Contents
The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article
LAWRENCE H.OFFICER
International Reserves and World-Wide Inflation
H. ROBERT HELLER
Indices of Effective Exchange Rates
RUDOLF R. RHOMBERG
An Indicator of Effective Exchange Rates for Primary Producing Countries
GÉRARD BÉLANGER
The Advantages of Exclusive Forward Exchange Rate Support
WILLIAM H. L. DAY
A Monetary Model of the Korean Economy
ICHIRO OTANI and YUNG CHUL PARK
Large Versus Small Price Changes and the Demand for Imports
MORRIS GOLDSTEIN and MOHSIN S. KHAN
Indexation of Wages and Salaries in Developed Economies
ANNE ROMANIS BRAUN
Summaries
Summaries
Summaries
STAFF PAPERS
Norman K. Humphreys, Editor
Editorial Committee
Norman K. Humphreys, Chairman
Jacques R. Artus
W.A. Beveridge
Sterie T. Beza
Charles L. Merwin
Subimal Mookerjee
Rose S. Porras
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 XXIII
Volume XXIII (1976) consists of three issues, as follows:
March, pages 1–294
July, pages 295–508
November, pages 509–759
English, French, and Spanish summaries appear at the end of each issue (March, pages 272–94; July, pages 490–508; and November, pages 740–59). The titles of the French and Spanish summaries begin on pages iv and v, respectively.
Authors
Allen, Mark. The Structure and Reform of the Exchange and Payments Systems of Some East European Countries
Artus, Jacques R. Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany
Bélanger, Gérard. An Indicator of Effective Exchange Rates for Primary Producing Countries
Braun, Anne Romanis. Indexation of Wages and Salaries in Developed Economies
Byrne, William J. Fiscal Incentives for Household Saving
Choudhry, Nurun N. Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings
Crockett, Andrew D. The Euro-Currency Market: An Attempt to Clarify Some Basic Issues
Crockett, Andrew D., and Morris Goldstein. Inflation Under Fixed and Flexible Exchange Rates
Day, William H. L. The Advantages of Exclusive Forward Exchange Rate Support
Day, William H. L. Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support
Day, William H. L. A Reform of the European Currency Snake
Gold, Joseph. Special Drawing Rights: Renaming the Infant Asset
Goldstein, Morris, and Andrew D. Crockett. Inflation Under Fixed and Flexible Exchange Rates
Goldstein, Morris, and Mohsin S. Khan. Large Versus Small Price Changes and the Demand for Imports
Heller, H. Robert. International Reserves and World-Wide Inflation
Hernández-Catá, Ernesto. Trade Credit, Interest Rates, and the Recent Behavior of External Lending by U. S. Banks
Hodjera, Zoran. Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France
Johnson, Omotunde E. G. The Exchange Rate as an Instrument of Policy in a Developing Country
Khan, Mohsin S., and Morris Goldstein. Large Versus Small Price Changes and the Demand for Imports
Kopits, George F. Taxation and Multinational Firm Behavior: A Critical Survey
Officer, Lawrence H. The Productivity Bias in Purchasing Power Parity: An Econometric Investigation
Officer, Lawrence H. The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article
Otani, Ichiro, and Yung Chul Park. A Monetary Model of the Korean Economy
Park, Yung Chul, and Ichiro Otani. A Monetary Model of the Korean Economy
Rhomberg, Rudolf R. Indices of Effective Exchange Rates
Sundararajan, V., and Subhash Thakur. Input-Output Approach to Import Demand Functions: Experiments with Korean Data
Suss, Esther C. A Note on Reserve Use Under Alternative Exchange Rate Regimes
Tanzi, Vito. The Sensitivity of the Yield of the U. S. Individual Income Tax and the Tax Reforms of the Past Decade
Thakur, Subhash, and V. Sundararajan. Input-Output Approach to Import Demand Functions: Experiments with Korean Data
Titles
The Advantages of Exclusive Forward Exchange Rate Support. By William H. L. Day
Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France. By Zoran Hodjera
Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support. By William H. L. Day
The Euro-Currency Market: An Attempt to Clarify Some Basic Issues. By Andrew D. Crockett
The Exchange Rate as an Instrument of Policy in a Developing Country. By Omotunde E. G. Johnson
Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany. By Jacques R. Artus
Fiscal Incentives for Household Saving. By William J. Byrne
Indexation of Wages and Salaries in Developed Economies. By Anne Romanis Braun
An Indicator of Effective Exchange Rates for Primary Producing Countries. By Gérard Bélanger
Indices of Effective Exchange Rates. By Rudolf R. Rhomberg
Inflation Under Fixed and Flexible Exchange Rates. By Andrew D. Crockett and Morris Goldstein
Input-Output Approach to Import Demand Functions: Experiments with Korean Data. By V. Sundararajan and Subhash Thakur
Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry
International Reserves and World-Wide Inflation. By H. Robert Heller
Large Versus Small Price Changes and the Demand for Imports. By Morris Goldstein and Mohsin S. Khan
A Monetary Model of the Korean Economy. By Ichiro Otani and Yung Chul Park
A Note on Reserve Use Under Alternative Exchange Rate Regimes. By Esther C. Suss
The Productivity Bias in Purchasing Power Parity: An Econometric Investigation. By Lawrence H. Officer
The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article. By Lawrence H. Officer
A Reform of the European Currency Snake. By William H. L. Day
The Sensitivity of the Yield of the U. S. Individual Income Tax and the Tax Reforms of the Past Decade. By Vito Tanzi
Special Drawing Rights: Renaming the Infant Asset. By Joseph Gold
The Structure and Reform of the Exchange and Payments Systems of Some East European Countries. By Mark Allen
Taxation and Multinational Firm Behavior: A Critical Survey. By George F. Kopits
Trade Credit, Interest Rates, and the Recent Behavior of External Lending by U. S. Banks. By Ernesto Hernández-Catá
Résumés
Analyse du marché des euro-monnaies: tentative d’explication de quelques problèmes fondamentaux
Application de l’analyse «entrées-sorties» aux fonctions de demande d’importations: tests réalisés à l’aide de données coréennes
Avantages d’une intervention portant uniquement sur les taux de change à terme
Le biais de la productivité dans la parité des pouvoirs d’achat: étude économétrique
Crédits commerciaux, taux d’intérêt et le comportement récent des prêts extérieurs des banques américaines
Demande d’importation et modification forte ou faible des prix
Différentes méthodes d’analyse des mouvements internationaux de capitaux: etude de cas de l’Autriche et de la France
Double marché des changes ou soutien exclusif des taux de change à terme
Droits de tirage spécial: un nouveau nom pour le jeune avoir?
Encouragements fiscaux pour l’épargne des ménages
L’imposition et le comportement des entreprises multinationales: revue critique
Indexation des traitements et salaires dans les pays développés
Un indicateur des taux de change effectifs pour les pays de production primaire
Indices de taux de change effectifs
L’inflation en régime de taux de change fixes et en régime de taux de change flexibles
Intégration des secteurs budgétaire et monétaire dans les modèles économétriques: examen des questions théoriques et résultats empiriques
Modèle monétaire de l’économie coréenne
Note concernant l’utilisation des réserves sous différents régimes de taux de change
Réforme du serpent monétaire européen
Réserves internationales et inflation mondiale
La sensibilité du rendement de l’impôt sur le revenu des personnes physiques aux Etats-Unis et les réformes fiscales de la dernière décennie
Stabilité du taux de change et flottement dirigé: l’expérience de l’Allemagne fédérale
Structure et réforme du régime des changes et des paiements de certains pays d’Europe de l’Est
Le taux de change, instrument de politique d’un pays en développement
Théorie de la parité des pouvoirs d’achat des taux de change: une étude
Resúmenes
Análisis del mercado de euromonedas: Un intento de aclaración de algunas cuestiones, básicas
Crédito comercial, tipos de interés y el comportamiento reciente de los préstamos externos de bancos estadounidenses
Derechos especiales de giro: Nombre nuevo para el activo de creación reciente
Distintos métodos de análisis de los movimientos internacionales de capital: Estudio monográfico de Austria y Francia
La estabilidad de los tipos de cambio y la flotación dirigida: La experiencia alemana
Estructura y reforma de los sistemas cambiarios y de pagos de algunos países de la Europa oriental
El grado de sensibilidad del producto del impuesto sobre la renta personal en Estados Unidos y las reformas tributarias del último decenio
Grandes y pequeñas variaciones de precios y la demanda de importación
Incentivos fiscales para el ahorro de las unidades familiares
Un indicador de tipos de cambio efectivos para países de producción primaria
Indices de tipos de cambio efectivos
Indización de sueldos y salarios en economiís desarrolladas
Inflación con tipos de cambio fijos y flexibles
Integración de los sectores monetario y fiscal en modelos econométricos: Un estudio sobre aspectos teóricos y resultados empíricos
Los mercados cambiarios dobles y el apoyo exclusivo al tipo de cambio a plazo
El método de insumo-producto aplicado a las funciones de la demanda de importación: Experimentos con datos de Corea
Un modelo monetario de la economía coreana
Una nota sobre la utilización de las reservas con distintos sistemas de tipos de cambio
Reforma de la serpiente europea de monedas
Reservas internacionales e inflación mundial
El sesgo de productividad en la paridad del poder adquisitivo: Una investigación econométrica
La teoría de los tipos de cambio basados en la paridad del poder adquisitivo: Artículo de repaso
El tipo de cambio como un instrumento de política en un pais en desarrollo
La tributación ye el comportamiento de la empresa multinacional: Un análisis crítico
Las ventajas del apoyo exclusivo al tipo de cambio a plazo
Subject Index
(For scheme of classification, see Index to Volumes I-XVI, page 45.)
B. Balance of Payments
1. Analysis
Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support. By William H. L. Day
3. International Capital Movements
Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France. By Zoran Hodjera
Trade Credit, Interest Rates, and the Recent Behavior of External Lending by U. S. Banks. By Ernesto Hernández-Catá
C. International Trade
1. International and Commodity Studies
The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article. By Lawrence H. Officer
Indices of Effective Exchange Rates. By Rudolf R. Rhomberg
An Indicator of Effective Exchange Rates for Primary Producing Countries. By Gérard Bélanger
Large Versus Small Price Changes and the Demand for Imports. By Morris Goldstein and Mohsin S. Khan
The Productivity Bias in Purchasing Power Parity: An Econometric Investigation. By Lawrence H. Officer
2. National Studies
Input-Output Approach to Import Demand Functions: Experiments with Korean Data. By V. Sundararajan and Subhash Thakur
E. Exchange Rates
1. Devaluation
Indices of Effective Exchange Rates. By Rudolf R. Rhomberg
An Indicator of Effective Exchange Rates for Primary Producing Countries. By Gérard Bélanger
Large Versus Small Price Changes and the Demand for Imports. By Morris Goldstein and Mohsin S. Khan
2. Flexible Rates
Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany. By Jacques R. Artus
The Exchange Rate as an Instrument of Policy in a Developing Country. By Omotunde E. G. Johnson
A Reform of the European Currency Snake. By William H. L. Day
F. Monetary Systems
1. International Liquidity
International Reserves and World-Wide Inflation. By H. Robert Heller
Special Drawing Rights: Renaming the Infant Asset. By Joseph Gold
A Note on Reserve Use Under Alternative Exchange Rate Regimes. By Esther C. Suss
2. International Standards and Exchange Markets
The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article. By Lawrence H. Officer
The Advantages of Exclusive Forward Exchange Rate Support. By William H. L. Day
Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support. By William H. L. Day
The Euro-Currency Market: An Attempt to Clarify Some Basic Issues. By Andrew D. Crockett
The Productivity Bias in Purchasing Power Parity: An Econometric Investigation. By Lawrence H. Officer
A Reform of the European Currency Snake. By William H. L. Day
3. National Systems
The Structure and Reform of the Exchange and Payments Systems of Some East European Countries. By Mark Allen
G. Monetary Analysis
1. General
Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry
2. Individual Techniques and General Empirical Studies
A Monetary Model of the Korean Economy. By Ichiro Otani and Yung Chul Park
Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry
H. Monetary Policy
1. General Analysis
Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry
I. Inflation
1. General Analysis
International Reserves and World-Wide Inflation. By H. Robert Heller
Indexation of Wages and Salaries in Developed Economies. By Anne Romanis Braun
Inflation Under Fixed and Flexible Exchange Rates. By Andrew D. Crockett and Morris Goldstein
J. Fiscal Policies
The Sensitivity of the Yield of the U.S. Individual Income Tax and the Tax Reforms of the Past Decade. By Vito Tanzi
Fiscal Incentives for Household Saving. By William J. Byrne
Taxation and Multinational Firm Behavior: A Critical Survey. By George F. Kopits