Front Matter

Contents

  • THE THEORY AND USE OF FINANCING ACCOUNTS

    • Earl Hicks

  • BALANCE SHEETS IN A SYSTEM OF ECONOMIC ACCOUNTS

    • Graeme S. Dorrance

  • A MONETARY BUDGET

    • Harold M. Knight

  • THE RELATION BETWEEN LONG-TERM AND SHORT-TERM INTEREST RATES IN THE UNITED STATES

    • Richard Goode and Eugene A. Birnbaum

  • FLUCTUATING EXCHANGE RATES IN COUNTRIES WITH RELATIVELY STABLE ECONOMIES: SOME EUROPEAN EXPERIENCES AFTER WORLD WAR I

    • S. C. Tsiang

  • CENTRAL BANK POLICIES AND INFLATION: A CASE STUDY OF FOUR LESS DEVELOPED ECONOMIES, 1949–57

    • Joachim Ahrensdorf

  • THE RELATION BETWEEN INFLATION AND ECONOMIC DEVELOPMENT; A STATISTICAL INDUCTIVE STUDY

    • U Tun Wai

STAFF PAPERS

Allan G. B. Fisher, Editor

Dorothy Wescott, Assistant Editor

Editorial Committee

Allan G. B. Fisher Chairman

Hans Aufricht

J. Marcus Fleming

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 approximate equivalent 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

19th and H Streets, N.W.

Washington, D.C. 20431

Front Matter Page

INTERNATIONAL MONETARY FUND

STAFF PAPERS

Vol. VII

October 1959

No. 2