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This paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their own national currency. These countries are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. The study explains that the present exchange rate regimes-comprising pegging to a basket of currencies for five countries and the floating arrangement for Papua New Guinea-have generally succeeded in avoiding inflationary, balance of payments, external debt, and financial system problems. The study concludes that adopting a common currency in the Pacific would require greater convergence of domestic policies and substantial strengthening of regional policies, which would take time to achieve.

Electronic books. -- local. --- Monetary unions -- Islands of the Pacific. --- Money -- Islands of the Pacific. --- Finance --- Business & Economics --- International Finance --- Monetary unions --- Money --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary economics --- Foreign exchange --- International economics --- Currencies --- Exchange rate arrangements --- Exchange rate policy --- Exchange rates --- Papua New Guinea

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This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding that an exchange rate policy biased towards currency depreciation and currency mismatches tends to contribute to high FD and that FD is highly persistent. These results suggest that countries with significant FD should encourage the use of domestic currency by maintaining macroeconomic stability; allowing more exchange rate flexibility and less bias towards currency depreciation; and adapting prudential regulations to ensure that costs associated with FD are fully internalized in financial contracts. At the same time, restoring confidence in the domestic currency may take many years of sound policies.

Currency question -- Latin America. --- Electronic books. -- local. --- Monetary policy -- Latin America. --- Finance --- Business & Economics --- Money --- Monetary policy --- Currency question --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency crises --- Finance, Public --- Legal tender --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Portfolio Choice --- Investment Decisions --- Financial Institutions and Services: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Price Level --- Deflation --- Monetary economics --- Banking --- Currency --- Foreign exchange --- Macroeconomics --- Currencies --- Dollarization --- Bank deposits --- Exchange rate policy --- Financial services --- Prices --- Banks and banking --- Brazil

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Surveillance is a core function of the IMF, a critical element of its toolkit for promoting global financial stability. Multilateral surveillance brings into analysis economic linkages and policy spillovers between countries, as well as international economic and market developments. This evaluation report covers the IMF’s multilateral surveillance activities during 2000–05 and addresses a variety of questions: Do the issues analyzed under multilateral surveillance reflect the IMF’s comparative advantage? Are these issues relevant and timely? How well are macroeconomic and capital market surveillance combined in the analysis of relevant issues? How well are the messages of multilateral surveillance presented? And does multilateral surveillance have an impact on country policies? The evaluation concludes with recommendations for the IMF.

Economic policy. --- International Monetary Fund --- Evaluation. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Internationaal monetair fonds --- International monetary fund --- Exports and Imports --- Finance: General --- Financial Risk Management --- Foreign Exchange --- Inflation --- General Financial Markets: General (includes Measurement and Data) --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- General Financial Markets: Government Policy and Regulation --- Price Level --- Deflation --- Current Account Adjustment --- Short-term Capital Movements --- Finance --- Currency --- Foreign exchange --- Macroeconomics --- International economics --- Economic & financial crises & disasters --- Emerging and frontier financial markets --- Exchange rate policy --- Financial sector stability --- International capital markets --- Capital markets --- Financial markets --- Financial sector policy and analysis --- Financial services industry --- Capital market --- Prices --- Balance of payments --- United States