Front Matter

CONTENTS

  • The SDR as a Basket of Currencies

    • J. J. polak

  • Fixed and Flexible Exchange Rates: A Renewal of the Debate

    • JACQUES R. ARTUS and JOHN H. YOUNG

  • Inflation and International Reserves: A Time-Series Analysis

    • MOHSIN S. KHAN

  • The Role of Foreign Direct Investment in the External Adjustment Process

    • DAVID J. GOLDSBROUGH

  • The Dynamics of Inflation: Forward Contracts and Money

    • ARTURO BRILLEMBOURG

  • Monetary Policy in Selected Asian Countries

    • BIJAN B. AGHEVLI, MOHSIN S. KHAN, P.R. NARVEKAR, and BROCK K. SHORT

  • Summaries

  • Résumés

  • Resúmenes

VOL. 26

No. 4

DECEMBER 1979

Front Matter Page

STAFF PAPERS

Norman K. Humphreys, Editor

Jenny Lee Carter and Paul Gleason

Assistant Editors

Editorial Committee

Norman K. Humphreys, Chairman

Jacques R. Artus

W. A. Beveridge

Sterie T. Beza

Eduard H. Brau

Adalbert Knöbl

Anthony Lanyi

Ichiro Otani

Rose S. Porras

Brock K. Short

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$7.00 a volume or the approximate equivalent in the currencies of most countries. Four 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.

Front Matter Page

INTERNATIONAL MONETARY FUND

STAFF PAPERS

Vol. 26 No. 4

DECEMBER 1979