Implications for IMF Policies arising from Effects on Developing Countries of Industrial-Country Macroeconomic Policies
A study of the effects on developing countries of the macroeconomic policies of industrial countries was commissioned by the Intergovernmental Group of Twenty-Four on International Monetary Affairs (G-24); it was submitted to the Ministers at their meeting in Washington on 25 September 1993. In welcoming the study, the Ministers ‘drew attention to the study’s principal conclusion that performance of the developing countries is not only affected by industrial-country policies, but also directly affects the prospects for growth in the industrial world’. Ministers called on the Fund ‘to continue work on the interdependencies between industrial and developing country policies as an integral part of its surveillance responsibilities’ (IMF, 1993c, p. 334). Other conclusions of the study (referred to hereafter as the G-24 study) are summarized in the annex to this paper.
KeywordsWorld Trade Organization Real Interest Rate Capital Flow Recipient Country Current Account Deficit
Unable to display preview. Download preview PDF.
- Economist (The) (1994), 12 March.Google Scholar
- Finch, C.D. (1993) ‘IMF Surveillance and the G-24’, in UNCTAD, International Monetary and Financial Issues for the 1990s, vol. II (New York: United Nations, UNCTAD/GID/G24/2).Google Scholar
- Garten, J. (1994), United States Undersecretary for Commerce, quoted in Wall Street Journal, 25 Februar.Google Scholar
- IMF (1993a) Private Market Financing for Developing Countries (Washington, DC: International Monetary Fund), December.Google Scholar
- IMF (1993b) Staff Studies for the World Economic Outlook (Washington, DC: International Monetary Fund), December.Google Scholar
- IMF (1993c), Group of 24 Press Communiqué IMF Survey, vol. 22, no. 20 (25 October).Google Scholar
- IMF (1993d) World Economic Outlook (Washington, DC: International Monetary Fund), May.Google Scholar
- IMF (1993e) World Economic Outlook (Washington, DC: International Monetary Fund), October.Google Scholar
- Kenen, P.B. (1993) ‘Reforming the International Monetary System: An Agenda for Developing Countries’, paper presented in Forum on Debt and Development (FONDAD) and published in J.J. Teunissen (ed.) The Pursuit of Reform: Global Finance and the Developing Countries (Proceedings of the Conference on the Functioning of the International Monetary System and Financing of Development, Netherlands Ministry of Foreign Affairs, 21 - 2 June, The Hague).Google Scholar
- Mohammed, A.F. (1993) ‘Some Effects of Industrial Country Macroeconomic Policies on Developing Countries’, paper prepared for G-24, Washington, DC, September.Google Scholar
- Polak, J.J. (1993) ‘Half a Century after Bretton Woods: The Role of the IMF in the International Monetary System’, paper presented at the ICMB Conference on the Future of the International Monetary System and its Institutions, 2 - 4 September, Geneva.Google Scholar
- Schadler, S., M. Carkovic, A. Bennet and R. Khan (1993) ‘Recent Experiences with Surges in Capital Inflows’, IMF Occasional Paper no. 108 (Washington, DC), December.Google Scholar