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International Monetary Fund. Legal Dept.


This volume is the Forty-First Issue of Selected Decisions and Selected Documents of the IMF. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents, to which frequent reference is made in the current activities of the IMF. In addition, it includes certain documents relating to the IMF, the United Nations, and other international organizations. As with other recent issues, the number of decisions in force continues to increase, with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly, it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions. Wherever reference is made in these decisions and documents to a provision of the IMF’s Articles of Agreement or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

International Monetary Fund. Secretary's Department


The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

International Monetary Fund. Research Dept.
This paper discusses short-range forecasting of US imports. At first sight the movement of dollar acceptances for imports into the United States might reasonably be expected to indicate what the movement of imports would be in some succeeding period. Both gross national product (GNP) and national income have been generally considered the most important determinants of US imports, and many regression relations between imports and GNP, or national income, have been calculated in the literature on this subject. An examination of quarterly data, however, reveals practically identical major turning points in GNP, in national income, and in total imports, so that neither lagged GNP nor lagged national income can be used to indicate these turnings. Variations in new orders placed with manufacturers might be expected, a priori, to be closely associated with subsequent variations in imports. Viewed in the light of these considerations, the superiority of the new orders relation over the autoregressive relation is seen to be much greater than is suggested by the correlation coefficients alone.