The Historical Development of the Principle of Surveillance
Harold James
IMF Staff Papers, 1995, vol. 42, issue 4, 762-791
Abstract:
The article discusses the evolution of surveillance from the rules-based Bretton Woods regime to the multilateral surveillance of the IMF, the G-5 and G-7 Finance Ministers, and the G-7 summit. The creation of a mechanism for collecting and analyzing data and providing forecasts through the World Economic Outlook exercise allowed a formulation of a policy response to the economic shocks of the 1970s and 1980s. James argues that the supply of information came to play a central role in guiding choices on economic policy; and that publicly available information is critical if market panics and crises are to be avoided.
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:imfstp:v:42:y:1995:i:4:p:762-791
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