- Benedicte Christensen
- Published Date:
- July 1986
The analysis of international financial transactions of Switzerland is constrained by the lack of statistics. A particular shortcoming is the nonexistence of historical data on the capital account of the balance of payments. Estimates on flows of the banking sector have been derived from the stock figures of the annual balance sheets of banks. The derived flow data give an imprecise picture because of valuation adjustments, etc. Capital flows for the nonbank sector have been derived as a residual from the estimates of the current account, changes in stock figures for banks, and changes in official reserves. Any error in these magnitudes would therefore be mirrored in the residual.
In 1983, the Swiss National Bank began publishing quarterly current account estimates. At the same time, it started the preparation of capital account statistics after the legal foundation had been established in 1980 and 1982 that permitted the Swiss National Bank to collect information on financial transactions of the private sector. The capital account of the balance of payments was published for the first time in October 1985 with data beginning from 1983.49 The statistics have considerably improved the scope for analyzing international capital transactions. The errors and omissions, however, are still sizable (4–5 percent of GNP), suggesting that the current account surplus is underestimated or net capital inflows are underrecorded.
The main source for external capital transactions used here is the annual balance sheets of banks and finance companies, which provide a detailed breakdown of banks’ foreign assets and liabilities by type of asset and, in part, maturity and currency. In addition, a country breakdown of foreign assets and liabilities as well as of fiduciary accounts is published. Another important source of information is the monthly statistics on approved medium-term and long-term capital exports comprising (a) banks’ export and finance loans, (b) foreign bond issues, and (c) notes, which amount to above SwF 10 million.
|Current account balance||4.1||–0.9||5.4||8.0||8.1||8.9|
|(In percent of GNP)||(2.5)||(–0.5)||(2.5)||(3.9)||(3.8)||(4.0)|
|Capital account balance1||…||…||…||…||–17.4||–15.2|
|Other long-term capital||0.8||0.6|
|Other short-term capital||0.1||–4.3|
|Errors and omissions||10.1||9.8|
|Valuation adjustment of net foreign assets of Swiss National Bank||1.0||2.7|
|Changes in net foreign assets of Swiss National Bank||–1.8||–6.2|
Comprehensive capital account data were not compiled for the years prior to 1983.
|I. CAPITAL INFLOWS|
|1. Decrees of July 5, 1972 and April 16, 1973 subjecting borrowing abroad to license|
|January 1, 1979:||Borrowing abroad by Swiss residents (nonbanks) is subject to license.|
|May 31, 1979:||Lifted.|
|2. Decree of July 5, 1972 (with later amendments) concerning foreign exchange positions of the banks|
|January 1, 1979:||Total foreign exchange liabilities of banks has to equal the total of foreign exchange assets by the end of each day.|
|May 31, 1979:||Lifted.|
|3. Decree of November 20, 1974 (with later amendments) concerning inflow of foreign capital|
|a. Ban on interest payments|
|January 1, 1979:||Bank deposits and fiduciary accounts of nonresidents (including foreign official monetary institutions) denominated in Swiss francs are not permitted to carry interest rate.|
|Exception: deposits outstanding as of October 31, 1974 and new deposits up to a maximum of SwF 20,000.|
|February 21, 1980:||The Federal Government lifts the ban on the payment of interest on nonresidents’ Swiss franc time and savings deposits (including fiduciary accounts in Swiss francs) with a maturity of at least three months. In addition the Swiss National Bank authorizes interest payments on foreign central banks’ deposits with maturities of at least six months.|
|March 11, 1980:||The Federal Government permits the payment of interest on Swiss franc deposits of nonresidents with maturities of at least three months.|
|August 31, 1980:||Lifted.|
|b. Negative interest rate|
|January 1, 1979:||A 10 percent negative interest rate a quarter is levied on all deposits in Swiss francs of nonresidents exceeding the balance of October 1974 plus SwF 100,000.|
|Exemption: deposits below SwF 100,000 for nonbanks and SwF 250,000 for banks.|
|November 1, 1979:||The negative interest rate is reduced to 2.5 percent a quarter.|
|December 1, 1979:||The penalty is reduced to zero.|
|August 31, 1980:||Cancelled.|
|c. Ceiling on forward sales of Swiss francs to nonresidents|
|January 1, 1979:||The ceiling on forward sales of Swiss francs with a maturity of up to 10 days to nonresidents is 20 percent of the outstanding amounts of October 31, 1974. For forward sales with a longer maturity the ceiling is 40 percent of the amounts outstanding on October 31, 1974.|
|September 18, 1979:||The ceiling on forward sales of Swiss francs with a term of at least 11 days to nonresidents is raised from 40 percent to 50 percent of the amounts outstanding on October 31, 1974.|
|February 21, 1980:||The ceiling on forward sales of Swiss francs to nonresidents is raised from 20 percent to 40 percent of the amounts outstanding on October 31, 1974 for contracts with a term of up to 10 days and from 50 percent to 80 percent for contracts with a term of 11 days or more.|
|March 11, 1980:||The Swiss National Bank removes limits on the forward sale of Swiss francs to nonresidents introduced in November 1974.|
|4. Decree of January 22, 1975 concerning the sterilization of the proceeds from intervention on the foreign exchange market of January 22, 1975|
|January 1, 1979:||The Swiss National Bank is entitled to neutralize the Swiss franc proceeds from intervention in the foreign exchange market by blocking the proceeds to the account of the selling partner without interest payment.|
|May 31, 1979:||The decree is lifted without ever having been used. 5. Decree of February 27, 1978 concerning imports of foreign bank notes|
|5. Decree of February 27, 1978 concerning imports of foreign bank notes|
|January 1, 1979:||Imports of foreign bank notes of more than the equivalent of SwF 20,000 a person and a quarter is not allowed, except by special authorization of the Swiss National Bank.|
|January 24, 1979:||Lifted.|
|6. Decree of February 27, 1978 concerning foreign acquisition in domestic securities|
|January 1, 1979:||Private persons or companies residing in Switzerland are not allowed to sell domestic securities to nonresidents. A nonresident is only allowed to buy domestic securities from a bank for an amount equivalent to the proceeds of sales of domestic securities.|
|January 24, 1979:||Lifted.|
|II. CAPITAL OUTFLOWS|
|1. Articles 7 and 8 of the Banking Law of November 8, 1939 and March 11, 1971|
|January 1, 1979:||Public bond issues, notes, and bank credits to nonresidents are subject to approval by the Swiss National Bank, if the amount exceeds SwF 10 million (notes: SwF 3 million) and the maturity is one year or longer. Short-term foreign lending of banks and capital exports of Swiss nonbanks are liberalized.|
|Nonresidents are allowed to buy a maximum of 50 percent of the proceeds from borrowing by other nonresidents. That half of the proceeds which is denominated in Swiss francs has to be converted to dollars at the Swiss National Bank and the other half to convertible currencies in the private market.|
|A maximum of SwF 100 million a public bond issue is in force; there is no limit for notes.|
|January 29, 1979:||Quota regulation of placement is lifted.|
|June 8, 1979:||The obligation to convert the proceeds from borrowings in Swiss francs into other currencies is terminated.|
|September 1, 1980:||Conditions for capital exports are revised: rules for placement of notes are liberalized; access to the use of multicurrency clause is made easier; the permission of foreign central banks to buy notes and participate in credits is required.|
|January 1, 1982:||The Swiss National Bank stops making an issue program for foreign bond issues but continues coordinating the issues.|
|July 1, 1982:||The secondary market trading for notes is liberalized. The trading, which was confined to banks participating in issuing syndicate, is made completely free.|
|November 11, 1982:||Foreign investors are allowed to participate as sub-underwriters, if they are not mentioned publicly.|
|January 1, 1984:||The queuing system under which a limit of three issues a week was imposed on foreign bond issues is eliminated and the maximum amount of an issue is raised from SwF 100 million to SwF 200 million. The Swiss National Bank informs, on request, the leading issuing banks of the number, magnitude, and dates for approved borrowings to avoid bunching of issues.|
|January 18, 1984:||The deposit requirement for medium-term notes is modified. In addition to the issuing bank and the members of the issuing syndicate, SEGA (Swiss Security Clearing Organization) can now act as a custodian for notes.|
|May 15, 1985:||The ceiling on the amount of public bond issues (SwF 200 million) is lifted.|
|Federal Republic of Germany||Japan1||Switzerland||United Kingdom2||United States|
|(In percent of interest income)|
|Withholding tax for nonresidents3|
|Shares||25||20||35||5 or 154||30|
|Domestic bond issues||—||20||35||305||—|
|Foreign bond issues6||—||20||—||307||—|
|(In percent of transaction value)|
|Other taxes on transactions on securities|
|Stamp/turnover tax||0.259||0.01–0.55||0.15 or 0.3010||Bearer bonds:—(e.g., Eurobonds)||—11|
|Shares and registered bonds (mainly convertibles): 112|
Since August 9, 1984, nonresidents’ interest income from Japanese corporate Euro-yen bonds has been exempt from the withholding tax.
For withholding tax, the general rule is a tax rate of 30 percent, unless the borrower is exempt (e.g., development banks and the European Commission) or a double taxation treaty exists.
Lower rates apply where tax conventions exist.
Depends on the amount of share holdings.
Some gilt-edged stocks as designated by the Treasury are free of tax to nonresidents.
Foreign bond issues exclude Eurobonds.
There is no withholding tax on interest from Eurobonds.
The exemption from withholding tax of 35 percent requires that a written contract between the bank and the customer exists, specifying that the bank has no risk involved in the transaction.
The tax does not apply to initial purchases nor does it apply to dealer transactions.
Applied to issue, sale, and resale of securities of any maturity. The lower rate of 0.15 percent applies to securities where the debtor is a Swiss resident; the higher rate of 0.30 percent applies to securities where the debtor is a nonresident. The tax applies also to dealer transactions.
No taxes at the federal level.
Exemptions from the 1 percent tax: (i) gilt-edged stocks; (ii) collections closed within the two weeks’ account period; (iii) purchases by stock exchange; others; (iv) provisions for relief for market makers over-the-counter trading.
|Federal Republic of Germany1||Japan||Switzerland2||United Kingdom3||United States|
|Unit of denomination|
|(e.g., ECU, SDR)||n.r.||n.r.||n.r.||n.r.||n.r.|
|Minimum required maturity|
|Public bonds||5 years for DM issues||7–15 years for yen issues||8 years||5 years||n.r.|
|Private placements||3 years for DM issues||…||18 months||5 years||n.r.|
|Early permitted repayment|
|Public bonds||n.r.||…||After 5 years||After 5 years||n.r.|
|Private placements||n.r.||…||After 18 months but not before half of the maturity has elapsed||After 5 years||n.r.|
|Maximum limit on individual issue|
|Public bonds||n.r.||¥10–30 billion for private issues4||n.r.||n.r.||n.r.|
|Authorization requirement||Regional and international development banks||Authorization is required||Issues at and above SwF 10 million||Sterling and Euro-sterling issues are subject to timing consent by the Bank of England||n.a.|
|Institutions operating in securities market|
|New issues||Banks||Securities firms||Banks, finance companies, other||Banks||Investment banks|
|Secondary market||Banks||Securities firms||Banks0, finance companies, brokers, other||Brokers, jobbers||Brokers, dealers|
|Futures, options, and swaps||Banks||n.a.||Banks, finance companies||Brokers, banks|
In Germany, under a “Gentlemen’s Agreement” between the Bundesbank and the major banks, any bank, including German subsidiaries of foreign banks, domiciled in Germany may lead manage foreign deutsche mark bond issues and private placements. In the case of foreign currency bonds with a deutsche mark option or dual currency bonds, where interest or redemption are made in deutsche mark, it is sufficient if a German bank (including foreign bank subsidiaries) is a co-leader. However, the authorities will apply tests of reciprocity in determining whether foreign affiliated banks can lead manage new issues. This raises problems with respect to Japan, where regulations prohibit banks from engaging in new issues, which are undertaken by securities houses.
In Switzerland, both Swiss-domiciled banks and branches of foreign banks in Switzerland can lead manage foreign bond issues. With respect to issues denominated in Swiss francs, the authorities make sure that the issues are kept in Switzerland. Although authorization of issues at or above SwF 10 million is required, it is given on a liberal basis. With respect to issues in foreign currencies, the Swiss authorities check that there are no objections from the foreign monetary authorities concerned.
In the United Kingdom, the Bank of England will allow issues in foreign currencies only if the foreign monetary authorities have no objections. Capital market issues are administered according to the Control of Borrowing Order 1958 with guidance notes of November 1980, July 1982, and March 1985. The last of these guidance notes reduces the maturity to a one-year minimum subject to certain requirements.
In Japan, there are no maximum limits on foreign issues by governments, or international organizations, or AAA private borrowers.
Bank of England, Quarterly Bulletin (London, various issues).
Bank for International Settlements, International Banking Developments (Basle, various issues).
Bank for International SettlementsAnnual Reports (Basle, various issues).
Bank for International SettlementsInternational Banking Statistics, 1973–1983(Basle, April1984).
“Capital Controls in Three Central European Countries” (unpublished, International Monetary Fund, February1, 1977).
Stable Monetary Growth and Exchange Rates as Policy Targets,” Staff Papers, International Monetary Fund (Washington), Vol. 29 (December1982), pp. 495–526.“
Commission fédérale des banques,Rapport de gestion 19—de la Commission fédérale des banques (Bern, various issues).
Switzerland: Banking, Money, and Bond Markets,” reprinted from George-Giddy,International Finance Handbook, Section 4.6, Vol. 1 (John Wiley & Sons,1983), pp. 1–50.“
Authorization Policies and Access to the Markets: The Case of Financial Institutions Desiring To Establish Themselves in Switzerland, panel contribution to the International Conference of Banking Supervisors, Banca d’Italia, Rome, September 13–14,1984.
Swiss Capital Market: Swiss Franc Public Bond and Notes Issues for Non-Swiss Borrowers (Zurich, July1984).
Deutsche Bundesbank, “Freedom of Germany’s Capital Transactions with Foreign Countries,” Monthly Report of the Deutsche Bundesbank (Frankfurt), Vol. 37 (July1985), pp. 13–23.
Eidgenössische Bankenkommission, 50 Jahre eidgenossische Bankenaufsicht (Zurich,1985).
Integration of Domestic and International Financial Markets: The Japanese Experience,” Staff Papers, International Monetary Fund (Washington), Vol. 31 (September1984), pp. 499–548.“
Das Schweizerische Bankgeschdft (Basle:Ott Verlag Thun,1984).
Switzerland as a Financial Center—A Special Case on the International Monetary Scene? (Zürich:Bänk Julius Bar & Co., A.G., 1978).
Banken und Bankgeschäfte in der Schweiz (Bern:Paul Haupt,1969).ed.,
Handelsbank NW (Zürich), The Swiss Capital Market: What Makes it Tick?a presentation byin Madrid,May17,1983 (ürich, 1983).
Switzerland: An International Banking and Finance Center (Stroudsberg, Pennsylvania:Dawden, Hutchison & Ross,1972).
International Monetary FundAnnual Report on Exchange Arrangements and Exchange Restrictions (Washington,1985).
International Monetary FundAnnual Report of the Executive Board for the Financial Year Ended April 30, 1985 (Washington,1985).
International Monetary Fund,International Financial Statistics (Washington, various issues).
Der schweizerische Geldmarkt (Bern:Paul Haupt,1976).
Das schweizerische Bankgeheimnis and seine’ Internationale Tragweite,Wirtschaft und Recht, Heft 1 (Zürich, 1977).
Kommission für Konjunkturfragen, Die Zahlungsbilanz der Schweiz im Jahre 1984 (ZürichOctober1985).
Die Geld- und Kapitalmärkte in einer Zeit raschen Wandels,speech presented to Schweizerische Effekten-Giro A.G. (SEGA),April24,1985.
Swiss Capital Markets (London:Euro-money Publications1983).
“Risques bancaires et cräances transnationales,”Revue Economique et Sociale (Lausanne,May1984), pp. 152–68.
Organization for Economic Cooperation and Development, The Capital Market, International Capital Movements, Restrictions on Capital Operations in Switzerland (Paris,1971).
Organization for Economic Cooperation and Development, Costs and Margins in Banking: An International Survey (Paris,1980).
Organization for Economic Cooperation and Development, The Internationalisation of Banking: The Policy Issues (Paris,1983).
Organization for Economic Cooperation and Development, Costs and Margins in Banking: Statistical Supplement 1978–1982 (Paris,1985).
Organization for Economic Cooperation and Development, Financial Market Trends (Paris, various issues).
Capital Controls and Interest Parity: The Japanese Experience, 1978–81,” Staff Papers, International Monetary Fund (Washington), Vol. 28 (December1981), pp. 793–815.“
Die Schweizer Banken: Geschichte, Theorie, Statistik (Bern; Stuttgart:Paul Haupt,1973).
Schweizerische Bankgesellschäft, Jahresbericht 1983/84 (Basle:Schweizerische Bankiervereinigung,1984).
Schweizerische Kartellkommission, Die Konzentration im schweizerischen Bankgewerbe (Zürich,1979).
Notenbank und Wirtschaft (Bern:Paul Haupt,1974).
Swiss National Bank (Schweizerische Nationalbank), 75 Jahre Schweizerische Nationalbank: Die Zeit von 1957 bis 1982 (Zürich,1982).
Swiss National Bank (Schweizerische Nationalbank), Das schweizerische Bankwesen im Jahre 1984, Nr. 69 (Zürich,, 1985).
Swiss National Bank (Schweizerische Nationalbank), Monatsbericht (Zürich,, various issues).
Swiss National Bank (Schweizerische Nationalbank), Quartalsbericht (Zürich,, various issues).
Switzerland, Bundesamt fur Statistik, Langfristigen Reihen der Nationalen Buchhaltung der Schweiz (Basle,1983).
Switzerland, Bundesamt fur Statistik, Statistisches Jahrbuch der Schweiz 1984 (Basle,1984).
Switzerland, Bundesamt fur StatistikDie Volkswirtschaft (Basle, various issues). “The Role of Banks in the International Financial System,” Federal Reserve Bulletin (Washington), Vol. 69 (September1983), pp. 663–71.
Union de Banques Suisses,Schweizerischer Bankverein, and Crédit Suisse,Secrecy in Swiss Banking (Switzerland,1983).
Union de Banques Suisses,The Underwriting Business in Switzerland (Zürich,1984).
Swiss neutrality as it exists at present developed through centuries. It was recognized formally by the European powers in the Congress of Vienna (1815).
In 1952, German firms that had their assets held in Switzerland confiscated were indemnified.
International Monetary Fund, International Financial Statistics; foreign exchange reserves include foreign exchange from swaps with the private banks. The market price for gold in London in 1985 on average (US$317 a fine ounce) has been used to calculate the value of gold holdings at the end of 1985.
Since 1981, when a new law on bank secrecy took effect in Luxembourg, the regulations concerning bank secrecy in Luxembourg and Switzerland have been almost identical. In cases of inheritance, however, Luxembourg banks are not allowed to disclose information on foreign-owned accounts to heirs, in contrast to Swiss banks.
Violators may be punished by a prison term up to six months and a fine of up to SwF 50,000.
The “big banks” in Switzerland, as defined in the Swiss banking statistics, consist of five banks. Three banks (Credit Suisse, Swiss Bank Corporation, and Union Bank of Switzerland) clearly have the character of large, universal banks, while two others (Bank Leu and Swiss Volksbank) are smaller and engage in more limited activities.
Many cantonal banks are prohibited from engaging actively in international finance by cantonal laws.
Fiduciary accounts are explained on pages 12–13.
At the end of 1984, the Federal Banking Commission reported that reciprocity was guaranteed by the following countries, states, and territories: Austria, Belgium, Canada, Denmark, France, the Federal Republic of Germany, Hong Kong, Israel, Italy, Japan, Lebanon, Luxembourg, the Netherlands, Spain, the United Kingdom, and in the United States, the States of California, Connecticut, Florida, Illinois, Indiana, New York, Ohio, Pennsylvania, and Wisconsin.
Separate supervisory organizations exist also in Belgium, Canada, France, the Federal Republic of Germany, and Sweden. The central bank has the responsibility for bank supervision in Italy, the Netherlands, and the United Kingdom, and in Luxembourg, the monetary institute (in the absence of a central bank) exercises supervision. In Japan, bank supervision is divided between the central bank and the Ministry of Finance, which has the formal responsibility. In the United States, bank supervision is shared between federal and state authorities, the Federal Reserve System, and special federal agencies.
Eidgenossische Bankenkommission (1985).
The Cooke Committee is formally known as The Group of Ten Committee on Banking Regulations and Supervisory Practices. It meets under the auspices of the Bank for International Settlements.
At the end of 1984, the composition of banks’ capital was 37 percent paid-in capital, 45 percent published reserves, 13 percent hidden reserves, and 5 percent subordinated loans.
Watson and others (1986).
Eidgenossische Bankenkommission (1985).
This implies an annualized interest cost of, for instance, 0.6 or 1.2 percent for transactions of three months’ maturity and 8.1 or 16.9 percent for transactions of one week’s maturity, when the debtor is a resident or nonresident, respectively.
Fiduciary accounts are excluded from the reportings of Swiss banks’ assets and liabilities to the international banking statistics of the Bank for International Settlements. But they are included in those of the Fund as presented in International Financial Statistics. In the Fund’s statistics, it is assumed that fiduciary assets of Swiss banks are claims on banks abroad, while fiduciary liabilities are to nonbanks abroad.
The difference between notes and public foreign bond issues is explained on pages 17–19
In 1984, Credit Suisse First Boston, which is owned, in part, by one of the big Swiss banks, was by far the most dominant lead manager in Eurobond issues, accounting for 16½ percent of the total value of Eurobond issues. In the second and third place were a U.S. bank and a German bank accounting each for 7½ percent of total issues.
The figures mentioned here and in the following sections apply to “authorized” medium-term and long-term capital exports, which comprise all transactions of SwF 10 million and above of more than 12 months’ maturity.
Bank for International Settlements, Annual Report (1985).
Swiss National Bank, Monatsbericht.
A typical currency swap transaction consists of, for instance, a U.S. company borrowing in Swiss francs on the Swiss capital market and the World Bank simultaneously borrowing in U.S. dollars on the U.S. market. The World Bank and the U.S. company then swap the liability and interest payments so that the World Bank incurs a liability in Swiss francs and the U.S. firm a liability in U.S. dollars.
The Swiss National Bank has requested information on swap transactions by international development organizations.
Euro-clear and CEDEL are international securities clearing houses formed by banks and securities dealers for the collective custody and book entry transfer of securities, notably Eurobonds.
International development organizations, however, are still converting their borrowing proceeds with the Swiss National Bank.
The existence of a ceiling on public issues compared with no ceiling on notes probably led to a switch from issues in public issues to note issues. The lifting of the ceiling was not expected to increase significantly the total value of foreign bond and note issues.
During the same period, the deutsche mark also appreciated significantly.
Swiss National Bank (1982), p. 230; see also Appendix I, Statistical Coverage.
Capital controls during the period 1971–76 in Switzerland are described in greater detail in Baumgartner (1977).
The bilateral exchange rate to the deutsche mark is particularly relevant for Switzerland, as the Federal Republic of Germany accounts for about 30 percent of Swiss merchandise imports and 20 percent of Swiss merchandise exports.
Otani and Tiwari (1981).
Deutsche Bundesbank (1985).
International Monetary Fund (1985), Table 14.
The country breakdown of Swiss banks’ assets and liabilities comprises assets and liabilities with banks located in Switzerland, thereby including assets and liabilities with Swiss banks’ branches abroad.
Oil exporting countries, as defined by the Bank of England, comprise the 13 members of OPEC plus Bahrain, Brunei, Oman, and Trinidad and Tobago; Bank of England (1985).
It has also been reported that an OPEC country bought promissory notes issued by the Swiss National Bank for the amount of SwF 500 million in mid-1981 at two-year maturity.
Bank of England, Quarterly Bulletin (March, 1985).
The figures in this section (unless otherwise indicated) relate to exposure of banks located in Switzerland and not to Swiss banks on a consolidated basis.
The fiscal authorities at both the federal and cantonal level have accepted the 20 percent provisioning as tax deductible.
Off-balance-sheet transactions accounted for about 57 percent of earnings of the big banks in 1984.
A Swiss peculiarity is that interbank deposits with a maturity of above 12 months are also subject to withholding tax on interest. However, the withholding tax is refunded quarterly, thereby implying an administrative cost rather than a significant tax.
The share of the stamp duty in total federal revenue has increased from 4.8 percent in 1980 to a projected 7.5 percent in 1985 (budget figure).
Kommission fur Konjunkturfragen (1985).
Occasional Papers of the International Monetary Fund*
2. Economic Stabilization and Growth in Portugal, by Hans O. Schmitt. 1981.
5. Trade Policy Developments in Industrial Countries, by S.J. Anjaria, Z. Iqbal, L.L. Perez, and W.S. Tseng. 1981.
6. The Multilateral System of Payments: Keynes, Convertibility, and the International Monetary Fund’s Articles of Agreement, by Joseph Gold. 1981.
7. International Capital Markets: Recent Developments and Short-Term Prospects, 1981, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1981.
8. Taxation in Sub-Saharan Africa. Part I: Tax Policy and Administration in Sub-Saharan Africa, by Carlos A. Aguirre, Peter S. Griffith, and M. Zühtü Yücelik. Part II: A Statistical Evaluation of Taxation in Sub-Saharan Africa, by Vito Tanzi. 1981.
9. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1982.
10. International Comparisons of Government Expenditure, by Alan A. Tait and Peter S. Heller. 1982.
11. Payments Arrangements and the Expansion of Trade in Eastern and Southern Africa, by Shailendra J. Anjaria, Sena Eken, and John F. Laker. 1982.
12. Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries, by Morris Goldstein and Mohsin S. Khan. 1982.
13. Currency Convertibility in the Economic Community of West African States, by John B. McLenaghan, Saleh M. Nsouli, and Klaus-Walter Riechel. 1982.
14. International Capital Markets: Developments and Prospects, 1982, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1982.
15. Hungary: An Economic Survey, by a Staff Team Headed by Patrick de Fontenay. 1982.
16. Developments in International Trade Policy, by S.J. Anjaria, Z. Iqbal, N. Kirmani, and L.L. Perez. 1982.
17. Aspects of the International Banking Safety Net, by G.G. Johnson, with Richard K. Abrams. 1983.
18. Oil Exporters’ Economic Development in an Interdependent World, by Jahangir Amuzegar. 1983.
19. The European Monetary System: The Experience, 1979–82, by Horst Ungerer, with Owen Evans and Peter Nyberg. 1983.
20. Alternatives to the Central Bank in the Developing World, by Charles Collyns. 1983.
22. Interest Rate Policies in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1983.
23. International Capital Markets: Developments and Prospects, 1983, by Richard Williams, Peter Keller, John Lipsky, and Donald Mathieson. 1983.
24. Government Employment and Pay: Some International Comparisons, by Peter S. Heller and Alan A. Tait. 1983. Revised 1984.
25. Recent Multilateral Debt Restructurings with Official and Bank Creditors, by a Staff Team Headed by E. Brau and R.C. Williams, with P.M. Keller and M. Nowak. 1983.
26. The Fund, Commercial Banks, and Member Countries, by Paul Mentre. 1984.
27. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1984.
28. Exchange Rate Volatility and World Trade: A Study by the Research Department of the International Monetary Fund. 1984.
29. Issues in the Assessment of the Exchange Rates of Industrial Countries: A Study by the Research Department of the International Monetary Fund. 1984
30. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund. 1984
31. International Capital Markets: Developments and Prospects, 1984, by Maxwell Watson, Peter Keller, and Donald Mathieson. 1984.
32. World Economic Outlook, September 1984: Revised Projections by the Staff of the International Monetary Fund. 1984.
33. Foreign Private Investment in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1985.
34. Adjustment Programs in Africa: The Recent Experience, by Justin B. Zulu and Saleh M. Nsouli. 1985.
35. The West African Monetary Union: An Analytical Review, by Rattan J. Bhatia. 1985.
36. Formulation of Exchange Rate Policies in Adjustment Programs, by a Staff Team Headed by G.G. Johnson. 1985.
37. Export Credit Cover Policies and Payments Difficulties, by Eduard H. Brau and Chanpen Puckahtikom. 1985.
38. Trade Policy Issues and Developments, by Shailendra J. Anjaria, Naheed Kirmani, and Arne B. Petersen. 1985.
39. A Case of Successful Adjustment: Korea’s Experience During 1980–84, by Bijan B. Aghevli and Jorge Marquez-Ruarte. 1985.
40. Recent Developments in External Debt Restructuring, by K. Burke Dillon, C. Maxwell Watson, G. Russell Kincaid, and Chanpen Puckahtikom. 1985.
41. Fund-Supported Adjustment Programs and Economic Growth, by Mohsin S. Khan and Malcolm D. Knight. 1985.
42. Global Effects of Fund-Supported Adjustment Programs, by Morris Goldstein. 1986.
43. International Capital Markets: Developments and Prospects, by Maxwell Watson, Donald Mathieson, Russell Kincaid, and Eliot Kalter. 1986.
44. A Review of the Fiscal Impulse Measure, by Peter S. Heller, Richard D. Haas, and Ahsan S. Mansur. 1986.
45. Switzerland’s Role as an International Financial Center, by Benedicte Vibe Christensen. 1986.
International Monetary Fund, Washington, D.C. 20431, U.S.A. Telephone number 202 623–7430 Cable address: Interfund
Numbers 1, 3, 4, and 21 of the Occasional Paper series are out of print.