Front Matter

Front Matter Page

INTERNATIONAL MONETARY FUND

STAFF PAPERS

Vol. XXI No. 1

MARCH 1974

Contents

  • Dual Exchange Markets and Other Remedies for Disruptive Capital Flows

    • j. marcus fleming

  • Fund Transactions and Reserve Creation, 1951–73

    • vittorio barattieri and franco batzella

  • The Evolution of Monetary Instruments and Policy in Spain

    • christopher browne and leo van houtven

  • Price Expectations and Actual Price Behavior in Germany

    • adalbert knôbl

  • Incomes and Labor Market Policies in Sweden, 1945–70

    • ekhard brehmer and maxwell r. bradford

  • Capacity Taxation: The Pakistan Experiment

    • sijbren cnossen

  • Compulsory Arbitration as a Form of Incomes Policy: The Australian Case

    • anne romanis braun

  • Summaries

  • Résumés

  • Resúmenes

Front Matter Page

STAFF PAPERS

Norman K. Humphreys, Editor

Editorial Committee

Norman K. Humphreys, Chairman

W.A. Beveridge

Sterie T. Beza

N.S. Narayana Chari

Charles L. Merwin

Subimal Mookerjee

Rudolf R. Rhomberg

Harilaos Vittas

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

Washington, D.C. 20431 U.S.A.

Contents of Volume XXI

  • Volume XXI (1974) consists of three issues, as follows:

  • March, pages 1–245

  • July, pages 247–562

  • November, pages 563–832

  • English, French, and Spanish summaries appear at the end of each issue (March, pages 217–45; July, pages 535–62; and November, pages 800–32). The French and Spanish summaries are listed by title on pages iv and v.

Authors

  • Abed, George T., and Said H. Hitti. The Economy and Finances of Saudi Arabia

  • Artus, Jacques R. The Behavior of Export Prices for Manufactures

  • Barattieri, Vittorio, and Franco Batzella. Fund Transactions and Reserve Creation, 1951–73

  • Batzella, Franco, and Vittorio Barattieri. Fund Transactions and Reserve Creation, 1951–73

  • Bhagwat, Avinash, and Yusuke Onitsuka. Export-Import Responses to Devaluation: Experience of the Nonindustrial Countries in the 1960s

  • Bradford, Maxwell R., and Ekhard Brehmer. Incomes and Labor Market Policies in Sweden, 1945–70

  • Braun, Anne Romanis. Compulsory Arbitration as a Form of Incomes Policy: The Australian Case

  • Brehmer, Ekhard, and Maxwell R. Bradford. Incomes and Labor Market Policies in Sweden, 1945–70

  • Browne, Christopher, and Leo Van Houtven. The Evolution of Monetary Instruments and Policy in Spain

  • Cnossen, Sijbren. Capacity Taxation: The Pakistan Experiment

  • Deppler, Michael C. Some Evidence on the Effects of Exchange Rate Changes on Trade

  • Dernburg, Thomas F. The Macroeconomic Implications of Wage Retaliation Against Higher Taxation

  • Di Calogero, Robert G. Techniques of Fiscal Analysis in Sweden

  • Fleming, J. Marcus. Dual Exchange Markets and Other Remedies for Disruptive Capital Flows

  • Galbis, Vicente G., Deena R. Khatkhate, and Delano P. Villanueva. A Money Multiplier Model for a Developing Economy: The Venezuelan Case

  • Goldstein, Morris. The Effect of Exchange Rate Changes on Wages and Prices in the United Kingdom: An Empirical Study

  • Hemphill, William L. The Effect of Foreign Exchange Receipts on Imports of Less Developed Countries

  • Hewson, John, and Eisuke Sakakibara. The Euro-Dollar Deposit Multiplier: A Portfolio Approach

  • Hitti, Said H., and George T. Abed. The Economy and Finances of Saudi Arabia

  • Khan, Mohsin S. Experiments with a Monetary Model for the Venezuelan Economy

  • Khan, Mohsin, S. Import and Export Demand in Developing Countries

  • Khatkhate, Deena R., Vicente G. Galbis, and Delano P. Villanueva. A Money Multiplier Model for a Developing Economy: The Venezuelan Case

  • Knöbl, Adalbert. Price Expectations and Actual Price Behavior in Germany

  • Loftus, Martin L. The International Monetary Fund, 1972–1973: A Selected Bibliography

  • Onitsuka, Yusuke, and Avinash Bhagwat. Export-Import Responses to Devaluation: Experience of the Nonindustrial Countries in the 1960s

  • Ripley, Duncan, and Esther C. Suss. An Approach to the Estimation of Inequality in Reserve Distribution

  • Sakakibara, Eisuke, and John Hewson, The Euro-Dollar Deposit Multiplier: A Portfolio Approach

  • Smith, Roger S. Financing Cities in Developing Countries

  • Suss, Esther C., and Duncan Ripley. An Approach to the Estimation of Inequality in Reserve Distribution

  • Van Houtven, Leo, and Christopher Browne. The Evolution of Monetary Instruments and Policy in Spain

  • Villaneuva, Delano P., Deena R. Khatkhate, and Vicente G. Galbis. A Money Multiplier Model for a Developing Economy: The Venezuelan Case

  • Williamson, John. The Financial Implications of Reserve Supply Arangements

  • An Approach to the Estimation of Inequality in Reserve Distribution. By Duncan Ripley and Esther C. Suss

  • The Behavior of Export Prices for Manufactures. By Jacques R. Artus

  • Capacity Taxation: The Pakistan Experiment. By Sijbren Cnossen

  • Compulsory Arbitration as a Form of Incomes Policy: The Australian Case. By Anne Romanis Braun

  • Dual Exchange Markets and Other Remedies for Disruptive Capital Flows. By J. Marcus Fleming

  • The Economy and Finances of Saudi Arabia. By Said H. Hitti and George T. Abed

  • The Effect of Exchange Rate Changes on Wages and Prices in the United Kingdom: An Empirical Study. By Morris Goldstein

  • The Effect of Foreign Exchange Receipts on Imports of Less Developed Countries. By William L. Hemphill

  • The Euro-Dollar Deposit Multiplier: A Portfolio Approach. By John Hewson and Eisuke Sakakibara

  • The Evolution of Monetary Instruments and Policy in Spain. By Christopher Browne and Leo Van Houtven

  • Experiments with a Monetary Model for the Venezuelan Economy. By Mohsin S. Khan

  • Export-Import Responses to Devaluation: Experience of the Non-industrial Countries in the 1960s. By Avinash Bhagwat and Yusuke Onitsuka

  • The Financial Implications of Reserve Supply Arrangements. By John Williamson

  • Financing Cities in Developing Countries. By Roger S. Smith

  • Fund Transactions and Reserve Creation, 1951–73. By Vittorio Barattieri and Franco Batzella

  • Import and Export Demand in Developing Countries. By Mohsin S. Khan

  • Incomes and Labor Market Policies in Sweden, 1945–70. By Ekhard Brehmer and Maxwell R. Bradford

  • The International Monetary Fund, 1972–1973: A Selected Bibliography. By Martin L. Loftus

  • The Macroeconomic Implications of Wage Retaliation Against Higher Taxation. By Thomas F. Dernburg

  • A Money Multiplier Model for a Developing Economy: The Venezuelan Case. By Deena R. Khatkhate, Vicente G. Galbis, and Delano P. Villaneuva

  • Price Expectations and Actual Price Behavior in Germany. By Adalbert Knöbl

  • Some Evidence on the Effects of Exchange Rate Changes on Trade. By Michael C. Deppler

  • Techniques of Fiscal Analysis in Sweden. By Robert G. Di Calogero

Résumés

  • Allemagne : anticipations et évolution effective des prix

  • Une analyse empirique de l’incidence des variations du taux de change sur les salaires et les prix au Royaume-Uni

  • L’arbitrage obligatoire comme forme de politique des revenus : le cas de l’Australie

  • Le comportement des prix à l’exportation des produits manufacturés

  • Demande à l’importation et l’exportation dans les pays en développement

  • Doubles marchés et autres remèdes aux mouvements perturbateurs de capitaux

  • L’économie et les finances de l’Arabie Saoudite

  • L’évolution de la politique monétaire et de ses instruments en Espagne

  • Expériences menées à partir d’une modèle monétaire construit pour l’économie vénézuélienne

  • Implications financières des dispositifs de reconstitution en réserves

  • Les implications macro-économiques des revendications salariales conséquentes à une augmentation de l’imposition

  • L’impôt sur la capacité de production : l’expérience pakistanaise

  • L’incidence des recettes en devises sur les importations des pays moins développés

  • Méthodes d’analyse budgétaire en Suède

  • Méthodes d’évaluation de l’inégalité dans la répartition des réserves

  • Un modèle du multiplicateur monétaire appliqué à une économie en voie de développement : le cas du Venezuela

  • Le multiplicateur des dépôts en euro-dollars : méthode du choix des placements

  • Politiques des revenus et du marché du travail en Suède, 1945–70.

  • Quelques manifestations concrètes des effets des variations du taux de change

  • La réaction des exportations et des importations à la dévaluation : l’expérience des pays non industrialisés durant les années 1960

  • Les ressources financières des villes dans les pays en voie de développement

  • Les transactions du Fonds et la création de réserves, 1951–73

Resúmenes

  • Algunos aspectos del efecto de las modificaciones del tipo de cambio en el comercio

  • El arbitraje obligatorio como forma de política de ingresos: El caso australiano

  • El comportamiento de los precios de exportación de las manufacturas

  • Las consecuencias financieras de los arreglos relativos a la oferta de reservas

  • La demanda de importación y de exportación en los países en desarrollo

  • La economía y finanzas de Arabia Saudita

  • El efecto de las modificaciones del tipo de cambio en los salarios y precios del Reino Unido: Un estudio empírico

  • El efecto de los ingresos de divisas sobre las importaciones de los países menos desarrollados

  • La evolución de los instrumentos y la política monetaria de España

  • Expectativas y comportamiento real de los precios en Alemania

  • Experimentos con un modelo monetario para la economía venezolana

  • El financiamiento de las ciudades en los países en desarrollo

  • Impuesto a la capacidad: el experimento pakistaní

  • Mercados cambiarios dobles y otros remedios para los flujos de capital perturbadores

  • Un método para estimar la desigualdad en la distribución de reservas

  • Un modelo del multiplicador monetario para una economía en vías de desarrollo: El caso de Venezuela

  • El multiplicador de depósitos en eurodólares: un enfoque de cartera

  • La política de ingresos y de mercado laboral de Suecia, 1945–70

  • Reacciones de la exportación y la importación a la devaluación: experiencia de los países no industriales en el decenio de 1960

  • Repercusiones macroeconómicas de la reacción de los salarios ante un aumento de los impuestos

  • Técnicas de análisis fiscal en Suecia

  • Las transacciones del Fondo y la creación de reservas, 1951–73

Subject Index

  • (For scheme of classification, see Index to Volumes I-XVI, page 45.)

A. International Monetary Fund

  • 1. Policies and Role

    • Fund Transactions and Reserve Creation, 1951–73. By Vittorio Barattieri and Franco Batzella

  • 4. Bibliography

    • The International Monetary Fund, 1972–1973: A Selected Bibliography. By Martin L. Loftus

B. Balance of Payments

  • 1. Analysis

    • The Effect of Foreign Exchange Receipts on Imports of Less Developed Countries. By William L. Hemphill

    • Import and Export Demand in Developing Countries. By Mohsin S. Khan

C. International Trade

  • 1. International and Commodity Studies

    • The Behavior of Export Prices for Manufactures. By Jacques R. Artus

E. Exchange Rates

  • 1. Devaluation

    • Export-Import Responses to Devaluation: Experience of the Nonindustrial Countries in the 1960s. By Avinash Bhagwat and Yusuke Onitsuka

    • Some Evidence on the Effects of Exchange Rate Changes on Trade. By Michael C. Deppler

  • 3. Multiple Rates

    • Dual Exchange Markets and Other Remedies for Disruptive Capital Flows. By J. Marcus Fleming

F. Monetary Systems

  • 1. International Liquidity

    • An Approach to the Estimation of Inequality in Reserve Distribution. By Duncan Ripley and Esther C. Suss

    • The Financial Implications of Reserve Supply Arrangements. By John Williamson

  • 2. International Standards and Exchange Markets

    • Dual Exchange Markets and Other Remedies for Disruptive Capital Flows. By J. Marcus Fleming

    • The Euro-Dollar Deposit Multiplier: A Portfolio Approach. By John Hewson and Eisuke Sakakibara

G. Monetary Analysis

  • 1. General

    • Import and Export Demand in Developing Countries. By Mohsin S. Khan

  • 2. Individual Techniques and General Empirical Studies

    • The Euro-Dollar Deposit Multiplier: A Portfolio Approach. By John Hewson and Eisuke Sakakibara

    • Experiments with a Monetary Model for the Venezuelan Economy. By Mohsin S. Khan

    • A Money Multiplier Model for a Developing Economy: The Venezuelan Case. By Deena R. Khatkhate, Vicente G. Galbis, and Delano P. Villanueva

H. Monetary Policy

  • 2. Empirical Studies

    • The Evolution of Monetary Instruments and Policy in Spain. By Christopher Browne and Leo Van Houtven

I. Inflation

  • 1. General Analysis

    • The Effect of Exchange Rate Changes on Wages and Prices in the United Kingdom: An Empirical Study. By Morris Goldstein

    • The Macroeconomic Implications of Wage Retaliation Against Higher Taxation. By Thomas F. Dernburg

  • 3. Empirical Studies

    • Compulsory Arbitration as a Form of Incomes Policy: The Australian Case. By Anne Romanis Braun

    • The Effect of Exchange Rate Changes on Wages and Prices in the United Kingdom: An Empirical Study. By Morris Goldstein

    • Incomes and Labor Market Policies in Sweden, 1945–70. By Ekhard Brehmer and Maxwell R. Bradford

    • Price Expectations and Actual Price Behavior in Germany. By Adalbert Knöbl

J. Fiscal Policies

  • Capacity Taxation: The Pakistan Experiment. By Sijbren Cnossen

  • Financing Cities in Developing Countries. By Roger S. Smith

  • The Macroeconomic Implications of Wage Retaliation Against Higher Taxation. By Thomas F. Dernburg

  • Techniques of Fiscal Analysis in Sweden. By Robert G. Di Calogero

K. Economic Policies—Other

  • The Economy and Finances of Saudi Arabia. By Said H. Hitti and George T. Abed