The Role of the IMF
Financing and Its Interactions with Adjustment and
Surveillance
Paul R. Masson and Michael Mussa
Contents
Preface
Introduction
The Basis for IMF
Financing
Organization of the
Pamphlet
Major Reform Proposals
The Changing International Environment
Exchange Rate Flexibility
Expanded Private Capital
Flows
Maintaining exchange rate pegs
Financing current account deficits
Increased Integration of National
Economies
Expanded Membership
The Rationale for IMF Financing
Market Imperfections
International Public Goods
Lessons from Mexico for IMF Surveillance and Financing
Implications for the Future Need for IMF Resources
Potential Financing Needs of
Individual Countries
Contagion and Monsoonal
Effects
The Impact of Surveillance on the
Need for IMF Financing
References
Tables
Charts
The opinions expressed in the pamphlet are those of the authors and should not be attributed
to the Executive Directors of the International Monetary Fund or their national authorities.
The term "country," as used in this pamphlet, does not in all cases refer to a territorial
entity that is a state as understood by international law and practice; the term also
covers some territorial entities that are not states, but for which statistical data are
maintained and provided internationally on a separate and independent basis.
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