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Pandit S.A.

This paper examines the difference between “capital” and “investment” for developing countries. The paper highlights that investment in material capital is merely one of the factors involved in economic development and that current expenditures on health, education, agricultural extension, family planning, research, management training, and so on, may be equally important or even more important than investment in capital. The paper offers a brief historical survey, drawing attention to factors leading to the development of a market where savers and investors are brought together.

Michael G. Martin

Why have the prices of gold been so volatile and risen so sharply above the levels of the early 1970s? The author comments on the factors affecting supply and demand that played a role in the dramatic turns of the market.

International Monetary Fund. External Relations Dept.

The Swiss economy returned to growth in 2004, supported by external demand and domestic policies. However, the recovery has been fragile, the IMF said in its annual economic review. Growth is projected to continue in 2005, although at a slower pace. The IMF Executive Board commended Switzerland’s sound economic management and flexible labor markets, which have secured low inflation and unemployment, and a high standard of living.

International Monetary Fund. External Relations Dept.
This paper describes what the limits to growth are. The paper highlights that many critical variables in global society—particularly population and industrial production—have been growing at a constant percentage rate so that, by now, the absolute increase each year is extremely large. Such increases will become increasingly unmanageable unless deliberate action is taken to prevent such exponential growth. The paper also underscores that physical resources—particularly cultivable land and nonrenewable minerals—and the earth’s capacity to “absorb” pollution are finite.
Mr. Joseph Gold

Abstract

Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had bearing on issues before the courts.

JOSEPH GOLD

THE Spreading use of the special drawing right (SDR) as a unit of account 1 prompts an inquiry into the reactions of the courts to that function of the SDR. So far, no cases have been reported that involve the SDR as the specified unit of account. The cases in which the SDR has been considered by the courts have arisen under legal provisions that limited a defendant’s liability by reference to a unit of account defined in terms of gold. Section I of this paper examines some cases in which an issue was whether the SDR provides a solution for the problem of applying a gold unit of account in current conditions.

JOSEPH GOLD

This installment in the series of articles dealing with litigation involving the Articles of Agreement of the International Monetary Fund takes up two main topics. The first topic is the application by courts in the United States, France, Italy, the Netherlands, and Austria of units of account defined in treaties as equivalent to a quantity of gold. In all but the French case, a solution based on the SDR was considered and sometimes adopted. The second topic is the relationship between provisions of the Articles and of the Treaty of Rome with respect to capital movements. The discussion is based on a decision of the Court of Justice of the European Communities.

Michael Galen Martin

This paper highlights that 1977 was an eventful year for the IMF. Drawing on the IMF’s resources during 1977 totaled more than SDR 3.4 billion. These were accompanied by a record volume of repurchases, which reduced the total net drawings for the year to SDR 427 million. At the end of 1977, total net drawings on the IMF since its inception were equivalent to about SDR 15.5 billion. In 1977, the IMF also carried out its gold sales to members at SDR 35 per ounce under the IMF’s “restitution” program.

International Monetary Fund. Research Dept.
This chapter examines if there was a fundamental shift in the demand for international reserves of countries in 1973 because of the change in the international monetary system from one of generally fixed exchange rates to one of greater exchange rate flexibility. Particular attention was also paid to the question whether the relationship between reserves and certain important variables remained stable during the period 1973–1976. The results indicated that there was a shift in the demand for reserves by industrial countries in response to the move to floating, however, that this shift occurred toward the end of 1973 rather than at the beginning of the year. Obviously, there was some lag in the response of these countries to the change in the system; however, the behavior of non-oil developing countries did not appear to be affected by the change. This can perhaps be attributed to the fact that most of these countries continued to peg their currencies to another currency, and thus there was no real change in the exchange rate regime relevant to them.
Saeed Heravi and Mick Silver
Statistical offices try to match item models when measuring inflation between two periods. For product areas with a high turnover of differentiated models, however, the use of hedonic indexes is more appropriate since they include the prices and quantities of unmatched new and old models. The two main approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (DTH) indexes. This study provides a formal analysis of the difference between the two approaches for alternative implementations of the Törnqvist "superlative" index. It shows why the results may differ and discusses the issue of choice between these approaches.