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Closing all Paths to Trade-led Development? The IMF Revises Guiding Principles on Surveillance. (August 2007)

Rethinking Bretton Woods | Mon, Aug 13, 2007

By Aldo Caliari

An article on the IMF revision of its Guidelines on Exchange Rate surveillance issued in the summer of 2007.

Closing all Paths to Trade-led Development? The IMF Revises Guiding Principles on Surveillance.

It was probably not a surprise that the International Monetary Fund’s most recent revision of the rules that guide its surveillance of members’ exchange rate policies reduces policy space for developing countries. The striking irony, though, is that the revised guidelines reduce the policy space needed for developing countries to successfully grow using a trade- and export-led model, precisely the type of growth that the Fund –and its sister institution, the Bank-- has preached for over twenty years developing countries should pursue. Even more ironic, is that the preaching of an export-led model was widely attributed to the influence of the same Fund member (the US government) at whose behest these latest surveillance changes are being implemented.

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