Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Research Department.
|
|---|
| ISBN: | 1451893930
9781451893939
1281394009
9781281394002
1462342965
9781462342969
145273514X
9781452735146
9786613780058
6613780057
|
|---|
| Notes: | Includes bibliographical references (pages 18-20).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
|
|---|
| Summary: | From the day in 1947 that the Fund opened its doors for business, member countries came to it to seek credit when they encountered deficits in their balances of payments that they found difficult to finance from their own reserves. To ensure that these countries would correct their payments positions within a reasonable period, the Fund had to have an understanding of the causes of the payments deficits and, both qualitatively and quantitatively, of the policy measures necessary to overcome them. Only then could it come to a judgment whether the actual or proposed policies of the member would be sufficient to restore balance and, if not, to insist on a strengthened policy package as a condition for its credit. The model that the Fund introduced in the 1950s to meet this need appeared to be still very much alive 30 or 40 years later. About one-half of a 1987 Occasional Paper (no. 55), attributed to no fewer than eight senior staff members of the Research Department and entitled Theoretical Aspects of the Design of Fund-Supported Adjustment Programs (IMF 1987, hereinafter referred to as OP55), was devoted to an exposition of the model and its implications for policy. In 1996, a workbook prepared as a training manual in the Fund's Institute (Financial Programming and Policy: The Case of Sri Lanka; IMF 1996, hereinafter referred to as Sri Lanka) focuses, as its title indicates, on the technique of financial programming, and its monetary chapter is built around the same monetary model. Fund stand-by and other financial support arrangements continue to be designed around monetary targets serving as "performance criteria" for the release of successive tranches or as "benchmarks" that play a major role in the reviews of such arrangements
|
|---|
| Other form: | Print version: Polak, J.J. (Jacques Jacobus), 1914- IMF monetary model at forty. [Washington, D.C.] : International Monetary Fund, Research Dept., ©1997
|
|---|
| Standard no.: | 10.5089/9781451893939.001
|
|---|
