In emerging-market economies, real exchange rate adjustment is critical for maintaining a sustainable current account position and thereby for helping to reduce macroeconomic and financial instability. The authors examine empirically two related hypotheses: (i) that real exchange rate...

The authors assess the potential impact of recently approved reforms to International Monetary Fund (IMF) surveillance; namely, the 2007 Decision on Bilateral Surveillance Over Members' Policies and the Statement of Surveillance Priorities (SSP). They conclude that these complementary reforms have...

Canada played an important role in the postwar establishment of the International Monetary Fund (IMF), yet it was also the first major member to challenge the orthodoxy of the BrettonWoods par value system by abandoning it in 1950 in favour of a floating, market-determined exchange rate....