November 14, 2001

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Contents

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

Appendices

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

Figures

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

Tables

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