Documents Related to the November 17, 2001 IMFC Meeting

IMFC Meeting November 17, 2001

Issues in Reserves Adequacy and Management
October 15, 2001

Standards and Codes

Report of the Managing Director to the International Monetary and Financial Committee: The Fund's Crisis Prevention Initiatives

Prepared by the Policy Development and Review Department
Approved by Jack Boorman

November 14, 2001

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I. Introduction

II. Implementation of the Fund's Crisis Prevention Initiatives

    A. Assessing External Vulnerability
    B. Transparency
    C. Standards and Codes

      Developing and improving standards
      Assessing members' observance of standards
      Implementing standards
      Feedback from users on ROSCs
    D. Strengthening Financial Sectors
      Financial sector assessment program
      Financial soundness indicators
      Offshore financial center assessments
      Anti-money laundering
    E. Capital Account Liberalization

III. Response of Members and The Private Sector

    A. Response by Members

      Reserve adequacy and management
      Data availability
      Institutional reform and the strengthening of financial sectors
    B. Response by Markets
      Private sector participation in the reform agenda
      Use of the results of Fund initiatives in risk assessment and investment decisions


I. Progress in Major International Fora on Reform of the International Financial Architecture
II. Some Initial Evidence of Greater Differentiation in Markets


Figure 1. Measures of Reserve Adequacy: Long-Run Trends
Figure 2. Average Cross-correlation and Volatility of Emerging Debt Markets
Figure 3. Emerging Markets Financing


Table 1. Comparative Participation in Transparency and Standards and Codes Initiatives
Table 2. Publication of Policy PINs, Summings Up, and Papers
Table 3. ROSC- and FSSA- Related Visits and Requests (hits) on the IMF External Website

Text Boxes

Box 1. List of Standards and Codes Useful for Bank and Fund Operational Work and for which Reports on the Observance of Standards and Codes (ROSCs) are Produced