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Lyndon B. Johnson

Abstract

I am glad to meet with you again and to wish you well at this meeting and in your working sessions throughout this year.

John S. Smith

THE RELIABILITY of balance of payments statements is a subject of concern to both the compilers and the users of these statistics. Although the figures could be expected to be about as accurate as the general run of economic data,1 the topic frequently comes under discussion for at least three main reasons:

RUDOLF R. RHOMBERG

THE CONVENTIONS, rules, and procedures under which payments imbalances are financed and international reserves are created form the core of an international monetary system. They set the conditions under which one country may use the resources of other countries without their explicit consent, as well as the limits up to which such transfers may be carried. Moreover, they are important determinants of the other central features of an international monetary system: the process of balance of payments adjustment and the function performed in this process by exchange rate policy. Balance of payments adjustment is always burdensome for deficit countries, involving interference with existing economic trends, revision of established policies, and often a reduction in the real resources available to the economy in need of adjustment. What compels the authorities of a country with a balance of payments deficit to take effective adjustment measures are the mounting costs of continued financing of external deficits and the prospect that the means of financing will come to an end. The choice of exchange rate regime and the conduct of exchange rate policy, too, depend on the availability and cost of the means of financing balance of payments deficits. The less ample are these means and the more costly is their use, the more weight is likely to be placed on rapid balance of payments adjustment, in part through exchange rate movements.

International Monetary Fund. Secretary's Department

Abstract

I gather that there was some feeling in outside circles that this year the annual discussion of Fund affairs might be unremarkable. That was never my own view; nor is it the impression with which I am left as these sessions draw to their close. During this last difficult year, much solid progress has been made toward restoring stability in the world monetary system, but there is no cause for complacency. The discussions during the last few days have reflected keen awareness of this fact and have properly laid stress on work still to be done. Some stimulating ideas and suggestions have been advanced, and Governors may be assured that these will be given careful consideration in the Fund.

Mr. Joshua E. Greene and Mr. Peter Isard

Abstract

This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.

International Monetary Fund. Secretary's Department

Abstract

… We welcome the attention that the staffs of the World Bank and the Fund have jointly given to the problem of stabilizing the world prices of primary commodities. We share the sentiments expressed by our neighbors concerning the loss of valuable foreign exchange resources that we, in the developing world, suffer from the steady erosion of prices of certain primary commodities. …

International Monetary Fund. Secretary's Department

Abstract

It is not unlikely that I am one of the senior Governors among you, though not necessarily the oldest!

International Monetary Fund. Secretary's Department

Abstract

I should like to begin by congratulating the Managing Director on his excellent opening speech and on the productive work that he and the Executive Directors have performed in recent months, as summarized in the Annual Report for 1968 presently under discussion by this Board of Governors.

International Monetary Fund. Secretary's Department

Abstract

The excellent Annual Reports of both the Bank and the Fund, further commented upon by you, Mr. Chairman, in your illuminating opening address, and by the President of the Bank and the Managing Director of the Fund in their informative statements, are like mirrors in which the events of last year are clearly and vividly reflected. The year under review was a dramatic year, highlighted by the devaluation of the pound on November 18, 1967, by the introduction of a two-price system for gold a few months later, by rising rates of interest domestically and in the international capital markets, and, finally, by a downward development of economic activities in the highly developed countries. Fortunately, some recovery could be noted in the latter part of 1967, when developed countries started to resume their previous rate of growth.