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International Monetary Fund
The actions in this document aim at • Bringing the Fund’s framework for advice on capital flow policies up to date with recent research and lessons from experience. • Enhancing and coordinating a Fund-wide research • Ramping up the monitoring and analysis of capital flows. • Strengthening multilateral cooperation on policy issues affecting capital flows.

and macroprudential measures, deepen work on the Integrated Policy Framework, and explore refinements to analyze the effects of capital account-related issues on external balances. ▸ Improve the monitoring and analysis of capital flows, including by increasing resources for the Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), producing indices of capital account openness, and updating the IMF Taxonomy of Capital Flow Management Measures. ▸ Strengthen cooperation on policy issues affecting capital flows with the OECD and other

International Monetary Fund

capital account openness, and update the IMF Taxonomy of Capital Flow Management Measures. Strengthening multilateral cooperation on policy issues affecting capital flows , with proposals to deepen cooperation with the Organization for Economic Cooperation and Development (OECD), and work in collaboration with other international organizations on how best to address systemic concerns affecting the global financial system. Approved By Uma Ramakrishnan and Ratna Sahay Prepared by a staff team led by Annamaria Kokenyne Ivanics (MCM) and Pablo Morra (SPR) and

International Monetary Fund

, in recent years, the Fund has stepped up efforts to explain to the membership the application of the IV in practice, including through notes for the G20, engagements with the membership during the Spring and Annual Meetings, the publication of the IMF Taxonomy of CFMs, and by cooperating with other international organizations such as the OECD. It is also encouraging that countries’ policy choices during periods of capital inflow surges and reversals seem to have been broadly in line with the IV’s overall framework. Countries have generally relied on a mix of

International Monetary Fund

update of the IMF Taxonomy of CFMs on the IMF external website by end 2021 (see proposed action in Annex I). The Taxonomy contains information about measures assessed by Fund staff as CFMs or CFM/MPMs and discussed in published IMF staff reports since the adoption of the IV. It serves as a reference for the various types of measures that have been introduced or adjusted by countries to manage and liberalize capital flows during that period. Like the AREAER, the CFM Taxonomy is a public good that serves both to monitor capital flow policies as well as to undertake

International Monetary Fund
As noted in the report, the adoption of the IV represented a major advance in the IMF’s policy framework to provide advice on capital account liberalization and the management of capital flows. Before the adoption of the IV, there was no consistent framework to guide policy advice on these areas. The IV was a major step towards filling the gap existing at the time. It welcomed the economic benefits of capital flows while recognizing the risks associated with capital flow volatility, developed a playbook for safe capital account liberalization, and incorporated capital flow management measures (CFMs) into the policy toolkit. It also noted the importance of international cooperation on capital flow policies in allowing countries to harness the benefits of capital flows safely, while minimizing negative spillovers. It was a demonstration of the institution’s flexibility and willingness to embrace theoretical advances and lessons from experience.
International Monetary Fund
This Work Program (WP) translates the strategic directions and policy priorities laid out in the Spring 2018 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months.