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International Monetary Fund. External Relations Dept.

This paper highlights that 1976 was an important year for the IMF. With the end of 1976, the IMF closed its books on a year of virtually unprecedented activity. It launched the New Year with a US$3.9 billion stand-by arrangement for the United Kingdom, the largest ever made for a member country. The outlook at the beginning of 1977 suggests another busy year ahead for the IMF. The proposed second amendment to the IMF’s Articles of Agreement and the increase in members’ quotas are expected to go into effect before the end of the year.

J. M. Fleming and S. C. Tsiang

THE PRINCIPAL AIM of this paper is to consider the extent to which changes in any one exporting country’s share in the total of manufactured goods exported by a number of countries can be accounted for statistically by changes in the competitive strength, as measured by some price index, of that country.