Front Matter

Front Matter Page

STAFF PAPERS

J. Keith Horsefield, Editor Dorothy Wescott, Assistant Editor

Editorial Committee

J. Keith Horsefield, Chairman

Hans Aufricht

J. Marcus Fleming

Charles L. Merwin, Jr.

Subimal Mookerjee

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. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. 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. XI

November 1964

No. 3