Exchange Rate Misalignment and International Law 1
Exchange Rate Misalignment and International Law 1
This chapter aims to contribute to a better understanding of the following two-fold question: To what extent can a contested practice like the maintenance of an undervalued real exchange rate be dealt with effectively under existing international law? Intrinsically related, which are the key aspects on which the IMF’s code of conduct would require reform in order to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances? After assessing whether the code of conduct in IMF Article IV:1 constitutes an effective framework for securing systemic stability, this chapter assesses the extent to which WTO rules might constitute an alternative for tackling an undervalued real exchange rate as a prohibited export subsidy. Finally, the chapter looks at overarching conceptual issues and at the G-20’s ongoing efforts to reduce global current account imbalances as one of the underlying key challenges to systemic stability.
Keywords: exchange rate misalignment, IMF, WTO, code of conduct, global current account imbalances, international monetary system, G-20, undervalued real exchange rate, export subsidy
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