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ROBERT G. MURPHY and GEORGE M. VON FURSTENBERG

During the period 1973-78, no special drawing right (SDR) allocations were made. This period may therefore afford us an opportunity to study how countries adjust their SDR holdings in the absence of supply shifts caused by new allocations. Non-oil developing countries are particularly useful to study, because most of them have been consistent net users of SDRs and have been able to initiate transfers of SDRs, while net acquirers or the designated recipients of SDRs have been more passive. After we show that non-oil developing countries generally did not reduce their SDR holdings to the lowest possible levels permitted under reconstitution limits, we identify economic factors that may influence the level of SDR holdings in relation to cumulative allocations.

International Monetary Fund. External Relations Dept.

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International Monetary Fund

This paper analyzes Bolivia’s growth performance with a focus on the regional and sectoral patterns of growth, and examines the sources of growth. It discusses the evolution of the hydrocarbon sector, its importance in the economy, and reforms. It also analyzes the intergovernmental fiscal relations system and changes to the revenue sharing arrangements, and suggests possible areas for reform. It assesses measures of reserve adequacy in Bolivia and also provides a look at the external debt after the applications of the main debt relief plans in the past 10 years.