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International Monetary Fund. Secretary's Department

Abstract

Other Members: Australia, Bolivia, Burma, China, France, Greece, India, the United Kingdom, and the United States

International Monetary Fund. Secretary's Department

Abstract

It is a very definite honor for this nation’s capital to be the host to such a distinguished body. I assure you that we are complimented by your presence.

International Monetary Fund. External Relations Dept.

This paper highlights that in the first quarter of 1979, the IMF took further steps to enhance its ability to promote orderly world economic growth with reasonable price stability as a means of achieving a stable system of exchange rates. It adopted several measures designed to make the special drawing right the principal reserve asset in the world monetary system. The Interim Committee reaffirmed these aims, expressing broad support for measures that the IMF’s Executive Board has adopted, or is actively considering, in furthering these goals.

International Monetary Fund

Abstract

This paper examines compensatory financing facility in the IMF. Compensatory financing facilities are easy to administer and can give immediate relief to primary exporting countries when their export earnings fall. The IMF’s compensatory financing facility was established in 1963, but only 57 drawings, totaling SDR 1.2 billion, were made during its first 13 years. A turning point was the liberalization of the facility in December 1975, which occurred when commodity prices were at their trough because of the severe recession in 1975. From January 1976 to March 1980, there were 107 drawings totaling SDR 4.0 billion under the facility.

International Monetary Fund. External Relations Dept.

In the article on the Fund’s Annual Meeting, reference is made to the “recent enlargement of the Fund’s compensatory financing facility.” This note explains what is involved.

International Monetary Fund. Secretary's Department

Abstract

It was with feelings of confidence that at our last few Annual Meetings we have been able to turn our gaze backwards noting the positive achievements of the past and at the same time to look forward into the future with more justified expectations and hopes.

Mr. Ke-young Chu and Mr. Andrew Feltenstein

Inflation in Argentina rose, at its height, to 50 per cent a month during early 1976. This article, based on an analysis of the economy between 1963 and 1976, examines two main causes of the inflation: the budget deficit and, paradoxically, price controls established by the Government in a specific attempt to break the spiral.

International Monetary Fund. External Relations Dept.
This paper reviews the procurement process under World Bank projects. The paper highlights that the World Bank’s interest in procurement under its loans stems directly from the “project” requirement of its Articles, which stipulates that it should lend for specific projects, except in special circumstances, and that it should ensure that the proceeds of the loan are used only for its specified purpose, with due attention to economy and efficiency. In 1951, the World Bank began introducing international competitive bidding as the normal procedure for procurement of the goods and works needed for its projects.
Mariam El Hamiani Khatat
Two types of currency in circulation models are identified: (1) a first generation derived from the theory of money demand and (2) a second generation aimed at producing daily forecasts of currency in circulation. In this paper, we transform the currency demand function into a VAR to capture the dynamic link between interest rates and the demand for cash. We also apply ARIMA modeling to forecast the daily currency in circulation for Brazil, Kazakhstan, Morocco, New Zealand, and Sudan. Our empirical work shows that some of the conclusions in the economic literature on the impact of interest rates on the demand for currency do not necessarily hold, and that central banks would benefit from running both generations of currency in circulation models. The fundamental longer-run determinants of the demand for cash are distinct from its short-run determinants.