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Front Matter
- R. Johnston, and Mark Swinburne
- Published Date:
- September 1999
© 1999 International Monetary Fund
Production: IMF Graphics Section
Figures: Theodore F. Peters, Jr.
Typesetting: Joseph Ashok Kumar
ISBN 9781557757951
ISSN 0258-7440
Price: US$25.00
(US$20.00 to full-time faculty members and students at universities and colleges)
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Contents
- Preface
- List of Abbreviations
- Part I
- I Overview
- II Convertibility of Currencies for Current International Payments and Transfers
- The IMF’s Jurisdictional View of Exchange Restrictions
- Trends in Exchange Controls on Payments for Current Account Transactions and Current Transfers
- Coordinating Exchange and Trade Liberalization
- Bilateralism and Regionalism
- Procedures for Acceptance of Obligations of Article VIII, Sections 2, 3, and 4
- III Controls on Capital Movements
- IV Developments in Exchange Rate Arrangements and Markets
- Part II
- V Phasing Exchange and Trade Liberalization
- VI Capital Account Liberalization in Selected Asian Crisis Countries
- VII Indices of Exchange and Capital Controls and Relationships with Economic Development
- VIII Recent Technical Assistance on Exchange Systems, 1994–97
- IX An Operational View of the Foreign Exchange Market
- Part III
- Stastical Appendix
- Boxes
- Section
- IV
- VI
- VII
- VIII
- Biblography
- Tables
- Section
- II
- III
- IV
- 8. Exchange Rate Arrangements as of December 31, 1997
- 9. Evolution of Pegged Exchange Rate Regimes in Official Versus De Facto Classification
- 10. New IMF Exchange Rate Classification as of December 31, 1997
- 11. Exchange Rate Regime and Various Aspects of Exchange Systems, End of 1997
- 12. Exchange Rate Regime Response to Capital Inflows
- 13. Summary Features of Forward Exchange Markets in Selected Developing Countries, End of 1997
- IV
- V
- 15. Phases of Exchange and Trade Reforms in China, 1979–97
- 16. Individual Indicators of the Extent of Liberalization for China
- 17. Phases of Exchange and Trade Reforms in India, 1991–97
- 18. Individual Indicators of the Extent of Liberalization for India
- 19. Phases of Exchange and Trade Reforms in Korea, 1961–97
- 20. Individual Indicators of the Extent of Liberalization for Korea
- 21. Phases of Exchange and Trade Reforms in Mexico, 1983–97
- 22. Individual Indicators of the Extent of Liberalization for Mexico
- 23. Phases of Exchange and Trade Reforms in Russia, 1992–97
- 24. Individual Indicators of the Extent of Liberalization for Russia
- 25. Reform Sequence Matrix for China
- 26. Reform Sequence Matrix for India
- 27. Reform Sequence Matrix for Korea
- 28. Reform Sequence Matrix for Mexico
- 29. Reform Sequence Matrix for Russia
- 30. Summary Statistics
- 31. Correlations
- 32. Estimation Results
- VI
- VIII
- IX
- Appendix
- A1. Restrictions Maintained by Countries with Article XIV Status, 1997
- A2. Restrictions Maintained by Countries with Article VIII Status, 1997
- A3. Total External Payments Arrears, 1993–97
- A4. Regional Payment Arrangements, December 1997
- A5. Members Accepting Article VIII, Sections 2, 3, and 4, and Nature of Restrictions Maintained, 1994–971
- A6. Country Groupings
- A7. Evolution of Exchange Rate Regimes in Transition Economies
- A8. Changes in Exchange Arrangements, First Quarter 1994-Fourth Quarter 1997
- A9. Changes in Exchange Rate Arrangements Affecting the Official Classification and Other Currency Adjustments, 1994-December 31, 1997
- A10. Exchange Rate Bands in Selected Countries
- A11. Exchange Rate Regimes and Indices of Exchange and Capital Controls, 1996
- A12. Foreign Exchange (FX) Market Development, Mid-1997
- Figures
- Section
- I
- II
- III
- IV
- 5. Exchange Rate Arrangements of Member Countries
- 6. Expanded IMF Classification of Exchange Rate Arrangements as of December 31, 1997
- 7. Exchange Rate Arrangements: Comparison of IMF Classification, De Facto Arrangements, and Choices of Monetary Anchors as of December 31, 1997
- 8. Evolution of Exchange Rate Regimes—Expanded Classification
- VII
- 9. Index of Controls on Current Payments and Transfers, 1996
- 10. Index of Capital Controls, 1996
- 11. Index of Exchange and Capital Controls, 1996
- 12. Controls on Current Payments and Transfers and Capital Movements
- 13. Exchange and Capital Controls and GNP Per Capita
- 14. Exchange and Capital Controls and Tariff Barriers
The following symbols have been used throughout this volume:
… to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (for example, 1995–96 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (for example, 1995/96) to indicate a fiscal or financial year.
“Billion” means a thousand million; “trillion” means a thousand billion.
“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).
“n.a.” means not applicable.
Minor discrepancies between constituent figures and totals are due to rounding.
As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.
Preface
This study is the latest in a series reviewing developments and issues in the exchange arrangements and currency convertibility of IMF members. The last report on this topic was published in April 1995 as Issues in International Exchange and Payments Systems. The present report was completed in July 1997, and outlines developments on the basis of information available at that time. The principal information source is the Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) prepared in consultation with national authorities. Beginning in 1996, the coverage of the AREAER was significantly expanded to cover the regulations that affect cross-border capital transactions in a more comprehensive manner. The format of the AREAER report was also changed to present the information in a standardized tabular format. These modifications are reflected in the coverage and content of this study.
The study was prepared in the Exchange Regime and Market Operations Division, Monetary and Exchange Affairs Department, under the direction of R. Barry Johnston, Division Chief. The division is also responsible for the preparation of the AREAER. Coauthors of the study are Mark Swinburne, Deputy Division Chief; Alexander Kyei, Bernard Laurens, and Susana Sosa, Senior Economists; Inci Otker and Natalia Tamirisa, Economists; and David Mitchem, Consultant. Virgilio Sandoval and Melissa Weiss provided the research assistance. Francine Koch provided excellent secretarial assistance. Juanita Roushdy of the External Relations Department edited the manuscript and coordinated production of the publication.
The study has benefited from comments and suggestions from staff of other IMF departments, as well as from Executive Directors; however, the analysis and policy considerations are those of the contributing staffs and should not be attributed to Executive Directors, or their national authorities.
List of Abbreviations
African Department (Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Republic of Congo, Equatorial Guinea, Eritrea, Ethopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, São Tomé and Príncipe, Senegal, Seychelles, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Uganda, Zambia, and Zimbabwe)
Asia and Pacific Department (Australia, Bangladesh, Bhutan, Brunei, Cambodia, China, Fiji, Hong Kong SAR, India, Indonesia, Japan, Kiribati, Korea, Lao People’s Democratic Republic, New Zealand, Macao, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nepal, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Taiwan Province of China, Thailand, Tonga, Vanuatu, and Vietnam)
Annual Report on Exchange Arrangements and Exchange Restrictions
Bangkok International Banking Facility
Bank for International Settlements
Bilateral payment arrangement
Bangko Sentral Registration Document
Currency board arrangement
Controls on current payments and transfers indices
China’s Foreign Exchange Trading System
Continuous linked settlement
Continuous Linked Settlement Services
Council for Mutual Economic Assistance
Committee on Payment and Settlement Systems
Electronic Brokering System
European Central Bank
Exchange Clearing House
Exchange and capital controls indices
European currency unit
European Monetary System
European Economic and Monetary Union
Exchange rate mechanism
Enhanced Structural Adjustment Facility
European I Department (Albania, Aruba, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Malta, the Netherlands, the Netherlands Antilles, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and former Yugoslav Republic of Macedonia
European II Department (Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan)
Foreign currency deposit unit
Foreign exchange adjustment center
Foreign-funded enterprises
Foreign trading company
Gross domestic product
Gross national product
International Organization of Securities Commissions
Capital controls indices
Latin American Integration Association Reciprocal Payments and Credit Agreement
London International Financial Futures Exchange
Multilateral Agreement on Investment
Multiple currency practices
Middle Eastern Department (Islamic State of Afghanistan, Algeria, Bahrain, Djibouti, Egypt, Islamic Republic of Iran, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Jamahiriya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Syrian Arab Republic, Sudan, Tunisia, United Arab Emirates, and Republic of Yemen)
Moscow Interbank Foreign Currency Exchange
Multilateral Investment Guarantee Agency
Nondeliverable forward
Nondeliverable forward contract
Organization for Economic Cooperation and Development
State Administration of Exchange Control
Security and Exchange Commission
Special import license
Western Hemisphere Department (Antigua and Barbuda, Argentina, The Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia, Suriname, St. Vincent and the Grenadines, Trinidad and Tobago, the United States, Uruguay, and Venezuela)
World Trade Organization
