Appendix Note on the Official Reporting of Gold Flows
This Appendix summarizes various practices and sources for reporting gold flows. Table 11 indicates conversion factors for gold, and Table 12 indicates purity standards for gold.
Conversion Factors for Gold
One Troy ounce is equivalent to 1.097 avoirdupois ounces (that is, standard British ounces).
Conversion Factors for Gold
Measure | Metric Tons | Kilogram | Gram | Troy Ounce1 | Tolas | Taels |
---|---|---|---|---|---|---|
Metric ton | 1.000000 | 1,000.000 | 1,000,000 | 32,150.74 | 85,735.35 | 26,717.25 |
Kilogram | 0.001000 | 1.000000 | 1,000.000 | 32.15074 | 85.73535 | 26.71725 |
Gram | 0.000001 | 0.001000 | 1.000000 | 0.032151 | 0.085735 | 0.026717 |
Troy ounce | 0.000031 | 0.031003 | 31.10348 | 1.000000 | 2.666666 | 0.830906 |
Tolas | 0.000012 | 0.011664 | 11.66380 | 0.375000 | 1.000000 | 0.311624 |
Taels | 0.000037 | 0.037429 | 37.42900 | 1.203370 | 3.208988 | 1.000000 |
One Troy ounce is equivalent to 1.097 avoirdupois ounces (that is, standard British ounces).
Conversion Factors for Gold
Measure | Metric Tons | Kilogram | Gram | Troy Ounce1 | Tolas | Taels |
---|---|---|---|---|---|---|
Metric ton | 1.000000 | 1,000.000 | 1,000,000 | 32,150.74 | 85,735.35 | 26,717.25 |
Kilogram | 0.001000 | 1.000000 | 1,000.000 | 32.15074 | 85.73535 | 26.71725 |
Gram | 0.000001 | 0.001000 | 1.000000 | 0.032151 | 0.085735 | 0.026717 |
Troy ounce | 0.000031 | 0.031003 | 31.10348 | 1.000000 | 2.666666 | 0.830906 |
Tolas | 0.000012 | 0.011664 | 11.66380 | 0.375000 | 1.000000 | 0.311624 |
Taels | 0.000037 | 0.037429 | 37.42900 | 1.203370 | 3.208988 | 1.000000 |
One Troy ounce is equivalent to 1.097 avoirdupois ounces (that is, standard British ounces).
Purity Standards for Gold
Purity Standards for Gold
Carats | Parts per 1,000 |
---|---|
24 | 1,000.000 |
22 | 916.667 |
18 | 750.000 |
14 | 583.333 |
9 | 375.000 |
1 | 41.667 |
Purity Standards for Gold
Carats | Parts per 1,000 |
---|---|
24 | 1,000.000 |
22 | 916.667 |
18 | 750.000 |
14 | 583.333 |
9 | 375.000 |
1 | 41.667 |
IMF Practice and Recommendations
The IMF distinguishes between “monetary gold” and “nonmonetary gold,” defining the former as any gold held by an official monetary institution and the latter as all other gold stocks. Because monetary gold is included in official reserves, it is not included in either the current or capital account of the balance of payments and appears instead as a monetary movement below the line.
The IMF’s practice in reporting nonmonetary gold in the balance of payments is the product of two distinct areas of consideration. The primary recommendation (see IMF (1977, para. 464)) is that nonmonetary gold should be treated as a commodity and thereby included in the current account, because gold at end use is closely related to a commodity (on average, 85 percent of new gold is eventually used in fabrication). The secondary recommendation is that commodity flows in general should be included on a gross basis, because imports and exports of a particular commodity are seldom related in a simple manner and because this representation has more informational content, particularly with respect to industry production. The IMF’s Balance of Payments Manual (IMF (1977, para. 2)), in recommending procedures for reporting payments statistics, reflects the IMF’s desire to “facilitate the analysis of countries’ international economic relationships and to maximize intercountry comparability.” Virtually all countries have adopted these recommendations in reporting their gold flows, with the two most notable exceptions being Switzerland and the United Kingdom: Switzerland reports the majority of gold flows in the capital account on a gross basis; the United Kingdom also includes them in the capital account, but on a net basis.
Reporting Gold Flows Through Switzerland
In reporting nonmonetary gold flows for balance of payments purposes, the Swiss authorities distinguish among three categories of gold flows for separate treatment: (1) imports and re-exports on behalf of nonresidents through fiduciary or trustee accounts, which are excluded from the balance of payments; (2) gold imported for finished manufactures in Switzerland, which is included in the current account; and (3) all other flows, which make up the bulk of imported gold (as presented in Table 8 of this paper), which are recorded in the capital account.
Gold flows categorized under (1) are excluded from the balance of payments in accordance with the procedure recommended in the IMF’s Balance of Payments Manual (paras. 221–25) on goods crossing a frontier without change of ownership. The distinction made between categories (2) and (3) reflects gold’s dual characteristics as a commodity and as an investment instrument, which have resulted in most gold transactions being recorded in the capital account and implicitly treated as financial asset transactions. Although this practice deviates from Fund methodology, it would appear to reflect the nature of gold flows through Switzerland because, of the flows that currently appear in the Swiss capital account, an average of 86 percent (based on the period 1968–89) is re-exported after only a minor degree of transformation.
Reporting Gold Flows Through the United Kingdom
In its reporting of gold movements in the balance of payments statistics, the United Kingdom has followed a consistent policy of differentiating between commodity gold and all other gold movements, which are regarded as “financial gold.” The U.K. Central Statistical Office (CSO) explains:
Transactions in commodity gold are recorded in the visible trade account and include overseas trade in finished manufactures together with net domestic and overseas transactions in gold moving into or out of finished manufactured form (i.e., for jewelry, dentistry, electronic goods, medals and proof—but not bullion—coins) (CSO (1989, p. 71)).
The publication states further that because
the figures of exports and imports [which are recorded] in the Overseas Trade Statistics include only finished manufactures of gold…[to] achieve the coverage required for balance of payments purposes, an adjustment is made to exports to include the value added in refining gold and in the production of proof coins, and to imports to cover the value of gold used for finished manufactures. The import adjustment is based on commercial statistics on hallmarking of gold items (published by the Assay Offices of Great Britain) and gold uses in other finished forms (e.g., electronics, dentistry) published by Consolidated Gold Fields plc. (CSO (1989, p. 14)).
The CSO explanation continues:
All other transactions in gold (i.e. those involving semimanufactures such as rods, wire, etc., or bullion, bullion coins or banking-type assets and liabilities denominated in gold, including the official reserves) are treated as financial gold transactions and included in the capital account. The distinction between commodity and financial gold differs from that drawn by the IMF, in its Balance of Payments Manual (4th edition, 1977), between nonmonetary and monetary gold. The United Kingdom has adopted different definitions to avoid distortion of its visible trade account by the substantial transactions of the London Bullion Market (p. 71).
The capital account records:
Net transactions in gold which is held as a financial asset by listed institutions in the London Bullion Market (LBM) outside the U.K. monetary sector and by other non-bank residents … from the beginning of 1982 in the case of the LBM institutions; and from the beginning of 1970 in the case of other U.K. residents (p. 43).
This rather oblique reference to a change in reporting procedure concerns the only significant change in reporting practices since 1970, with effect from January 1, 1981. Thereafter, gold transactions by domestic residents, other than banks or the London Bullion Market, were included as imports and exports in the merchandise trade account to reflect the lifting of exchange control restrictions in 1979, but are not separately quantifiable on the basis of available data. They had hitherto been included on a net basis in the capital account along with LBM transactions, at least insofar as they existed.
A reference in Overseas Trade Statistics (hereafter OTS) (U.K. Department of Trade and Industry (1986)) clarifies this:
With effect from January 1981, all trade in gold, other than that in inwrought refined bullion which is the subject of interbank or London Gold Market dealings (which is to be considered as monetary gold), is included in merchandise trade. Imports and exports of monetary gold continue to be excluded from merchandise trade (p. v).
The CSO (1989) offers further explanation: “transactions between the U.K. monetary sector… and other U.K. residents… are recorded twice within the capital accounts thereby giving no net effect on the total capital account” (p. 43). The only other change in reporting procedure, with effect from January 1976, was that trade in gold coin was thereafter included in the merchandise trade account, having been hitherto included with “monetary gold” (OTS (1986, p. v)).
Therefore, data for the United Kingdom on imports and exports of what the U.K. authorities describe as “financial” gold movements in the United Kingdom balance of payment are included on a net basis in the capital account (CSO (1989, p. 43)). The CSO does publish data on both imports and exports of financial gold, however, but uses the term “monetary gold” to describe them in a separate table (VIII) in OTS (even though such data are excluded from the current account). The CSO defines “monetary gold” as including “unwrought refined bullion which is the subject of interbank or London Gold Market (LGM) dealings” (OTS (1986, p. v)). It therefore comprises gold not held as official reserves, as well as movements in or out of official reserves, and deviates from IMF terminology, which uses the term “monetary gold” to refer exclusively to gold held in official reserves. The categories for monetary gold in OTS have varied slightly over the years, but the vast bulk of gold movements involved in any given year can be assimilated as “unwrought refined bullion.”1
References
Aggarwal, Raj, and Luc, Soenen, “The Nature and Efficiency of the Gold Market,” Journal of Portfolio Management, Vol. 14 (Spring 1988), pp. 18–21.
Baker, James A., “Statement Before the Boards of Governors of the World Bank and International Monetary Fund,” Press Release No. 50 (Washington), September 30, 1987.
Bank for International Settlements, Annual Report (Basle: BIS, June 1989).
Bank for International Settlements, Annual Report (Basle: BIS, 1990).
Bank for International Settlements, Annual Report (Basle: BIS, 1992).
Boulton, Leyla, “Moscow’s Gold Reserves Now at 320 Tonnes,” Financial Times (London), April 1, 1993, p. 7.
Brody, Alan J., “Gold as a Financial Instrument,” Mining Journal, Vol. 311, Supplement (October 21, 1988), pp. 4–10.
Chua, Jess H., Gordon Sick, and Richard S. Woodward, “Diversifying with Gold Stocks,” Financial Analysts Journal, Vol. 46 (July/August 1990), pp. 76–79.
Conger, Harry, “Gold: Glitter or Glut?” Chief Executive Issues, No. 62 (October 1990).
CPM Group, Precious Metals (New York: Christian, Podleska and van Musschenbrock Ltd.), Vol. 1, no. 1 (fourth quarter, 1987).
CPM Group, Precious Metals: Gold (New York: Christian, Podleska and van Musschenbrock Ltd.), Vol. 4, no. 2 (second quarter, 1990).
Craig, Malcolm, Making Money from Gold: An Essential Guide to Successful Gold Investment (Kingsclere, England: Scope Books, 1982).
Craig, Malcolm, “Deriving Some Added Value,” in Gold: A Bumpy Ride Ahead (Euromoney supplement, July 1990), p. 24.
Craig, Malcolm, The Economist, “Fool’s Gold,” March 17, 1990, p. 79.
Craig, Malcolm, “The Real Goldfingers,” August 19, 1989, p. 61.
Followill, Richard A., and Billy P. Helms, “Put-Call-Futures Parity and Arbitrage Opportunity in the Market for Options on Gold Futures Contracts,” Journal of Futures Markets, Vol. 10 (August 1990), pp. 339–52.
Gehr, Adam, “Undated Futures Markets,” Journal of Futures Markets, Vol. 8 (February 1988), pp. 89–97.
Glynn, Lenny, “Doing Business with the Central Banks,” Global Finance (September 1991), pp. 42–51.
Gold Fields Mineral Services Ltd. (also known as Consolidated Gold Fields), Gold (London: various years).
Gold, Sidnez, “New Products and the Possibilities for More,” in Financial Times World Gold Conference, Venice, June 25 and 26, 1990 (London: Financial Times Conference Organization, 1990), pp. 12.1–12.5.
Golddealers Luxembourg a.s.b.l., Guide to Precious Metals 1988 (London: Mint, 1988).
Gooding, Kenneth, “Gold Lending Rate at Record Level,” Financial Times (London), December 4, 1990, p. 34.
Gooding, Kenneth, (1991a), “SA Bank Sends Bullish Signal to Gold Market,” Financial Times (London), January 4, p. 22.
Gooding, Kenneth, (1991b), “Forward Selling by Producers Putting Cap on Gold Price,” Financial Times (London), January 24, p. 32.
Gooding, Kenneth, (1991c), “The Gulf War: Allies Consider Peace Plan,” Financial Times (London), February 22, p. 26.
Gooding, Kenneth, “Gold Continues to Lose its Allure,” Financial Times (London), December 19, 1992, p. ii.
Green, Timothy S., “The Above-Ground Stocks of Gold,” in World Gold Markets, 1981/1982 (London: Proceedings of Conference, May 18–19, 1981, sponsored by Consolidated Gold Fields Ltd. and Government Research Corporation, 1981), pp. 27–29.
Green, Timothy S., The New World of Gold: The Inside Story of the Mines, the Markets, the Politics, the Investors (London: Weidenfield and Nicolson, rev. ed., 1985).
Green, Timothy S., The Prospect for Gold: The View to the Year 2000 (London: Resendale Press, 1987).
Greenspan, Alan, “Statement of the Chairman, Board of Governors, Federal Reserve System, Before the Subcommittees on Domestic Monetary Policy and on International Finance, Trade, and Monetary Policy of the Committee on Banking, Finance and Urban Affairs, U.S. House of Representatives, December 18, 1987,” Federal Reserve Bulletin (Washington), February 1988, pp. 103–104.
Gulley, David, “Gold and Crises: New Myths for Old?” Euromoney (January 1991), pp. 65–68.
Hok, Gan Tjoen, “The Singapore Gold Market,” in World Gold Markets, 1981/1982 (London: Proceedings of Conference, May 18–19, 1981, sponsored by Consolidated Gold Fields Ltd. and Government Research Corporation, 1981), p. 95.
Inoue, Junnosuke, “New Products and the Possibilities for More,” in Financial Times World Gold Conference, Venice, June 25 and 26, 1990 (London: Financial Times Conference Organization, 1990), pp. 13.1–13.2.
International Monetary Fund (IMF), Balance of Payments Manual (Washington: IMF, 1977).
International Monetary Fund (IMF), The Economy of the Former U.S.S.R. in 1991, IMF Economic Reviews (Washington: IMF, April 1992); revised edition forthcoming, June 1993.
International Monetary Fund (IMF), International Financial Statistics (IFS) (Washington: IMF, February 1993).
Jacks, Jessica, “Gold Options,” Mining Journal, Vol. 314 (May 25, 1990), pp. 12–14.
Kettell, Brian, Gold (London: Graham & Trotman, 1982).
Kuhn, Susan, “Is Gold Still the Best Bet for Troubled Times?” Fortune, Vol. 122, No. 7 (September 24, 1990).
Martin, Michael G., “Gold Market Developments, 1975–77,” Finance and Development (March 1978), pp. 31–35.
Martin, Michael G., “The Changing Gold Market, 1978–80,” Finance and Development (December 1980), pp. 40–43.
McGanty, Dan, “New Products and the Possibilities for More,” in Financial Times World Gold Conference, Venice, June 25 and 26, 1990 (London: Financial Times Conference Organization, 1990), pp. 14.1–14.3.
McNamee, Mike, “Baker’s Plan: No Glitter,” Business Week (October 19, 1987), p. 56.
Melvin, Michael, and Jahangir Sultan, “South African Political Unrest, Oil Prices, and the Time Varying Risk Premium in the Gold Futures Market,” Journal of Futures Markets, Vol. 10 (April 1990), pp. 103–11.
Milling-Stanley, George, “Futures Research: Gold Update,” Shearson Lehman Brothers (New York), August 1991.
Milling-Stanley, George, Mining Journal, “Soviet Secrets,” Vol. 311 (April 22, 1988), p. 334.
Moore, Geoffrey, “Gold Prices and a Leading Index of Inflation,” Challenge, Vol. 33 (July/August 1990), pp. 52–56.
Moore, Phillip, “Gold in Need of Investor Appeal,” in Gold: A Bumpy Ride Ahead (Euromoney supplement, July 1990).
Nathans, Leah, “How Drexel Burnham Turned Gold into Junk,” Business Week, No. 3162 (June 4, 1990).
O’Callaghan, Gary, “The Structure and Operation of the World Gold Market,” IMF Working Paper 91/122 (Washington: IMF, December 1991).
Ogden, Joseph P., and Alan L. Tucker, “Arbitraging American Gold Spot and Futures Options,” Financial Review, Vol. 25 (November 1990).
Poitras, Geoffrey, “The Distribution of Gold Futures Spreads,” Journal of Futures Markets, Vol. 10, no. 6 (December 1990), pp. 643–59.
Potts, David, ed., Gold 1980 (London: Consolidated Gold Fields Ltd., June 1980).
Potts, David, Reuters, “Russia Exported 98 Tonnes of Gold in 1992,” Mowcow, May 28, 1993.
Roethenmund, Otto E., “Spot Trading Centres,” in Gold, ed. by Paul Sarnoff (London: Euromoney Publications, 1987), pp. 73–80.
Salomon Brothers, Precious Metals (New York, September 25, 1991).
Samuel Montagu & Co., Annual Bullion Review (London: Samuel Montagu & Co., various years).
Sarnoff, Paul, Trading in Gold (Cambridge: Woodhead-Faulkner, 1980).
Sarnoff, Paul, ed., Gold (London: Euromoney Publications, 1987).
Schriber, R., “The Zurich Market,” in World Gold Markets 1981/1982 (London: Proceedings of Conference, May 18–19, 1981, sponsored by Consolidated Gold Fields Ltd. and Government Research Corporation, 1981), pp. 80–83.
Shearson Lehman Hutton, Metals Research Unit, Annual Review of the World Gold Industry 1990 (London: Shearson Lehman Hutton, May 1990).
Smith, Andrew, “Behind the Golden Curtain,” Precious Metals, Union Bank of Switzerland (1992), pp. 12–13.
Smith, Keith, “The London Market,” in World Gold Markets 1981/1982 (London: Proceedings of Conference, May 18–19, 1981, sponsored by Consolidated Gold Fields Ltd. and Government Research Corporation, 1981), pp. 77–78.
Smith, Keith, “Soviet Figures: A Weil-Kept Secret,” in Gold: Refining the Market (Euromoney supplement, January 1987), p. 12.
Swiss Bank Corporation, Gold: Myth and Reality (Zurich: Swiss Bank Corporation, 1985).
Tan, Ronald H.L., The Gold Market (Singapore: Singapore University Press, 1981).
Temple, Peter, “Has the Gold Rush Stimulated Renewal?” Accountancy, Vol. 105 (May 1990), p. 80.
U.K. Central Statistical Office, United Kingdom Balance of Payments (London: Her Majesty’s Stationery Office, 1989).
U.K. Department of Trade and Industry, Overseas Trade Statistics of the United Kingdom 1986 (London: Her Majesty’s Stationery Office, 1987).
Williams, David, “The Gold Markets, 1968–72,” Finance and Development (Washington), December 1972, pp. 9–16.
World Gold Council, World Gold Review (Spring 1992).
Yeung, Kenneth B.K., “The Hong Kong Gold Market,” in World Gold Markets 1981/1982 (London: Proceedings of Conference, May 18–19, 1981, sponsored by Consolidated Gold Fields Ltd. and Government Research Corporation, 1981), pp. 92–94.
Some assessment of the magnitude of these gold movements is a useful indicator of what is included. The figure recorded for imports in 1989 is £4,182 million, which is $6,859 million at the average exchange rate. In turn, at the average U.S. dollar gold price, this figure represents 560 tons of gold—very close to industry estimates that 550 tons of “financial gold” flowed through London in 1989. This is a further indication that what the CSO calls “monetary gold” includes “nonmonetary gold” in IMF terminology. There was no significant change in U.K. gold reserves in 1989.
Recent Occasional Papers of the International Monetary Fund
105. The Structure and Operation of the World Gold Market, by Gary O’Callaghan, 1993.
104. Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year, by Vincent Koen and Steven Phillips. 1993.
103. Liberalization of the Capital Account: Experiences and Issues, by Donald J. Mathieson and Liliana Rojas-Suárez. 1993.
102. Financial Sector Reforms and Exchange Arrangements in Eastern Europe. Part I: Financial Markets and Intermediation, by Guillermo A. Calvo and Manmohan S. Kumar. Part II: Exchange Arrangements of Previously Centrally Planned Economies, by Eduardo Borensztein and Paul R. Masson. 1993.
101. Spain: Converging with the European Community, by Michel Galy, Gonzalo Pastor, and Thierry Pujol. 1993.
100. The Gambia: Economic Adjustment in a Small Open Economy, by Michael T. Hadjimichael, Thomas Rumbaugh, and Eric Verreydt. 1992.
99. Mexico: The Strategy to Achieve Sustained Economic Growth, edited by Claudio Loser and Eliot Kalter. 1992.
98. Albania: From Isolation Toward Reform, by Mario I. Blejer, Mauro Mecagni, Ratna Sahay, Richard Hides, Barry Johnston, Piroska Nagy, and Roy Pepper. 1992.
97. Rules and Discretion in International Economic Policy, by Manuel Guitián. 1992.
96. Policy Issues in the Evolving International Monetary System, by Morris Goldstein, Peter Isard, Paul R. Masson, and Mark P. Taylor. 1992.
95. The Fiscal Dimensions of Adjustment in Low-Income Countries, by Karim Nashashibi, Sanjeev Gupta, Claire Liuksila, Henri Lorie, and Walter Mahler. 1992.
94. Tax Harmonization in the European Community: Policy Issues and Analysis, edited by George Kopits. 1992.
93. Regional Trade Arrangements, by Augusto de la Torre and Margaret R. Kelly. 1992.
92. Stabilization and Structural Reform in the Czech and Slovak Federal Republic: First Stage, by Bijan B. Aghevli, Eduardo Borensztein, and Tessa van der Willigen. 1992.
91. Economic Policies for a New South Africa, edited by Desmond Lachman and Kenneth Bercuson with a staff team comprising Daudi Ballali, Robert Corker, Charalambos Christofides, and James Wein. 1992.
90. The Internationalization of Currencies: An Appraisal of the Japanese Yen, by George S. Tavlas and Yuzuru Ozeki. 1992.
89. The Romanian Economic Reform Program, by Dimitri G. Demekas and Mohsin S. Khan. 1991.
88. Value-Added Tax: Administrative and Policy Issues, edited by Alan A. Tait. 1991.
87. Financial Assistance from Arab Countries and Arab Regional Institutions, by Pierre van den Boogaerde. 1991.
86. Ghana: Adjustment and Growth, 1983–91, by Ishan Kapur, Michael T. Hadjimichael, Paul Hilbers, Jerald Schiff, and Philippe Szymczak. 1991.
85. Thailand: Adjusting to Success—Current Policy Issues, by David Robinson, Yangho Byeon, and Ranjit Teja with Wanda Tseng. 1991.
84. Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries, by Wanda Tseng and Robert Corker. 1991.
83. Economic Reform in Hungary Since 1968, by Anthony R. Boote and Janos Somogyi. 1991.
82. Characteristics of a Successful Exchange Rate System, by Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson. 1991.
81. Currency Convertibility and the Transformation of Centrally Planned Economies, by Joshua E. Greene and Peter Isard. 1991.
80. Domestic Public Debt of Externally Indebted Countries, by Pablo E. Guidotti and Manmohan S. Kumar. 1991.
79. The Mongolian People’s Republic: Toward a Market Economy, by Elizabeth Milne, John Leimone, Franek Rozwadowski, and Padej Sukachevin. 1991.
78. Exchange Rate Policy in Developing Countries: Some Analytical Issues, by Bijan B. Aghevli, Mohsin S. Khan, and Peter J. Montiel. 1991.
77. Determinants and Systemic Consequences of International Capital Flows, by Morris Goldstein, Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, J. Saul Lizondo, and Liliana Rojas-Suárez. 1991.
76. China: Economic Reform and Macroeconomic Management, by Mario Blejer, David Burton, Steven Dunaway, and Gyorgy Szapary. 1991.
75. German Unification: Economic Issues, edited by Leslie Lipschitz and Donogh McDonald. 1990.
74. The Impact of the European Community’s Internal Market on the EFTA, by Richard K. Abrams, Peter K. Cornelius, Per L. Hedfors, and Gunnar Tersman. 1990.
73. The European Monetary System: Developments and Perspectives, by Horst Ungerer, Jouko J. Hauvonen, Augusto Lopez-Claros, and Thomas Mayer. 1990.
72. The Czech and Slovak Federal Republic: An Economy in Transition, by Jim Prust and an IMF Staff Team. 1990.
71. MULTIMOD Mark II: A Revised and Extended Model, by Paul Masson, Steven Symansky, and Guy Meredith. 1990.
70. The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, by Dallas S. Batten, Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki. 1990.
69. International Comparisons of Government Expenditure Revisited: The Developing Countries, 1975–86, by Peter S. Heller and Jack Diamond. 1990.
68. Debt Reduction and Economic Activity, by Michael P. Dooley, David Folkerts-Landau, Richard D. Haas, Steven A. Symansky, and Ralph W. Tryon. 1990.
67. The Role of National Saving in the World Economy: Recent Trends and Prospects, by Bijan B. Aghevli, James M. Boughton, Peter J. Montiel, Delano Villanueva, and Geoffrey Woglom. 1990.
66. The European Monetary System in the Context of the Integration of European Financial Markets, by David Folkerts-Landau and Donald J. Mathieson. 1989.
65. Managing Financial Risks in Indebted Developing Countries, by Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, and Iqbal Zaidi. 1989.
64. The Federal Republic of Germany: Adjustment in a Surplus Country, by Leslie Lipschitz, Jeroen Kremers, Thomas Mayer, and Donogh McDonald. 1989.
63. Issues and Developments in International Trade Policy, by Margaret Kelly, Naheed Kirmani, Miranda Xafa, Clemens Boonekamp, and Peter Winglee. 1988.
62. The Common Agricultural Policy of the European Community: Principles and Consequences, by Julius Rosenblatt, Thomas Mayer, Kasper Bartholdy, Dimitrios Demekas, Sanjeev Gupta, and Leslie Lipschitz. 1988.
61. Policy Coordination in the European Monetary System. Part I: The European Monetary System: A Balance Between Rules and Discretion, by Manuel Guitián. Part II: Monetary Coordination Within the European Monetary System: Is There a Rule? by Massimo Russo and Giuseppe Tullio. 1988.
60. Policies for Developing Forward Foreign Exchange Markets, by Peter J. Quirk, Graham Hacche, Viktor Schoofs, and Lothar Weniger. 1988.
Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.