{
  "title": "Industrial Policy Coverage in IMF Surveillance— Broad Considerations",
  "publication": "Policy Papers, March 11, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2024/03/11/industrial-policy-coverage-in-imf-surveillance-broad-considerations-546162",
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  "summary": "The paper aims to provide a conceptual framework and guiding principles for the coverage of Industrial Policy (IP) in IMF surveillance. It proposes a working definition of industrial policy, discusses its objectives and main instruments, and provides a brief review of academic literature on IP.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Aim: Provide a conceptual framework and guiding principles for the coverage of Industrial Policy (IP) in IMF surveillance.\n- Core emphasis: Cover IP in IMF surveillance when it is deemed macro-critical and/or has the potential to generate significant cross-border spillovers.\n- Components of the paper:\n  - Proposes a working definition of industrial policy.\n  - Discusses objectives and main instruments of IP.\n  - Provides a brief review of academic literature on IP.\n  - Discusses four broad sets of considerations for assessing IP.\n  - Discusses specific IP aspects (trade-related IP, green IP, SEZs, SOEs).\n  - Provides examples of IP coverage in Article IV consultations."
    },
    {
      "heading": "Working definition, objectives, and instruments",
      "content": "- Proposes a working definition of Industrial Policy (IP).\n- Discusses IP objectives and main instruments (as presented in the paper).\n- Provides a brief review of academic literature on IP."
    },
    {
      "heading": "Four broad sets of considerations for assessing IP",
      "content": "- Justification\n- Design\n- Cost-benefit assessment\n- Implementation"
    },
    {
      "heading": "Criteria for IMF surveillance coverage",
      "content": "- IP should be covered when:\n  - It is macro-critical.\n  - It has the potential to generate significant cross-border spillovers."
    },
    {
      "heading": "Specific aspects of industrial policies covered",
      "content": "- Trade-related IP\n- Green IP\n- Special Economic Zones (SEZs)\n- State-Owned Enterprises (SOEs)"
    },
    {
      "heading": "Examples of Article IV coverage",
      "content": "- Country examples cited for IP coverage in Article IV consultations:\n  - China\n  - Euro Area\n  - Indonesia\n  - Saudi Arabia\n  - United States\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2024/03/11/industrial-policy-coverage-in-imf-surveillance-broad-considerations-546162"
    }
  ],
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    "Published: March 11, 2024",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9798400266683.007",
    "Aim: Provide a conceptual framework and guiding principles for the coverage of Industrial Policy (IP) in IMF surveillance.",
    "Core emphasis: Cover IP in IMF surveillance when it is deemed macro-critical and/or has the potential to generate significant cross-border spillovers.",
    "Components of the paper:",
    "Proposes a working definition of Industrial Policy (IP).",
    "Discusses IP objectives and main instruments (as presented in the paper).",
    "Provides a brief review of academic literature on IP.",
    "Justification",
    "Design",
    "Cost-benefit assessment",
    "Implementation",
    "IP should be covered when:",
    "Trade-related IP",
    "Green IP",
    "Special Economic Zones (SEZs)",
    "State-Owned Enterprises (SOEs)",
    "Country examples cited for IP coverage in Article IV consultations:",
    "**Policy Paper**"
  ],
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