{
  "title": "Exchange Arrangements and Foreign Exchange Markets: Developments and Issues",
  "publication": "World Economic and Financial Surveys, March 28, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/world-economic-and-financial-surveys/issues/2016/12/30/exchange-arrangements-and-foreign-exchange-markets-developments-and-issues-16040",
  "canonical": "https://www.imf.org/en/publications/world-economic-and-financial-surveys/issues/2016/12/30/exchange-arrangements-and-foreign-exchange-markets-developments-and-issues-16040",
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  "summary": "This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regime",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Reviews developments and issues in the exchange arrangements and currency convertibility of IMF members.\n- Context: continuing financial globalization and a series of emerging market crises since 1997.\n- Examines evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries."
    },
    {
      "heading": "Key findings",
      "content": "- There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies.\n- The de facto exchange rate classification system has:\n  - helped to clarify the nature and role of members' exchange rate regimes;\n  - facilitated discussions with country authorities about the implementation of exchange rate regimes;\n  - contributed to more effective surveillance of the international monetary system.\n- The use of exchange controls appears to have been little influenced by:\n  - the degree of flexibility of exchange rate regimes;\n  - the occurrences of currency crises."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Currency markets, Exchange rate arrangements, Exchange rates, Exchange restrictions, Financial markets, Foreign exchange\n- Keywords: Africa, Asia and Pacific, Central Africa, Currency markets, East Africa, exchange rate, Exchange rate arrangements, exchange rate regime, exchange rate volatility, Exchange rates, Exchange restrictions, foreign exchange market organization, IMF policy advice, intermediate regime, market, Middle East, predicting exchange rates, regime, short-run exchange rate movement, WEFS, Western Hemisphere\n\n---\n\n\nSource: https://www.imf.org/en/publications/world-economic-and-financial-surveys/issues/2016/12/30/exchange-arrangements-and-foreign-exchange-markets-developments-and-issues-16040"
    }
  ],
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    "Published: March 28, 2003",
    "Series: World Economic and Financial Surveys",
    "DOI: https://doi.org/10.5089/9781589061774.083",
    "Reviews developments and issues in the exchange arrangements and currency convertibility of IMF members.",
    "Context: continuing financial globalization and a series of emerging market crises since 1997.",
    "Examines evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries.",
    "There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies.",
    "The de facto exchange rate classification system has:",
    "The use of exchange controls appears to have been little influenced by:",
    "Subject: Currency markets, Exchange rate arrangements, Exchange rates, Exchange restrictions, Financial markets, Foreign exchange",
    "Keywords: Africa, Asia and Pacific, Central Africa, Currency markets, East Africa, exchange rate, Exchange rate arrangements, exchange rate regime, exchange rate volatility, Exchange rates, Exchange restrictions, foreign exchange market organization, IMF policy advice, intermediate regime, market, Middle East, predicting exchange rates, regime, short-run exchange rate movement, WEFS, Western Hemisphere"
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}