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The Historical Development of the Principle of Surveillance

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  • Harold James

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.

Suggested Citation

  • Harold James, 1995. "The Historical Development of the Principle of Surveillance," IMF Staff Papers, Palgrave Macmillan, vol. 42(4), pages 762-791, December.
    • Handle: RePEc:pal:imfstp:v:42:y:1995:i:4:p:762-791
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    Cited by:

    1. Emily Poole, 2015. "The IMF’s ‘Surveillance’: How Has It Changed since the Global Financial Crisis?," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 85-92, March.
    2. Michael Bordo & Anna J. Schwartz, 2001. "From the Exchange Stabilization Fund to the International Monetary Fund," NBER Working Papers 8100, National Bureau of Economic Research, Inc.

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