IMF

EDITORIAL
STYLE GUIDE
2ND EDITION
INTERNATIONAL MONETARY FUND

IMF Editorial Style Guide

2ND EDITION

© 2024 International Monetary Fund

Cover design: IMF Creative Solutions

Recommended citation:

International Monetary Fund. 2024. IMF Editorial Style Guide (2nd edition).

Washington, DC: International Monetary Fund.

CONTENTS

1. Introduction 1

2. Copyrights and Permissions 3

3. Grammar, Mechanics, and Spelling 5

4. Terms, Numbers, and Measurements 9

5. Boxes, Figures, and Tables 13

6. Citations and References 17

7. Abbreviations 23

8. Common Terms 33

9. Terms to Avoid 47

10. Glossary 51

APPENDIX 1. Editing and Proofreading Checklists 53

APPENDIX 2. Anatomy of an IMF Figure 59

APPENDIX 3. Anatomy of an IMF Table 61

APPENDIX 4. Sample Copyright Pages 63

APPENDIX 5. Key Resources and Links 65

1. INTRODUCTION

The Publishing Division in the Communications Department disseminates the IMF’s economic research and statistical
data to central bank governors, planners, and policymakers in member countries; researchers in academia and
think tanks; and undergraduate and graduate students of economics and development globally. The division is a
member of the Association of University Presses, which reflects the academic nature of the division and the quality
of the work it produces.

The division publishes nearly 800 formal and informal publications in various languages and are available to download
free of charge from IMF.org and the IMF eLibrary. With more than 23,000 titles, the IMF eLibrary is a standard setter
among international agencies, scholarly and library communities, and commercial publishers.

Formal publications include institutional publications such as the IMF Annual Report, Articles of Agreement, Selected
Decisions, and flagships as well as discretionary publications such as books, Staff Discussion Notes, Departmental
Papers, and Staff Climate Notes. Formal publications undergo professional copyediting, typesetting, proofreading,
and/or indexing; are equipped with extensive metadata for discoverability and reach; and are distributed to the
IMF eLibrary and dozens of commercial and institutional channels including Amazon, Google Scholar, RePEc, and
EBSCO, in a variety of formats including PDF and ePub. Production time for formal publications can range from six
weeks to six months from receipt of final manuscript to print/online distribution, depending on series, complexity,
length, and institutional priorities. Informal publications include Working Papers and IMF Notes and are meant to
be disseminated more quickly and do not undergo one or more of the editorial, production, and dissemination
steps of a formal publication.

Whether formal or informal, all manuscripts require different levels of approval and clearance. For example, all
publications require approval and clearance from the director of the authoring department(s) and the Publications
Advisory Board and the Staff Discussion Council reviews proposals for different series. For more information on
each series and the associated contacts, standard turnaround time, level of editorial and production intervention,
visit the COMPD intranet page.

The IMF Editorial Style Guide, 2nd edition, is an updated version of the pre-2024 IMF Editorial Style Guide. It serves
as a resource for readers, providing guidance on format and style—as well as standards on grammar, punctuation,
mechanics, word choice, and tone—to ensure that IMF publications are professional, consistent, high quality, and
free of errors, as the Publishing Division develops new strategies to continue leading in publishing best practices.

Unless otherwise indicated in this style guide, follow Chicago Manual of Style, 17th edition, and Merriam-Webster’s
Collegiate Dictionary, 11th edition.

IMF Editorial Style Guide | 2nd Edition 1

2
2. COPYRIGHTS AND PERMISSIONS

IMF material is copyrighted and is not in the public • Seek the most inclusive permissions possible (for
domain. Material produced by IMF staff and consultants example, print and electronic rights, world rights in all
is authored under a work-made-for-hire rule, and the languages). If you need a sample permission request
IMF owns the copyright to the material. IMF authors who letter, please contact COMPD for a sample letter.
intend to write or publish any content outside the IMF are
• Material in the public domain can be reproduced freely
asked to consult with the Publishing Division (COMPD)
because it is not protected by copyright. Open access
([email protected]). IMF authors should not enter into
refers to the free and immediate access to information,
publishing agreements without consulting with COMPD.
usually in a digital format on the internet.
IMF staff and consultants who ask non-IMF authors to
• Public domain and open access do not eliminate the
collaborate on IMF publications should ask those authors
need to properly credit source materials. Review the
to complete a Letter of Agreement.
terms of the Creative Commons license attached to
the materials for guidance.
IMF Authors’ Responsibilities
• Written permission may still be needed from the
• When in doubt, ask and receive permission to reuse
copyright holders of open access material.
previously published material in advance of publication.
Even if text or a graphic does not have the © symbol • Be cautious when linking to material the IMF did not
attached to it, the item could still be under copyright. publish. Include a full reference to the item (see the
“Citations and References” section). If you intend to link
• Always check the Terms of Usage/Copyright Terms/
directly to a specific document or page on an external
Legal Terms on a website before using material in your
site (“deep linking”), you should request permission
research. The usage and copyright terms will often
from the copyright holder; in most cases, linking to a
provide some guidelines on the way an organization
homepage does not require permission.
will allow their information to be reused.
• For questions related to copyright and permissions,
• Seek permission for reuse of third-party material. Some
email [email protected].
articles, figures, data, and so forth may incorporate
information from another party, and separate permission
is needed for that information.

IMF Editorial Style Guide | 2nd Edition 3

Cover Photos in the Corporate Services and Facilities Department
obtains these photos only from sources that provide
The covers of all IMF publications follow an established permission for use of the images in print and digital cover
template that meets institutional branding guidelines. formats, (2) in marketing and promotional material, (3) in
The 6”×9” book series, however, gives authors flexibility in multiple languages, and (4) for long-term reproduction
selecting a single cover photo that captures the essence and distribution.
of the book’s content. The IMF must secure the legal
rights to any photograph used on the covers of its book At the start of the production process, COMPD will ask
series. Therefore, the IMF’s Creative Solutions division the lead IMF authors to complete a Cover Design Brief.

4 IMF Editorial Style Guide | 2nd Edition

3. GRAMMAR, MECHANICS, AND SPELLING

Capitalization Commas, Colons, and Semicolons

• Capitalize all nouns (including pronouns), verbs, • Use a serial comma.
adjectives, and adverbs in headings. Lowercase all
EXAMPLE:
prepositions and conjunctions, regardless of the
number of letters. The focus was on key infrastructure such as electricity,
sanitation, and telecommunication.
EXAMPLE:
• For equations, insert a comma after the equation if
Sub-Saharan Africa: Growth Prospects Are Strong,
the subsequent line starts with “where” (to describe
but Risks Remain
the variables in the equation).
• Capitalize in-text references to all annexes,
• Do not use a comma before Jr., Sr., IV, or other
appendixes, boxes, chapters, figures, maps, parts,
name suffixes. Use when inverted in references or in
and tables but not to numbered equations or
proper nouns (such as book titles):
figure panels.
EXAMPLE:
EXAMPLES:
King, Martin Luther, Jr. 1986. A Testament of Hope:
As Chapter 3 shows…
The Essential Writings of Martin Luther King, Jr. New York:
As Annex 8.2 shows…
HarperCollins.
For example, panel 3 in Figure 4.2 demonstrates…
In the next section, we describe equation 3.7…
Contractions
• Capitalize government, departmental, and other
• Avoid contractions, unless part of a proper noun.
titles or numbered forms. Lowercase when referring
to generic forms.
Headings
EXAMPLES:
• Use headline-style capitalization for each level
US Census 2010
of heading.
the Census
a census form • Do not number headings.

IMF Editorial Style Guide | 2nd Edition 5

Hyphens, En Dashes, and Em Dashes • Use an em dash to indicate an abrupt change or
break in sentence structure or to interrupt speech.
• Hyphenate a phrasal adjective if it appears before
a noun. Do not hyphenate a phrasal adjective if a EXAMPLE:
noun does not follow. Russia’s war in Ukraine slowed the fight against extreme
poverty and—together with the effects of climate change—
EXAMPLES: impeded growth and poverty reduction.
The economist was well trained.
She was a well-trained economist. Lists
• Hyphenate parts of a fraction. • Use a semicolon between list items that
include commas.
EXAMPLES:
one-half • For a horizontal list, use Arabic numbers in
three-quarters parentheses to enumerate the components. Insert a
colon before a list only if the text before the colon is
• Hyphenate a unit of time used as an adjective. a complete sentence.
EXAMPLES: EXAMPLE:
every three-and-a-half years The book covers topics including (1) the expenditure needs
three-and-a-half-year waiting period to meet the SDGs, (2) digitalization, and (3) mitigating and
adapting to climate change.
• Use a hyphen for all elements of a phrase that
describe a ratio, even if the element consists • For a vertical list, include a complete introductory
of multiple words; do not use en dashes in this sentence ending in a colon and add bullets before
construction: each item in the list.

EXAMPLES: EXAMPLE:
debt-to-income ratio The following steps could strengthen social protection:
gross-public-debt-to-GDP ratio • Expand social protection and labor market programs.
• Address inefficiencies in social protection delivery.
• Use an en dash for date ranges, votes, items of • Expand government-to-person social transfers.
equal weight, and compound modifiers.

EXAMPLES: Parentheses and Brackets

1978–79
• Use parentheses to set off material in a sentence. If
The group voted 6–3 in favor of a coup
parenthetical text has a subelement to be further set
Singapore–Sri Lanka Free Trade Agreement
off, use brackets.
World Bank–financed loans
public office–centered transactions EXAMPLE:
The survey asked, “To what extent do nontariff barriers limit
• Use an en dash when a term includes a hyphen and the ability of imported goods to compete in the domestic
is used as an adjective. market? (from 1 [strongly limit] to 7 [do not limit at all]).”

EXAMPLES:
COVID-19–­related goods
SARS-CoV-2–­like characteristics

6 IMF Editorial Style Guide | 2nd Edition

Quotation Marks Spelling
• Use double quotation marks to signal spoken words, • Use American spelling, except in instances of
to define a term, to indicate an article or chapter proper nouns or published works that deviate from
title, and so on. American spelling.

EXAMPLE: EXAMPLES:
Realizing the gains from reducing tariffs in service sectors Modeling
and facilitating the “servicification” of manufacturing… Organisation for Economic Co-operation and Development

• Use single quotation marks inside double • Retain diacritics in names of people, organizations,
quotation marks. and businesses.

EXAMPLE: EXAMPLE:
Diego told me, “I read a recent article titled, ‘The Global Médecins Sans Frontières
Economy’s Turbulent Year in Five Charts.’”
• Use the plural verb form with “IMF staff.”
• A period, question mark, comma, colon, or
semicolon should appear inside a quotation mark EXAMPLE:
ending a sentence or phrase. “IMF staff in the country offices are researching...”

EXAMPLE:
We opted for the American spelling of “modeling.”

Slashes
• Use a forward slash to indicate fiscal year.

EXAMPLES:
FY24/25
During fiscal year 2022/23

• Avoid using expressions that require slashes, such

as “him/her” and “and/or.” Instead, rewrite the
expression using the plural form (“their”) or choose
one or the other (in the case of “and/or”).

• Avoid spaces before and after a forward slash.

EXAMPLE:
climate-resilient/adaptation

IMF Editorial Style Guide | 2nd Edition 7

8
4. TERMS, NUMBERS, AND MEASUREMENTS

IMF Terms and Titles • Format statistical terms as follows:

• Use “the IMF” rather than “the Fund” to refer to the chi-square test t-test
institution. In adjective form, use “in IMF documents” F-statistic x2
instead of “in Fund documents.” F-test y
p value z-score
• Capitalize references to specific organizational units
R2 z-statistic
and offices at the IMF.
t-distribution z-test
• Capitalize titles of IMF staff.
Variables
EXAMPLE:
Senior Research Officer John Smith • Set Greek characters in roman type and names of
John Smith, Senior Research Officer matrices and vectors in boldface:

Non-English and Technical Terms β r

δ T
• Translate Latin terms to English terms; however,
• Do not italicize numerical super- and subscripts for
for exchange rate arrangements, use “de jure” and
variables.
“de facto.”
• Italicize “t” when it is used to designate a
• Use the full English terms of abbreviated Latin terms
particular time.
in all instances:
EXAMPLES:
Avoid Use
year t
c.f. compare
year t − 1
i.e. that is
e.g. for example
etc. and so on
et al. and others

IMF Editorial Style Guide | 2nd Edition 9

Mathematical Operators Units of Measure
• Include a space before and after an equal • Spell out units in the main text, boxes, appendixes,
sign, subtraction sign, multiplication sign, and and annexes. Abbreviate when space is constrained
division sign: such as in figures.

EXAMPLES:
Percentages, Decimals, and Fractions
maximum = 7
4×7 • Use “percent” instead of the % symbol in all places
unless space does not permit.
• For relational signs (greater than sign, less than sign,
plus-or-minus signs), do not add a space. • Fractions are acceptable, even if decimals are used
elsewhere in the sentence or paragraph.
EXAMPLES:
HOV2+ EXAMPLE:
<5 countries 6¼ percentage points
±3 percent margin of error
• Use the singular form for a measurement of less
Numerals and Words than 1. Use the plural form for a measurement of
more than 1.
• Spell out numbers less than 10; use numerals for
10 and above. If numbers are mixed, use numerals. EXAMPLES:
0.25 percentage point
EXAMPLES: 1.25 percentage points
two countries
In 2 out of 20 countries Currencies
On page 3 of
• Refer to Appendix 5 for a link to the IMF Official
• Use numerals for percentages, ratios, statistical Country and Currency Terms.
expressions, units of currency when the symbol is
present, decades, and large numbers beginning • Multiple currencies (for example, US dollars and
with millions. euros) are allowed in the same text. Do not convert
to the same currency.
EXAMPLES:
3 percent 8 deaths per 1,000 • The US dollar is the assumed dollar currency; hence,
3 percentage points US$1 a day “$100,” not “US$100” or “USD100.” Other dollar
a ratio of 3 to 1 the 1990s currencies should be indicated, as specified in the
a 3:1 ratio 3 billion people IMF Official Country and Currency Terms..

• In ranges using currency symbols, use the symbol in EXAMPLES:

both numbers. Can$100
$NZ
EXAMPLES:
$8 billion to $130 billion • If it is necessary to specifically refer to the US dollar,
$8,000–$130,000 use “US$” instead of “USD.”
6%–8%
• Renminbi is the name of the Chinese currency; the
6% to 8%
yuan is the unit of account for the renminbi.
• Use commas for numbers greater than 999.
EXAMPLES:
The renminbi depreciated.
Each depositor held just a few hundred yuan.

10 IMF Editorial Style Guide | 2nd Edition

Dates and Times Years with Quarters, Halves,
• Format dates as month, then day, then year. and Months
• In figures and tables where space is limited, add
EXAMPLE:
a colon between years and quarters, halves,
January 12, 2024
and months.
• For years, use four digits rather than words.
EXAMPLES:
EXAMPLE: 1975:Q4
the 1990s 2010:H2
2014:M12
• For time, capitalize “AM” and “PM” and do not
use periods. • In text, use words.

• For a range of years in the same century, use an en EXAMPLES:

dash followed by two digits for the last year. For a in the fourth quarter of 2022
range of years spanning centuries, use four digits for the second half of 2026
both years. until December 2018

EXAMPLES:
2012–13
1990–2010

• For fiscal or financial years that span calendar years,

use a forward slash to indicate the last part of
one calendar year and the first part of the second
calendar year.

EXAMPLE:
2002/3

IMF Editorial Style Guide | 2nd Edition 11

12
5. BOXES, FIGURES, AND TABLES

Titles and Callouts Sources

• Every box, figure, and table needs a number, title, • All boxes, figures, and tables require a source line.
source line, and in-text callout. Every figure panel
• The source line appears as the first footnote line in
needs a number and title.
boxes, figures, and tables.
• Include descriptive but concise titles, following the
• Use the plural “Sources:” if more than one
what-where-when format.
source appears.
• Implement headline-style capitalization in titles and
• The term “Source:” is unbolded and unitalicized.
panel titles.
• Use author–date citations to identify the sources
• Capitalize the words “Box,” “Figure,” and “Table”
of the material unless a date is unavailable or not
when they appear with a number, but do not
applicable, such as for databases. Do not enclose
capitalize “panel” when it appears with a number.
the date of publication in parentheses. Ensure the
EXAMPLES: cited sources appear in the reference list.
as shown in Box 10.2
• List sources alphabetically, separate with semicolons,
in panel 2 of Figure 1.6
and include the word “and” between the final
described in Table 3.4
two sources.
as the data show (Figure 1.6, panel 2)
• List “IMF staff calculations” (if applicable) as the final
• If boxes, figures, or tables continue to more than
item in any list of sources.
one page, the title on the subsequent page should
consist of the number only (excluding the title) and EXAMPLES:
the word “(continued),” italicized and enclosed in Sources: EUROPACE AG/Haver Analytics; World Bank; and
parentheses. IMF staff calculations.
Sources: IMF 2002; IMF, World Economic Outlook database;
EXAMPLE: and IMF staff calculations.
Box 3.2 (continued)

IMF Editorial Style Guide | 2nd Edition 13

• For sources that do not have a standard author–date • Use the equal sign with a space before and after to
citation, list the name only. A URL may be added, define abbreviations in notes:
if helpful.
EXAMPLE:
EXAMPLES: REER = real effective exchange rate
• Bloomberg Finance L.P.
• For any terms or abbreviations defined in the
• Data from country authorities
footnote, set as lowercase (unless they are proper
• Ease of Doing Business Index
nouns), alphabetize, and separate with semicolons.
• Fiscal Monitor Database of Country Fiscal Measures in
Response to the COVID-19 Pandemic (www.IMF.org/en/ Do not add the word “and” between the final two
Topics/imf-and-covid19/Fiscal-Policies-Database-in items. Define symbols first, then numbers, then
-Response-to-COVID-19) terms, then acronyms.
• Thomson Reuters Datastream
• World Economic Outlook database EXAMPLE:
Note: OB = overall balance; PB = primary balance.
• For contributions from authors or IMF staff, indicate
the type of contribution as needed. Sources
EXAMPLES:
• Author calculations. Abbreviations
• Authors’ estimates. • All abbreviations should be spelled out in the
• Authors, based on Reinhart and Rogoff 2009. “Note:” line after any general notes, except for terms
• IMF staff calculations. noted as “always use acronym” in “7. Abbreviations.”
• IMF staff estimates and projections.
Permissions
• For IMF flagships, use the “[month/year] + title”
• Confirm whether the IMF has permission to
construction.
reproduce any box, figure, or table that is not
EXAMPLES: created by IMF authors (for example, screenshots or
• April 2023 World Economic Outlook images showing non-IMF copyright statements). See
• July 2024 World Economic Outlook Update “2. Copyrights and Permissions” for more information.
• October 2025 Fiscal Monitor
Numbering
Footnotes • In papers that have no chapters, number boxes,
tables, and figures consecutively. In publications
• “Note:” appears as the second footnote line.
with chapters, number boxes, figures, and tables
• Always use the singular form “Note:” regardless of by chapter.
the number of footnotes.
EXAMPLES:
• The term “Note:” is unbolded and unitalicized. • Box 1.1: first box in Chapter 1
• Box 2.1: first box in Chapter 2
• Use superscript numbers for any elements in a box,
• Box 3.2: second box in Chapter 3
figure, or table that are expanded or defined in the
• Figure 1.1: first figure in Chapter 1
footnote line. Ensure a space appears between the
• Figure 2.1: first figure in Chapter 2
number and the footnote text.
• Figure 3.2: second figure in Chapter 3
• Alphabetically define abbreviations in the box, • Figure 2.1.1: first figure in the first box in Chapter 2
figure, or table, and separate with semicolons. • Annex Figure 3.1.1: first figure in the first annex
of Chapter 3
EXAMPLE:
• Appendix Figure 2.1: first figure in the second appendix
Note: CIT = corporate income tax; PIT = personal income of a book
tax; VAT = value-added tax.

14 IMF Editorial Style Guide | 2nd Edition

Boxes • Any figure with a world map should include the
following footnote as the final entry after any general
• Limit boxes to 800 words, where feasible. notes and defined acronyms: “The boundaries,
colors, denominations, and any other information
• Use superscript numerals for footnotes and begin
shown on the maps do not imply, on the part of the
with “1” for each box. If a box runs more than one
International Monetary Fund, any judgment on the
page, set each footnote at the base of the box on
legal status of any territory or any endorsement or
the page where its indicator appears.
acceptance of such boundaries.”
• In flagship reports, list the authors of boxes at
the bottom of the first page of the box in an Tables
unnumbered footnote.
• Ensure that there are no blank cells except in
EXAMPLE: regression tables.
The authors of this box are Chris Papageorgiou and
Vladimir Klyuev. • Ensure that every column has a heading.

• Use headline-style capitalization for column and

Figures row headings.

• Every figure needs a number, title, and source line. • If the table includes asterisks to mark levels of
Every panel needs a number and title. statistical significance, add a note with the meaning
of each asterisk. That note appears on a separate
• Do not use letters or subletters for figure panels (use
line and is the last note in the sequence, after
“panel 2,” not “panel b” or “panel 3c”).
the source line, the note line, and any numbered
• Use sentence-style capitalization for text in legends, notes. Follow this format for capitalization, spacing,
line labels, and axis titles. Set axis unit indicators in punctuation, and layout:
parentheses and lowercase.
EXAMPLE:
• Every figure must indicate clearly the units of *p < .10; **p < .05; ***p < .01.
measure used for all the components.
• Include only the significance levels that appear in
• When many data points in a figure refer to many the table (for example, omit the double asterisk if it
countries, use the International Organization for is not used).
Standardization’s three-letter abbreviations (see
EXAMPLE:
iso.org/obp/ui/#search) and include the following
statement in the footnote: “Data labels in the figure *p < .10; ***p < .01.

use International Organization for Standardization

(ISO) country codes.”

Maps
• Avoid maps that show borders that involve territorial
disputes (for example, Morocco and Western
Sahara). The following website could be a useful
source for maps with no borders: https://www.
naturalearthdata.com/about/terms-of-use/. If you
use any map, contact [email protected] to ensure
compliance.

IMF Editorial Style Guide | 2nd Edition 15

16
6. CITATIONS AND REFERENCES

Follow Chicago Manual of Style, 17th edition, unless • For direct quotes, provide the page number after
otherwise indicated. the year and separate it with a comma. Use “p.” to
designate the page number, or “pp.” for a quote
In-Text Citations running across more than one page.

• For up to three authors, list all last names plus the EXAMPLE:
year of publication. (Schindler 2014, p. 123)
(Anderson 2018, p. 2019)
EXAMPLES:
As Abbas (2014) noted… • Use a comma and “forthcoming” if the publication
The study by Dollar, Kleineberg, and Kraay (2016) is in process; use “-a” and “-b” after “forthcoming” if
demonstrated… there is more than one forthcoming publication by
the same author.
• For more than three authors, use the first author’s
last name along with “and others.” EXAMPLES:
(Clements, forthcoming)
EXAMPLE:
(IMF, forthcoming-a)
Mahler and others (2021) reported that…
(IMF, forthcoming-b)

• Order a series of in-text parenthetical reference • Do not hyperlink text because links are not visible in
citations from oldest to newest. printed form. Set URLs in parentheses after the text.
• If more than one publication by the same author or EXAMPLES:
group of authors is cited, include the year plus “a,”
For more information, see the Corruption Cost Tracker (pub-
“b,” “c,” and so on, to differentiate them. lic.tableau.com/app/profile/gti1940/viz/CorruptionCost-
Tracker/Overviewofcountries?publish=yes).
EXAMPLES:
O’Connor and Young (2020a, 2020b) have consistently • Place citations in a footnote when they accompany
found that ...
explanatory text or when referring to databases,
O’Connor and Young (2000b) were the first to examine this
surveys, country authorities, undated or unauthored
finding. Their subsequent research (2000a, 2000c) rein-
websites, and other entities without a traditional
forced their initial hypothesis.
author–date citation format.

IMF Editorial Style Guide | 2nd Edition 17

 EXAMPLE: • For a reference with eight or more authors, list the
1
 ccordingly, Bandara and Yu (2003) reported gains for
A first seven authors along with “and others.”
South Asia of $771.4 million, ADB and UNCTAD (2008) of
$858.3 million, and Siriwardana (2003) of $4 billion. EXAMPLE:
2
 ased on data from the 2016, 2018, and 2020 International
B Hallegatte, Stephane, Mook Bangalore, Laura Bonzanigo,
Surveys on Revenue Administration (https://data.rafit.org). Marianne Fay, Tamaro Kane, Ulf Narloch, Julie Rozenberg,
and others. 2015. Shock Waves: Managing the Impacts of
• Move a citation-only footnote to an in-text callout. Climate Change on Poverty. Washington, DC: World Bank.

EXAMPLES: • For forthcoming publications, place the word

Before After (incorporate into text) “Forthcoming” in the year position.
1
See Bandara and Yu This scenario seems useful
(2003). considering SAFTA has had a EXAMPLE:
goods agreement in effect for Schipke, Alfred, Anne-Marie Gulde-Wolf, Nada Choueiri,
years (Bandara and Yu 2003). and Jarkko Turunen. Forthcoming. India’s Financial System:
Building the Foundation for Strong and Sustainable Growth.
1
World Bank The outcome of these policy
Washington, DC: International Monetary Fund.
(2024), IMF (2023), scenarios implicitly assumes
and UNCTAD that South Asia is internally well • Do not use three em dashes for subsequent
(2018). integrated (World Bank 2004;
references by the same author or authoring
UNCTAD 2018; IMF 2023).
group because three em dashes do not work in
computerized sorts and can hide entries from
References List bibliographic databases. Set references by the same
author in chronological order.
Placement
• For reference entries with the same author and year,
• For books and flagship reports, each chapter should
alphabetize by title using “a,” “b,” “c,” and so forth.
have its own References list. For publications without
chapters, include a single, combined References list. EXAMPLES:
• Each online-only appendix (if applicable) should International Monetary Fund (IMF). 2023a. “Bank Competi-
tion and Household Privacy in a Digital Payment Monopoly.”
have its own References list.
IMF Working Paper 23/123, Washington, DC.
Format International Monetary Fund (IMF). 2023b. “Digitalization
and Gender Equality in Political Leadership in Sub-Saharan
• For consistency among chapters, spell out or use Africa.” IMF Working Paper 23/122, Washington, DC.
initials of authors’ first names in the References list. International Monetary Fund (IMF). 2023c. “Some Lessons
Do not mix full first names and initials. from E-Money Schemes for the Adoption of Digital Curren-
cy.” IMF Working Paper 23/121, Washington, DC.
EXAMPLES:
• Use two-letter postal abbreviations for US states and
First names spelled out First names as initials the District of Columbia. List country names even for
Banik, Arindam, and Banik, A., and P. K. well-known cities outside the United States.
Pradip K. Bhaumik. 2014. Bhaumik. 2014. “Assessing
“Assessing the Barriers to the Barriers to Trade in • Spell out “edited by” and “translated by.”
Trade in Services in South Services in South Asia.”
Asia.” Global Business Global Business Review 15 • Replace “Mimeo” with “Unpublished.”
Review 15 (4): 795–814. (4): 795–814.
• Place newspaper references in footnotes only, not in
the References list.

• For World Bank publications, the publisher is almost

always “World Bank,” not “World Bank Group.” In
a co-publication among institutions of the World

18 IMF Editorial Style Guide | 2nd Edition

 Bank Group (World Bank and International Finance URLs and DOIs
Corporation), the publisher designation is “World
Bank Group.” • All instances of “IMF” should be capitalized in URLs.

• For IMF flagships cited in IMF flagships, as well • Add electronic source identifiers, such as URLs and
as in the Regional Economic Outlook reports, cite DOIs, in References lists when feasible.
the issues by month, year, and title, rather than by
EXAMPLE:
an author–date citation. Do not include the cited
Kitsios, Emmanouil, João Tovar Jalles, and Geneviève
flagship publications in the References list.
Verdier. 2022. “Tax Evasion from Cross-Border Fraud: Does
Digitalization Make a Difference?” Applied Economics
EXAMPLES:
Letters. doi: 10.1080/13504851.2022.2056566
The April 2023 Fiscal Monitor indicated that…
Although the approach of a capital levy has been tried • For URLs in References lists, include “https://” or
(October 2023 Fiscal Monitor), the lack of success “http://”.
suggests that…
EXAMPLE:
• For IMF flagship publications cited in nonflagship
Islam, Syful. 2021. “Bangladesh Launches First Green
publications, treat the IMF flagships in the same way Bond.” PV Magazine. https://pv-magazine.com/2021/04/12/
as any other source: Provide author–date citations bangladesh-launches-first-green-bond/
with IMF as the author and include them in the
References list. • Do not add a period at the end of the URL or DOI.

EXAMPLES: • Do not include “Available at” in the References list.

The IMF (2013d) argued that…
• Access dates are optional and precede the URL,
Although the approach of a capital levy has been tried
separated from the surrounding citation by commas
(IMF 2013f), the lack of success suggests that...
in a note and periods in a reference entry.
As discussed thoroughly in IMF (2012), the method
used here… EXAMPLE:
Harris, Gardiner. 2014, March. “Facing Rising Seas,
Bibliographies Bangladesh Confronts the Consequences of Climate
Change.” New York Times. Accessed August 1, 2024.
• A bibliography includes uncited works used as https://nytimes.com/2014/03/29/world/asia/facing-rising-
background material that authors may wish to seas-bangladesh-confronts-the-consequences-of-climate-
acknowledge or related works that may be of change.html
interest to the reader.
• When a URL points to a location that requires a
• Set a bibliography in the place of a References list subscription to a commercial database, name the
and follow the format of a References list. database instead.

IMF Editorial Style Guide | 2nd Edition 19

Sample Reference Entries
Because the References list aims to provide readers with access to published works cited in a publication, use
and include only materials available to all readers. Avoid citing unpublished reports or internal IMF documents.

Non-IMF Publications
Type Example
Blog Silver, Nate. 2013. “The White House Is Not a Metronome.” FiveThirtyEight (blog), New York Times,
July 18. https://fivethirtyeight.blogs.nytimes.com/2013/07/18/the-white-house-is-not-a-metronome/
Book Aaron, Henry J., Barry P. Bosworth, and Gary T. Burtless. 1989. Can America Afford to Grow Old?
Paying Social Security. Washington, DC: Brookings Institution.
Brief Konczal, Mike, and Niko Lusiani. 2022. “Prices, Profits, and Power: An Analysis of 2021 Firm-
Level Markups.” Brief, Roosevelt Institute, New York. https://rooseveltinstitute.org/publications/
prices-profits-and-power
Bulletin Rankin, Ewan, Elliot James, and Kate McLoughlin. 2014. “Cross-Border Capital Flows since the
Global Financial Crisis.” RBA Bulletin, Reserve Bank of Australia, 65–72, June.
Chapter in a book Peretyatkin, Vladislav, and William Perraudin. 2002. “Expected Loss and Probability of
Default Approaches to Rating CDOs and the Scope for Ratings Shopping.” In Credit Ratings:
Methodologies, Rationale and Default Risk, edited by Michael K. Ong. London, UK: Risk Books.
Journal article Abeysinghe, Tilak, and Kristin Forbes. 2005. “Trade Linkages and Output-Multiplier Effects: A
Structural VAR Approach with a Focus on Asia.” Review of International Economics 13 (2): 356–75.

Aaron, Henry J. 1966. “The Social Insurance Paradox.” Canadian Journal of Economics and
Political Science 32 (August): 371–74.

Alesina, Alberto, and David Dollar. 2005. “Who Gives Foreign Aid to Whom and Why?” Journal of
Economic Growth (1): 33–63.
Lecture Rajan, Raghuram. 2022. “Joined at the Hip: Why Continued Globalization Offers Us the Best
Chance of Addressing Climate Change.” Per Jacobsson Lecture at the International Monetary
Fund/World Bank Annual Meetings, October 15.
Paper presented at Blanchard, Olivier, Eugenio Cerutti, and Lawrence Summers. 2015. “Inflation and Activity: Two
an event Explorations and Their Monetary Policy Implications.” Paper presented at the European Central
Bank Forum on Central Banking, Sintra, Portugal, May 18.
Report Organisation for Economic Co-operation and Development (OECD). 2007. “Integrity in Public
Procurement: Good Practice from A to Z.” Report No. 4318, OECD, Paris.
Speech Yellen, Janet L. 2016. “Macroeconomic Research after the Crisis.” Speech delivered at the 60th
Annual Federal Reserve Bank of Boston Economic Conference, “The Elusive ‘Great’ Recovery:
Causes and Implications for Future Business Cycle Dynamics.” Boston, October 14.
Unpublished work Acharya, Viral V., and T. Sabri Öncü. 2013. “The Shadow Always Touches the Feet: A Regulatory
Arbitrage View of Shadow Banking.” Unpublished, Stern Business School, New York University,
New York.
Working paper Caballero, Ricardo J., and Alp Simsek. 2009. “Complexity and Financial Panics.” NBER Working
Paper 14997, National Bureau of Economic Research, Cambridge, MA.

20 IMF Editorial Style Guide | 2nd Edition

IMF Publications
Type Example
Annual Report International Monetary Fund (IMF). 2015. IMF Annual Report 2015: Tackling Challenges Together.
Washington, DC.
AREAER International Monetary Fund (IMF). 2022. Annual Report on Exchange Arrangements and
Exchange Restrictions 2021. Washington, DC: IMF.
Articles of Agreement International Monetary Fund (IMF). 2020. Articles of Agreement. Washington, DC: IMF.
By-Laws, Rules and International Monetary Fund (IMF). 2022. By-Laws, Rules and Regulations (67th Issue). Washington,
Regulations DC: IMF.
Country Report International Monetary Fund (IMF). 2022. “Eastern Caribbean Currency Union: Technical
Assistance Report—Review of Regulations to New Securities Act and Investment Funds Act.” IMF
Country Report 22/353, Washington, DC.
COVID-19 With IMF as author:
Special Series International Monetary Fund (IMF). 2020. “Business Continuity for Revenue Administrations.” IMF
COVID-19 Special Series, Washington, DC. https://IMF.org/-/media/Files/Publications/covid19-
special-notes/en-special-series-on-covid-19-business-continuity-for-revenue-administrations.ashx

With specific authors:

Tang, Vincent, Aroa Santiago, Zohra Khan, David Amaglobeli, Esuna Dugarova, Katherine Gifford,
Laura Gores, and others. 2021. “Gender Equality and COVID-19: Policies and Institutions for
Mitigating the Crisis.” IMF COVID-19 Special Series, International Monetary Fund, Washington, DC.
Departmental Papers Øyvind Mæhle, Nils, Tibor Hlédik, Mikhail Pranovich, and Carina Selander. 2021. “Taking Stock
of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems.” IMF
Departmental Paper 2021/026, International Monetary Fund, Washington, DC.
Finance & Development Bartlett, John. 2022. “Chile’s Bet on Green Hydrogen.” Finance & Development 59 (4): 42–43.
Fintech Notes Jahan, Sarwat, Elena Loukoianova, Evan Papageorgiou, Natasha Che, Ankita Goel, Mike Li, Umang
Rawat, and others. 2022. “Towards Central Bank Digital Currencies in Asia and the Pacific: Results of
a Regional Survey.” IMF Fintech Note 2022/009, International Monetary Fund, Washington, DC.
Flagship reports Full report:
International Monetary Fund (IMF). 2022. Fiscal Monitor: Helping People Bounce Back.
Washington, DC, October.

Single chapter in the report:

International Monetary Fund (IMF). 2022. “Financial Stability in the New High-Inflation
Environment” (Chapter 1). In Global Financial Stability Report: Navigating the High-Inflation
Environment. Washington, DC, October.
How-To Notes Beer, Sebastian, Dora Benedek, Brian Erard, and Jan Loeprick. 2022. “How to Evaluate Tax
Expenditures.” How-To Note 22/05, International Monetary Fund, Washington, DC.
IMF Blogs Azour, Jihad, Franck Bousquet, and Abebe Aemro Selassie. 2022. “Countries Hurt by War and
Fragility Need Strong Global Partnerships, Resources.” IMF Blog, December 22.
Occasional Papers Clements, Benedict J., David Coady, Frank Eich, Sanjeev Gupta, Alvar Kangur, Baoping Shang,
and Mauricio Soto. 2011. “The Challenge of Public Pension Reform in Advanced and Emerging
Economies.” IMF Occasional Paper 275, International Monetary Fund, Washington, DC.
Policy Papers International Monetary Fund (IMF). 2022. “Proposal for a Food Shock Window under the Rapid
Financing Instrument and Rapid Credit Facility.” IMF Policy Paper 2022/042, Washington, DC.

IMF Editorial Style Guide | 2nd Edition 21

Type Example
Regional Economic Full report:
Outlook reports International Monetary Fund (IMF). 2022. Regional Economic Outlook: Asia and Pacific—Sailing
into Headwinds. Washington, DC, October.

Single chapter in the report:

International Monetary Fund (IMF). 2022. “Asia and the Growing Risk of Geoeconomic
Fragmentation” (Chapter 3). In Regional Economic Outlook: Asia and Pacific—Sailing into
Headwinds. Washington, DC, October.
Selected Decisions Full issue:
International Monetary Fund (IMF). 2020. Selected Decisions and Selected Documents of the
International Monetary Fund (41st Issue). Washington, DC: IMF.

Supplement:
International Monetary Fund (IMF). 2020. Selected Decisions and Selected Documents of the
International Monetary Fund (41st Issue Supplement). Washington, DC: IMF.
Selected Issues International Monetary Fund (IMF). 2022. “Eastern Caribbean Currency Union: Technical
Assistance Report—Review of Regulations to New Securities Act and Investment Funds Act.”
IMF Selected Issues Paper 22/353, Washington, DC.
Spillover Notes Arizala, Francisco, Matthieu Bellon, Margaux MacDonald, Montfort Mlachila, and Mustafa Yenice.
2018. “Regional Spillovers in Sub-Saharan Africa: Exploring Different Channels.” IMF Spillover
Note 18/01, International Monetary Fund, Washington, DC.
Staff Climate Notes Black, Simon, Jean Chateau, Florence Jaumotte, Ian W. H. Parry, Gregor Schwerhoff, Sneha D. Thube,
and Karlygash Zhunussova. 2022. “Getting on Track to Net Zero: Accelerating a Global Just Transition
in This Decade.” IMF Staff Climate Note 2022/10, International Monetary Fund, Washington, DC.
Staff Discussion Notes Atoyan, Ruben, Lone Christiansen, Allan Dizioli, Christian Ebeke, Nadeem Ilahi, Anna Ilyina, Gil
Mehrez, and others. 2016. “Emigration and Its Economic Impact on Eastern Europe.” IMF Staff
Discussion Note 16/07, International Monetary Fund, Washington, DC.
Technical Notes and Balibek, Emre, Ian Storkey, and H. Hakan Yavuz. 2021. “Business Continuity Planning for
Manuals Government Cash and Debt Management.” IMF Technical Notes and Manuals 2021/10,
International Monetary Fund, Washington, DC.
Working Papers Araujo, Juliana D., Antonio C. David, Carlos van Hombeeck, and Chris Papageorgiou. 2015.
“Non-FDI Capital Inflows in Low-Income Developing Countries: Catching the Wave?” IMF Working
Paper 15/86, International Monetary Fund, Washington, DC.

22 IMF Editorial Style Guide | 2nd Edition

7. ABBREVIATIONS

• If an Abbreviations page is provided, do not delete • Use “The” or “the” preceding abbreviations that are
it. If one is not provided, do not create one unless not pronounced as words.
specifically requested by the COMPD editor.
EXAMPLE:
• In an Abbreviations page, capitalize the first letter of The IMF is headquartered in Washington, DC.
the full form of a term only if it is a proper noun.
• Do not use the article preceding abbreviations that
• If a term is abbreviated three or more times are pronounced as words.
in a section or subpart (annex, appendix, box,
contributors list, chapter, figure, note, table), spell EXAMPLE:
it out at the first occurrence, followed by the UNESCO is headquartered in Paris, France.
abbreviation in parentheses. Use the abbreviation in
• Do not use periods for EU, UK, or US or for
the second and subsequent instances.
organizations such as OECD and UN.
• If a term is abbreviated only once or twice in a
• Avoid using the same abbreviation to represent two
section or subpart, delete the abbreviation and spell
different terms.
out the term in full. Some terms are always spelled
out regardless of the number of times they’re
used, and other terms are never spelled out; these
exceptions are noted in the subsequent table.

• Decrease unnecessary acronyms and abbreviations,

particularly by eliminating ad hoc abbreviations,
regardless of how many times they are used in
the section.

IMF Editorial Style Guide | 2nd Edition 23

Acronym Full Form
ABS asset-backed security
ADB Asian Development Bank
ADF African Development Fund
AE advanced economy
AFD Agence Française de Développement
AfDB African Development Bank
AFR African Department
AI artificial intelligence
AIC Akaike information criterion
AML/CFT anti–money laundering/combating the financing of terrorism
APD Asia and Pacific Department
APEC Asia–Pacific Economic Cooperation
API application programming interface
ARDS acute respiratory distress syndrome
ARI acute respiratory infection
ASEAN Association of Southeast Asian Nations: Brunei Darussalam, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam
ASEAN+3 or ASEAN Plus ASEAN countries plus China, Japan, and Korea
Three
ASEAN-4 economies Indonesia, Malaysia, Philippines, and Thailand
ASEAN-5 economies Indonesia, Malaysia, Philippines, Singapore, and Thailand
AU African Union
BCEAO Banque Centrale des États de l’Afrique de l’Ouest
BEEPS Business Environment and Enterprise Performance Survey
BIC Bayesian information criterion
BIS Bank for International Settlements
BOP balance of payments
BRICS Brazil, Russia, India, China, South Africa
CA Central Asia
CA current account
CAPDR Central America, Panama, and Dominican Republic
CARICOM Caribbean Community
CBA cost–benefit analysis
CBDC central bank digital currency
CBO community-based organization
CCA Caucasus and Central Asia
CCB China Construction Bank
CD capacity development
CDA currency demand approach
CDB China Development Bank
CDC Centers for Disease Control and Prevention
CDD community-driven development
CDS credit default swap

24 IMF Editorial Style Guide | 2nd Edition

Acronym Full Form
CEE central and eastern Europe
CELAC Community of Latin American and Caribbean States (communauté économique et monétaire
de l’Afrique centrale)
CEMAC Central African Economic and Monetary Community
CEPI Coalition for Epidemic Preparedness Innovation
CEWC Central Economic Work Conference
CGAP Consultative Group to Assist the Poor
CGB central government bond
CGER Consultative Group on Exchange Rate Issues
CGIAR Consultative Group on International Agricultural Research
ChatGPT Chat Generative Pre-trained Transformer [always use acronym]
ChatGPT-4 Chat Generative Pre-trained Transformer, the fourth in its series of GPT foundation models
[always use acronym]
CIBM China Interbank Bond Market
CICO cash-in/cash-out
CIDA Canadian International Development Agency
CIF or c.i.f. cost, insurance, and freight
CIP record Cataloging in Publication record
CIRC China Insurance Regulatory Commission
CIS Commonwealth of Independent States
CIV collective investment vehicle
CMT crisis management team
COM Communications Department
COMESA Common Market for Eastern and Southern Africa
COVAX COVID-19 Vaccines Global Access [always use acronym]
CoVDP COVID-19 Vaccine Delivery Partnership
COVID-19 coronavirus disease 2019
CPI consumer price index
CPIS Coordinated Portfolio Investment Survey
CRR cash reserve ratio
CRS Creditor Reporting System
CSF Corporate Services and Facilities Department
CSO civil society organization
CSRC China Securities Regulatory Commission
DAC Development Assistance Committee
DANIDA Danish International Development Agency
DDSR debt and debt-service reduction
DFI development finance institution
DFID Department for International Development
DLT distributed ledger technology
DP Departmental Paper
DRE debt reduction equivalent
EBRD European Bank for Reconstruction and Development

IMF Editorial Style Guide | 2nd Edition 25

Acronym Full Form
ECA Economic Commission for Africa
ECA Europe and Central Asia
ECB European Central Bank
ECCAS Economic Community of Central African States
ECE Economic Commission for Europe
ECLAC Economic Commission for Latin America and the Caribbean
ECOMOG Economic Community of West African States Monitoring Group
ECOWAS Economic Community of West African States
EDA effective development assistance
EDA emerging and developing Asia
EDE emerging and developing Europe
EEZ exclusive economic zone
EFTA European Free Trade Association
EM-DAT Emergency Events Database
EMDE emerging market and developing economy
EME emerging market economy
EMRO Eastern Mediterranean Regional Office
EMS European Monetary System
EMU European Monetary Union
ERM European Exchange Rate Mechanism
ESAF Enhanced Structural Adjustment Facility
ESCAP Economic and Social Commission for Asia and the Pacific
ESCWA Economic and Social Commission for Western Asia
ESR External Sector Report
ETF exchange-traded fund
EU European Union
EU15 European Union group of 15 member countries before May 1, 2004: Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain,
Sweden, and the United Kingdom
EU28 European Union group of 28 countries (before January 31, 2020): Austria, Belgium, Bulgaria,
Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal,
Romania, Slovenia, Slovak Republic, Spain, Sweden, and the United Kingdom
EUR European Department
Eurostat European Union statistical office [always use acronym]
EV electric vehicle
F&D Finance & Development
FAD Fiscal Affairs Department [always spell out]
FAO Food and Agriculture Organization
FATF Financial Action Task Force
FCS fragile and conflict-affected state
FCV fragility, conflict, and violence
FDI foreign direct investment
FGLS feasible generalized least squares

26 IMF Editorial Style Guide | 2nd Edition

Acronym Full Form
FIN Finance Department [always spell out]
Findex Global Financial Inclusion database
fintech financial technology
FM Fiscal Monitor [always spell out]
FOB free on board
FOIA Freedom of Information Act
FOMC Federal Open Market Committee
FSAL financial sector adjustment loan
FSAP Financial Sector Assessment Program
FSGM Flexible System of Global Models
FTA free trade agreement
FTZ free trade zone
FX foreign exchange
G2P government to person
G7 Group of Seven countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the
United States
G8 Group of Eight countries: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom,
and the United States
G20 Group of Twenty countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United
Kingdom, and the United States
GATS General Agreement on Trade in Services
GATT General Agreement on Tariffs and Trade
Gavi This term is not an acronym and therefore does not have a full form
GCC Gulf Cooperation Council
GDP gross domestic product [always use acronym]
GEF Global Environment Facility
GEM Global Economy Model
GEP Global Economic Prospects
GFC global financial crisis [always spell out]
GFD Global Financial Development database
GFSM Government Finance Statistics Manual
GFSR Global Financial Stability Report [always spell out]
GGGI Global Gender Gap Index
GHG greenhouse gas
GIMF Global Integrated Monetary and Fiscal Model
GIS geographic information system
GMM generalized method of moments
GNI gross national income
GNP gross national product
GNP/c gross national product per capita
GPA global policy agenda
GRSP Global Road Safety Partnership
GSMA Global System for Mobile Communications Association

IMF Editorial Style Guide | 2nd Edition 27

Acronym Full Form
GSP Generalized System of Preferences
GVA gross value added
GVIO gross value of industrial output
GW gigawatt
HDI Human Development Index
HH household
HHI Herfindahl–Hirschman Index
HIC high-income country
HIPC heavily indebted poor country
HIPC Initiative Heavily Indebted Poor Countries Initiative
HRD Human Resources Department
IBRD International Bank for Reconstruction and Development
ICD Institute for Capacity Development
ICFTU International Confederation of Free Trade Unions
ICO integrated community organization
ICOR incremental capital-output ratio
ICSID International Centre for Settlement of Investment Disputes
ICT information and communications technology
IDA International Development Association
IDB Inter-American Development Bank
IEC information, education, and communication
IFAD International Fund for Agricultural Development
IFC International Finance Corporation
IFI international financial institution
IFPRI International Food Policy Research Institute
IGAD Intergovernmental Authority on Development
ILO International Labour Organization (plenary body)
ILO International Labour Office (the secretariat and publisher)
IMIS Integrated Management Information System
IOM International Organization for Migration
IP industrial production
IP intellectual property
IPCC Intergovernmental Panel on Climate Change
IPU Inter-Parliamentary Union
ISDA International Swaps and Derivatives Association
IsDB Islamic Development Bank
ISO International Organization for Standardization
IT information technology
ITC International Trade Centre
ITD International Tax Dialogue
ITD Information Technology Department
ITMO internationally transferred mitigation outcome
ITU International Telecommunication Union

28 IMF Editorial Style Guide | 2nd Edition

Acronym Full Form
JICA Japan International Cooperation Agency
JPM GBI-EM JPMorgan Global Bond Index—Emerging Markets
KAP knowledge, attitudes, and practices
kph kilometers per hour
kWh kilowatt-hour
LA5 Latin America 5 (Brazil, Chile, Colombia, Mexico, and Peru)
LAC Latin America and the Caribbean
LAS League of Arab States
LATE local average treatment effect
Latin America 5 Brazil, Chile, Colombia, Mexico, and Peru
LDOD total long-term debt outstanding and disbursed
LEG Legal Department
LFP labor force participation
LFPR labor force participation rate
LGFV local government financing vehicle
LIBOR London interbank offered rate
LIC low-income country
LLI local-level institution
LOE language other than English
LSA livelihood support activity
LTX long-term expert
LURD Liberians United for Reconciliation and Democracy
M&A mergers and acquisitions
M&E monitoring and evaluation
MC Multilateral Consultation [always spell out]
MCD Middle East and Central Asia Department
MCM Monetary and Capital Markets Department
MDB multilateral development bank
MDGs Millennium Development Goals
MEFTA Middle East Free Trade Area
MENA Middle East and North Africa
MENAP Middle East, North Africa, Afghanistan, and Pakistan
MFD Maximizing Finance for Development
MFI microfinance institution
MFN most favored nation
MIC middle-income country
MIMIC multiple indicators, multiple causes
MIS management information system
MNC multinational corporation
mph miles per hour
MRY most recent year
MTN medium-term note
MW megawatt

IMF Editorial Style Guide | 2nd Edition 29

Acronym Full Form
NAFMII National Association of Financial Market Institutional Investors
NAFTA North American Free Trade Agreement
NAP National Adaptation Plan
NATO North Atlantic Treaty Organization
NCD negotiable certificate of deposit
NCD noncommunicable disease
NEER nominal effective exchange rate
NEPAD New Partnership for Africa’s Development
NGO nongovernmental organization
NIC newly industrialized country
NIE newly industrialized economy
NIH National Institutes of Health
NIS newly independent state
NOE nonobserved economy
NPV net present value
NRDC National Reform and Development Commission
NRM natural resource management
OAS Organization of American States
OAU Organization of African Unity
ODA official development assistance
ODF official development finance
ODI outward direct investment
OECD Organisation for Economic Co-operation and Development
OECS Organisation of Eastern Caribbean States
OEF open-end investment fund
OLS ordinary least squares
OMD Office of the Managing Director
OMO open market operations
OPEC Organization of the Petroleum Exporting Countries
OVI objectively verifiable indicator
PAB Publications Advisory Board
PAHO Pan American Health Organization
PAYG pay as you go
PBC People’s Bank of China
PDI personal disposable income
PFM public financial management
PIM public investment management
PIMA Public Investment Management Assessment
PIP public investment program
PIT personal income tax
PMM predictive mean matching method
PPE personal protective equipment
PPP public–private partnership

30 IMF Editorial Style Guide | 2nd Edition

Acronym Full Form
PPP purchasing power parity
PRGT Poverty Reduction and Growth Trust
PSP payment service provider
QFII qualified foreign institutional investor
R&D research and development
RAI Rural Access Index
REER real effective exchange rate
REO Regional Economic Outlook
RES Research Department
RMSEA root mean square error of approximation
ROA return on assets
ROW rest of the world
RST Resilience and Sustainability Trust
SAAR seasonally adjusted annual rate
SAARC South Asian Association for Regional Cooperation
SACU Southern African Customs Union
SADC Southern African Development Community
SAGE Strategic Advisory Group of Experts
SARS severe acute respiratory syndrome
SARS-CoV-2 severe acute respiratory syndrome coronavirus 2
SCDS sovereign credit default swap
SDG Sustainable Development Goal
SDN Staff Discussion Note
SDR special drawing right
SEC Secretary’s Department
SEM structural equation modeling
SEZ special economic zone
Sida Swedish International Development Cooperation Agency
SIDS small island developing states
SITC Standard International Trade Classification
SME small and medium enterprise
SNA System of National Accounts
SOB state-owned bank
SOE state-owned enterprise
SPR Strategy, Policy, and Review Department
SPV special purpose vehicle
SSA sub-Saharan Africa [always spell out]
STA Statistics Department
STEM science, technology, engineering, and mathematics
SWAP sectorwide approach
SWDA seasonally and workday adjusted
SWOT strengths, weaknesses, opportunities, threats (analysis)
TA technical assistance

IMF Editorial Style Guide | 2nd Edition 31

Acronym Full Form
TALF Term Asset-Backed Securities Loan Facility
TARGET2 This term is not an acronym and therefore does not have a full form
TARP Troubled Asset Relief Program
TFP total factor productivity
TNM Technical Notes and Manuals
TRIPS Trade-Related Aspects of Intellectual Property Rights
UN United Nations
UNAIDS Joint United Nations Programme on HIV/AIDS
UNCITRAL United Nations Commission on International Trade Law
UNCTAD United Nations Conference on Trade and Development
UNDP United Nations Development Programme
UNEP United Nations Environment Programme
UNESCO United Nations Educational, Scientific and Cultural Organization
UNFCCC United Nations Framework Convention on Climate Change
UNFPA United Nations Population Fund
UNHCR United Nations High Commissioner for Refugees
UNICEF United Nations Children’s Fund
UNIFEM United Nations Development Fund for Women
UNRWA United Nations Relief and Works Agency for Palestine Refugees in the Near East
USAID United States Agency for International Development
USSD unstructured supplementary service data
VaR value at risk
VAR vector autoregression
VAT value-added tax
VIX Chicago Board Options Exchange Volatility Index
VXO Chicago Board Options Exchange S&P 100 volatility index
WAEMU West African Economic and Monetary Union
WAMU West African Monetary Union
WBES World Business Environment Survey
WCO World Customs Organization
WDI World Development Indicators
WDR World Development Report
WEF World Economic Forum
WEO World Economic Outlook [always spell out]
WFP World Food Programme
WGBI World Government Bond Index
WGI Worldwide Governance Indicators
WHD Western Hemisphere Department
WHO World Health Organization
WIDER World Institute for Development Economics Research
WP Working Paper
WPI wholesale price index
WTO World Trade Organization

32 IMF Editorial Style Guide | 2nd Edition

8. COMMON TERMS

For terms that are not mentioned here, consult Merriam-Webster’s Collegiate Dictionary, 11th edition
(https://merriam-webster.com).

Term Use and Examples

advanced economy
annex
annexes
anticyclical
antideflationary
anti-inflationary Hyphenate to avoid double vowels
anti–money laundering
anti–money laundering/combating the financing of terrorism
appendix
appendixes
Arab Spring
Argentine crisis (2001–02)
arm’s length (n., adj.)
Asian crisis (1997–98)
asset management company
asset price (n., adj.)
asset-price-based variables
asset price bubble
autocorrelation
automobile sector
bail-in (n., adj.) “unsecured bail-in debt”
bail in (v.)
bailout (n.)
balance sheet (n., adj.) Do not hyphenate as a unit modifier.
“adjustments to the balance sheet”
“balance sheet adjustment”

IMF Editorial Style Guide | 2nd Edition 33

Term Use and Examples
balanced budget (n., adj.) “requires a balanced budget”
“balanced budget rule”
bank dealers
bank funding structures
bank intervention
bank resolution (n., adj.) “bank resolution mechanisms”
banking sector (n., adj.)
banking system (n., adj.) “banking system stress”
Basel Core Principles
basis point (n., adj.) “… experienced a 100 basis point increase”
“…an increase of 100 basis points”
Bayesian techniques
benefit, benefited, benefiting
biannual Use when referring to twice per year
bid–ask spread
biennial Use when referring to every two years
Big Tech Capitalize both words
bio-diesel
Bitcoin/bitcoin Capitalize to describe the concept or the entire network;
lowercase to describe bitcoins as a unit of account
Black Capitalize when referring to race
Bloomberg Finance L.P.
bounce-back (n.)
break even (n., v.)
breakeven (adj.)
Brexit
broad-based (adj.)
buildup (n., adj.)
build up (v.)
business as usual (n.)
business-as-usual1 (adj.) “business-as-usual scenario”
buyer’s market
bylaw
By-Laws, Rules and Regulations Hyphenate “By-Laws” and add comma only after “Laws”
cancel, canceled, canceling
cap-and-trade system
capital-to-asset ratio
carbon-dioxide-equivalent “carbon-dioxide-equivalent emissions”
carbon-neutral (n., adj.)
1

carbon-pricing system policy

carry over (v.)
carryforward (adj.)
carryover (n., adj.)
carve-out (n.)

34 IMF Editorial Style Guide | 2nd Edition

Term Use and Examples
case-by-case (adj.)
1
“The decision was made on a case-by-case scenario”
catalog
check
checkup (n.)
childbearing (n., adj.)
childcare (n., adj.)
climate change (n., adj.) “climate change policy”
co-donor
co-finance
co-integration
co-movement
co-opt
coworker
commodity-dependent economy
commodity-exporting economy
commodity market (n., adj.) “commodity market development”
commodity price (n., adj.) “commodity price boom”
“commodity price cycle”
Use “commodity prices” for the plural form
communist Do not capitalize
compared to/compared with Use “compare with” to discern similarities and differences
between entities. Use “compare to” to note primarily
similarities between entities, especially in the active voice.
contra-entry
cost of living (n.) “The increased cost of living has resulted in…”
cost-of-living (adj.) “Households experienced a 20 percent cost-of-living
increase”
councilor
country fixed effects
COVAX
COVID-19 (n., adj.)
COVID-19–related (adj.) “COVID-19–related deaths”
creditless
cross- “cross-border”
“cross-country”
crowd out (v.)
crowding-out1 (adj.)
crypto assets (n.)
crypto-asset trading (n., adj.)
cryptocurrency
cryptosystem
current account (n., adj.)

IMF Editorial Style Guide | 2nd Edition 35

Term Use and Examples
damages Use the plural form for compensation in money imposed
by law for loss or injury. Do not use the plural form
in instances such as “The island suffered damage in
the hurricane.”
data set Set as two words
data-cleaning process
database Set as one word and do not hyphenate
debt and debt-service reduction (n.)
debt- and debt-service-reduction (adj.)
debt-financing1 (adj.)
debt service (n.)
debt-service reduction (adj.)
debt-to-GDP (adj.)
decision making (n.)
decision-making1 (adj.)
defined-benefit (adj.)
Delta variant
deposit guarantee system
depositor preference regimes
de-risking
digitalization Use when referring to the use of digital technologies
to change a business model and provide new revenue-
producing opportunities; it is the process of moving to a
digital business.
digitization Use when referring to the process of changing from analog
to digital form (scanning a print book or photograph,
creating audio or video as a file rather than on tape)
disanchoring
discount rate (n., adj.)
dot-com bubble Use when referring to late 1990s’ boom in IT and internet-
related assets
e-commerce
e-money
e-wallet
early-warning systems (n.)
Ease of Doing Business Index
east Asian
Eastern bloc Capitalize “Eastern” when used as a historical or political
term referring to the former communist countries in
eastern Europe
eastern Europe/Eastern Europe Lowercase “eastern” to describe the general region.
Capitalize “Eastern” when the reference is historical: “In the
decade after World War II, Eastern Europe…”
The Economics of Climate Change Italicize
electric vehicle
email Do not hyphenate

36 IMF Editorial Style Guide | 2nd Edition

Term Use and Examples
EM-DAT: Emergency Events Database
emerging markets, emerging market economies
emerging market and developing economies

emissions Use the plural form in all instances: “emissions price,”

“emissions forecasts,” “global emissions”
emissions-control policy
emerging and developing Asia
emerging and developing Europe
emerging Asia
emerging Europe
end- In tables and figures, use “end-” and the year:
“end-December.” In text, use “the end of” or the actual
date: “the end of June,” “June 30,” “June 30, 2014.”
end user Do not hyphenate
energy pricing subsidies Do not hyphenate
enrollment
equilibrium, equilibria
EU15, EU22, EU28 Do not hyphenate
euro area (n., adj.) Do not hyphenate
euro area core
eurobonds Do not capitalize
Eurocurrency
euro deposit rate
Eurodollar
Euromarket
Euroyen
exchange rate (n., adj.)
External Sector Report Italicize
federal funds (n., adj.)
Federal Reserve, Federal Reserve Board
feedback Do not use the plural form
feed grain
financial stress
financial-stress-driven1 (adj.) “financial-stress-driven recessions”
fintech
firms
Fiscal Monitor Italicize
fiscal risk (n., adj.)
Five-Year Plan “China’s 12th Five-Year Plan”
fixed-income (adj.) “fixed-income securities”
flattening the curve
flow of funds (n., adj.)
forecast

IMF Editorial Style Guide | 2nd Edition 37

Term Use and Examples
foreign capital (n., adj.) “foreign capital inflows”
foreign currency (n., adj.) “foreign currency transactions”
foreign-currency-denominated1 (adj.) “foreign-currency-denominated holdings”
foreign exchange
formal sector (n., adj.)
formula, formulas
forum, forums
fourth-quarter-to-fourth-quarter basis
funding-structure configurations
gen AI Use the full form (“generative AI”) at first mention; use
“GenAI” when referring to the company name
generative AI
geoeconomics
geoengineering
German bunds
gigaton
Gini coefficient, Gini index
global financial crisis
Global Financial Stability Report Italicize
global warming (n., adj.)
government-sponsored enterprise
govtech Lowercase term; do not capitalize “tech”; stylize as
“GovTech” only in proper nouns
Great Recession
great trade collapse Use sparingly and set in quotation marks at first use
greater-than-expected (adj.)
1

greenhouse gas emissions Do not hyphenate

health care (n., adj.) “investments in health care”
“health care workers”
heteroscedastic
heteroscedasticity
higher-than-expected1 (adj.)
homeowner
homogeneous
immunocompromised (adj.)
inasmuch as
income tax payer (n.)
indexes/indices Use indexes in reference to book indexes or proper nouns
such as “purchasing managers’ index.” Use indices in
reference to mathematical indices.
industrial countries
inflation/inflationary Avoid “inflation pressure” (refers to tire or air pressure)
“inflationary pressure”
“inflationary policies”

38 IMF Editorial Style Guide | 2nd Edition

Term Use and Examples
informal sector (n., adj.)
insurtech Combination of the terms “insurance” and “technology”
International Financial Statistics
International Financial Statistics database Do not italicize
International Labour Organization
interbank
interest–growth differentials (n.)
internet
intra-area
J-curve effect Do not italicize
Japanese yen deposit rate Set “deposit” as singular
job-retention (adj.)
judgment
jumbo mortgages Do not set in quotation marks
Know Your Customer
labor force (n., adj.)
lapse of time (n.)
lapse-of-time1 (adj.) “lapse-of-time basis”
Latin American debt crisis of 1981–83
leaning-against-the-wind policy
less-developed economies
less-educated1 (adj.)
license
lifeline (n.)
lifelong (adj.)
liquidity-constrained1 (adj.)
loan-to-value ratios
log-linear1 (adj.)
Lombard rate
London interbank offered rate Lowercase all words except “London”
long-standing (adj.)
long term (n.)
long-term (adj.)
lower-than-expected1 (adj.)
low-income countries
low-income developing countries
lump sum (n.)
lump-sum1 (adj.)
longer-term refinancing operations
M1, M2, M3 Do not hyphenate
macrofinancial
macroprudential
mark to market (v.)
mark-to-market1 (adj.)

IMF Editorial Style Guide | 2nd Edition 39

Term Use and Examples
market income (n., adj.)
matrix, matrices
medium term (n.)
medium-term1 (adj.)
mega-project
memorandum, memorandums
MENA region
mergers and acquisitions Set “mergers” and “acquisitions” as plural
meta-analysis
Middle East and North Africa (n.)
Middle Eastern and North African (adj.)
microeconomics
microfinancial
microprudential
microsimulation
mid-1990s
mid-August
mixed-ownership1 (adj.)
monetary policy (n., adj.)
money market (n., adj.)
mortgage-backed security
mortgage market (n., adj.) “mortgage market development”
most favored nation (n.)
most-favored-nation1 (adj.)
multi-institutional
multiyear
naked short selling Use quotation marks around “naked” only on the first use
nation-state
net zero emissions
New Keynesian Phillips curve
non-European (adj.)
non-fossil-fuel-based (adj.) “non-fossil-fuel-based resources”
non-income-producing (adj.)
non-investment-grade (adj.)
nonaccelerating inflation rate of unemployment
nonbank financial institutions
nondistortionary (adj.)
nondollar (adj.)
nonofficial (adj.)
nonnegotiable (adj.)
nonperforming loan
nonsterling (adj.)
nontrade
nontradables (n., adj.) “nontradables sector”

40 IMF Editorial Style Guide | 2nd Edition

Term Use and Examples
Nordic Use “Scandinavian” when referring only to countries in
Scandinavia
the North Use when the context is a socioeconomic and political
divide
off-balance-sheet items
oil-exporting countries
oil-price cycle
Okun’s law
one-off (adj.)
onlending Do not use “lending on,” which can be confusing
open market (n., adj.)
out-year (n.)
outturn
own-funded imports
p value Lowercase and italicize “p” and do not hyphenate “p value”
Pacific island countries Lowercase “island countries” and do not abbreviate as
“PICs” or “PIC”
par value (n.)
par-value1 (adj.)
pass through (v.)
pass-through (n., adj.)
Paycheck Protection Program
per capita (adj.)
personal protective equipment
petrodollar
pick up (v.)
pickup (n.)
policy-uncertainty shock
policymaker
policymaking (n., adj.)
post-COVID (adj.)
post–COVID-19 (adj.)
post-cutoff-date (adj.) “post-cutoff-date debt”
post-Keynesian (adj.)
post-transfer (adj.)
postcrisis (adj.)
postpandemic (adj.)
postrecession (adj.)
postreform (adj.)
posttax (adj.)
pre-election
précis
preexisting
premium, premiums

IMF Editorial Style Guide | 2nd Edition 41

Term Use and Examples
prepandemic
preprogram
prerecession
pretax
private sector (n., adj.)
procyclical
profit sharing (n.)
profit-shifting1 (adj.)
proxy hedging (n.)
proxy-hedging1 (adj.)
public–private investment fund
public–private partnership
public school (n., adj.)
public sector (n., adj.)
purchasing managers’ index
purchasing power parity (n.)
purchasing-power-parity (adj.) “purchasing-power-parity basis”
real Always italicize when referring to the Brazilian currency
real estate (n., adj.) “real estate prices”
“real estate bubble”
record-high1 (adj.)
record-low1 (adj.)
redistributive Do not hyphenate
reemphasize Do not hyphenate
reestablish Do not hyphenate
reevaluate Do not hyphenate
reexamine Do not hyphenate
regtech
Resilience and Sustainability Trust
resolve “resolve a bank” (to handle the closing or liquidation of a
failing or failed bank) is accepted usage
resource-rich1 (adj.) “resource-rich countries”
ring-fence (v.)
ring-fencing (n.)
risk management (n.)
risk-management (adj.)
risk pricing (n.)
risk-pricing1 (adj.) “risk-pricing mechanisms”
risk taker (n.)
risk taking (n.)
risk-taking1 (adj.)
road map
roll back (v.)
rollback (n., adj.)

42 IMF Editorial Style Guide | 2nd Edition

Term Use and Examples
roll over (v.)
rollover (n., adj.)
rules-based1 (adj.)
run up (v.)
run-up (n.)
Russian crisis
Russian debt default of 1998
Russian default
saddlepath (n., adj.)
safe haven flows
saving/savings (n.) Use the singular form when referring to the act of saving
(“The overall saving rate declined”). Use the plural form
when referring to the accumulated amount (“Corporate
savings were nonetheless up”).
Savings and Loan Crisis
scale-up (n.)
scale up (v.)
scaling-up (n.)
scaling up (v.)
sectoral (adj.)
Securities Markets Programme of the European Central Bank
securities market stress episodes
seigniorage
seller’s market
semi-industrial
semicash
service sector
short term (n.)
short-term1 (adj.)
short-time work program
sizable
small open economy Do not add a comma
social distancing (n., adj.)
Social Security Capitalize when referring to “US Social Security”
social security system
socialist Do not capitalize
the South Use when the context is a socioeconomic and political
divide
sovereign credit default swap
special drawing right Do not capitalize
spill over (v.)
spillover (n., adj.)
sport-utility vehicles
spot exchange (n., adj.)
Stability and Growth Pact of the European Union

IMF Editorial Style Guide | 2nd Edition 43

Term Use and Examples
staff Use “the IMF staff” when referring to IMF staff. Never use
“IMF staff members” or the like. Use the plural verb form.
staff-year(s)
Stand-By Arrangement Use “Stand-By” (hyphenated, “B” capitalized) in this form
only.
Standby Credit Facility Use “Standby” (no hyphen, one word) in this form only.
start-up (n., adj.)
state-owned enterprise
stay-at-home1 (adj.)
Stern Review Use when referring to the following report:
Stern, Nicholas. 2006. The Economics of Climate Change:
The Stern Review. London, UK: HM Treasury.
stock-flow1 (adj.)
stockpile (n., v.)
structural vector autoregression
sub-Saharan Africa Lowercase the “s” in “sub,” except when used as the first
word in a sentence or in titles and headings.
sudden stops Do not set in quotation marks
supply chain (n.)
supply-chain1 (adj.) “supply-chain disruptions”
supply side (n.)
supply-side1 (adj.)
supply-sider
suptech
swath
symposium (sing.), symposia (pl.)
Taiwan Province of China Use full form in all instances, including figure labels; do not
abbreviate to Taiwan POC in any context
take up (v.)
take-up (n., adj.)
TARGET2 Set in all caps with no spaces or hyphens
tax base Never hyphenate
taxpayer (n.) Use “taxpayer” unless referring to “income tax payer”
telework
terms of trade (n.)
terms-of-trade1 (adj.) “terms-of-trade shocks”
Thomson Reuters Worldscope
Tier 1 Capitalize when referring to required banking capital
time fixed effects Do not hyphenate
time series (n.)
time-series1 (adj.)
Tobit
toolkit
total, totaled, totaling

44 IMF Editorial Style Guide | 2nd Edition

Term Use and Examples
trade off (v.)
trade-off (n., adj.)
tradables (adj.) “tradables sector”
transaction costs
travel, traveled, traveling
traveler’s check
Treasury bill, US Treasury bill Capitalize “Treasury”
Treasury bonds, US Treasury bonds Capitalize “Treasury”
UK (adj.) Use only as an adjective
upward Do not set as plural
US (adj.) Use only as an adjective
value-added tax
value at risk (n.)
value-at-risk1 (adj.)
weaker-than-expected1 (adj.)
the West Use when referring to the group of countries
western Europe Lowercase “western” except when referring to historical
terms: “In the decade after World War II, Western
Europe became…”
Western Hemisphere
while Use “whereas” or “although” if “while” creates ambiguity
White Capitalize when referring to race
white-noise process
working age (n.) 1 million individuals of working age
working-age (adj.) Working-age population
World Bank Worldwide Governance Indicators
World Economic Outlook database Do not italicize when referring to the database
World Economic Outlook Italicize when referring to the report
World Economic Outlook Update Italicize
write down (v.)
write-down (n., adj.)
write off (v.)
write-off (n., adj.)
x-axis (n., adj.) Italicize the x and hyphenate
x-efficiency (n.) Do not italicize “x”
y-axis Italicize the y and hyphenate
year-end (adj.)
year over year (adv.) “The estimates were unchanged year over year”
year-over-year (adj.) “We determined year-over-year estimates for…”
zero, zeros
zero interest rate floor
zero-sum (adj.)
1
Hyphenate when used as an attributive adjective (“weaker-than-expected results”) but not as a predicate adjective (“results were weaker than
expected”).

IMF Editorial Style Guide | 2nd Edition 45

9. TERMS TO AVOID

Term Alternative Explanation

above As discussed in the previous section Avoid when referring to sections of
a document.
As discussed in the “Methods” section
additionally also

in addition
advanced countries advanced economies
adviser advisor
against the backdrop in the context of
Asia crisis Asian crisis (1997–98)
Asian financial crisis
auto sector automobile sector
below As discussed in the following section
As discussed in the “Methods” section
Bloomberg Financial LP Bloomberg Finance L.P.
cap-and-trade scheme cap-and-trade system
capital-to-assets ratio capital-to-asset ratio
catalogue catalog
ceteris paribus all else equal
cheque check
commodities prices commodity price
corporates firms
corporations
debate on debate about Unless “debate on” precedes a date
debate concerning
debate over
debt deflation deflation The term is shorthand jargon for
a downward spiral of deleveraging and deflation deflation and recession brought on
by excessive attempts to shed debt;
debt balances are inflated by the drop
in price indices, which is part of the
downward spiral.

IMF Editorial Style Guide | 2nd Edition 47

Term Alternative Explanation
deposit guarantee scheme deposit guarantee system
disanchoring de-anchoring
due to as a result of Use “due to” only after a verb.

because of “The rise in home prices is due to

inflation.”
the elderly elderly adults Do not use “the elderly” in noun form;
elderly households use in adjective form only
elderly individuals
e-mail email
emerging economies emerging markets
emerging market economies
European Monetary Union Economic and Monetary Union
et al. and others “Baker and others”
euro zone euro area
eurozone euro area
euro area periphery euro area economies with high borrowing spreads Query authors on whether the
during the 2010–11 sovereign debt crisis alternative is acceptable
euro deposits rate euro deposit rate
the Fed Federal Reserve
Federal Reserve Board
following after Avoid “following” when “after”
is meant.
females women
forecasted forecast
frictions friction
GIPS Greece, Ireland, Portugal, and Spain
GFC global financial crisis
Great Recession
grey gray
Haver Analytics EUROPACE AG/Haver Analytics
impact (n., v.) effect (n.) Use alternatives unless “impact” is
affect (v.) part of a phrase or term of art.
inflation pressure inflationary pressure
interestingly It is interesting that
last past Use “past” when referring to a former
occurrence. Use “last” when referring
to a final occurrence.
long run long term
males men
medium run medium term
the poor poor households Do not use “the poor” in noun form;
poor individuals use in adjective form only
poor countries

48 IMF Editorial Style Guide | 2nd Edition

Term Alternative Explanation
post- after Do not use “post-” in adverb form
(“The GDP declined post-COVID”);
use only in adjective form
(“The post-COVID GDP declined”)
pre- before Do not use “pre-” in adverb form
(“The GDP was higher pre-COVID”);
use only in adjective form (“The
pre-COVID GDP declined”)
resiliency resilience
rule-based rules-based
scheme plan
program
sectorial sectoral
seignorage seigniorage
short run short term
short-time work schemes short-time work program
sizeable sizable
spellouts expanded form Avoid nonwords and terms with which
readers may not be familiar.

full form AU: “Please confirm all expanded

forms of acronyms.”
Stern Report Stern Review
Stern Review on the Economics Stern Review
of Climate Change

stocking stockpiling
stressed euro area economies euro area core
euro area periphery
swathe (n.) swath
T-bill Treasury bill
US Treasury bill

transactions costs transaction costs

utilize use
via through
Worldscope Thomson Reuters Worldscope
World Governance Indicators World Bank Worldwide Governance Indicators
year on year (adv.) year over year
year-on-year (adj.) year-over-year (adj.)

IMF Editorial Style Guide | 2nd Edition 49

10. GLOSSARY

For definitions of frequently used IMF-specific terms, see the IMF Glossary at https://IMF.org/en/About/Glossary.

For definitions of common economic terms, see “The A–Z of Economics” on The Economist website at https://economist.com/
economics-a-to-z/a.

Term Definition
COVAX COVID-19 Vaccines Global Access, a worldwide initiative aimed at equitable access to COVID-19
vaccines directed by the Gavi vaccine alliance, the Coalition for Epidemic Preparedness Innovations,
and the World Health Organization, alongside key delivery partner UNICEF
Dutch disease The theory that an increase in revenues from natural resources will deindustrialize a nation’s
economy by raising the exchange rate, making the manufacturing sector less competitive
federal funds, Refers to reserve funds lent overnight by one member bank of the Federal Reserve to another
federal funds rate
feed grain Grain that is grown for animal feed
food grain Grain that is grown for human food
G-Cubed Model A multicountry, multisector, intertemporal general equilibrium model of the world economy
developed by Warwick McKibbin and Peter Wilcoxen
Gavi International organization created in 2000 to improve access to new and underused vaccines for
children living in the world’s poorest countries
Gini coefficient or Developed by the Italian statistician and sociologist Corrado Gini, the Gini coefficient or index is
index a measure of statistical dispersion intended to represent the income or wealth distribution of a
nation’s residents.
Hodrick–Prescott A filter used to obtain a smoothed nonlinear representation of a time series, one that is more
(H-P) filter sensitive to long-term than to short-term fluctuations
Mashall–Lerner When changes in exchange rates are fully passed through to import prices at home and abroad, the
condition import and export price elasticities (in absolute value) must sum to greater than 1 for a depreciation
to improve the trade balance
Phillips curve Historical inverse relationship between the rate of unemployment and the rate of inflation in an economy
PubMed Database that includes more than 30 million journal article citations and abstracts, mostly from MEDLINE,
that cover the life sciences and biomedical topics. Provided by the US National Library of Medicine.
Reinhart–Rogoff Refers to this source: Reinhart, Carmen, and Kenneth Rogoff. 2004. “The Modern History of Exchange
classification Rate Arrangements: A Reinterpretation.” Quarterly Journal of Economics 119 (February): 1–48.
TARGET2 An interbank payment system for the real-time processing of cross-border transfers throughout the
European Union
Tobin’s q Ratio between a physical asset’s market value and its replacement value

IMF Editorial Style Guide | 2nd Edition 51

APPENDIX 1. EDITING AND
PROOFREADING CHECKLISTS

Editing Example Alternative

TS: Kerning looks too tight. TS: Please loosen text to
• All boxes, figures, and tables should have a unique
avoid crowding.
title. Follow the “what-where-when” format to the
AU: Text seems to be AU: Please provide missing
extent it is useful. Avoid vague titles, one-word titles missing. text in the sentence
with long subtitles, and duplicated main titles. beginning with “The revised
toolkit incorporates...”
Example Alternative AU: Isn’t this a table rather AU: Please note that Table
Romania: Geographic Geographic Distribution of than a figure? 1.2 depicted an image
Distribution of Changes in Changes in Corruption Risk and thus was renamed as
Corruption Risk in Romania Figure 1.2.

• If making changes in a Word file, add queries at the • Use complete sentences in queries. Avoid “OK?” or
footnote marker using the “New Comment” function “Right?” or similarly confusing constructions.
instead of inserting them in the text of the footnote.
• For queries that apply to multiple figures and
• Do not change first person to third person. tables, include one global query that itemizes
all pertinent instances.
• Create a style sheet to document any editorial
decisions you made that are not covered explicitly in • For queries, indicate the referring figure or table.
this style guide.
EXAMPLES:
Querying AU: For Figure 3.3, please define the colors.
AU: In column 2 of Table 1.6, please clarify whether you
• For author queries, add “AU” before the query; mean 3.5 percent.
for instructions to the typesetter, add “TS” before
• Avoid copying and pasting queries that do not
the query; for queries to the editor, add “EDITOR”
fully apply to a figure (for example, requesting an
before the query. Avoid “COMP” to refer to the
acronym be spelled out that does not appear in the
typesetter and ensure each query has a prefix to
figure but does appear in a previous figure).
designate the recipient.
• Before querying authors to spell out terms in figures,
• Set queries in double angle brackets.
search the document to see whether it is spelled out
• When querying, avoid observations; instead, insert in text to avoid extraneous queries.
queries, editorial decisions made, or instructions.

IMF Editorial Style Guide | 2nd Edition 53

• Do not query authors to make editing and • Edit tables and figures so that they illustrate their
formatting changes to figures. Direct such changes point and present similar data consistently.
to the typesetter instead.
• Eliminate text that repeats the data in figures or
tables; similarly, eliminate figures or tables that
Substantive Editing Checklist repeat the text.
The substantive edit is a rigorous editing level that
• Simplify complicated tables. If possible, edit
involves simplifying or clarifying text, eliminating
broadside (landscape) tables so that they can be
redundant text or graphics, and improving readability
converted into vertical (portrait) tables.
in the Word document. The following is a list of
substantive editing tasks. In addition, the substantive
editor performs all items in the Copyediting Checklist. Copyediting Checklist
General Tasks
Readability
• Ensure that the end of each chapter includes a
• Point out and suggest solutions for factual
References list.
inconsistencies, faulty logic, particularly awkward or
unclear passages, and incomplete comparisons. • Leave boxes, figures, and tables in the text file for
authors’ reference.
• Cut or edit redundant passages and simplify long,
complicated sentences. • Keep box, figure, and table titles, numbers, notes,
and sources in the text.
• Smooth transitions between paragraphs or sections.
Readability
• Simplify technical language, eliminate jargon, and
propose or introduce definitions. • Point out factual inconsistencies, faulty logic,
awkward or unclear passages, incomplete
• Ensure that the tone of voice and diction are
comparisons, and vague time references (“in 2012”
consistent in multiauthor works.
is better than “a decade ago”).
• Simplify long sequences of modifiers before nouns.
• Clarify or query author to clarify first- and second-
• Replace passive constructions with active verbs, person pronouns when it is not clear to whom they
when appropriate. refer or when they seem inappropriate in the context
of the rest of the manuscript.
• Eliminate excessive words that do not advance the
argument. • Clarify or query author to clarify demonstrative
pronouns (“this,” “that,” “these,” and “those”) when
Lists the antecedent is unclear.
• Eliminate unnecessary use of letters or numerals in • Fix dangling participles, subject–verb disagreement,
run-in lists; attempt to incorporate short vertical lists incorrect preposition choices, infinitives incorrectly
into the text. used in place of prepositional phrases, and
• Revise all paragraphs or lengthy sentences other lapses.
containing more than five numbered or lettered Overall Consistency
subsections into a bulleted list to enhance
readability. • Follow IMF conventions for country names;
alphabetize country names listed in figures, tables,
Figures and Tables and text unless there is a reason to order them
differently.

54 IMF Editorial Style Guide | 2nd Edition

• Make punctuation, capitalization, spelling, and so • Number boxes, figures, and tables within chapter
on consistent, correct, and in accord with Chicago annexes “Annex Box X.X.Y,” “Annex Figure X.X.Y,”
Manual of Style, 17th edition. and “Annex Table X.X.Y,” where “X.X” is the annex
number and “Y” is the order of the box, figure, or
• Edit chapter titles and subheads to be informative, table in that annex. For example, “Annex Figure
to facilitate electronic searches, to have parallel 5.1.3” is the third figure within Annex 5.1.
construction, and to be consistent in style.
• Number boxes, figures, and tables within
• Query inconsistencies in the spelling and diacritics appendixes “Appendix Box X.Y,” “Appendix Figure
of proper names and foreign words. X.Y,” and “Appendix Table X.Y,” where “X” is the
• Restrict abbreviations as much as possible. Spell appendix number and “Y” is the order of the box,
out each abbreviation at first mention within each figure, or table within that appendix. For example,
chapter. Eliminate or query ad hoc abbreviations (for “Appendix Table 2.7” is the seventh table in the
example, “GFC” for “global financial crisis”). second appendix.

• Unbold any boldfaced introductory sentences to Boxes

paragraphs. • Ensure that boxes are correctly numbered in
• Edit footnotes to conform to Chicago Manual of the format “Box X.Y,” where “X” s the chapter
Style, 17th edition. If a footnote contains only source number and “Y” is the order of the box within the
information, move it to the text, use the author–date chapter. For example, “Box 17.6” is the sixth box in
citation style, and add the full reference to the Chapter 17. Check that the boxes appear in order.
References list. Departmental Papers are the exception to this rule.
These papers have no chapters and boxes are
• Some manuscripts have an unnumbered footnote consecutively numbered.
on the first page of a chapter with biographical
information or acknowledgments; insert an • Ensure that all boxes are referred to by number
instruction for the typesetter to set as an in the text.
unnumbered footnote. • Edit the titles for sense, parallel construction, and
Appendixes and Annexes consistent style. Follow the “what-where-when”
format to the extent it is useful.
• Use “Appendix” for material placed at the end of,
and pertinent to, the entire document. • Ensure that figures and tables inside boxes are
correctly titled and numbered, for example,
• Use “Annex” for any additional material placed at the “Figure 1.1.1” for the first figure in Box 1.1.
end of, and pertinent to, a single chapter.
Figures and Tables
• If both terms are used, check the text for the correct
use of each. • Ensure that figures and tables are correctly
numbered and appear in the proper order.
• Number annexes by chapter; for example, the first
annex to Chapter 5 would be “Annex 5.1.” The • Figures and tables in text boxes are numbered
second annex to Chapter 5 would be “Annex 5.2.” and titled. See the “Boxes” section for treatment.
Departmental Papers are the exception to this rule.
• Number appendixes as follows: the first appendix is These papers have no chapters and figures and
“Appendix 1,” and the second appendix is “Appendix tables are consecutively numbered.
2.” Indicate subparts of the respective appendixes
by numbering (.1, .2, .3). • Point out inconsistencies between the data in tables
and figures and statements in text.

IMF Editorial Style Guide | 2nd Edition 55

• Ensure that all figures and tables are discussed by • Ensure consistency in the handling of lists with
number in the text. respect to such items as punctuation, capitalization,
and numbering versus lettering.
• If any figures or tables seem superfluous, query the
author about deleting them or moving them into an • Use initial capitalization for the first word of each
annex or appendix. bullet, even if not a complete sentence.

• Edit the titles for sense, parallel construction, and • Use numbers to indicate sequences; otherwise,
consistent style. Follow the “what-where-when” use bullets.
format to the extent it is useful.
Mathematics
• Ensure that axis titles, legends, and labels are
• Check that any equation numbering is consecutive.
present in figures that use axes. It is acceptable to
forgo an axis label if a units line conveys the same • Ensure that all notation and typographical
information without ambiguity. distinctions are consistent throughout.
• Ensure that unit indicators are present in all figures • Identify any potentially ambiguous characters.
and that axis titles and labels use sentence-style
capitalization. • Query multiple uses of the same variable name for
different variables.
• Ensure that units in tables and figures are defined.
File Preparation
Sources
• Edit the Contents page if provided. Use it to confirm
• Request source information where missing. Ensure chapter titles and authors’ names. Do not include or
that sources are listed alphabetically, with “IMF edit page numbers.
calculations” (if present) appearing as the final entry.
• Mark unresolved queries to be typeset in the
• For figures or illustrations that have been created margins of the first page proofs. Edit any author
by the authors, the source line should read “Source: revisions and responses to queries, as needed.
Authors.” If a data source applies, this data source Keep Track Changes on.
should be cited as well, for example, “Authors,
based on Reinhart and Rogoff 2009.”
Proofreading Checklist
• Query authors for incomplete reference entries.
• In general, proofreading involves carefully correcting
Source Documentation errors in grammar and mechanics, spelling, and
punctuation, as well as pointing out glaring data
• Check source citations against the References list; errors, incorrect callouts, and inconsistencies.
query missing references or inconsistencies between Rewriting text to improve sentence structure or
the text citation and bibliographic entry. diction is discouraged.

• Spot-check URLs and DOIs to ensure that they lead General Tasks
to existing and active pages.
• Mark changes directly in the PDF.
• Flag any portions of the manuscript for which the
author must seek permission to reprint from the • Do not provide hand-marked and scanned changes.
original publisher.
• Do not draw proofreading marks in the PDF.
Lists
• When making a change, do not mix text with the
name of a punctuation mark in the same expression.

56 IMF Editorial Style Guide | 2nd Edition

 Avoid, for example, “in 1975[en dash]76”; instead, • If a box runs for more than one page, check that
insert the punctuation mark: “in 1975–76...” “(continued)” lines are provided.

• Avoid technical terms such as “roman” when Figures

“unbold” is meant.
• Verify that figures are correctly numbered, appear in
Formatting the proper order and position (in relation to the text
reference), and are referenced in the text.
• Check the page proofs against the sample PDF of a
book in the same series that the production editor • Check that every figure in a box has a number and
will provide. title. The figures in boxes should be numbered
according to the following example: Figure 2.1.1,
• Check each design element for consistency: in which “2.1” identifies the box as the first box in
boxes, chapter titles, figures, folios, headings, lists, Chapter 2, and “.1” indicates that this is the first
paragraph styles, notes, running heads, and tables. figure in Box 2.1.
Text • Check that all figures have source lines.
• Check the Contents page against the text. • If the authors have used data to create original
• Correct grammatical or spelling errors. figures, check whether the sources of the data
appear in the “Source” line.
• Using the Style Sheet, if provided by the editor,
correct inconsistencies in capitalization and spelling • If authors have included figures or tables from
throughout (including in figures and tables). published sources that are not the IMF, query
whether permissions have been obtained.
• If punctuation styling or a word choice has been
used consistently throughout the book but does • Ensure that axis titles and labels are present in
not conform to this style guide, do not change it; figures with axes, unless axis titles are evident from
for example, do not change “linkages” to “links” the figure title and the unit indicator, and that the
or do not set off “In 2012 many of the reforms…” titles and labels follow sentence-style capitalization.
by a comma. • Point out inconsistencies between the data in figures
• Verify that correct country names have been used and the text.
throughout. Tables
• Query inconsistencies in the spelling and diacritics • Verify that tables are correctly numbered, appear in
of proper names and foreign words. the proper order and position (in relation to the text
• Ensure that all note numbers are present in the reference), and are referenced in the text.
text, are consecutively numbered, and have a • Check that every table in a box has a number and
corresponding note. title. The tables in boxes should be numbered
References according to the following example: Table 2.1.1,
in which “2.1” identifies the box as the first box in
• Check source citations against the References list. Chapter 2, and “.1” indicates that this is the first table
in Box 2.1.
Boxes
• Check source lines for all tables. If the author has
• Verify that text boxes are correctly numbered,
compiled data to create a table, check whether the
appear in the proper order and position, and are
sources of the data appear in the “Source” line.
referenced in the text.

IMF Editorial Style Guide | 2nd Edition 57

• Check that all abbreviations and symbols used in a Contents Page, Running Heads and Footers,
table, including as part of the title or unit indicator, and Folios
are defined in a table note (at the end of the note
• Check the Contents page against the Contributors
and in alphabetical order).
page (if any); all text openers (including chapters,
• Ensure that unit indicators are provided in tables foreword, acknowledgments); the running heads or
whenever appropriate. feet; and the text headings (usually level A headings
only) to ensure consistency and correctness of
• If a table runs for more than one page, check that titles, authors’ or contributors’ names, and page
“(continued)” lines are provided and column heads numbers. Check lists of boxes, figures, tables,
are repeated. chapter annexes, and appendixes against the text
• Check that every table has column headings. to make certain that all are accounted for and are
in sequence.
• Check that there are no blank cells in a table, except
in regression tables. • Check the sequence of all pages (both normal and
blind folios) to ensure that they are in the correct
• Point out inconsistencies between the data in tables order and that no pages are missing.
and the text.
• Check running heads or footers for alignment and
Annexes and Appendixes correct recto or verso placement.

• Check that annexes and appendixes are correctly

numbered and are called out in the main text.

58 IMF Editorial Style Guide | 2nd Edition

 APPENDIX 2. ANATOMY OF AN IMF FIGURE

NARRATIVE HEADS:
This descriptive sentence is often
added to tell a story about the data
presented. Narrative head text should
horizontally align with neighboring
panels’ narrative head text.

Ellipses are permitted when authors

aim to connect a message across two
panels
GLOBAL FINANCIAL STABILITY REPORT: SAFEGUARDING FINANCIAL STABILITY AMID (seeAND
HIGH INFLATION panels 3 and
GEOPOLITICAL RISKS 4).

PANEL NUMBERS Figure 1.1. A Banking Turmoil Jolted Markets

AND TITLES: The loss of confidence and subsequent runs on Silicon Valley Bank and European banks have sold off dramatically on the back of the US
Credit Suisse quickly reverberated throughout the financial system. regional and European bank turmoil.
Every panel must be
LEGENDS:
1. Performance of Selected US and European Equity Indices and 2. European Bank CDS and Performance of Euro STOXX 600 Banks
Stocks since May 2022 since March 2022
boldfaced, numbered, (Prices, indexed, May 1, 2022 = 100) (Basis points, percent)

titled, and headline-case S&P 500 Euro STOXX 600 Markit iTraxx Europe Subordinated Financial Index Legends are sentence-
US banks European banks Euro STOXX 600 banks’ price in euros (right scale)
capitalized. Panels require SVB Financial Group Credit Suisse 140 35 case capitalized and are
120 30
required unless elements
130
an italicized parenthetical 100 120
25
20
unit of measure unless the
80 110 15 are clearly marked with
100 10
units are clearly indicated
60
90 5 labels. Acronyms are
40 0
80
acceptable if space is
on the axes.
–5
20 70 –10
0 60 –15 limited but must be
May 2022 Aug. 2022 Nov. 2022 Feb. 2023 Mar. 2022 June 2022 Sep. 2022 Dec. 2022 Mar. 2023
defined in the footnote.
These developments have shaken international dollar funding ... and interbank as well as commercial paper funding markets.
markets ...
3. Cross-Currency Dollar Funding Spreads 4. Interbank Funding Spreads in the United States and the Euro Area
(Basis points) (Basis points)
120
50
FRA-OIS 3m
CP-OIS, top tier
FRA-ESTR 3m
CP-OIS, second tier 100 AXES:
80
–50 60 Figures with left and
–150
40
20
right scales should be
–250 Swiss franc British pound 0 clearly defined.
Euro Japanese yen –20
–350 –40
2008 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Feb. 2022 May 2022 Aug. 2022 Nov. 2022 Feb. 2023

Credit markets came under some pressure. The banking turmoil led to a stark repricing of policy expectations that
resembles moves last seen in 1987. MONTHS AND
5. US Corporate Bond Spreads
(Basis points)
6. Daily Change in Near-Term Money Market Forward Rates
Nine Months Ahead YEARS:
(Basis points)

1,000
US dollar high-yield technology, OAS 100 For data with months
US dollar high-yield all sectors, OAS
800 US dollar investment-grade technology, OAS 50 and years, always use
four numerals to express
US dollar investment-grade all sectors, OAS
0
600

400 Long-Term Capital

Subprime crisis –50 the year (see panels 1, 2,
Management
200
Black Monday
Silicon Valley Bank and
Signature Bank
–100 and 4). For data with only
FOOTNOTES: 0
2020 21 22 23 1986 89 92 95 98 2001 04 07 10 13 16 19 22
–150 years, use four numerals
for the first year in a
First line is always the Sources: Bloomberg Finance L.P.; and IMF staff calculations.
Note: CDS = credit default swap; CP-OIS = yield spread between commercial paper and overnight index swaps with the same maturity; FRA-ESTR = forward rate series and two numerals
“Source” or “Sources” agreement–euro short-term rate; FRA-OIS = forward rate agreement–overnight index swap; Long-Term Capital Management = Long-Term Capital Management
hedge fund crisis; OAS = option-adjusted spread. for subsequent years
line. Second is the
(see panels 3 and 5).
“Note” line for general
notes. The spelled-out For a series of years
forms of abbreviations across two centuries,
appear as the last item use four numerals
in the “Note” line. ABBREVIATIONS: again to introduce
6 International Monetary Fund | April 2023
Numbered footnotes All symbols and abbreviations the new century and
appear last. should be defined in the footnote. subsequently two
numerals (see panel 6).

IMF Editorial Style Guide | 2nd Edition 59

60 2023 | IMF Editorial Style Guide
 APPENDIX 3. ANATOMY OF AN IMF TABLE

COLUMN HEADS:
UNIT OF MEASURE: TABLE NUMBERS AND TITLES: Use headline-case capitalization.
This element appears in The first numeral in the table title represents the chapter number, Data under column heads should
parentheses beneath the and the second numeral is the sequential number of the table. be consistent (centered or aligned
title, italicized, and set in This example represents the second table in Chapter 1. Footnote at the decimal). Avoid unnecessary
sentence capitalization. numbers should not appear at the end of table titles; instead, hyphenation at the end of the line.
It may also include the include that material without a footnote number as general text Material in parentheses should
date or period. in the “Note” at the bottom of the table. be lowercased.

Table 1.2. Appropriate Fiscal Tools to Deploy Depend on the Nature of the Adversity of Shocks HORIZONTAL LINES:
Type of Adversity
Horizontal lines should
ROW HEADS: Major Disruption in Key
Output or Employment Shock
Goods and Services (for appear above the
Section heads in column 1 example, large spikes in Major Natural
pertinent subcategories.
Fiscal Tools Temporary Longer Lasting food and energy prices) Disasters
are set in sentence-case Automatic stabilizers ü ü ü ü
capitalization. Boldfaced Unemployment income ü (ü): Supplement with û ü
support1
section heads, horizontal
Job-retention schemes
active labor market policies
ALIGNMENT:
ü û û ü
lines to separate lengthy Scale-up of social (ü): Ready to scale up (ü): Facilitate better social ü (ü): Widen The first line of text in
text, and alternate row protection as needed well-being (equity and eligibility to cover
each cell should align
shading may also be used poverty reduction) affected people not
just poor people horizontally across a row.
to augment readability. Progressive taxes ü ü ü ü
Discretionary or ad hoc measures
Cash transfers (ü): Only if targeted û (ü): Build on current (ü): Targeted
and severe adversity social protection system transfer
INDENT: or targeted discounts on
utility bills
Text that runs past a single Pricing subsidies û û û û
Discretionary support to firms
line should be indented. Tax deferral (ü): Particularly if limited û û ü
access to finance before
the shocks
Financing measures (for (ü): If severe (û): Should instead (û): Unless evident ü
ENDNOTES: example, direct lending externalities exist facilitate exit of nonviable severe externalities exist
and public guarantees) firms
The first line is always the Source: IMF staff compilation.
“Source” line. The second Note: ü refers to appropriate tools to be used to protect against income losses for the specific type of adversity. û stands for less appropriate tools. Fiscal
tools are not mutually exclusive, and governments can use multiple tools at the same time depending on the availability of the fiscal space and the nature of the
is the “Note” line for shocks, institutional capacity of governments, debt sustainability concerns, and the private sector risk-sharing mechanism, among other factors.
general notes. Symbols, Comprises contributory unemployment insurance and noncontributory unemployment assistance benefits.
1

abbreviations, N/A, blank

cells, and ellipses in cells
should be defined in the
“Note” line. Numbered
footnotes appear last.

IMF Editorial Style Guide | 2nd Edition 61

62 2023 | IMF Editorial Style Guide
APPENDIX 4. SAMPLE COPYRIGHT PAGES
Books:

© 2021 International Monetary Fund

Cover design: IMF Creative Solutions

Cataloging-in-Publication Data
IMF Library

Names: Deléchat, Corinne, editor. | Medina, Leandro, editor. | International

Monetary Fund, publisher.
Title: The global informal workforce : priorities for inclusive growth / editors:
Corinne Deléchat, Leandro Medina.
Other titles: Priorities for inclusive growth
Description: Washington, DC : International Monetary Fund, 2021. | Includes
bibliographical references.
Identifiers: ISBN 978–1–51357–591–9 (paper) 978–1–51357–744–9 (ePub)
978–1–51357–765–4 (PDF)
Subjects: LCSH: Informal sector (Economics). | Economic development. |
Labor market.
Classification: LCC HD2341.G56 2021

DISCLAIMER: The views expressed in this book are those of the

authors and do not necessarily represent the views of the IMF’s
Executive Directors, its management, or any of its members. The
boundaries, colors, denominations, and any other information
shown on the maps do not imply, on the part of the International
Monetary Fund, any judgment on the legal status of any territory
or any endorsement or acceptance of such boundaries.

Recommended citation: Deléchat, Corinne, and Leandro Medina, eds. 2021.

The Global Informal Workforce: Priorities for Inclusive Growth. Washington, DC:
International Monetary Fund.

ISBN: 978-1-51357-591-9 (paper)

978-1-51357-744-9 (ePub)
978-1-51357-765-4 (PDF)

Please send orders to:

International Monetary Fund, Publication Services

PO Box 92780, Washington, DC 20090, USA
Tel: (202) 623–7430 Fax: (202) 623–7201
[email protected]
elibrary.IMF.org
bookstore.IMF.org

©International Monetary Fund. Not for Redistribution

IMF Editorial Style Guide | 2nd Edition 63

 Technical Notes and Manuals series:

© 2023 International Monetary Fund

Cover Design: IMF Creative Solutions

Cataloging-in-Publication Data
IMF Library
Names: Aligishiev, Zamid, author. | Ruane, Cian, author. | Sultanov, Azar, author. | International Monetary
Fund, publisher.
Title: User manual for the DIGNAD toolkit / Zamid Aligishiev, Cian Ruane, and Azar Sultanov.
Other titles: User manual for the DIGNAD toolkit. | Technical note and manual.
Description: Washington, DC : International Monetary Fund, 2023. | Mon. 2023. | TNM/2023/03 | Includes
bibliographical references.
Identifiers:
ISBN:
979-8-4002-3950-2 (paper)
979-8-4002-3965-6 (ePub)
979-8-4002-3961-8 (web PDF)
ISSN:
2075-8669 (print)
2522-7882 (online)
Subjects: LCSH: Equilibrium (Economics)—Computer programs—Handbooks, manuals, etc. |
Macroeconomics—Computer programs—Handbooks, manuals, etc.
Classification: HB145.A45 2023

DISCLAIMER:
This Technical Guidance Note should not be reported as representing the views of the IMF. The views
expressed in this paper are those of the authors and do not necessarily represent the views of the
IMF, its Executive Board, or IMF management.

The DIGNAD toolkit is part of a research project on macroeconomic policy in low-income countries (IATI
Identifier: GB-1-202960) supported by the United Kingdom’s Foreign, Commonwealth and Development
Office (FCDO) and the partners in the IMF’s COVID-19 Crisis Capacity Development Initiative (CCCDI)—
Belgium, Canada, China, Germany, Japan, Korea, Singapore, Spain, and Switzerland. The outputs, analyses,
and views expressed herein are those of the authors and should not be attributed to the IMF, its Executive
Board, its management, the FCDO, or the partners in the CCCDI.

Recommended citation:
Aligishiev, Zamid, Cian Ruane, and Azar Sultanov. 2023. "User Manual for the DIGNAD Toolkit."
IMF Technical Notes and Manuals 2023/03, International Monetary Fund, Washington, DC.

Please send orders to:

International Monetary Fund, Publication Services
PO Box 92780, Washington, DC 20090, USA
Tel: (202) 623–7430 | Fax: (202) 623–7201
[email protected]
elibrary.IMF.org
bookstore.IMF.org

64 IMF Editorial Style Guide | 2nd Edition

APPENDIX 5. KEY RESOURCES AND LINKS

Source Link
Style Guides, Dictionaries, and References
Chicago Manual of Style, 17th edition http://chicagomanualofstyle.org/home.html
Chicago Manual of Style, 17th edition 1
https://www-chicagomanualofstyle-org.libproxy-IMF.IMF.org/
Economist’s common economic terms https://economist.com/economics-a-to-z/a
IMF Official Country and Currency Terms1 http://www-intranet.IMF.org/fundwide/info/StyleGuide/country-
and-currencyterms/Pages/Country%20And%20Currency%20Terms.
aspx
International Organization for Standardization https://iso.org/obp/ui/#search
(ISO) country codes
Merriam-Webster’s Collegiate Dictionary, https://merriam-webster.com
11th edition
Copyright, Clearance, and Forms
COM Clearance Portal http://intapps.IMF.org/depts/COM/ClearanceForm/
Copyright Clearance Center http://www.copyright.com
6”×9” Book Series Cover Design Brief1 https://intlmonetaryfund-my.sharepoint.com/:w:/g/
personal/lkean_imf_org/EfgTG4BPSUZOjTxS_
qDyntIBROGBm6gucgJ5nyq2L42-gg?e=pg9pO4
IMF Library Copyright Libguide copyright.IMF.org
Letter of Agreement for non-IMF staff 1
https://intlmonetaryfund-my.sharepoint.
com/:w:/g/personal/lkean_imf_org/EfKMZH_
XQvhHtVaZ4lRtwr4B5CYPZfycwOXKhEbqCXLZzw?e=txz0uJ
IMF sites
IMF Bookstore bookstore.IMF.org
IMF eLibrary elibrary.IMF.org
IMF Glossary IMF.org/en/About/Glossary
IMF Publications home page IMF.org/en/Publications
Senior officials IMF.org/external/np/sec/memdir/officers.htm
Terms of Copyright and Usage IMF.org/external/terms.htm
Link is accessible on the IMF network only.
1

IMF Editorial Style Guide | 2nd Edition 65

ESG2ED