CONTENTS

• THE EFFECT OF INFLATION ON ECONOMIC DEVELOPMENT

  • Graeme S. Dorrance

• RECENT DEVELOPMENTS IN FOREIGN MARKETS FOR DOLLARS AND OTHER CURRENCIES

  • Oscar L. Altman

• EXPORT NORMS AND THEIR ROLE IN COMPENSATORY FINANCING

  • Marcus Fleming, Rudolf Rhomberg, and Lorette Boissonneault

• APPRAISAL OF JAPAN’S PLAN TO DOUBLE INCOME

  • M. Fujioka

• RESTRICTIONS ON THE MOVEMENTS OF FUNDS WITHIN LATIN AMERICA

  • Samir Makdisi

• RESUMES

• RESUMENES

Front Matter Page

STAFF PAPERS

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.

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Contents of Volume X

• Authors

  • Altman, Oscar L. Recent Developments in Foreign Markets for Dollars and Other Currencies

  • Beza, S. T., G. J. Clark, 0. Lobo, and S. Makdisi. Some Aspects of the Economy of Jamaica

  • Boissonneault, Lorette, J. Marcus Fleming, and Rudolf Romberg. Export Norms and Their Role in Compensatory Financing.

  • Brand, P. J., and F. A. G. Keesing. Possible Role of a Clearing House in the Latin American Regional Market.

  • Caiola, Marcello. Balance of Payments of the U.S.S.R., 1959-60

  • Clark, G. J., S. T. Beza, 0. Lobo, and S. Makdisi. Some Aspects of the Economy of Jamaica

  • Consing, Arturo Y. The Economy of Nepal

  • Dorrance, Graeme S. The Effect of Inflation on Economic Development

  • Dorrance, Graeme S. The Term Structure of Interest Rates

  • Fleming, J. Marcus. Developments in the International Payments System

  • Fleming, J. Marcus, Rudolf Rhomberg, and Lorette Boissonneault. Export Norms and Their Role in Compensatory Financing.

  • Friedman, Irving S. The International Monetary System: Part I, Mechanism and Operation

  • Fujioka, M. Appraisal of Japan’s Plan to Double Income

  • Keesing, F. A. G., and P. J. Brand. Possible Role of a Clearing House in the Latin American Regional Market

  • Lobo, O., G. J. Clark, S. T. Beza, and S. Makdisi. Some Aspects of the Economy of Jamaica

  • Makdisi, Samir. Restrictions on the Movements of Funds Within Latin America

  • Makdisi, S., G. J. Clark, S. T. Beza, and O. Lobo. Some Aspects of the Economy of Jamaica

  • Rhomberg, Rudolf, J. Marcus Fleming, and Lorette Boissonneault. Export Norms and Their Role in Compensatory Financing.

  • White, William H. Interest Rate Differences, Forward Exchange Mechanism, and Scope for Short-Term Capital Movements.

  • White, William H. Regulation of Short-Term Interest Rates Through Monetary Action

• Titles

  • Appraisal of Japan’s Plan to Double Income. By M. Fujioka.

  • Balance of Payments of the U.S.S.R., 1959-60. By Marcello Caiola

  • The CFA Franc System

  • Developments in the International Payments System. By J. Marcus Fleming

  • The Economy of Nepal. By Arturo Y. Consing

  • The Effect of Inflation on Economic Development. By Graeme S. Dorrance

  • Export Norms and Their Role in Compensatory Financing. By J. Marcus Fleming, Rudolf Rhomberg, and Lorette Boissonneault

  • Interest Rate Differences, Forward Exchange Mechanism, and Scope for Short-Term Capital Movements. By William H. White

  • The International Monetary System: Part I, Mechanism and Operation. By Irving S. Friedman

  • Possible Role of a Clearing House in the Latin American Regional Market. By F. A. G. Keesing and P. J. Brand

  • Recent Developments in Foreign Markets for Dollars and Other Currencies. By Oscar L. Altman

  • Regulation of Short-Term Interest Rates Through Monetary Action. By William H. White

  • Restrictions on the Movements of Funds Within Latin America. By Samir Makdisi

  • Some Aspects of the Economy of Jamaica. By G. J. Clark, S. T. Beza, O. Lobo, and S. Makdisi

  • The Term Structure of Interest Rates. By Graeme S. Dorrance

• Resumes

  • Balance des paiements de l’U.R.S.S., 1959-60

  • Les conséquences de l’inflation sur la croissance économique

  • Différences entre les taux d’intérêt, mécanisme des opérations de change à terme, et champ d’action des mouvements de capi-taux à court terme

  • L’économie du Népal

  • Evolution du système des paiements internationaux

  • Faits nouveaux survenus récemment sur les marchés étrangers du dollar et des autres monnaies

  • Les normes d’exportations et leur rôle dans le financement compensatoire

  • Observations sur le plan du Japon destiné à doubler le revenu national

  • Quelques aspects de l’économie de la Jamaïque

  • Régulation des taux d’intérêt à court terme par l’action monétaire Restrictions aux mouvements de fonds dans les pays d’Amérique latine

  • Role possible d’une chambre de compensation dans le marché régional latino-américain

  • Structure des taux d’intérêt d’après l’échéance

  • Le système franc CFA

  • Le système monétaire international

• Resumenes

  • Acontecimientos en el sistema internacional de pagos

  • Algunos aspectos de la economía de Jamaica

  • Apreciación del plan adoptado por el Japón para doblar su ingreso nacional

  • Balanza de pagos de la U.R.S.S., 1959-60

  • Las diferencias en los tipos de interés, el mecanismo de las divisas a término, y el alcance de los movimientos de capital a corto plazo.

  • La economía de Nepal

  • Los efectos de la inflación sobre el desarrollo económico

  • Estructura de las tasas de interés según los plazos de vencimiento

  • Las normas de exportación y el papel que desempeñan en el financiamiento compensatorio

  • El papel que podría desempeñar una cámara de compensación en el mercado regional de América Latina

  • La reciente evolución de los mercados extranjeros del dólar y otras monedas

  • Regulación de las tasas de interés a corto plazo mediante la intervención en el campo monetario

  • Restricciones impuestas a los movimientos de fondos en la América Latina

  • El sistema del franco CFA

  • El sistema monetario internacional