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RICHARD LAYARD, JOHN PARKER, Thomas A. Wolf, Gavin Maasdorp, Ataman Aksoy, Vijay Joshi, I.M.D. Little, Deena Khatkhate, Ans Kolk, and David Cassells

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Joseph O. Adekunle

This paper is a slightly modified version of the author’s doctoral dissertation, presented to the University of Wisconsin in August 1967.

Mr. Timothy D. Lane, Mr. Rolando Ossowski, and Mr. Alexander Sundakov
This paper examines the coexistence of free prices and shortages for a range of consumer goods in Ukraine during 1992. Enterprises making consumer goods were substantially free to set market-clearing prices. Yet, Ukraine’s official consumer market experienced continued shortages, while the same goods traded at higher prices in parallel markets. The paper advances a model of enterprise behavior in an environment of central allocation of inputs at preferential prices. We show that central allocation of key inputs according to perceived “need” creates incentives for excess demand to be perpetuated despite formal price liberalization. The analysis brings forth the importance of abolishing allocation mechanisms for price liberalization to bring its full efficiency effects.
Mr. Alexander Sundakov, Mr. Rolando Ossowski, and Timothy D. Lane

This paper examines whether shortages may occur in an economy in transition, even for goods whose prices are free. The empirical relevance of this phenomenon is suggested by a case study of Ukraine during 1992. The paper presents a model of enterprise behavior in an environment where key inputs are centrally allocated at preferential prices. It shows that the allocation of key inputs according to perceived need may create incentives for enterprises to perpetuate shortages, despite formal price liberalization. The analysis suggests that central allocation must be abolished for price liberalization to have its full efficiency effects.

SALEH M. NSOULI

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. Secretary's Department

Abstract

The annual publication is a record of the IMF's Annual Meeting and contains the opening and closing addresses of the Chairman of the Board of Governors, presentation of the Annual Report by the Managing Director, statements of Governors, committee reports, resolutions, and a list of delegates. Usually published in March.

International Monetary Fund. Secretary's Department

Abstract

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.