The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both reflected on the ways in which its main activities - especially surveillance and use...

This paper examines the IMF's concepts of convertibility and gives some impression of their purposes. The central concept of convertibility in the Articles is the convertibility of Article VIII, Sections 2, 3, and 4. Under it, the basic rule is that members must avoid restrictions on the making...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This 2002 Article IV Consultation highlights that the economic growth of Korea rose to about 6 percent in 2002 from 3 percent in 2001. Buoyant consumption and residential construction spending underpinned the recovery beginning in late 2001. In 2002, exports rebounded strongly in spite of a...

This Selected Issues paper for the Solomon Islands reviews budget trends in the past decade and assesses medium-term budget prospects. Aid flows and revenue from import tariffs and logging are projected to decline. Spending pressures are likely to pick up considerably, owing to the need to...

Ensuring stable growth in the postcrisis world economy will require a rebalancing of economic activity in several countries. In Asia’s export-dependent economies, this entails relying more on private domestic demand as a driver of growth. While some countries need to raise consumption,...

The main challenges for this review were to further redress long-running problems in the energy sector and to balance fiscal policy requirements for development spending with macroeconomic stability. The financial position of the state-owned electricity company (KESH) deteriorated significantly...

Israel’s compliance with International Organization of Securities Commissions’ objectives and Principles of Securities Regulation has been assessed. The regulatory regime is well developed and in most respects is comparable with that of major jurisdictions. For the most part, it is...

This paper discusses a detailed assessment report on the observance of China’s compliance with the International Organization of Securities Commission's objectives and principles of securities regulation. The reform of nontradable shares introduced a market-based pricing system for...

This technical note provides an overview of Mexico’s derivatives markets, and describes concisely the derivatives regulatory framework and risk management practices in financial institutions active in these markets. The most important derivatives market in Mexico is the over-the-counter...