Front Matter

Front Matter

Jacob Frenkel, and Morris Goldstein
Published Date:
September 1991
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    Essays in Honor of Jacques J. Polak

    Edited by Jacob A. frenkel and Morris Goldstein

    International Monetary Fund

    De Nederlandsche Bank


    © 1991 International Monetary Fund

    The article by Richard N. Cooper, “What Future for the International Monetary System?” appeared in The Evolution of the International Monetary System: How Can Efficiency and Stability Be Attained?edited by Yoshio Suzuki, Junichi Miyake, and Mitsuaki Okabe (Tokyo: University of Tokyo Press, 1990) and is reprinted with permission.

    This book was designed and produced by the IMF Graphics Section; photograph by Denio Zara.

    Library of Congress Cataloging-in-Publication Data

    International financial policy: essays in honor of Jacques J. Poiak / edited by Jacob A. Frenkel and Morris Goldstein.

    • p. cm.

      • Published in association with De Nederlandsche Bank.

      • Includes bibliographical references.

      • ISBN 1-55775-196-X

    1. International finance—Congresses. 2. International Monetary Fund—Congresses. I. Frenkel, Jacob A. II. Goldstein, Morris, 1944–. III. Polak, J. J. (Jacques Jacobus), 1914–HG203.I573 1991




    Price: US$30.00

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    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

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    In recognition of Jacques J. Polak’s outstanding contributions to international economics and his distinguished service at the International Monetary Fund, the IMF and De Nederlandsche Bank jointly sponsored a conference to honor him. The conference was held in Washington, D.C., on January 13-15, 1991. In the course of his association with the IMF, which spans over forty years, Jacques J. Polak has served the IMF in various capacities, including Economic Counsellor and Director of Research, and member of the Executive Board representing Cyprus, Malta, the Netherlands, Romania, and Yugoslavia. In these positions—as well as through his writings—Jacques Polak has had a major influence on the shape of the postwar international monetary system and on the IMF’s role in that system.

    The papers included in this volume were prepared for the conference by a group of eminent scholars—friends and former colleagues of Jacques J. Polak. The papers deal with a variety of subjects, ranging from the future of the international monetary system to the sequencing of reforms in Eastern Europe. Through publication, it is hoped to disseminate to a wider audience some of the foremost thinking on a number of the major policy issues of the day.

    Special thanks are due to W.F. Duisenberg and his colleagues at De Nederlandsche Bank for their ideas in planning the conference and for their generous support. The editors are extremely grateful to the authors for their contributions and for their cooperation in preparing the papers for publication. They also wish to thank Jonathan Ostry for assisting with the scheduling, Roberto Brauning and Patricia Kane of the External Relations Department for supervising the logistics of the conference, and Adriana Vohden for secretarial assistance. Finally, Esha Ray of the External Relations Department did her usual masterful job in editing the volume for publication.

    The views expressed in the papers are those of the authors and do not in any way represent those of the IMF, De Nederlandsche Bank, or the organizations with which the contributors are associated.

    Jacob A. Frenkel

    Morris Goldstein



    Victor Argy, Professor of Economics, School of Economic and Financial Studies, Macquarie University, Sydney

    Edward M. Bernstein, Guest Scholar, The Brookings Institution, Washington, and former Director of Research, International Monetary Fund, Washington

    Richard N. Cooper, Maurits C. Boas Professor of International Economics, Harvard University, Cambridge, Massachusetts

    W. Max Corden, Professor of International Economics, School of Advanced International Studies, The Johns Hopkins University, Washington

    Andrew Crockett, Executive Director, Bank of England, London

    J. de Beaufort Wijnholds, Deputy Director, De Nederlandsche Bank, Amsterdam

    W.F. Duisenberg, President, De Nederlandsche Bank, Amsterdam

    Jacob A. Frenkel, Governor, Bank of Israel, Jerusalem, and former Counsellor and Director of Research, International Monetary Fund, Washington

    Hans Genberg, Professor of Economics, Graduate Institute of International Studies, Geneva

    Joseph Gold, former General Counsel and Director, Legal Department, and now Senior Consultant, International Monetary Fund, Washington

    Morris Goldstein, Deputy Director, Research Department, International Monetary Fund, Washington

    H. Robert Heller, President, VISA International, San Mateo, California

    Alexandre Kafka, Executive Director, International Monetary Fund, Washington

    Peter B. Kenen, Walker Professor of Economics and Finance, and Director, International Finance Section, Princeton University, Princeton, New Jersey

    Mohsin S. Khan, Senior Advisor, Research Department, International Monetary Fund, Washington

    Robert Mundell, Professor of Economics, Columbia University, New York

    Rudolf R. Rhomberg, former Deputy Director, Research Department, International Monetary Fund, Washington

    Robert Solomon, Senior Fellow, The Brookings Institution, Washington

    Alexander K. Swoboda, Director and Professor of Economics, Graduate Institute of International Studies, Geneva

    A. Szász, Executive Director, De Nederlandsche Bank, Amsterdam

    Jan Tinbergen, Professor Emeritus, Erasmus University, The Hague, and Nobel Laureate in Economics

    John Williamson, Senior Fellow, Institute for International Economics, Washington

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