CONTENTS
EURO-DOLLARS: SOME FURTHER COMMENTS
Oscar L. Altman
BALANCE OF PAYMENTS ADJUSTMENT AMONG DEVELOPED COUNTRIES
Anne Romanis
THE DEVELOPMENT OF CAPITAL MARKETS IN EUROPE
David Williams
JAPANESE BANK LOANS FOR PRIVATE FIXED INVESTMENT
Joachim Ahrensdorf
THE REVENUE STRUCTURE OF THE CFA COUNTRIES
A. Abdel-Rahman
DEVELOPMENT PROGRAMS IN IRELAND
Patrick A. Perry
Résumés
Resúmenes
VOL. XII No. 1
MARCH 1965
STAFF PAPERS
J. Keith Horsefield, Editor
Dorothy Wescott, Assistant Editor
Editorial Committee
J. Keith Horsefield, Chairman
Hans Aufricht
J. Marcus Fleming
Charles L. Merwin
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 ʻact as a center for the collection and exchange of information on monetary and financial problems,ʼ and thereby to facilitate ʻthe preparation of studies designed to assist members in developing policies which further the purposes of the Fund.ʼ 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 XII
Authors
Abdel-Rahman, A. The Revenue Structure of the CFA Countries
Ahrensdorf, Joachim. Japanese Bank Loans for Private Fixed Investment
Altman, Oscar L. Euro-Dollars: Some Further Comments
Altman, Oscar L. International Liquidity and the Balance of Payments
Berthe, Pierre E., U Tun Wai, Edwin L. Bornemann, and Michel M. Martin. The Economy of Togo
Bornemann, Edwin L., U Tun Wai, Michel M. Martin, and Pierre E. Berthe. The Economy of Togo
de Vries, Margaret G. Multiple Exchange Rates: Expectations and Experiences
Dorrance, Graeme S. The Instruments of Monetary Policy in Countries Without Highly Developed Capital Markets
Ezekiel, Hannan. The Call-Money Market in France
Fleming, J. Marcus. Effects of Various Types of Fund Reserve Creation on Fund Liquidity
Gerakis, Andreas S. Effects of Exchange-Rate Devaluations and Revaluations on Receipts from Tourism
Gupta, J. B. Seasonality in World Financial and Trade Data
Junz, Helen B., and Rudolf R. Rhomberg. Prices and Export Performance of Industrial Countries, 1953–63
Loftus, Martin L. The International Monetary Fund, 1962–65: A Selected Bibliography
Lovasy, Gertrud. Survey and Appraisal of Proposed Schemes of Compensatory Financing
Martin, Michel M., U Tun Wai, Edwin L. Bornemann, and Pierre E. Berthe. The Economy of Togo
Perry, Patrick A. Development Programs in Ireland
Rhomberg, Rudolf R., and Helen B. Junz. Prices and Export Performance of Industrial Countries, 1953–63
Romanis, Anne. Balance of Payments Adjustment Among Developed Countries
Sànchiz, José C. Money and Banking in the United Arab Republic
Wai, U Tun, Edwin S. Bornemann, Michel M. Martin, and Pierre E. Berthe. The Economy of Togo
Williams, David. The Development of Capital Markets in Europe
Titles
Balance of Payments Adjustment Among Developed Countries. By Anne Romanis
The Call-Money Market in France. By Hannan Ezekiel
The Development of Capital Markets in Europe. By David Williams
Development Programs in Ireland. By Patrick A. Perry
The Economy of Togo. By U Tun Wai, Edwin L. Bornemann, Michel M. Martin, and Pierre E. Berthe
Effects of Exchange-Rate Devaluations and Revaluations on Receipts from Tourism. By Andreas S. Gerakis
Effects of Various Types of Fund Reserve Creation on Fund Liquidity. By J. Marcus Fleming
Euro-Dollars: Some Further Comments. By Oscar L. Altman
International Liquidity and the Balance of Payments. By Oscar L. Altman
The International Monetary Fund, 1962–65: A Selected Bibliography. By Martin L. Loftus
The Instruments of Monetary Policy in Countries Without Highly Developed Capital Markets. By Graeme S. Dorrance
Japanese Bank Loans for Private Fixed Investment. By Joachim Ahrensdorf
Money and Banking in the United Arab Republic. By José C. Sànchiz
Multiple Exchange Rates: Expectations and Experiences. By Margaret G. de Vries
Prices and Export Performance of Industrial Countries, 1953–63. By Helen B. Junz and Rudolf R. Rhomberg
The Revenue Structure of the CFA Countries. By A. Abdel-Rahman
Seasonality in World Financial and Trade Data. By J. B. Gupta
Survey and Appraisal of Proposed Schemes of Compensatory Financing. By Gertrud Lovasy
Résumés
Ajustement de la balance des paiements entre pays développés
Caractère saisonnier des données commerciales et financières mondiales
Le développement des marchés de capitaux en Europe
L’économie du Togo
Effets des dévaluations et revalorisations des taux de change sur les recettes provenant du tourisme
Etude et évaluation des méthodes proposées de financement compensatoire
Euro-dollars: nouveaux commentaires
Incidences de la création de divers types de réserves du Fonds sur la liquidité de cet organisme
Les instruments de la politique monétaire dans les pays sans marchés de capitaux très développés
La liquidité internationale et la balance des paiements
Le marché de l’argent à vue en France
Monnaie et banques dans la République arabe unie
Les prêts des banques japonaises pour les investissements privés fixes
Prix et exportations des pays industriels, 1953–63
Les programmes de développement en Irelande
Structure des recettes publiques des pays de la C.F.A.
Les taux de change multiples: ce qu’on en attend—ce qu’ils ont donné
Resúmenes
Ajuste de la balanza de pagos entre los países desarrollados
Comentarios adicionales sobre el mercado de Euro-dólares
La economía de Togo
Efecto sobre la liquidez del Fondo surtido por diversas clases de creación de reservas por el Fondo
Efectos de las devaluaciones y revaluaciones de los tipos de cambio sobre los ingresos provenientes del turismo
Estacionalidad de los datos financieros y del comercio mundiales
La estructura de los ingresos fiscales de los países de la Comunidad Financiera Africana (CFA)
La evolución de los mercados de capital en Europa
Examen y evaluación de los sistemas propuestos para el financiamiento compensatorio
Los instrumentos de política monetaria en países carentes de mercados de capital muy desarrollados
La liquidez internacional y la balanza de pagos
El mercado de dinero a la vista en Francia
Moneda y banca en la República Árabe Unida
Los precios y las exportaciones de los países industriales, 1953–63
Préstamos bancarios para inversiones fijas del sector privado en el Japón
Programas de desarrollo en Irlanda
Los tipos de cambio múltiples: pretensiones y experiencias
Subject Index
(For scheme of classification see Index to Volumes I-X, page 25)
A. International Monetary Fund
1. Policies and Role
Effects of Various Types of Fund Reserve Creation on Fund Liquidity. By J. Marcus Fleming
International Liquidity and the Balance of Payments. By Oscar L. Altman
4. Bibliography
The International Monetary Fund, 1962–65: A Selected Bibliography. By Martin L. Loftus
B. Balances of Payments
1. Analysis
Balance of Payments Adjustment Among Developed Countries. By Anne Romanis
C. International Trade
1. International and Commodity Studies
Prices and Export Performance of Industrial Countries, 1953–63. By Helen B. Junz and Rudolf R. Rhomberg
E. Exchange Rates
1. Devaluation
Effects of Exchange-Rate Devaluations and Revaluations on Receipts from Tourism. By Andreas S. Gerakis
3. Multiple Rates
Multiple Exchange Rates: Expectations and Experiences. By Margaret G. de Vries
F. Monetary Systems
1. International Liquidity
Effects of Various Types of Fund Reserve Creation on Fund Liquidity. By J. Marcus Fleming
International Liquidity and the Balance of Payments. By Oscar L. Altman
2. International Standards and Exchange Markets
Euro-Dollars: Some Further Comments. By Oscar L. Alt-man
3. National Systems
The Call-Money Market in France. By Hannan Ezekiel
Development of Capital Markets in Europe. By David Williams
Japanese Bank Loans for Private Fixed Investment. By Joachim Ahrensdorf
Money and Banking in the United Arab Republic. By José C. Sánchiz
G. Monetary Analysis
2. Individual Techniques and General Empirical Studies
Seasonality in World Financial and Trade Data. By J. B. Gupta
3. Trade Cycle Analysis
Survey and Appraisal of Proposed Schemes of Compensatory Financing. By Gertrud Lovasy
H. Monetary Policy
1. General Analysis
The Instruments of Monetary Policy in Countries Without Highly Developed Capital Markets. By Graeme S. Dor-rance
J. Economic and Fiscal Policies
1. Fiscal Policies
The Revenue Structure of the CFA Countries. By A. Abdel-Rahman
2. Other National Policies
Development Programs in Ireland. By Patrick A. Perry
The Economy of Togo. By U Tun Wai, Edwin L. Borne-mann, Michel M. Martin, and Pierre E. Berthe
Front Matter Page
INTERNATIONAL MONETARY FUND
STAFF PAPERS
Vol. XII
March 1965
No. 1