Policy Papers
2005
March 3, 2005
Review of the 2002 Conditionality Guidelines
March 1, 2005
Oil Market Developments and Issues
Description: The discussion in this paper of the causes and consequences of recent oil price increases, and the appropriate policy response, is framed by the volatility and uncertainty that characterize the oil market. Volatile prices arise from supply and demand that are both highly inelastic in the short run, with the result that even small shocks can have large effects on price. The difficulty of predicting long-run supply and demand creates uncertainty about future prices. Further, even current supply and demand data are lacking, which results in additional uncertainty. These features of uncertainty and volatility of prices make it difficult to reach simple conclusions about how oil producers and consumers should respond to price changes.
March 1, 2005
Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging from Crisis - Further Considerations
Description: This paper essentially confirms the main findings of the paper previously discussed by the Board. It (i) discusses the external conditions and the domestic economic policy stance needed for a country to reaccess international Capital markets and (2) describes other considerations to reaccess markets, including a communications strategy and the design of debt instruments to regain market access.
February 25, 2005
Offshore Financial Centers - The Assessment Program - A Progress Report
February 22, 2005
Financial Sector Assessment Program - Review, Lessons, and Issues Going Forward
Description: This paper reports on developments in the Financial Sector Assessment Program (FSAP) since the last Board review of the FSAP in spring 2003 and discusses staff views of the programs evolution.
February 22, 2005
What Hinders Investment in the Oil Sector?
February 15, 2005
Trade Conditionality Under Fund-Supported Programs, 1990-2004
February 14, 2005
Review of the IMF's Trade Restrictiveness Index
Description: This paper examines the construction of the index and its use over the past seven years, identifies its limitations, examines several alternative measures of trade policy, and highlights some options for improving the Fund’s use of trade policy indicators.
February 8, 2005
Integrating IMF Communications and Operations
Description: Transparency and communication have become central to the IMF's mission. The main thesis is that an important means of further strengthening the IMF's external communication in the period ahead will be better coordination and integration of communication with the IMF's policies and operations, especially in country work and for major policy initiatives and issues. Options for implementing the IMF's existing external communications strategy that can be accommodated within existing budget limits are highlighted for discussion.
February 7, 2005
Review of Fund Work on Trade
Description: The Fund has responded to a number of recent challenges facing its members by stepping up its work on trade. The Fund’s trade agenda has been shaped by both Executive Board guidance and demands on missions. The present report assesses the Fund’s priorities in the trade area, takes stock of its work, and reviews the Fund’s collaboration and division of labor with other institutions.