Front Matter


  • International Coordination Of Economic Policy

  • J. J. Polak

  • Asymmetries Between Balance Of Payments Surpluses And Deficits

  • Poul Høst-Madse

  • The Yugoslav Economic System

  • J. Marcus Fleming and Viktor R. Sertic

  • The International Coffee Market: a Note

  • Gertrud Lovasy

  • The Impact of Inflation on the Composition of Private Domestic Investment

  • A. S. Shaalan

  • The Fund Agreement In The Courts—VII

  • Joseph Gold



Front Matter Page


J. Keith Horsefield, Editor

Dorothy Wescott, Assistant Editor

Editorial Committee

J. Keith Horsefield, Chairman

Hans Aufricht

C. David Finch

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$6.00 a 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$2.50. Subscriptions and orders should be sent to:

The Secretary

International Monetary Fund

19th and H Streets, N.W.

Washington 25, D.C.