Table of Contents

Executive Summary

1. Introduction

2. Background on the Current Policy Framework
   1. The Gradual Move to Greater Transparency
   2. Comparative Perspective
   3. Evidence from the Literature

3. Recent Trends in Fund Transparency
   1. Publication Rates
   2. Publication Lags
   3. Recourse to Deletions and Corrections
   4. Usage of Reports

4. Experience with the Implementation of the Transparency Policy
   1. The Policy on Deletions
   2. Recourse to Corrections
   3. Impact on Candor and Other Costs

5. Policy Changes to Consider
   1. Changes Arising from the Findings of this Review
          Changes aimed at improving the consistency of
              policy implementation
          Changes aimed at shortening lags in the publication of reports
          Changes aimed at preserving candor and reducing costs
   2. Other Miscellaneous Changes

6. Issues for Discussion

Tables

1. Trends in Publication Rates of Different Types of Documents, 1999-2005
2. Trends in Publication Rates of Article IV and UFR Staff Reports, 1999-2005
3. Trends in Publication Lags of Article IV and UFR Staff Reports, 2001-2005
4. Publication Lags by Incidence of Document Modifications Among Article IV and UFR Staff Reports
5. Recourse to Deletions and Corrections in Article IV and UFR Staff Reports, July 2003-December 2004
6. First-time Publishers of Article IV/UFR Staff Reports, by Period
7. Members Publishing all Article IV/UFR Staff Reports, by Period
8. Members Publishing all Documents
9. Members Not Publishing Any Documents
10. Members Not Publishing Any Article IV/UFR Staff Reports
11. Longest and Shortest Lags for the Publication of Staff Reports

Charts

1. Publication Lags for Staff Reports Published
2. Substance of Deletions
3. Types of Corrections

Appendices

1. Chronology of Landmark Changes in the Fund’s Publication Policy
2. The Fund’s Publication Policy in Comparative Perspective
3. Insights from Recent Research on the Pros and Cons of Transparency: A Literature Review
4. Detailed Results of the Survey of IMF Mission Chiefs
5. Publication Policies of the Fund
6. Appendix Tables