On March 22, 2017, the Executive Board adopted the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets (the 'Guidelines') to establish the investment objectives and policies to guide the investment of assets of the PRG, PRG-HIPC, and CCR Trusts (the'Trusts') which are available for...

Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets (the "Guidelines"), which were adopted on March 22, 2017, were further amended on January 12, 2022, by the Executive Board of the IMF. The Guidelines establish the investment objectives and policies to guide the investment of assets of...

This paper discusses Article IV, Section 8 of the Articles of Agreement which states the requirement of maintenance of the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of the member's currency notwithstanding changes in the par...

The sensitivity of secondary sovereign loan market returns to three classes of economic news is estimated in the arbitrage pricing theory framework. Returns are characterized by a limited response to unexpected changes in procyclical U.S. aggregates. Shocks to country-specific balance of payment...