- Andrew Crockett, and Morris Goldstein
- Published Date:
- February 1987
Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators
By Andrew Crockett and Morris Goldstein
International Monetary Fund
© 1987 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Strengthening the international monetary system.
(Occasional paper, ISSN 0251-6365 ; no. 50)
1. International finance. 2. Foreign exchange problem.
3. Monetary policy. I. Goldstein, Morris, 1944-
II. International Monetary Fund. III. Title. IV. Series:
Occasional paper (International Monetary Fund) ; no. 50.
HG3881.C694 1987 332.4’5 86-33750
(US$4.50 university libraries, faculty members, and students)
Address orders to:
External Relations Department, Publications Unit
International Monetary Fund, Washington, D.C. 20431
The following symbols have been used throughout this paper:
. . . to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the time does not exist;
– between years or months (e.g., 1984–85 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators comprises three papers written by staff members of the Fund’s Research Department on issues arising out of the reports on the international monetary system prepared in 1985 by the Group of Ten (representing the industrial countries participating in the General Arrangements to Borrow) and the intergovernmental Group of Twenty-Four on International Monetary Affairs. These two reports, which appear as appendices to this volume, were transmitted to the Interim Committee of the Fund’s Board of Governors and were subsequently discussed by the Fund’s Executive Board in early 1986. The views in the papers published here are the authors’ own and do not necessarily reflect those of the Executive Directors or member authorities.
Chapter I, on the system of floating exchange rates, is by Morris Goldstein, and Chapters II and III on surveillance and indicators are by Andrew Crockett. The publication was edited in the External Relations Department by Joslin Landell-Mills.
It is to be noted that the term “country” used in this document does not, in all cases, refer to a territorial entity that is a state as understood by international law and practice. The term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate independent basis.