Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators
This report comprises three papers written by staff members of the Fund's Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund's Board of Governors and were subsequently discussed by the Fund's Executive Board in early 1986.
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allocation appropriate argued assessment balance of payments Bretton Woods system capital ﬂows changes coordination creditworthiness current account deﬁned Deputies agree developing countries difﬁcult domestic policies economic performance economic policies effective efﬁcient exchange rate developments exchange rate movements exchange rate policies exchange rate stability exchange rate system Executive Board external factors ﬁnancial markets ﬁnancing ﬁrst ﬁscal deﬁcit ﬁscal policy ﬂexibility ﬂoating rates foreign exchange market framework Fund surveillance Group of Twenty-Four growth IBRD improve increase inﬂation inﬂuence interest rates international liquidity International Monetary Fund international monetary system macroeconomic macroeconomic policies major currencies major industrial countries medium-term ment misalignment monetary and ﬁscal monetary policy multilateral surveillance national policies nomic ofﬁcial paragraph payments adjustment percent present system procedures programs promote proposal real exchange rate reﬂect reserves role short-term signiﬁcant speciﬁc sufﬁcient surveillance document target zones trade Twenty-Four Report U.S. dollar underlying variables world economy