Back Matter

Back Matter

Author(s):
Norman Humphreys
Published Date:
June 2000
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    Statistical Appendix

    Table 1. Selected Financial Indicators during the Financial Year Ended April 30

    Table 2. Members’ Quotas and Voting Power

    Table 3. Stand-by and Other Arrangements Approved in the Financial Years Ended April 30, 1953-1998

    Table 4. Arrangements Under the Enhanced Structural Adjustment Facility in Effect during the Financial Year Ended April 30, 1998

    Table 5. Extended Arrangements in Effect in the Financial Year Ended April 30, 1998

    Table 1.Selected Financial Indicators during the Financial Year Ended April 30(Millions of SDRs)
    19941995199619971998
    Disbursements
    Total5,90311,17812,3035,64419,924
    Purchases by facility (GRA)1
    Total5,24110,59210,8264,93918,981
    Stand-bys21,0527,5879,1271,83616,127
    EFF7461,5951,5542,8202,824
    CCFF7182879282
    STF2,7251,123136
    SAF/ESAF loans6625871,477705973
    SDA resources6819185
    ESAF Trust resources5945681,292705973
    Repurchases and Repayments
    Repurchases4,3433,9846,6986,6683,789
    SAF/ESAF & Trust
    Fund repayments166247402528596
    Outstanding IMF Credit
    Total29,88936,83742,04040,48856,026
    Of which:
    GRA25,53332,14036,26834,53949,701
    SDA1,8351,6511,5451,220922
    Administered accounts
    Trust Fund105102959090
    ESAF Trust32,4162,9444,1324,6395,314
    Change in outstanding credit (%)
    52314-4-438
    Number of indebted countries
    9399979594

    Excludes reserve tranche purchases.

    Includes first credit tranche drawings.

    Includes Saudi Fund for Development associated loans.

    Source: Annual Report of the Executive Board, 1998.

    Excludes reserve tranche purchases.

    Includes first credit tranche drawings.

    Includes Saudi Fund for Development associated loans.

    Source: Annual Report of the Executive Board, 1998.
    Table 2.Members’ Quotas and Voting Power Under Eleventh Review of Quotas, January 1999
    QuotaVotes
    MemberMillion SDRsPercent
    Afghanistan, Islamic State of161.90.076
    Albania48.70.023
    Algeria914.40.431
    Angola286.30.135
    Antigua and Barbuda13.50.006
    Argentina2,117.10.998
    Armenia92.00.043
    Australia3,236.41.526
    Austria1,872.30.883
    Azerbaijan160.90.076
    Bahamas, The130.30.061
    Bahrain135.00.064
    Bangladesh533.30.252
    Barbados67.50.032
    Belarus386.40.182
    Belgium4,605.22.172
    Belize18.80.009
    Benin61.90.029
    Bhutan6.30.003
    Bolivia171.50.081
    Bosnia and Herzegovina169.10.080
    Botswana63.00.030
    Brazil3,036.11.432
    Brunei Darussalam215.20.101
    Bulgaria640.20.302
    Burkina Faso60.20.028
    Burundi77.00.036
    Cambodia87.50.041
    Cameroon185.70.088
    Canada6,639.23.004
    Cape Verde9.60.005
    Central African Republic55.70.026
    Chad56.00.026
    Chile856.10.404
    China4,687.22.211
    Colombia774.00.365
    Comoros8.90.004
    Congo, Dem. Rep. of533.00.251
    Congo, Republic of84.60.040
    Costa Rica164.10.077
    Côte d’Ivoire325.20.153
    Croatia365.10.172
    Cyprus139.60.066
    Czech Republic819.30.386
    Denmark1,642.80.775
    Djibouti15.90.007
    Dominica8.20.004
    Dominican Republic218.90.103
    Ecuador302.30.143
    Egypt943.70.445
    El Salvador171.30.081
    Equatorial Guinea32.60.015
    Eritrea15.90.007
    Estonia65.20.031
    Ethiopia133.70.063
    Fiji70.30.033
    Finland1,263.80.596
    France10,738.55.065
    Gabon154.30.073
    Gambia, The31.10.015
    Georgia150.30.071
    Germany13,008.26.135
    Ghana369.00.174
    Greece823.00.388
    Grenada11.70.006
    Guatemala210.20.099
    Guinea107.10.051
    Guinea-Bissau14.20.007
    Guyana90.90.043
    Haiti81.90.039
    Honduras129.50.061
    Hungary1,038.40.490
    Iceland117.60.055
    India4,158.21.961
    Indonesia2,079.30.981
    Iran, Islamic Republic of1,497.20.706
    Iraq1,188.40.560
    Ireland838.40.395
    Israel928.20.438
    Italy7,055.53.328
    Jamaica273.50.129
    Japan13,312.86.279
    Jordan170.50.088
    Kazakhstan365.70.172
    Kenya271.40.128
    Kiribati5.60.003
    Korea1,633.60.770
    Kuwait1,381.10.651
    Kyrgyz Republic88.80.042
    Lao People’s Democratic Republic52.90.025
    Latvia126.80.060
    Lebanon203.00.096
    Lesotho34.90.016
    Liberia129.20.061
    Libya1,123.70.530
    Lithuania144.20.068
    Luxembourg279.10.132
    Macedonia, FYR68.90.032
    Madagascar122.20.058
    Malawi69.40.033
    Malaysia1,486.60.701
    Maldives8.20.004
    Mali93.3
    Malta102.00.048
    Marshall Islands3.50.002
    Mauritania64.40.030
    Mauritius101.60.048
    Mexico2,585.81.220
    Micronesia, Federal States of5.10.002
    Moldova123.20.058
    Mongolia51.10.024
    Morocco588.20.277
    Mozambique113.60.054
    Myanmar258.40.122
    Namibia136.50.064
    Nepal71.30.034
    Netherlands, The5,162.42.435
    New Zealand894.60.422
    Nicaragua130.00.061
    Niger65.80.031
    Nigeria1,753.20.827
    Norway1,671.70.788
    Oman194.00.091
    Pakistan1,033.70.488
    Palau, Republic of3.10.003
    Panama206.60.097
    Papua New Guniea131.60.062
    Paraguay99.90.047
    Peru638.40.301
    Philippines879.90.415
    Poland1,369.00.592
    Portugal867.40.409
    Qatar263.80.124
    Romania1,030.20.486
    Russia5,945.42.804
    Rwanda80.10.038
    Samoa11.60.005
    San Marino17.00.008
    São Tomé and Principe7.40.003
    Saudi Arabia6,985.53.295
    Senegal161.80.076
    Seychelles8.80.004
    Sierra Leone103.70.049
    Singapore862.50.407
    Slovak Republic357.50.169
    Slovenia231.70.109
    Solomon Islands10.40.005
    Somalia81.70.039
    South Africa1,868.50.881
    Spain3,048.91.438
    Sri Lanka413.40.195
    St. Kitts and Nevis8.90.004
    St. Lucia15.30.007
    St. Vincent and the Grenadines8.30.004
    Sudan315.10.149
    Suriname92.10.043
    Swaziland50.70.024
    Sweden2,395.51.130
    Switzerland3,458.51.631
    Syrian Arab Republic293.60.138
    Tajikistan87.00.041
    Tanzania198.90.094
    Thailand1,081.90.510
    Togo73.40.035
    Tonga6.90.003
    Trinidad and Tobago335.60.158
    Tunisia286.50.135
    Turkey964.00.455
    Turkmenistan75.20.035
    Uganda180.50.085
    Ukraine1,372.00.647
    United Arab Emirates611.70.288
    United Kingdom10,738.55.065
    United States37,193.317.521
    Uruguay306.50.145
    Uzbekistan275.60.130
    Vanuatu17.00.008
    Venezuela2,659.11.254
    Vietnam329.10.155
    Yemen, Republic of243.50.115
    Yugoslavia, Fed. Rep of467.70.221
    Zambia489.10.231
    Zimbabwe353.40.167
    Total212,029.0100.00
    Note: No increase in quotas can take effect before the date on which the Fund determines that members having not less than 85 percent of the total quotas on December 23, 1997, have consented to the increase in their quotas. A member’s quota cannot be increased until it has consented to the increase and paid the subscription.Source: Annual Report of the Executive Board
    Note: No increase in quotas can take effect before the date on which the Fund determines that members having not less than 85 percent of the total quotas on December 23, 1997, have consented to the increase in their quotas. A member’s quota cannot be increased until it has consented to the increase and paid the subscription.Source: Annual Report of the Executive Board
    Table 3.Stand-by and Other Arrangements Approved in the Financial Years Ended April 30, 1953-1998
    Number of ArrangementsSDRs
    Stand-bysEFFSAFESAFTotalMillions
    1953-5720201,368
    1958-6265654,558
    1963-671081087,016
    1968-721101106,090
    1973-77735788,931
    1978193185,877
    1979155202,643
    1980227293,803
    198122153710,795
    198223123516,206
    19833093925,035
    19843053518,569
    19852733011,675
    1986242264,907
    198723110345,391
    198818225454,540
    1989142237466,608
    199019417115113,911
    199114512144514,652
    19922278165319,203
    19931564204515,279
    1994166322478,428
    19951991275623,385
    19962171285727,918
    19971411356017,996
    19981413336045,069
    Total765573865925329,853
    Source: Annual Report of the Executive Board.
    Source: Annual Report of the Executive Board.
    Table 4.Arrangements Under the Enhanced Structural Adjustment Facility in Effect during the Financial Year Ended April 30, 1998(Amounts in Millions of SDRs)
    Arrangemment DatesAmounts ApprovedUndrawn Balances
    MemberEffective dateExpiration dateThrough 4/30/98As of 4/30/98
    Armenia2/14/962/13/9910134
    Azerbaijan2/20/962/19/999438
    Benin8/28/9612/19/992718
    Bolivia12/19/948/27/99101
    Burkina Faso6/14/969/9/984020
    Cambodia5/6/946/13/99126
    Cameroon8/20/978/19/00162108
    Chad9/1/958/31/985017
    Congo, Rep. of6/28/966/27/996956
    Côte d’Ivoire3/11/946/13/97333
    Cote d’Ivoire3/17/983/16/01286202
    Ethiopia10/11/9610/10/998874
    Georgia2/28/962/27/9916756
    Georgia2/28/962/27/9916756
    Ghana6/30/956/29/9916469
    Guinea1/13/971/12/007135
    Guinea-Bissau1/18/957/24/9810
    Guyana1/13/974/17/9854
    Haiti10/18/9610/17/999176
    Honduras7/24/9211/26/9947
    Kenya4/26/964/25/99150125
    Kyrgz Republic7/20/943/31/9888
    Lao PDR6/4/935/7/9735
    Macedonia4/11/974/10/005536
    Madagascar11/27/9611/26/998115
    Malawi10/18/9510/17/984615
    Mali4/10/963/17/016221
    Mauritania1/25/956/11/9943
    Mongolia7/30/9710/19/003328
    Mozambique6/21/961/12/987625
    Nicaragua6/24/946/23/97120
    Nicaragua3/18/983/17/0110184
    Niger6/12/966/11/995819
    Pakistan10/20/9710/19/00682455
    Senegal8/29/941/12/98131
    Senegal4/20/984/19/0110789
    Sierra Leone3/28/945/4/981025
    Tanzania11/8/0611/7/9916274
    Togo9/16/946/29/986511
    Uganda9/6/9411/17/9712
    Uganda11/10/9711/9/0010060
    Vietnam11/11/9411/10/97362
    Yeman10/29/9710/28/00265221
    Zambia12/6/9512/5/9870240
    Total4,0482,165
    Source: Annual Report of the Executive Board, 1998.
    Source: Annual Report of the Executive Board, 1998.
    Table 5.Extended Arrangements in Effect in the Financial Year Ended April 30, 1998(Amounts Expressed in Million SDRs)
    MemberEffective DateExpiration DateUndrawn Balance
    Algeria5/22/955/21/9884
    Argentina12/4/982/3/012,080
    Azerbaijan12/20/9612/19/9926
    Croatia3/12/973/11/00324
    Gabon11/8/9511/7/9850
    Jordan22/9/962/8/9947
    Kazakhstan 17/17/967/16/99309
    Lithuania10/24/9419/23/97
    Moldova5/20/965/19/9998
    Pakistan10/20/9710/19/00398
    Panama12/10/9712/9/00110
    Peru37/1/963/31/99140
    Philippines 46/24/943/31/98
    Russia3/26/963/25/993,065
    Yemen10/29/9710/28/0097
    Total6,828

    The authorities indicated their intention not to draw under the arrangement.

    Original amount of SDR 201 million increased by SDR 37 million.

    Original amount of SDR 248 million increased by SDR 52 million for debt and debt service reduction.

    Extended from June 23, 1997, December 31, 1997, and January 31, 1998. Increased by SDR 317 million.

    Source: Annual Report of the Executive Board, 1998.

    The authorities indicated their intention not to draw under the arrangement.

    Original amount of SDR 201 million increased by SDR 37 million.

    Original amount of SDR 248 million increased by SDR 52 million for debt and debt service reduction.

    Extended from June 23, 1997, December 31, 1997, and January 31, 1998. Increased by SDR 317 million.

    Source: Annual Report of the Executive Board, 1998.
    Bibliography

    Contents

    Publications Issued by the Fund

    Reports and Documents

    Books

    Periodicals

    Statistical Publications

    World Economic and Financial Surveys

    Occasional Papers Series

    Pamphlets (series)

    Booklets

    Papers on Policy Analysis and Assessment

    Working Papers, 1997

    Staff Country Reports

    General Bibliography

    General

    Background of the Bretton Woods System

    Establishing the Bretton Woods System

    Macroeconomic and Structural Adjustment and Fund Conditionality

    Exchange Rate Systems and Markets

    International Currencies, Liquidity, and the SDR

    International Trade and Payments

    International Debt Problems

    Reform of the International Monetary System

    The following bibliography lists selective publications on the history and evolution of the International Monetary Fund. The Fund itself periodically published, from 1951 through 1985, comprehensive bibliographies in various issues of its quarterly economic journal, Staff Papers. Many of these bibliographies were compiled by Anne C. M. Salda, who on her retirement from the Joint Fund-Bank Library compiled an extensive and annotated bibliography, International Monetary Fund, which references publications on the Fund since its inception (see under General Bibliography).

    The first section of this bibliography lists publications issued by the Fund. The second section concentrates on citing substantive material published outside the Fund dealing with its work and related matters. No attempt has been made to cover the many serious and interesting articles that have appeared in newspapers and news magazines.

    The Fund’s public web site was opened in September 1996 at the address http://www.imf.org. From the the home-page menu, hyperlinks lead to various submenus, including a catalogue of publications. A number of publications are also available in full text on the web site.

    The Fund issues annually a catalog of available publications.

    Publications Issued by the Fund

    Reports and Documents

      Agreement Between the United Nations and the International Monetary Fund1956.

      Annual Report of the Executive Board1946to date. Published also in French, German, and Spanish.

      Annual Report on Exchange Arrangements and Exchange Restrictions1979to date.

      Annual Report on Exchange Restrictions1950 to 1978.

      Articles of Agreement of the International Monetary Fund Original Articles in 1946; as modified by the first amendment to the Articles 1968; as modified by the second amendment to the Articles 1978; and as modified by the third amendment to the Articles 1992. Also in Arabic, French, Russian, and Spanish.

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      By-Laws Rules and Regulations issued periodically since1947.

      Establishment of a Facility Based on Special Drawing Rights in the International Monetary Fund and Modifications in the Rules and Practices of the Fund: A Report by the Executive Directors to the Board of Governors Proposing Amendment of the Articles of Agreement1968.

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      International Monetary Reform: Documents of the Committee of Twenty1974.

      Proposed Third Amendment of the Articles of Agreement: A Report to the Board of Governors of the International Monetary Fund Containing the Managing Director’s Proposal on the Allocation of Special Drawing Rights for the First Basic Period1969. Also in French and Spanish.

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      Schedule of Par Valuesirregular1946 to 1971.

      Selected Decisions of the International Monetary Fund and Selected Documentsirregular, 1st issue 1962, 23rd issue, 1998.

      Summary Proceedings of the … Annual Meetings of the Board of Governors1946to date.

    Books

      Adjustment and Financing in the Developing World: The Role of the International Monetary Fund papers presented at a seminar sponsored by the IMF and the Overseas Development Institute London Englandedited byTonyKillick1982.

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      Adjustment Conditionality and International Financing papers presented at a seminar in Viña del Mar Chile sponsored by the Central Bank of Chile the Frederico Santa Maria University and the IMFedited byJoaquínMuns1983.

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      Adjustment Policies and Development Strategies in the Arab World papers presented at a seminar in Abu Dhabi United Arab Emirates at a seminar sponsored by the Arab Monetary Fund and the IMFedited bySaidEl-Naggar1987.

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      Africa and the International Monetary Fund papers presented at a symposium sponsored by the Association of African Central Banks and the IMFedited byG. K.Helleiner1987.

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      Analytical Issues in Debt by Jacob A.FrenkelMichael P.Dooley and PeterWickham1989.

      Approaches to Exchange Rate Policy papers presented at a seminar on exchange rate policy in developing and transitional economies held by the IMF Instituteedited byRichardBarth and Chorng-HueyWong1994.

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      Balance of Payments Adjustment 1945 to 1986: The IMF Experience by MargaretGarritsen de Vries1987.

      Balance of Payments Compilation Guide a companion document to the fifth edition of the Balance of Payments Manual1995.

      Balance of Payments Manual the fifth edition of this manual revised and updated1993.

      Balance of Payments Textbook a companion document to the Balance of Payments Manual1996.

      Bank Soundness and Macroeconomic Policy by Carl-JohanLindgrenGillianGarcia and Matthew I.Saal1996.

      Banking Crises: Cases and Issuesedited byV.Sundarajan and Thomas J. T.Baliño1991.

      Beyond Adjustment: The Asian Experienceedited byPaulStreeten1988.

      Building Sound Finance in Emerging Market Economiesedited byGerardCaprioDavidFolkerts-Landau and Timothy D.Lane1994.

      Central and Eastern Europe: Roads to Growth papers presented at a seminar moderated by GeorgeWincklerorganized by the IMF and the Austrian National Bank1992.

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      Central Banking Technical Assistance to Countries in Transition proceedings of a joint meeting of central banking technical assistance held in St. Petersburg Russia in 1994edited byJ. B.ZuluIan S.McCarthySusanAlmuiña and GabrielSensenbrenner1994.

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      Central Bank Reform in Transition Economies contains the background papers prepared for the second coordinating meeting of 23 participating central banks of the Baltic States and the Commonwealth of Independent Statesedited byV.SundarajanArne B.Petersen and GabrielSensenbrenner1997.

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      Choosing an Exchange Rate Regime: The Challenge for Smaller Industrial Countriesedited byVictorArgy and Paul deGrauwe1990.

      Coordinated Portfolio Investment Survey Guide a guide for balance of payments compilers in conducting an internationally coordinated survey of security holdings conducted under the auspices of the IMF1996.

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      Coordinating Public Debt and Monetary Management: Institutional and Operational Arrangementsedited byV.SundarajanPeterDattels and HansBlommestein1997.

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      Coordinating Stabilization and Structural Reform papers presented in an IMF Institute seminar covering four case studies—China Poland Argentina and The Gambiaedited byRichard C.BarthAlan R.Roe and Chorng-HueyWong1994.

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      Current Legal Issues Affecting Central Banks Vols. I II III and IV papers presented at four biennial seminars sponsored by the IMF for central banksedited byRobert C.Effros1992 1994 1995 and 1997.

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      Deepening Structural Reform in Africa: Lessons from East Asia the proceedings of a seminar involving policymakers and senior government officials from Africa and East Asia and senior staff of international organizationsedited byLauraWallace1997.

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      Debt Stocks Debt Flows and the Balance of Payments prepared jointly by the BIS IMF OECD and World Bank1994.

      Economic Adjustment: Policies and Problems the proceedings of a seminar held in Wellington New Zealand concentrating on economic adjustment problems in the South Pacificedited bySir FrankHolmes1987.

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      Economic Policy Coordination the proceedings of a seminar held in Hamburg Germany moderated byWilfredGuth1988.

      Emerging Financial Centers: Legal and Institutional Frameworkedited byRobert C.Effros1982.

      Economic Adjustment: Policies and Problems papers presented at a seminar sponsored by the IMF in Wellington New Zealandedited bySir FrankHolmes1987.

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      Economic Policy Coordination papers presented at a seminar sponsored by the IMF in Hamburg Germany1988.

      Effective Government Accounting by A.Premchand1995.

      EMU and the International Monetary System the proceedings of a seminar held in Washington sponsored by the IMF and the Fondation Camille Gutt1997.

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      Evolving Role of Central Banks papers presented at a seminar sponsored by the IMF at the Fund’s headquartersedited byPatrickDownes and RezaVaez-Zadeh1991.

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      External Debt: Definition Statistical Coverage and Methodology a comparative description of statistics collected by the BIS IMF OECD and the World Bank1998.

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      External Debt Management papers presented at a seminar sponsored by the IMF Washington D.C. edited byHassanaliMehran1985.

      External Debt Savings and Growth in Latin America papers presented at a seminar sponsored by the Instituto Torcuato di Tella and the IMF in Don Torcuato Argentinaedited byAna MaríaMartirena-Mantel1987.

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      Fifty Years After Bretton Woods: The Future of the IMF and the World Bank the proceedings of a conference held in Madrid Spain sponsored by the IMF and the World Bank to commemorate the fiftieth anniversary of the two institutionsedited byJames M.Boughton and K. SarwarLateef1994.

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      Financial Policies and Capital Markets in Arab Countries the proceedings of a seminar held in Abu Dhabiedited bySaidEl-Naggar1994.

      Financial Programming and Policy: The Case of Hungaryedited byKaren A.Swiderski1992.

      Fiscal Federalism in Theory and Practice a series of papers on a number of countries examining the relationships among central state and local governments in respect to their spending and revenue-raising responsibilitiesedited byTeresaTer-Minassian1997.

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      Fiscal Policies in Economies in Transitionedited byVitoTanzi1992.

      Fiscal Policy Economic Adjustment and Financial Markets papers presented at a seminar sponsored by the Centre for Financial and Monetary Economics Università Luigi Bocconi in Milan Italy and the IMFedited byMarioMonti1989.

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      Fiscal Policy in Open Developing Economies papers presented at the 44th Congress of the International Institute of Public Financeedited byVitoTanzi1990.

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      Fiscal Policy Stabilization and Growth in Developing Countriesedited byMario I.Blejer and Ke-youngChu1992.

      Foreign and Inter-Trade Policies of Arab Countries papers presented at a seminar sponsored by the IMF in Abu Dhabi United Arab Emiratesedited bySaidEl-Naggar1992.

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      Framework for Monetary Stability: Policy Issues and Country Experienceedited byTomás J. T.Baliño and CarloCottarelli1994.

      The Functioning of the International Monetary System Vols. I and II a series of 30 analytical papers on the system as it functioned in 1987-91edited byJacob A.Frenkel and MorrisGoldstein1996.

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      The Future of the SDR in Light of Changes in the International Monetary System the proceedings of a seminar held at the IMFedited byMichaelMussaJamesBoughton and PeterIsard1996.

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      Government Financial Management: Issues and Country Studiesedited byA.Premchand1990.

      Growth-Oriented Adjustment Programs papers presented at a symposium sponsored by the IMF and the World Bank in Washington D.C. edited byVittorioCorboMorrisGoldstein and MohsinKhan1987.

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      How to Measure the Fiscal Deficit: Analytical and Methodological Issuesedited byMario I.Blejer and AdrienneCheasty1992.

      IMF Glossary English-French-Arabic by the IMF Bureau of Language Services1996.

      IMF Glossary English-French-Spanish by the IMF Bureau of Language Services1997.

      IMF Glossary English-French-Russian by the IMF Bureau of Language Services1998.

      The IMF’s Statistical Systems in Context of Revision of the United Nations’ “A System of National Accounts”edited byVicenteGalbis1991.

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      Improving Tax Administration in Developing Countriesedited byRichard M.Bird and MilkaCasanegra de Jantscher1992.

      Inflation and Growth in China the proceedings of a conferenceedited byManuelGuitián and RobertMundell1996.

      Interest Rate Liberalization and Money Market Development a series of papers presented at a seminar held in Beijing China sponsored by the IMF and the People’s Bank of Chinaedited byHassanaliMehranBernardLaurens and MarcQuintyn1995.

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      International Financial Policy: Essays in Honor ofJacques J.Polakpapers presented at a conference sponsored by the Netherlands Bank and the IMF in Washington D.C. edited byJacob A.Frenkel and MorrisGoldstein1991.

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      International Monetary Cooperation Since Bretton Woods a comprehensive history written by Harold James and published jointly by the IMF and Oxford University Press1996.

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      The International Monetary Fund 1945-1965: Twenty Years of International Monetary Cooperation. Vol. I Chronicle by J. KeithHorsefield;Vol. II, Analysis by Margaret G.de Vries and J. KeithHorsefield with the collaboration of JosephGoldMary H.GumbartGertrudeLovasy and Emil G.Spitzer; and Vol. III Documentsedited byJ. KeithHorsefield1969.

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      The International Monetary Fund 1966-1971: The System Under Stress. Vol. I Narrative by Margaret Garritsende Vries;Vol II Documentsedited byMargaret Garritsende Vries1976.

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      The International Monetary Fund 1972-1978: Cooperation on Trial. Vols. I and II Narrative and Analysis by Margaret Garritsende Vries; and Vol. III Documentsedited byMargaret Garritsende Vries1985.

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      International Reserves: Needs and Availability papers presented by a number of scholars and Fund staff members at a seminar convened at the Fund’s headquarters1970.

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      Legal and Institutional Aspects of the International Monetary System: Selected Essays Vols. I and II by JosephGold1984.

      Legal Effects of Fluctuating Exchange Rates by JosephGold1990.

      Macroeconomic Accounting and Analysis in Transition Economies by AbdessatarOuanes and SubhashThakur1997.

      Macroeconomic Adjustment: Policy Instruments and Issuesedited byJeffrey M.Davis1992.

      Macroeconomic Issues Facing ASEAN Countries papers prepared for the ASEAN conference held in Jakartaedited byJohnHicklinDavidRobinson and AnoopSingh1997.

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      Macroeconomic Models for Adjustment in Developing Countriesedited byMohsin S.KhanPeter J.Montiel and Nadeem U.Haque1991.

      Macroeconomic Policies in an Interdependent Worldedited byRalphBryantDavidCurrieJacob A.FrenkelPaulMasson and RichardPortes1989.

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      Macroeconomics and the Environment the proceedings of a seminar held at the IMF at which experts from academic and research institutions nongovernmental organizations and staff from the IMF and World Bank shared their views on macroeconomic policies and the environmentedited byVed P.Gandhi1996.

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      Manual on Government Finance Statistics1986.

      The Monetary Approach to the Balance of Paymentsedited byRudolf R.Rhomberg1977.

      Optimum Currency Areas: New Analytical and Policy Developments a revisit to Robert Mundell’s pioneering theory of optimum currency areas with an update by Robert Mundell himselfedited byMario I.BlejerJacob A.FrankelLeonardLeiderman and AssafRazin1997.

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      The Payment System: Design Management and Supervision 12 papers by central bank experts from around the worldedited byBruce J.Summers1994.

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      Payment System Monetary Policy and the Role of the Central Bank by Otomunde E. G.JohnsonRichard K.AbramsJean-MarcDestresseTonyLybekNicholasRoberts and MarkSwinburne1997.

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      Policies for African Development: From the 1980s to the 1990s a collection of papers presented at a seminar in Gaborone Botswanaedited byI. G.Patel1992.

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      Policies for Growth: The Latin American Experience papers presented at a seminar in Rio de Janeiro Brazilmoderated byAndréLara Resende1995.

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      Privatization and Structural Adjustment in the Arab Countries papers presented at a seminar sponsored by the IMF in Washington D.C. edited bySaidEl-Naggar1989.

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      Public Expenditure Handbook: A Guide to Public Policy Issues in Developing Countriesedited byKe-youngChu and RichardHemming1991.

      Public Expenditure Management by A.Premchand1993.

      Reforming China’s Public Finances the proceedings of a conference held in Shanghai China with supplemental papersedited byEhtishamAhmadGaoQiang and VitoTanzi1995.

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      Report on the Measurement of International Capital Flows and Background Papers1992.

      Report on the World Current Account Discrepancy by the IMF and other international organizations1987.

      The Social Effects of Economic Adjustment on Arab Countries papers presented in a seminar sponsored by the Arab Fund for Economic and Social Development the Arab Monetary Fund the IMF and the World Bankedited byTaher H.Kanaan1997.

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      Strategies for Structural Adjustment: The Experience of Southeast Asia papers presented at a seminar sponsored by the IMF in Kuala Lumpur Malaysiamoderated byUngku A.Aziz1990.

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      Structural Adjustment and Macroeconomic Policy Issues papers presented at a conference in Lahore Pakistanmoderated byV. A.Jafarey1992.

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      Supply-Side Tax Policy: Its Relevance to Developing Countries by Ved P.GandhiLiam P.EbrillGeorge A.MackenzieLuisMañas-AntonJitendra R.ModiSomchaiRichupanFernandoSanchez-Ugarte and ParthasarathiShome1987.

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      System of National Accounts prepared by the Joint Commission of the European Communities IMF OECD UN and World Bank1993.

      Systemic Bank Restructuring and Macroeconomic Policy sets out cross-country restructuring experiencesedited byWilliam E.AlexanderJeffrey M.DavisLiam P.Ebrill and Carl-JohanLindgren1997.

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      Tax Law Design and Drafting Vol. I and IIedited byVictorThuronyi1996.

      Tax Policy Handbookedited byParthasarathiShome1995.

      Trade Policy Issues papers presented in a seminar sponsored by the IMFedited byChorng-HueyWong1997.

      Transition to Market Studies in Fiscal Reformedited byVitoTanzi1993.

      The Uruguay Round and the Arab Countries papers presented at a seminar sponsored by the IMF the Arab Fund for Economic and Social Development the Arab Monetary Fund and the World Bankedited bySaidEl-Naggar1996.

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      Value-Added Tax: International Practice and Problems by Alan A.Tait1988.

    Periodicals

      Finance & Development jointly published by the Fund and the World Bank up to June 1998 when the IMF became the sole publisher. The magazine contains articles in nontechnical language explaining the financial and development issues. Published quarterly1964to date. In Arabic, Chinese, English, French, German, Portuguese, Spanish, and Russian (free).

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      IMF Economic Reviews a triennial collection of PINs issued in the preceding trimester.

      IMF Survey maintains a running record of the Fund’s policies decisions and activities as well as country and world economic developments. Issued twice a month1972to date. Also in French and Spanish.

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      Staff Papersquarterly, 1950 to date.. The following are selected articles:

      “Analysis of Proposals for Using Objective Indicators as a Guide to Exchange Rate Changes,” by Trevor G.UnderwoodVol. 20 (Mar. 1973) pp. 100117.

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      “The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability,” by Robert A.MundellVol. 9 (Mar. 1962) pp. 7079.

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      “Are Exchange Rates Excessively Volatile? And What Does “Excessively Volatile” Mean, Anyway?” by LeonardoBartolini and Gordon M.BodnarVol. 43 (Mar. 1996) pp. 72-96.

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      “Balance of Payments Adjustment Among Developed Countries,” by Anne RomanisBraunVol. 12 (Mar. 1965) pp. 1734.

      “Competitive Depreciation,” by WalterGardner and S. C.TsiangVol. 2 (1951-52) pp. 399406.

      “Conditionality: Past, Present, Future,” by ManuelGuitíanVol. 42 (Dec. 1995) pp. 792835.

      “Consumption. Income, and International Capital Market Integration,” by TamimBayoumi and RonaldMacDonaldVol. 42 (Sept. 1995) pp. 55276.

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      “Currency Unions, Economic Fluctuations, and Adjustment,” by TamimBayoumi and EswarPrasadVol. 44 (Mar. 1997) pp. 36-58.

      “Corruption Around the World: Causes, Consequences, Scope, and Cures,” by VitoTanziVol. 45 (Dec. 1998) pp. 559-4.

      “The Determinants of Banking Crises in Developing Contraries,” by AsliDemirgüç-Kunt and EnricaDetragiacheVol. 45 (Mar. 1998) pp. 81109.

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      “Devaluation Versus Import Restriction as an Instrument for Improving Foreign Trade Balance,” by Sidney S.AlexanderVol. 1 (1950–51) pp. 37996.

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      “Developments in the International Payments System,” by J. MarcusFlemingVol. 10 (Nov. 1963) pp. 46184.

      “Domestic Financial Policies Under Fixed and Floating Exchange Rates,” by J. MarcusFlemingVol. 9 (Nov. 1962) pp. 36980.

      “Effectiveness of Exchange Rate Policy for Trade Account Adjustment,” by AlfredSteinherrVol. 28 (Mar. 1981) pp. 199224.

      “Effects of a Devaluation on a Trade Balance,” by Sydney S.AlexanderVol. 2 (Apr. 1952) pp. 26378.

      “Effects of Various Types of Reserve Creation on Fund Liquidity,” by J. MarcusFlemingVol. 12 (July1965) pp. 16388.

      “The Exchange Rate Regime: An Analysis and a Possible Scheme,” by FredHirschVol. 19 (July1972) pp. 25985.

      “Exchange Rates, Inflation, and Vicious Circles,” by John F. O.BiltonVol. 27 (Dec. 1980) pp. 679711.

      “Fifty Years of Exchange Policy and Research at the International Monetary Fund,” by Jacques V.PolakVol. 42 (Dec. 1995) pp.73461.

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      “Fiscal Policy and Long-Run Growth,” by VitoTanzi and Howell H.ZeeVol. 44 (June1997) pp. 179209.

      “Fixed and Flexible Exchange Rates: A Renewal of the Debate,” by JacquesArtus and John H.YoungVol. 26 (Dec. 1979) pp. 65498.

      “Fluctuating Exchange Rates in Countries with Relatively Stable Economies: Some European Experiences After World War I,” by S. C.TsiangVol. 7 (Oct. 1959) pp. 24473.

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      “From Centrally-Planned to Market Economies: The Road from CPE to PCPE,” by Guillermo A.Calvo and Jacob A.FrenkelVol. 38. (June1991) pp. 26899.

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      “The Fund and International Liquidity,” by J. MarcusFlemingVol. 11 (July1964) pp. 177215.

      “Fund Members’ Adherence to the Par Value Regime: Empirical Evidence,” by Margaret G.de VriesVol. 13 (1966) pp. 50432.

      “Government Spending, Taxes, and Economic Growth” by PaulCashinVol. 42 (June1995) pp. 23769.

      “The Historical Development of the Principle of Surveillance” by HaroldJamesVol. 42 (Dec. 1995) pp. 76291.

      “Improving the Demand for Money Function in Moderate Inflation,” by William H.WhiteVol. 25 (Sept. 1978) pp. 564607.

      “Indexation of Wages and Salaries in Developed Economies,” by Anne RomanisBraunVol. 23 (Mar. 1976) pp. 22671.

      “An Indicator of Effective Exchange Rates,” by FredHirsch and IlseHigginsVol. 17 (Nov. 1970) pp. 45384.

      “Indices of Effective Exchange Rates,” by Rudolf R.RhombergVol. 23 (Mar. 1976) pp. 88112.

      “Interest Rate Differences, Forward Exchange Mechanism, Scope for Short-Term Capital Movements,” by William H.WhiteVol. 10 (Nov. 1963) pp. 485503.

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      “International Monetary Fund: A Selected Bibliography,” by MartinLoftus and Anne C. M.SaldaVol. 1 (1951)–Vol. 25 (Dec. 1985) various issues.

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      “Liberalization and the Behavior of Output During Transition from Plan to Market,” by ErnestoHernández-CatáVol. 44 (Dec. 1997) pp. 405-29.

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      “The Macroeconomic Impact of Privatization,” by G.A.MackenzieVol. 45 (June1998) pp. 363400.

      “The Management of International Liquidity,” by Oscar L.AltmanVol. 13 (July1966) pp. 21647.

      “Monetary Analysis of Income Formation and Payments Problems,” by Jacques J.PolakVol. 6 (Nov. 1957) pp. 150.

      “The Monetary Approach to the Exchange Rate: Some Empirical Evidence,” by John F. O.BilsonVol. 25 (Mar. 1978) pp. 4875.

      “A Multilateral Exchange Rate Model,” by JacquesArtus and Rudolf R.RhombergVol. 20 (Nov. 1973) pp. 591611.

      “Official Intervention in the Forward Exchange Market: A Simplified Analysis,” by J. MarcusFleming and Robert A.MundellVol. 11 (Mar. 1964) pp. 19.

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      “Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment” by DelanoVillanueva41 (March1994) pp. 129.

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      “The Peace Dividend: Military Spending Cuts and Economic Growth,” by MalcolmKnightNormanLoayza and DelanoVillanuevaVol. 43 (Mar. 1996) pp. 137.

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      “The Present System of Reserve Creation in the Fund,” by HannanEzekielVol. 13 (Nov. 1966) pp. 398420.

      “The Productivity Bias in Purchasing Power Parity: An Econometric Investigation,” by Lawrence H.OfficerVol. 23 (Nov. 1976) pp. 54575.

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      “Professor Triffin on International Liquidity and the Role of the Fund,” by Oscar L.AltmanVol. 8 (May1961) pp. 15192.

      “The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article,” by Lawrence H.OfficerVol. 23 (Mar. 1976) pp. 160.

      “Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization,” by TamimBayoumi and BarryEichengreenVol. 42 (Mar. 1995) pp. 3248.

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      “A Revised Version of the Multilateral Exchange Rate Model,” by JacquesArtus and Anne KennyMcQuirkVol. 28 (June1981) pp. 275309.

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      “The Role of Incomes Policy in Industrial Countries Since World War II,” by Anne RomanisBraunVol. 22 (Mar. 1975) pp. 16.

      “The Role of the International Monetary Fund in Promoting Price Stability,” by WalterGardnerVol. 7 (Apr. 1960) pp. 31926.

      “The SDR as a Basket of Currencies,” by Jacques J.PolakVol. 26 (Dec. 1979) pp. 62753.

      “The SDR: Some Problems and Possibilities,” by J. MarcusFlemingVol. 18 (Mar. 1971) pp. 2547.

      “SDRs and the Working of the Gold Exchange Standard,” by FredHirschVol. 18 (July1971) pp. 22153.

      “Separate Exchange Markets for Current and Capital Transactions,” by AnthonyLanyiVol. 22 (Nov. 1975) pp. 71449.

      “Some Economic Aspects of Multiple Exchange Rates,” by Edward M.BernsteinVol. 1 (1950-51) pp. 22437.

      “Special Drawing Rights: Renaming the Infant Asset,” by JosephGoldVol. 23 (July1976) pp. 295311.

      “Stabilization Programs in Developing Countries: A Formal Framework,” by Mohsin S.Khan and Malcolm D.KnightVol. 28 (Mar. 1981) pp. 153.

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      “Strategic Factors in Balance of Payments Adjustment,” by Edward M.BernsteinVol. 5 (Aug. 1956) pp. 20549.

      “A Survey of Literature on Controls Over International Capital Transactions.” by MichaelDooleyVol. 43 (Dec. 1996) pp. 63987.

      “The Vicious Circle Hypothesis,” by John F. O.BilsonVol. 26 (Mar. 1979) pp. 137.

      “Warning: Inflation May Be Harmful to Your Growth,” by AtishGhosh and StevenPhilipsVol. 45 (Dec. 1998) pp. 672715.

      “Why is China Growing So Fast?” by Zului F.Hu and Mohsin S.KhanVol. 44 (Mar. 1997) pp. 10331.

    Statistical Publications

    (All four statistical publications are available on tape.)

    World Economic and Financial Surveys

      Developments in International Exchange and Payments Systems by a staff team1991.

      Developments in International Exchange and Trade Systemsby a staff team1989.

      International Capital Markets: Developments and Prospectsannually1981to date. Issues from 1981-85 were issued in theOccasional Papers series.

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      Issues and Developments in International Trade Policyby a staff team headed by Margaret Kelly and Anne Kenny McQuirk1992.

      Issues in International Exchange and Paymentsby an IMF staff team, issued in1989 1992 and 1995.

      Multilateral Official Debt Rescheduling: Recent Experienceby a staff team1987 1988 and 1990.

      Officially Supported Export Credits: Development and Prospectsby a staff team1986 1988 1989 1990 and 1995.

      Primary Commodity Marketsstaff studies, annually from1986 through 1990.

      Private Market Financing for Developing Countriesstaff study1991 1992 1993 and 1995.

      Staff Studies for the World Economic Outlook.Supporting material for the analysis and scenarios depicted inWorld Economic Outlook.

      World Economic Outlook: A Survey by the Staff of the IMFfrom1980to date, biannually. Also in French, Spanish, and Arabic.

    Occasional Papers (series)

      International Capital Markets: Recent Developments and Short-Term Prospectsby a staff team headed byR. C.Williams1980. No. 1.

      External Indebtedness of Developing Countriesby a staff team headed byBahrainNowzad and RichardWilliams1981. No. 3.

      The Multilateral System of Payments: Keynes Convertibility and the International Monetary Fund’s Articles of Agreement by JosephGold1981. No. 6.

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      International Comparisons of Government Expenditure by Alan A.Tait and Peter S.Heller1982. No. 10.

      Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries by MorrisGoldstein and Mohsin S.Khan1982. No. 12.

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      Currency Convertibility in the Economic Community of West African States by John B.McLenaghanSaleh M.Nsouli and Klaus-WalterRiechel1982. No. 13.

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      Developments in International Trade Policy by S. J.AnjariaZ.IqbalN.Kirmani and L. L.Perez1982. No. 16.

      Aspects of the International Banking Safety Net by G. G.Johnson with Richard K.Abrams1983. No. 17.

      Alternatives to the Central Bank in the Developing World by CharlesCollyns1983. No. 20.

      Interest Rate Policies in Developing Countriesa study by the Research Department1983. No. 22.

      Recent Multilateral Debt Restructuring with Official and Bank Creditorsby a staff team headed byE.Brau and R. C.Williams with P. M.Keller and M.Nowak1983. No. 25.

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      The Fund Commercial Banks and Member Countries by PaulMentré1984. No. 26.

      Exchange Rate Volatility and World Tradea study by the Research Department1984. No. 28.

      Issues in the Assessment of the Exchange Rates of Industrial Countriesa study by the Research Department1984. No. 29.

      The Exchange Rate System—Lessons of the Past and Options for the Futurea study by the Research Department1984. No. 30.

      Foreign Private Investment in Developing Countriesa study by the Research Department1985. No. 33.

      Adjustment Programs in Africa: The Recent Experience by Justin B.Zulu and Saleh M.Nsouli1985. No. 34.

      The West African Monetary Union: An Analytical Review by Rattan J.Bhatia1985. No. 35.

      Formulation of Exchange Rate Policies in Adjustment Programsby a staff team headed byG. G.Johnson1985. No. 36.

      Export Credit Cover Policies and Payment Difficulties by Eduard H.Brau and ChampenPuckahtikom1985. No. 37.

      A Case of Successful Adjustment: Korea’s Experience During 1980–84 by Bijan B.Aghevli and JorgeMárquez-Ruarte1985. No. 39.

      Recent Developments in External Debt Restructuring by K. BurkeDillonC. MaxwellWatsonG. RussellKincaid and ChampenPuckahtikom1985. No. 40.

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      Fund-Supported Adjustment Programs and Economic Growth by Mohsin S.Khan and Malcolm D.Knight1985. No. 41.

      Global Effects of Fund-Supported Adjustment Programs by MorrisGoldstein1986. No. 42.

      A Review of the Fiscal Impulse Measure by Peter S.HellerRichard D.Haas and Ahsan H.Mansur1986. No. 44.

      Switzerland’s Role as an International Financial Center by Benedicte VibeChristensen1986. No. 45.

      Fund-Supported Programs Fiscal Policy and Income Distributiona study by the Fiscal Affairs Department1986. No. 46.

      Strengthening the International Monetary System: Exchange Rates Surveillance and Objective Indicators by AndrewCrockett and MorrisGoldstein1987. No. 50.

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      The Role of the SDR in the International Monetary Systemby the Research and Treasurer’s Departments1987. No. 51.

      Floating Exchange Rates in Developing Countries: Experience with Auction and Interbank Markets by Peter J.QuirkBenedicte VibeChristensenKyung-MoHuh and ToshihikoSasaki1987. No. 53.

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      Protection and Liberalization: A Review of Analytical Issues by MaxCorden1987. No. 54.

      Theoretical Aspects of the Design of Fund-Supported Adjustment Programsa study by the Research Department1987. No. 55.

      Privatization and Public Enterprises by RichardHemming and Ali M.Mansoor1988. No. 56.

      The Implications of Fund-Supported Adjustment Programs for Poverty: Experiences in Selected Countries by Peter S.HellerA. LansBovenbergThanosCatsambasKe-youngChu and ParthasarathiShome1988. No. 58.

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      Policies for Developing Forward Foreign Exchange Markets by Peter J.QuirkGrahamHaccheViktorSchoofs and LotharWeniger1988. No. 60.

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      Policy Coordination in the European Monetary System by ManuelGuitiánMaximoRusso and GiuseppeTullio1988. No. 61.

      Common Agricultural Policy of the European Community: Principles and Consequencesby the European Department1988. No. 62.

      Managing Financial Risks in Indebted Developing Countries by Donald J.MathiesonDavidFolkerts-LandauTimothyLane and IqbalZaidi1989. No. 65.

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      The European Monetary System in the Context of the Integration of European Financial Markets by DavidFolkerts-Landau and DonaldMathieson1989. No. 66.

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      The Role of National Saving in the World Economy: Recent Trends and Prospects by Bijan B.AghevliJames M.BoughtonPeter J.MontielDelanoVillanueva and GeoffreyWoglom1990. No. 67.

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      Debt Reduction and Economic Activity by Michael P.DooleyDavidFolkerts-LandauRichard D.HaasSteven A.Symansky and Ralph W.Tryon1990. No. 68.

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      International Comparisons of Government Expenditure Revisited: The Developing Countries by Peter S.Heller and JackDrummond1990. No. 69.

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      The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures by Dallas S.BattenMichael P.BlackwellIn-SuKimSimon E.Nocera and YuzuruOzeki1990. No. 70.

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      MULTIMOD Mark II: A Revised and Extended Model by PaulMassonStevenSymansky and GuyMeredith1990. No. 71.

      The Czech and Slovak Federal Republic: An Economy in Transition by JimPrustand an IMF staff team1990. No. 72.

      German Unification: Economic IssuesbyLeslieLipschitz and DonoghMcDonald1991. No. 75.

      China: Economic Reform and Macroeconomic Management by MarioBlejerDavidBurtonStevenDunaway and GyorgySzapary1991. No. 76.

      The Determinants and Systemic Consequences of International Capital Flows by MorrisGoldsteinDonald J.MathiesonDavidFolkerts-LandauTimothyLaneJ. SaulLizondo and LilianaRojas-Suarez1991. No. 77.

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      Exchange Rate Policy in Developing Countries: Some Analytical Issues by BijanAghevliMohsinKhan and Peter J.Montiel1991. No. 78.

      Domestic Public Debt of Externally Indebted Countries by Pablo E.Guidotti and Manmohan S.Kumar1991. No. 80.

      Currency Convertibility and the Transformation of Centrally Planned Economies by Joshua E.Greene and PeterIsard1991. No. 81.

      Characteristics of a Successful Exchange Rate System by Jacob A.FrenkelMorrisGoldstein and Paul R.Masson1991. No. 82.

      Value-Added Tax: Administrative and Policy issuesedited byAlan A.Tait1991. No. 88.

      The Internationalization of Currencies: An Appraisal of the Japanese Yen by George S.Tavlas and YuzuruOzeki1991. No. 90.

      Economic Policies for a New South Africaedited byDesmondLachman and KennethBercuson1991. No. 91.

      Regional Trade Arrangements by Augusto de laTorre and Margaret R.Kelly1991. No. 93.

      Tax Harmonization in the European Community: Policy Issues and Analysis by GeorgeKopits.1992. No. 94.

      The Fiscal Dimensions of Adjustment in Low-Income Countries by KarimNashashibiSanjeeGuptaClaireLiuksilaHenriLorie and WalterMahler1992. No. 95.

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      Policy Issues in the Evolving International Monetary System by MorrisGoldsteinPeterIsardPaul R.Masson and Mark P.Taylor1992. No. 96.

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      Rules and Discretion in International Economic Policy by ManuelGuitián1992. No. 97.

      Financial Sector Reforms and Exchange Arrangements in Eastern Europe by Guillermo A.CalvoManmohan S.KumarEduardoBorensztein and Paul R.Masson1993. No. 102.

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      The Structure and Operation of the World Gold Market by GaryO’Callaghan1993. No. 105.

      Economic Adjustment in Low-Income Countries: Experience Under the Enhanced Structural Adjustment Facility by SusanSchadlerFranekRozwadowskiSiddarthTiwari and David O.Robinson1993. No. 106.

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      Recent Experiences with Surges in Capital Inflows by SusanSchadlerMariaCarkovicAdamBennett and RobertKahn1993. No. 108.

      Limiting Central Bank Credit to the Government: Theory and Practice by CarloCottarelli1993. No. 110.

      The Russian Federation in Transition: External Developments by Benedicte VibeChristensen1994. No. 111.

      The Behavior of Non-Oil Commodity Prices by EduardoBorenszteinMohsinKhanCarneb M.Reinhart and PeterWickham1994. No. 112.

      Exchange Rates and Economic Fundamentals: A Framework for Analysis by Peter B.ClarkLeonardoBartoliniTamimBayoumi and StevenSymansky1994. No. 115.

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      Improving the International Monetary System: Constraints and Possibilities by MichaelMussaMorrisGoldsteinPeter B.ClarkDonald J.Mathieson and TamimBayoumi1994. No. 116.

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      Uganda: Adjustment with Growth 1987-94 by Robert L.SharerHema R.De Zoysa and Calvin A.McDonald1995. No. 121.

      Capital Flows in the APEC Region by Mohsin S.Khan and Carmen M.Reinharteds.1995. No. 122.

      Saving Behavior and the Asset Price “Bubble” in Japan: Analytical Studies by UlrichBaumgartner and GuyMereditheds.1995. No. 124.

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      The Adoption of Indirect Instruments of Monetary Policyby a staff team headed byWilliam E.AlexanderTómas J. T.Baliño and CharlesEcoch1995. No. 126.

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      Road Maps of the Transition: The Baltics the Czech Republic Hungary and Russia by BiswajitBanerjeeVincentKoenThomasKruegerMark S.LutzMichaelMarrese and Tapio O.Saavalainen1995No. 127.

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      IMF Conditionality: Experience Under Stand-by and Extended Arrangements Part I: Key Issues and Findings by SusanSchadlerAdamBennettMariaCarkovicLouisDicks-MireauxMauroMecagniJames H. J.Morsink and Miguel A.Savastano1995. No. 128.

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      IMF Conditionality: Experience Under Stand-By and Extended Arrangements Part II: Background Papers by SusanSchadlered.AdamBennettMariaCarkovicLouisDicks-MireauxMauroMecagniJames H. J.Morsink and Miguel A.Savastano1995. No. 129.

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      Capital Account Convertibility: Review of Experience and Implications for IMF Policiesby staff teams headed byPeter J.Quirk and OwenEvans1995. No. 131.

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      Financial Fragilities in Latin America: The 1980s and 1990s by LilianaRojas-Suárez and Steven R.Weisbrod1995. No. 132.

      Policy Experiences and Issues in the Baltics Russia and Other Countries of the Former Soviet Union by Daniel A.Citrin and Ashok K.Lahirieds. 1995. No. 133.

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      India: Economic Reform and Growth by AjaiChopraCharlesCollynsRichardHemmingKarenParker with WoosikChu and OliverFratzscher1995. No. 134.

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      Aftermath of the CFA Franc Devaluation by Jean A. P.Clément with JohannesMuellerStéphaneCossé and Jean LeDem1996. No. 138.

      Reinvigorating Growth in Developing Countries: Lessons from Adjustment Policies in Eight Economies by DavidGoldsbroughSharminiCooreyLouisDicks-MireauxBalazsHorvathKalpanaKochharMauroMecagniErikOfferdal and JianpingZhou1996. No. 139.

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      Monetary and Exchange System Reforms in China: An Experiment in GradualismHassanaliMehranMarcQuintynTomNordmanBernardLaurens1996. No. 141.

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      Adjustment for Growth: The African Experience by MichaelHadjimichaelMichaelNowakRobertSharer and AmorTahari1996. No. 143.

      Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region by TakatoshiItoPeterIsardStevenSymansky and TamimBayoumi1996. No. 145.

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      Thailand: The Road to Sustained Growth by KalpanaKochharLouisDicks-MireauxBalazsHorvathMauroMecagniErikOfferdal and JiampingZhou1996. No. 146.

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      The Composition of Fiscal Adjustment and Growth: Lessons from Fiscal Reforms in Eight Economies by G. A.MackenzieDavid W. H.Orsmond and Philip R.Gerson1997. No. 149.

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      Currency Board Arrangements: Issues and Experiences by D.Mihalke1997. No. 151.

      Hong Kong China: Growth Structural Change and Economic Stability During the Transition by JohnDodsworth and DubravkoMihaljek1997. No. 152.

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      Credibility Without Rules by CarloCottarelli and C.Giannini1997. No. 154.

      The ESAF at Ten Years: Economic Adjustment and Reform in Low-Income Countriesby the staff of the IMF1997. No. 156.

      Central Bank Reforms in the Baltics Russia and the Other Countries of the Former Soviet Unionby a staff team headed byMalcomKnight1997. No. 157.

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      Transparency in Government Operations by GeorgeKopitz and JonCraig1997. No. 158.

      Fiscal Reforms in Low-Income Countriesby an IMF staff team headed byGeorgeAbed1998. No. 160.

      Fiscal Policy Rules by G.Kopits and S.SymanskyNo. 162.

      MULTIMOD Mark III: The Core Dynamic and Steady State Model by DavidLaxtonPeterIsardet al. 1998. No. 164.

      Hedge Funds and Financial Market Dynamics by B.Eichengreen and D.Mathieson1998. No 166.

      Capital Account Liberalization: Theoretical and Practical Aspectsby a staff team led byBarryEichengreen and MichaelMussa with GiovanniDell’AricciaEnricaDetragiacheGlan MariaMilesi-Ferretti and AndrewTweedieNo. 172.

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    Pamphlet Series

    This series covers, in depth, various aspects of the Fund, its functions, policies, and legal concepts (free). The following is an incomplete listing.

      Introduction to the Fund by J. KeithHorsefield1964.

      The International Monetary Fund: Its Form and Function by J. MarcusFleming1964.

      The International Monetary Fund and Private Business Transactions: Some Legal Effects of the Articles of Agreement by JosephGold1965.

      The International Monetary Fund and International Law: An Introduction by JosephGold1965.

      Maintenance of the Gold Value of the Fund’s AssetsbyJosephGold1971.

      The Fund and Non-Member States; Some Legal Effects by JosephGold1971.

      Balance of Payments: Its Meaning and Uses by PoulHøst-Madsen1967.

      Balance of Payments Concepts and Definitions1969.

      The Reform of the Fund by JosephGold1969.

      Special Drawing Rights: Character and Use by JosephGold1970.

      The Fund’s Concepts of Convertibility by JosephGold1971.

      Some Reflections on the Nature of Special Drawing Rights by J. J.Polak1971.

      Valuation and Rate of Interest of the SDR by Jacques J.Polak1974.

      Floating Currencies Gold and SDRs: Some Recent Legal Developments by JosephGold1976.

      Voting Majorities in the Fund: Effects of the Second Amendment to the Articles by JosephGold1977.

      International Capital Movements Under the Law of the International Monetary Fund by JosephGold1977.

      Floating Currencies SDRs and Gold: Further Legal Developments by JosephGold1977.

      Use Conversion and Exchange of Currency Under the Second Amendment of the Fund’s Articles by JosephGold1978.

      The Second Amendment of the Fund’s Articles of Agreement by JosephGold1978.

      SDRs Gold and Currencies: Third Survey of New Legal Developments by JosephGold1979.

      Financial Assistance by the International Monetary Fund: Law and Practice by JosephGold1980.

      SDR by J. J.Polak1979.

      Conditionality by JosephGold1979.

      The Rule of Law in the International Monetary Fund by JosephGold1980.

      SDRs Currencies and Gold: Fourth Survey of New Legal Developments by JosephGold1980.

      The Legal Character of the Fund’s Stand-By Arrangements and Why It Matters by JosephGold1980.

      SDRs Currencies and Gold: Fifth Survey of New Legal Developments by JosephGold1981.

      The International Monetary Fund: Its Evolution Organization and Activitiesby the staff1984.

      Fund Conditionality: Evolution of Principles and Practices by ManuelGuitián1981.

      Order in International Finance the Promotion of IMF Stand-By Arrangements and the Drafting of Private Loan Agreements by JosephGold1982.

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      SDRs Currencies and Gold: Sixth Survey of New Legal Developments by JosephGold1983.

      SDRs Currencies and Gold: Seventh Survey of New Legal Developments by JosephGold1987.

      Financial Organization and Operations of the IMFby the Treasurer’s Department1991.

      The Unique Nature of the Responsibilities of the International Monetary Fund by ManuelGuitián1992.

      Social Dimensions of the IMF’s Policy Dialogueby the staff of the IMF1995.

      Unproductive Public Expenditures: A Pragmatic Approach to Policy Analysisby the Fiscal Affairs Department1995.

      Guidelines for Fiscal Adjustmentby the Fiscal Affairs Department1995.

      The Role of the IMF: Financing and Its Interactions with Adjustment and Surveillance by PaulMasson and MichaelMussa1995.

      Debt Relief for Low-Income Countries: The HIPC Initiative by Anthony R.Boote and KamauThugge1997.

      The IMF and the Poorby the Fiscal Affairs Department1998.

    Booklets

    This new series, which was launched in 1996, is designed to make available to a readership of nonspecialists some of the economic research being carried out in the Fund. The papers are written in nontechnical language.

      Growth in East Asia: What We Can and What We Cannot Infer by MichaelSarel1996.

      Does the Exchange Rate Regime Matter for Inflation and Growth by Atish R.GhoshAnn-MarieGuldeJonathan D.Ostry and HolgerWolf1996.

      Confronting Budget Deficits by RozlynColemanprepared from a working paper byPaul R.Masson and MichaelMussa1996.

      Fiscal Reforms That Work by C. JohnMcDermott and Robert F.Wescott1996.

      Transformation to Open Market Operations: Developing Economies and Emerging Markets by Stephen H.Axilrod1996.

      Why Worry About Corruption? by PaoloMauro1997.

      Sterilizing Capital Flows by Jang-YungLee1997.

      Why Is China Growing So Fast? by ZuliuHu and Moshin S.Khan1997.

      Protecting Bank Deposits by Gillian G.Garcia1997.

      Deindustrialization—Its Causes and Implications by RobertRowthorn and RamanaRamaswamy1997.

      Does Globalization Lower Wages and Export Jobs? by Matthew J.Slaughter and PhillipSwagel1997.

      Roads to Nowhere: How Corruption in Public Investment Hurts Growth by VitoTanzi and HamidDavoodi1998.

      Fixed or Flexible: Getting the Exchange Right in the 1990s by FrancescpCaramazza and JahangirAziz1998.

      Lessons from Systemic Bank Reconstructing by ClaudiaDziobek and CeylaPazarbasioglu1998.

      Inflation Targeting as a Framework for Monetary Policy by GuyDebellePaulMassonMiguelSavastano and SuniSharma1998.

    Papers on Policy Analysis and Assessment

    Beginning in January 1999, this series was renamed Policy Discussion Papers (PDP). The series comprises staff studies in the area of policy design and research. They are aimed primarily at operational staff involved in mission work and economists elsewhere interested in policy issues. The following is a selective listing.

      Japan’s Corporate Groups and Imports by Daniel A.Citrin1992PPAA/92/2

      The Operation of the Estonian Currency Board by Adam G. G.Bennmett1992. PPAA/92/3

      Real Exchange Rate Targeting in Developing Countries by Peter J.Montiel and Jonathan D.Ostry1993. PPAA/93/2

      Adjusting to Development: The IMF and the Poor by JamesBoughton1993. PPAA/93/4

      A Cautionary Note on the Use of Exchange Rate Indicators by PeterWickham1993. PPAA/93/5

      The Strategy of Reform in the Previously Centrally Planned Economies of Eastern Europe: Lessons and Challenges by EduardoBorensztein1993PPAA/93/6

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      The Capital Inflows Problem: Concepts and Issues by Guillermo A.CalvoLeonardoLeiderman and CarmenReinhart1993. PPAA/93/10

      Options for Monetary and Exchange Arrangements in Transition Economies by DelanoVillanueva1993. PPAA/93/12

      Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls by BarryJohnston1993. PPAA/93/16

      The Taxation of High Income Earners by ParthasarathiShome1993. PPAA/93/19

      International Capital Transactions: Should They Be Restricted? by Norman S.Fieleke1993. PPAA/93/20

      On the Political Sustainability of Economic Reform by Carlos M.Asilis and Gian MariaMilesi-Ferretti1994. PPAA/94/3

      The New Protectionism in Industrial Countries: Beyond the Uruguay Round by Douglas A.Irwin1994. PPAA/94/5

      Asset Prices Monetary Policy and the Business Cycle by Garry J.Schinasi1994. PPAA/94/6

      Emerging Equity Market: Growth Benefits and Policy Concerns by Robert A.Feldman and Mammohan S.Kumar1994. PPAA/94/7

      Establishing Monetary Control in Financial Systems With Insolvent Institutions by DonaldMathieson and Richard D.Haas1994. PPAA/94/10

      Use of Central Bank Credit Auctions in Economies in Transition by Matthew I.Saal and Lorena M.Zamalloa1994. PPAA/94/11

      Macroeconomic Management with Informal Financial Markets by Pierre-RichardAgénor and Nadeem U.Haque1994. PPAA/94/12

      Currency Arrangements in the Countries of the Former Ruble Area and Conditions for Sound Monetary Policy by Thomas A.Wolf1994. PPAA/94/15

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      Currency Board: Issues and Experiences by Adam G. G.Bennett1994. PPAA/94/18

      Structural Policies in Developing Countries by EduardoBorensztein1994. PPAA/94/19

      Russia and the IMF: The Political Economy of Macro-StabilizationErnestoHernández-Catá1994. PPAA/94/20

      The IMF and the Latin American Debt Crisis: Seven Common Criticisms by James M.Boughton1994. PPAA/94/23

      The Speed of Financial Sector Reform: Risks and Strategies by R. BarryJohnston1994. PPAA/94/26

      Social Safety Nets for Economic Transition: Options and Recent Experiencesby the Expenditure Policy Division Staff1995. PPAA/95/3

      Non-G-10 Countries and the Basle Capital Rules: How Tough a Challenge Is It to Join the Basle Club? by ClaudiaDziobekOlivierFrécaut and MariaNieto1995. PPAA/95/5

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      Discretion with Rules? Lessons from the Currency Board Arrangement in Lithuania by WayneCamard1996. PPAA/96/1

      Borrowing by Subnational Governments; Issues and Selected International Experiences by TeresaTer-Minassian1996. PPAA/96/4

      Social Protection in Transition Countries: Emerging Issues by KeyoungChu and SanjeevGupta1996. PPAA/96/5

      Fiscal Dimensions of EMU by Paul R.Masdson1996. PPAA/96/7

      The Definition of Reserve Money: Does It Matter for Financial Programs? by KalpanaKochhar1996. PPAA/96/10

      Conditionality as an Instrument of Borrower Credibility by PierreDhonte1997. PPAA/97/2

      The Macroeconomic Impact of Privatization by G. A.Mackenzie1997. PPAA/97/9

      Making a Currency Board Operation by CharlesEnoch and Anne-MarieGulde1997. PPAA/97/10

      Bank Soundness and Currency Board Arrangements Issues and Experience by VeerathaiSantiprabhob1997. PPAA/97/11

      Transparency in Central Bank Operations in the Foreign Exchange Markets by CharlesEnoch1998. PPAA/98/2

      The Payment System and Monetary Policy by Omotunde E. G.Jouhnson1998. PPAA/98/4

      Sequencing Capital Account Liberalization and Financial Sector Reform by R. BarryHohnston1998. PPAA/98/8

      Systemic Banking Distress: The Need for aan Enhanced Monetary Survey by OlivierFrécaut and EricSidgwick1998. PPAA/98/9

    Working Papers, 1997

    This series is designed to make Fund staff research available to a wide audience. The series began in 1991, about 180 working papers are released each year. In many cases the papers are subject to ongoing work and revision. Many will eventually be published by the Fund as articles in one of the Fund’s serial publications. The series is available on a subscription basis.

    Staff Country Reports

    The IMF releases Staff Country Reports on about 150 member countries each year. The reports contain comprehensive background material on economic developments as part of the annual consultations that the IMF conducts with most member countries.

    General Bibliography

    General

      Bank for International Settlements. Annual Reports. Basle, Switzerland1931to date.

      HarrodR. F.The Life of John Maynard KeynesHarcourtBrace (Princeton and London1951).

      HowellKristin.“The Role of the Bank for International Settlements in Central Bank Cooperation,”Journal of European Economic HistoryVol. 22No. 2 (Fall1993).

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      JacobssonErin E.A Life for Sound Money: Per Jacobsson; His BiographyClarendon Press (Oxford1979).

      KeynesJohn Maynard.The Collected Writings of John Maynard KeynesVols. 24 25 and 26ed. by DonaldMoggridgeMacmillan (London and New York1982).

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      OdellJohn S.U.S. International Monetary Policy: Markets Power and Ideas as Sources of ChangePrinceton University Press (Princeton, New Jersey1982).

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      ReesDavid.Harry Dexter White: A Study in ParadoxCowardMcCann and Geoghenan (New York1973).

      SaldaAnne C. M.International Monetary Fund: A Selected BibliographyInternational Organizations SeriesVol. 4Transaction Publishers (New Brunswick, New Jersey1992).

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      SkidelskiRobert.John Maynard Keynes: The Economist as SaviourMacmillan (London1992).

    Background of the Bretton Woods System

      BernankeBen and HaroldJames.“The Gold Standard Deflation and Financial Crisis in the Great Depression: An International Comparison” in Financial Markets and Financial Crisesed. by R. GlennHubbardUniversity of Chicago Press (Chicago1991).

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      BernsteinEdward M.“The Adequacy of United States Gold Reserves,”American Economic Review (Papers and Proceedings of the Seventy-Third Annual Meeting of the American Economic Association)Vol. 51 (1961) pp 439-46.