Front Matter Page

INTERNATIONAL MONETARY FUND

STAFF PAPERS

VOL. III NO. 1

APRIL 1953

CONTENTS

• IMBALANCE OF INTERNATIONAL PAYMENTS

  • Roy F. Harrod

• RISE IN U.S. SHARE OF WORLD TEXTILE TRADE

  • Gertrud Lovasy

• MONETARY POLICY IN POSTWAR YEARS

  • L. G. Patel

• THE MEXICAN BALANCE OF PAYMENTS, 1947–50

  • Timothy D. Sweeney

• THE 1951 IMPROVEMENT IN THE DANISH BALANCE OF PAYMENTS

  • S. C. Tsiang

• THE INTERNATIONAL MONETARY FUND, 1951–1952: A SELECTED BIBLIOGRAPHY

  • Martin L. Loftus

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STAFF PAPERS

Allan G. B. Fisher, Editor

Dorothy Wescott, Assistant Editor

Editorial Committee

Allan G. B. Fisher, Chairman

Joergen H. Gelting

Charles L. Merwin, Jr.

Henry C. Murphy

Brian Rose

Ugo Sacchetti

From the Foreword to the first issue:

“Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged.

“Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by Government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.”

The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments.

Subscription: US$3.50 per volume or the approximately equivalent price in the currencies of most countries. Three numbers constitute a volume. The numbers, however, are not issued at regular dates; moreover, all of the three numbers are not necessarily issued within one calendar year. Single copies may be purchased at US$1.50. Subscriptions and orders should be sent to:

The Secretary

International Monetary Fund

1818 H Street, N.W.

Washington 25, D.C.

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INTERNATIONAL MONETARY FUND

STAFF PAPERS

VOLUME III, 1953-54

WASHINGTON, D. C.

Contents for Volume III

• Authors

• Gold, Joseph. The Fund Agreement in the Courts—III

• Harrod, Roy F. Imbalance of International Payments

• Liu, Tu-Chang. The Elasticity of U. S. Import Demand: A Theoretical and Empirical Reappraisal

• Loftus, Martin L. The International Monetary Fund, 1951–1952: A Selected Bibliography

• Lovasy, Gertrud. Rise in U. S. Share of World Textile Trade

• Lovasy, G., and H. K. Zassenhaus. Short-Run Fluctuations in U.S. Imports of Raw Materials, 1928–39 and 1947–52

• Patel, I. G. Monetary Policy in Postwar Years

• Pazos, Felipe. Economic Development and Financial Stability

• Schlesinger, Eugene R. The Long-Run Outlook for U.S. Merchandise Imports

• Sweeney, Timothy D. The Mexican Balance of Payments, 1947–50

• Tsiang, S. C. The 1951 Improvement in the Danish Balance of Payments

• Woodley, W. John R. The Use of Special Exchange Rates for Transactions with Foreign Companies

• Zassenhaus, H. K., and G. Lovasy. Short-Run Fluctuations in U.S. Imports of Raw Materials, 1928–39 and 1947–52

• Titles

• The Adequacy of Monetary Reserves

• Economic Development and Financial Stability. By Felipe Pazos

• Economic Development with Stability

• The Elasticity of U.S. Import Demand: A Theoretical and Empirical Reappraisal. By Ta-Chung Liu

• The Fund Agreement in the Courts—III. By Joseph Gold

• Imbalance of International Payments. By Roy F. Harrod

• The International Monetary Fund, 1951–1952: A Selected Bibliography. By Martin L. Loftus

• The Long-Run Outlook for U.S. Merchandise Imports. By Eugene R. Schlesinger

• The Mexican Balance of Payments, 1947–50. By Timothy D. Sweeney

• Monetary Policy in Postwar Years. By I. G. Patel

• The 1951 Improvement in the Danish Balance of Payments. By S. C. Tsiang

• Rise in U.S. Share of World Textile Trade. By Gertrud Lovasy

• Short-Run Fluctuations in U.S. Imports of Raw Materials, 1928–39 and 1947–52. By G. Lovasy and H. K. Zassenhaus

• The Use of Special Exchange Rates for Transactions with Foreign Companies. By W. John R. Woodley

Front Matter Page

INTERNATIONAL MONETARY FUND

STAFF PAPERS

Vol. III

April 1953

No. 1