- International Monetary Fund
- Published Date:
- January 1992
© 1992 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Developments in international exchange and payments systems / by a staff team from the Exchange and Trade Relations Department : Hans M. Flickenschild… [et al.].
p. cm.—(World economic and financial surveys)
1. Foreign exchange 2. Foreign trade regulation.
I. Flickenschild, Hans M. II. International Monetary Fund. Exchange and Trade Relations Dept. III. Series.
ISSN 0258-7440 92-15993
(US$12.00 to full-time faculty members and students at universities and colleges)
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- I. Overview and Major Trends
- II. Developments in Exchange Systems
- III. Main Developments in Restrictive Measures
- Measures Affecting Current Transactions
- Measures Affecting Capital Transfers
- IV. Developments in Bilateral Payments Arrangements and CMEA Reform
- 1. Exchange Rate Arrangements as of December 31, 1991
- 2. Summary of Exchange Rate Arrangements Maintained by Members, January 1, 1989 to September 30, 1991
- 3. Discrete Exchange Rate Changes of Pegged Currencies, 1989–90
- 4. Changes in “More Flexible” Currencies in Developing Countries, December 31, 1988–December 31, 1990
- 5. Features of Multiple Exchange Rate Systems, 1983–90
- Appendix I. Multiple Exchange Rates Maintained by Members as of December 31, 1990
- Appendix II. Measures Affecting Members’ Exchange and Payments Systems, 1989–90
- 2. Exchange Rate Classifications, 1982–90
- 3. Nominal Effective Exchange Rates of Industrial Countries with Independently Floating Arrangements, 1982–90
- 4. Real Effective Exchange Rates of Industrial Countries with Independently Floating Arrangements, 1982–90
- 5. Nominal Effective Exchange Rates of Industrial Countries with Cooperative Arrangements, 1982–90
- 6. Developing Countries: Average Nominal Effective Exchange Rates by Regime, 1982–90
- 7. Developing Countries: Average Real Effective Exchange Rates by Regime, 1982–90
- 8. IMF Members with Multiple Exchange Rates, 1966–90
This study was prepared in the Exchange and Trade Relations Department of the International Monetary Fund, under the direction of Hans Flickenschild and Martin Gilman, Chief and Deputy Chief, respectively, of the Exchange Systems Surveillance Division. Its authors are Hassan Al-Atrash, Anne-Marie Guide, Atsushi Miyauchi, Lynge Nielsen, Mark Precious, and Eugene Spiro. Kirsten Fitchett and Virgilio Sandoval compiled the tabular appendix on measures affecting members’ exchange and payments systems. The charts were prepared by Can Demir and Eugene Spiro. The authors would like to thank Joy Gough and Bogna Jezierska for excellent secretarial assistance and Margaret Casey and Elisa Diehl of the External Relations Department for their careful editing and coordination of production.
The present study was completed in December 1991 and outlines developments up to the first quarter of 1991 as reported by members for the IMF’s 1990 and 1991 issues of the Annual Report on Exchange Arrangements and Exchange Restrictions. These publications were assembled by Kyung-Mo Huh and Maria-Elena Ureta on the basis of inputs provided by many colleagues from the Exchange and Trade Relations Department and comments by staff from the IMF’s Area Departments and member country authorities. This study has also benefited from comments by other members of the IMF’s staff and members of its Executive Board. The views expressed, however, are those of the authors and do not necessarily reflect those of the IMF’s Executive Directors or other staff members. Developments in international exchange and payments systems were most recently reviewed in Developments in International Exchange and Trade Systems, a biennial review published in September 1989 in the IMF’s World Economic and Financial Survey series. Previously, such reviews had been published annually as Part One of the Annual Report on Exchange Arrangements and Exchange Restrictions.
It should be noted that the term “country” as used in this study does not in all cases refer to a territorial entity that is a state as understood by international law and practice. The term also includes some territorial entities that are not states but that maintain national currencies and exchange control regulations of their own.
The following symbols have been used throughout this paper:
- … to indicate that data are not available;
- —to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- –between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice. The term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.