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.
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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