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William S. Gaud

This paper discusses achievement and failure of science in increasing world animal production. The paper highlights that the application of modern animal production technology is virtually confined to Western Europe, to the North American continent, to Australia, New Zealand, and Japan. The new technologies are not yet used in other parts of the world. Hardly more than a handful of their farmers have any knowledge or understanding of production methods commonplace in highly developed countries.

International Monetary Fund. Research Dept.
The purpose of this paper is to provide a statistical measure of past changes in effective exchange rates of major currencies over a continuous recent period and to discuss briefly the significance of the results shown. Particular attention is paid to the relationship between the indirect influence on effective exchange rates resulting from exchange adjustments of other currencies and the direct influence resulting from adjustments in the given currency. The weights to be applied to movements in each country's numeraire exchange rate in its impact on other countries' effective rates could be determined by a few criteria. The comparisons suggest that the effective appreciation of the US dollar in the period since European currencies attained convertibility did not result from any general devaluation bias in the adjustment of par values. Judged by the impact of competitors' par value changes on industrial countries generally, there has been no such general devaluation bias. The effective appreciation for the United States since 1959 reflects rather the orientation of its trade, and particularly its large trade with Canada.
Mr. Michel Le Breton and Mr. Shlomo Weber
In this paper we consider a model of the country with heterogeneous population and examine compensation schemes that may prevent a threat of secession by dissatisfied regions. We show that horizontal imbalances are combatable with secession-proof compensation schemes that entail a degree of partial equalization: the disadvantageous regions should be subsidized but the burden on advantageous regions should not be too excessive. In the case of uniform distribution, we establish the 50-percent compensation rule for disadvantageous regions. Thus, we argue for a limited gap reduction between advantageous and disadvantageous regions and show that neither laissez faire nor Rawlsian allocation is secession-proof.
Graeme S. Dorrance

In the developing countries, the instruments of control available to the central bank or other monetary authority include five that appear to warrant detailed consideration:

Goodall Gondwe, Mr. Yusuke Horiguchi, Mr. Michael Deppler, Mr. John C. Odling-Smee, Paul Chabrier, and Mr. Claudio M. Loser

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