Pamphlet Series
No. 50

International Monetary Fund 1997

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ISSN 0538-8759
ISBN 1-55775-551-1
IMF, 1997

The Role of the IMF
Financing and Its Interactions with Adjustment and Surveillance
Paul R. Masson and Michael Mussa



    The Basis for IMF Financing
    Organization of the Pamphlet
    Major Reform Proposals

 The Changing International Environment
    Exchange Rate Flexibility
    Expanded Private Capital Flows
        Maintaining exchange rate pegs
        Financing current account deficits
    Increased Integration of National Economies
    Expanded Membership

The Rationale for IMF Financing
    Market Imperfections
    International Public Goods

Lessons from Mexico for IMF Surveillance and Financing

Implications for the Future Need for IMF Resources
    Potential Financing Needs of Individual Countries
    Contagion and Monsoonal Effects
    The Impact of Surveillance on the Need for IMF Financing




The opinions expressed in the pamphlet are those of the authors and should not be attributed to the Executive Directors of the International Monetary Fund or their national authorities.
The term "country," as used in this pamphlet, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.