is now widespread recognition that collective action problems can impede debt restructuring. The large number and considerable diversity of creditors make it difficult to coordinate debt restructuring and more likely that some

International Monetary Fund. External Relations Dept.

Gleneagles Summit and the Millennium Review Summit. An ambitious outcome to the Doha Round is also essential for poverty reduction. IMF objectives and medium-term strategy The Committee welcomes and supports the broad priorities set forth in the Managing Director’s Report on the Fund’s Medium-Term Strategy to improve the IMF’s effectiveness in support of its members. In the coming years the IMF will continue to work to help members meet the economic challenges of globalization within its mandate in the macroeconomic and financial areas. The Committee looks