Abstract
The selected references presented in this bibliography cover books, pamphlets, reports, and periodical articles that describe the functions, organization, and activities of the International Monetary Fund (IMF). Publications on the various aspects of international economics are included only when they contain material relating specifically to the Fund. Previous bibliographies in this series that were compiled by Martin L. Loftus were published in Staff Papers, Vol. 1, No. 3 (April 1951), Vol. 3, No. 1 (April 1953), Vol. 4, No. 3 (August 1955), Vol. 6, No. 3 (November 1958), Vol. 9, No. 3 (November 1962), Vol. 12, No. 3 (November 1965), Vol. 15, No. 1 (March 1968), Vol. 19, No. 1 (March 1972), and Vol. 21, No. 2 (July 1974). Mrs. Salda prepared the bibliographies that were published in Vol. 25, No. 1 (March 1978) and Vol. 26, No. 2 (June 1979). Although most of the Fund’s official publications are included, this is not intended to be a complete bibliography of such publications.
The selected references presented in this bibliography cover books, pamphlets, reports, and periodical articles that describe the functions, organization, and activities of the International Monetary Fund (IMF). Publications on the various aspects of international economics are included only when they contain material relating specifically to the Fund. Previous bibliographies in this series that were compiled by Martin L. Loftus were published in Staff Papers, Vol. 1, No. 3 (April 1951), Vol. 3, No. 1 (April 1953), Vol. 4, No. 3 (August 1955), Vol. 6, No. 3 (November 1958), Vol. 9, No. 3 (November 1962), Vol. 12, No. 3 (November 1965), Vol. 15, No. 1 (March 1968), Vol. 19, No. 1 (March 1972), and Vol. 21, No. 2 (July 1974). Mrs. Salda prepared the bibliographies that were published in Vol. 25, No. 1 (March 1978) and Vol. 26, No. 2 (June 1979). Although most of the Fund’s official publications are included, this is not intended to be a complete bibliography of such publications.
A
Abbott, George C. “Effects of recent changes in the international monetary system on the developing countries,” Aussenwirtschaft (St. Gallen), 34 (March 1979), pp. 59–76.
Abbott, George C. “The IMF credit facilities,” in his International indebtedness and the developing countries (London, Croom Helm; White Plains, New York, M. E. Sharpe, 1979), pp. 171–79.
Abbott, George C. “Recent developments in the international monetary system and their implications for international economic relations,” Journal of Economic Studies (Glasgow), New Series, 6 (May 1979), pp. 129–54.
“Access to the financial resources of the International Monetary Fund,” Quarterly Review, Central Bank of Malta (Valletta), 12 (December 1979), pp. 25–30. Describes the policies and principles governing access to the IMF’s general resources under the tranche policies and the permanent facilities, and also points out the changes that have occurred since the supplementary financing facility became effective.
Adebahr, Hubertus. “Das Weltwährungssystem der Nachkriegszeit” and “Reform des Weltwährungssystems—Diskussion und Realität,” in his Währungstheorie und Währungspolitik; Einführung in die monetäre Aussenwirtschaftslehre, Band I, Aussenwirtschaft (Berlin, Duncker & Humblot, 1978), pp. 402–60.
“After Witteveen’s IMF: Johannes Witteveen this month hands over to Jacques de Larosière an IMF which is in surprisingly good shape,” Economist (London), 267 (June 3, 1978), pp. 92–93.
Aglietta, M. “Monnaie internationale et régimes de change; réflexions théoriques et enseignements historiques,” Economies et Sociétés (Paris), 12 (October/December 1978), pp. 2231–66.
Ainley, E. M. The IMF: past, present and future, Bangor Occasional Papers in Economics, No. 15 (Bangor, University of Wales Press, 1979), 98 pp.
Aliber, Robert Z. “The Greatest monetary agreement in history,” “Monetary reform—where do the problems go when they’re assumed away?” and “Fitting the pieces once again,” in his The International money game (New York, Basic Books, 3rd edition, 1979), pp. 30–47, 174–93, 312–20.
Aliber, Robert Z. Stabilising world monetary arrangements, Thames Essays, No. 18, Trade Policy Research Centre (London, 1979), 46 pp.
Álvarez Betancourt, Opinio. “La Segunda Enmienda al Convenio Constitutivo del FMI y sus implicaciones para los bancos centrales latinoamericanos,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 24 (November/December 1978), pp. 334–40. Address on behalf of the Banco Central de la República Dominicana to the 27th Reunión de Gobernadores de Bancos Centrales Lationamericanos, held in Acapulco, Mexico, September 17-18, 1978.
Amuzegar, Jahangir. “The North-South dialogue: from conflict to compromise,” Foreign Affairs (New York), 54 (April 1976), pp. 547–62. A version of this paper was originally prepared for a conference on alternatives to growth, held in Houston, Texas, October 19-21, 1975.
Amuzegar, Jahangir. “OPEC and the dollar dilemma,” Foreign Affairs (New York), 56 (July 1978), pp. 740–50.
Andersen, Bodil N., and Henning Holten. “Udviklingen i det internationale valutasystem siden 1945,” Nationaløkonomisk Tidsskrift (Copenhagen), 116, No. 1 (1978), pp. 6–22.
Angelini, Anthony, Maximo Eng, and Francis A. Lees. “Challenges to international lenders” and ”Risk analysis in lending to LDCs,” in their International lending, risk and the Euromarkets (London, Macmillan, 1979), pp. 21–24, 120–67.
Angelopoulos, Angelos. “Une Proposition intérimaire: le recyclage des pétro-dollars et de la plus-value sur l’or” and “La Réforme monétaire,” in his Pour une nouvelle politique du développement international (Paris, Presses Universitaires de France, 1976), pp. 155–78.
Antonio, Douglas J. “Recent, developments of the International Monetary Fund,” International Trade Law Journal (Baltimore), 3 (Summer 1978), pp. 400–404.
Arcucci, Francesco. L’Evoluzione comparata del sistema monetario interno e del sistema monetario internazionale, Pubblicazioni, Serie Relazioni, No. 86, Istituto di Economia Aziendale, Università Commerciale Luigi Bocconi (Milan, A. Giuffrè, 1978), 48 pp. A slightly shortened English version with title, “The Comparative evolution of the internal monetary system and the international monetary system,” in Economic Notes, Monte dei Paschi di Siena (Siena), 7, No. 2/3 (1978), pp. 50–78.
Arsenis, G. D. “The System of international financial cooperation for development,” Annales d’Etudes Internationales (Geneva), 9 (1978), pp. 61–73.
Artus, Jacques R., and Andrew D. Crockett. Floating exchange rates and the need for surveillance, Essays in International Finance, No. 127, Princeton University (Princeton, 1978), 42 pp.
“As good as gold,” West Africa (London), No. 3257 (December 17, 1979), pp. 2336–37. Discusses the development of composite currencies, with reference to special drawing rights and the European currency unit.
Aschinger, Franz E. “Das neue Währungssystem,” Zeitschrift für das gesamte Kreditwesen (Frankfurt am Main), 31 (February 15, 1978), pp. 154–57.
Aschinger, Franz E. Das neue Währungssystem: von Bretton Woods bis zur Dollarkrise 1977 (Frankfurt am Main, F. Knapp, 1978), 182 pp.
Asheshov, Nicholas. “When IMF formulas don’t work,” Institutional Investor, International Edition (New York), September 1979, pp. 178–79. Discusses the IMF’s policy in Nicaragua.
Askari, Hossein, and John Thomas Cummings. “Policy options for financing LDC deficits and economic growth,” in their Oil, OECD, and the third world: a vicious triangle, Middle East Monograph, No. 5, Center for Middle Eastern Studies, University of Texas at Austin (Austin, Texas, 1978), pp. 54–78.
Atlantic Council of the United States, Working Group on International Monetary Affairs. The Floating rate system: the search for balance and stability (Washington, 1978), 22 pp. Frank A. Southard, Jr., rapporteur and cochairman, William McChesney Martin, cochairman. Reprinted in Atlantic Community Quarterly (Washington), 16 (Winter 1978-79), pp. 457–72.
Aubey, Robert T., and Robert H. Cramer. “The Use of international currency cocktails in the reduction of exchange-rate risk,” Journal of Economics and Business (Philadelphia), 29 (Winter 1977), pp. 128–35.
B
The Balance of payments adjustment process in developing countries: report to the Group of twenty-four [prepared by the staff of] UNDP/UNCTAD Project INT/75/015 (New York, United Nations, 1979), 161 pp. (Mimeographed) Sidney Dell, director of the project.
Baldwin, David A. “International political economy and the international monetary system,” International Organization (Madison, Wisconsin), 32 (Spring 1978), pp. 497–512. In this review essay, selected themes from books by de Cecco, Aliber, and Verbit are discussed.
Balogh, Thomas. “Snared in the debt trap,” Development Forum, Business Edition (Geneva), No. 1 (February 24, 1978), pp. 1–2.
Balogh, Thomas., and Andrew Graham. “The Transfer problem revisited: analogies between the reparations payments of the 1920s and the problems of the OPEC surpluses,” Oxford Bulletin of Economics and Statistics (Oxford), 41 (August 1979), pp. 183–91.
Banco de Mexico. “El Grupo de los Veinticuatro: evolución y perspectivas,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (November/December 1979), pp. 368–75. Presented at the 29th Reunión de Gobernadores de Bancos Centrales Latinoamericanos y de España, held in Madrid, September 1979.
Banks, Ferdinand E. “The International economy in the postwar era: a sketch,” “International monetary economics: an introduction,” and “The Eurocurrency market, multinational firms, and special drawing rights,” in his The International economy: a modern approach (Lexington, Massachusetts, Lexington Books, 1979), pp. 18–20, 83–112.
Baquiast, Henri. “The European Monetary System and international monetary relations,” in The European Monetary System: its promise and prospects, Philip H. Trezise, ed. (Washington, Brookings Institution, 1979), pp. 49–59. Paper prepared for a conference held at the Brookings Institution in April 1979. With comments by Robert Solomon.
Bareau, Paul. “The Evolution of the international monetary system,” in A Framework of international banking, Stephen F. Frowen, ed. (Guildford, England, Guildford Educational Press, 1979), pp. 186–206. Paper originally presented at the Surrey Summer School’s Management Development Course for Bankers, organized by Philip Thorn Associates Ltd., and held at the University of Surrey, Guildford, England, in July 1978.
Bareau, Paul. “From the gold standard to the European monetary system,” Irish Banking Review (Dublin), December 1978, pp. 15–26.
Baumol, William J., and Alan S. Blinder. “The Bretton Woods system and the International Monetary Fund,” “Adjustment mechanisms under the Brettton Woods system,” and “Recent developments in international financial markets,” in their Economics: principles and policy (New York, Harcourt Brace Jovanovich, 1979), pp. 743–49.
Beglin, Brian D. “United States enforcement of foreign exchange control laws: a rule in transition?” New York University Journal of International Law and Politics (New York), 10 (Winter 1978), pp. 535–68.
Bell, David. “Third world knots from the IMF’s strings,” Financial Times (London), May 31, 1978, p. 20.
Bell, Geoffrey. “Easing the strain on the dollar,” Times (London), December 10, 1979, p. 17. Urges the introduction of various “safety nets” into the international financial system, including an IMF substitution account.
Bell, Geoffrey. “Statement” and “Prepared statement: The Dollar and the international financial system,” in The Decline of the dollar; hearings before the Subcommittee on Foreign Economic Policy of the Committee on Foreign Relations, United States Senate, 95th Congress, 2nd Session, February 22, June 22, and July 24, 1978, U.S. Congress, Senate, Committee on Foreign Relations (Washington, Government Printing Office, 1978), pp. 77–91, 272–83.
Bergsten, C. Fred. “Reforming the GATT: the use of trade measures for balance-of-payments purposes,” Journal of International Economics (Amsterdam), 7, No. 1 (1977), pp. 1–18. Attempts to determine the respective roles of the GATT and the IMF in reforming rules relating to the use of trade policy measures.
Bergsten, C. Fred. “Statement,” in The 1978 midyear review of the economy; hearings before the Joint Economic Committee … 95th Congress, 2nd Session, U.S. Congress, Joint Economic Committee (Washington, Government Printing Office, 1979), pp. 527–33. Hearing held July 19, 1978. Reprinted with title, “International economic policy—where we stand,” in Annual report of the Secretary of the Treasury on the state of the finances, 1977/78, U.S. Treasury Department (Washington, Government Printing Office, 1979), pp. 482–87.
Bernstein, Edward M. “The Economics of fluctuating exchange rates,” in Exchange rate flexibility, Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett, eds., AEI Symposia, No. 78c, American Enterprise Institute for Public Policy Research (Washington, 1978), pp. 9–24, 53–79. With comments by C. Fred Bergsten, Harold van B. Cleveland, Gottfried Haberler, and Harry G. Johnson, and summary of discussion. Edited version of a paper originally presented at the Conference on Exchange Rate Flexibility and the International Monetary System, sponsored jointly by the American Enterprise Institute and the U.S. Treasury, and held at the American Enterprise Institute, April 20-22, 1976.
Bethell, T. “International Monetary Fund: doing well and doing good,” Washington Monthly (Washington), 9 (May 1977), pp. 52–58.
Bird, Graham. “An Analysis of the welfare gains from special drawing rights,” Economia Internazionale (Genoa), 31 (August/November 1978), pp. 177–85.
Bird, Graham. “The Benefits of special drawing rights for less developed countries,” World Development (Oxford), 7 (March 1979), pp. 281–90.
Bird, Graham. “An Integrated programme for finance and aid,” Banker (London), 129 (September 1979), pp. 87–93.
Bird, Graham. “IMF quotas, conditionality, and the developing countries,” ODI Review (London), No. 2 (1979), pp. 57–71.
Bird, Graham. The International monetary system and the less developed countries (London, Macmillan, 1978), 339 pp.
Black, Stanley W. “A World of floating exchange rates,” in The U.S. role in a changing world political economy: major issues for the 96th Congress; a compendium of papers submitted to the Joint Economic Committee, Congress of the United States (Washington, Government Printing Office, 1979), pp. 23–39.
Blackwell, Carl P. “Monetary approach to balance of payments needs blending with other lines of analysis” and “Eclectic approach to balance of payments adjustment policies and programs is urged,” IMF Survey (Washington), 7 (February 20, 1978), pp. 52–55; 7 (March 6, 1978), pp. 71–73. A two-part article adapted from the author’s paper entitled, “Reflections on the monetary approach to the balance of payments,” presented at the Pacific Basin Central Bank Conference on Econometric Modeling, held in Wellington, New Zealand, in November 1977.
Blackwell, Michael, and Kenneth S. Friedman. “A Growing perception of interdependence,” Finance and Development (Washington), 15 (December 1978), pp. 5–7. A report on the 1978 IMF Annual Meeting.
Blanc, Jacques. “Le Système monétaire international,” in Droit économique II, by Jacques Blanc and François Rigaux, Cours et Travaux, Vol. 4, Institut des Hautes Etudes internationales de Paris (Paris, A. Pedone, 1979), pp. 1–268.
Blažejová, Darina. “Nedávne pokusy o vylepšenie kapitalistického medzinárodného menového systému a ich budúcnost’,” Finance a Úvĕr (Prague), 29, No. 5 (1979), pp. 329–37.
Block, Fred L. “The Origins of the IMF,” “The Fund and its critics,” “The Liquidity problem—too much or too little,” “The Liquidity debate,” and “The International monetary order in crisis,” in his The Origins of international economic disorder; a study of United States international monetary policy from World War II to the present (Berkeley, University of California Press, 1977), pp. 42–46, 50–55, 109–14, 189–93, 203–25.
Blondel, Yves. “L’Assemblée annuelle du F.M.I., Washington, 25-28 septembre, 1978: commentaires,” Banque (Paris), No. 378 (November 1978), pp. 1197–99.
Blumenthal, W. Michael. “Statement” and “Prepared statement,” in The Dollar rescue operations and their domestic implications; hearings before the Subcommittee on International Economics, 95th Congress, 2nd Session, December 14 and 15, 1978, U.S. Congress, Joint Economic Committee (Washington, Government Printing Office, 1979), pp. 8–23.
Boeck, Klaus. Die währungspolitischen Forderungen der Entwicklungsländer zur Schaffung einer neuen Weltwirtschaftsordnung, Veröffentlichungen, HWWA—Institut für Wirtschaftsforschung (Hamburg, Verlag Weltarchiv, 1978), 176 pp.
Bohnet, Michael. “Instruments of development assistance,” Economics (Tübingen), 19 (1979), pp. 7–33. German version with title, “Instrumente der Entwicklungshilfe,” in IFO-Studien (Berlin), 23, No. 1/2 (1977), pp. 43–74.
Boll, F. “Capital movements, capital controls, and the exchange-rate regime,” Tijdschrift voor Economie en Management (Louvain), 23, No. 1 (1978), pp. 31–65.
Boughton, James M., and Elmus R. Wicker. “The International Monetary Fund” and “Floating exchange rates,” in their The Principles of monetary economics (Homewood, Illinois, Richard D. Irwin, 1975), pp. 326–35.
Bourguignat, Henri. “La Dynamique ambiguë de l’installation du flottement,” “L’Instabilité chronique des taux flottants,” and “Le Financement contre l’adjustement,” in his Le Flottement des monnaies; premier bilan: entreprises, banques, banques centrales, espaces monétaires (Paris, Presses Universitaires de France, 1977), pp. 99–105, 116–35.
Braakman, Guus. “Monetary evolutions and the common agricultural policy,” Common Market Law Review (Alphen aan den Rijn), 15 (May 1978), pp. 157–86.
Brainard, Lawrence J. “Why Eastern Europe is talking about the IMF,” Euromoney (London), October 1979, pp. 163–65.
Bray, J. “Escaping from the IMF straitjacket,” New Statesman (London), 93 (January 14, 1977), pp. 46–48.
Brett, Edwin A. “The International Monetary Fund, the international monetary system and the periphery,” in IFDA Dossier, International Foundation for Development Alternatives (Nyon, Switzerland), No. 5 (March 1979), 15 pp.
Brittan, Samuel. “The Silly myth about the IMF,” Financial Times (London), September 17, 1979, p. 16.
Bronfenbrenner, Martin. “Floating rates and the IMF response,” Asian Economies (Seoul), No. 4 (December 1977), pp. 5–14.
Bronfenbrenner, Martin. “On dumping gold,” South African Journal of Economics (Braamfontein), 46 (December 1978), pp. 352–59.
Brown, Brendan. “International monetary systems,” in his Money hard and soft on the international currency markets (New York, John Wiley, 1978), pp. 121–25.
Burki, Elie Paul. “Le Projet de deuxième amendement aux Statuts du F.M.I. et ses prolongements: un exemple, les droits de tirage spéciaux,” Droit et Pratique du Commerce International (Paris), 4 (October 1978), pp. 383–404.
Burns, Arthur F. The Anguish of central banking (Washington, Per Jacobsson Foundation, 1979), 49 pp. Lecture in the Sava Centar complex, Belgrade, September 30, 1979. With a commentary by Milutin Ćirović entitled, “The International monetary system: problems and prospects”; and by Jacques J. Polak entitled, “The Evolution of the international monetary system.” Serbo-Croat translations of the lecture and commentaries in Finansije (Belgrade), 35 (November/December 1979), pp. 708–40.
Burns, Arthur F. “The Redirection of financial policies,” in his Reflections of an economic policy: speeches and Congressional statements, 1969-1978 (Washington, American Enterprise Institute for Public Policy Research, 1978), pp. 469–76. Remarks at Chancellor Helmut Schmidt’s dinner honoring Dr. Karl Klasen, held in Bonn, Germany, on May 11, 1977.
Burtle, James. “Statement” and “Prepared statement,” in Authorization for Treasury’s international affairs functions; hearing before the Sub-committee on International Finance, 96th Congress, 1st Session, on S. 976, May 3, 1979, U.S. Congress, Senate, Committee on Banking, Housing and Urban Affairs (Washington, Government Printing Office, 1979), pp. 182–86, 199–206.
C
Caffè, Federico. “Su alcune trasformazioni recenti del Fondo Monetario Internazionale,” Comunità Internazionale (Rome), 33, No. 4 (1978), pp. 525–31.
Cameron, Duncan C. “Le Fonds Monétaire International, la réforme monétaire et le Tiers-monde,” Actualité Economique (Montreal), 55 (January/March 1979), pp. 28–45. With English summary.
Cameron, Duncan C. “The Reform of international money,” International Journal (Toronto), 34 (Winter 1978/79), pp. 90–109.
Campbell, Colin D., and Rosemary Campbell. “International finance” and “Alternative methods of balancing international payments,” in their An Introduction to money and banking (Hinsdale, Illinois, Dryden Press, 3rd edition, 1978), pp. 492–536.
Canada, Department of Finance. Report on operations under the Bretton Woods agreements act and International Development Association act, 1978 (Ottawa, 1979), 43 pp.
“A Canny borrower be: no problem for nouveau-riche Britain with the IMF this year, but it should not repay all its foreign debt; tinker and tailor it first,” Economist (London), 265 (December 17, 1977), pp. 102–103.
Canterbery, E. Ray. “The International monetary crisis and the delayed peg,” Challenge (White Plains, New York), 21 (November/December 1978), pp. 4–12.
Canterbery, E. Ray. “Statement” and “Prepared statement,” in Authorization for Treasury’s international affairs functions; hearing before the Subcommittee on International Finance, 96th Congress, 1st Session, on S. 976, May 3, 1979, U.S. Congress, Senate, Committee on Banking, Housing and Urban Affairs (Washington, Government Printing Office, 1979), pp. 187–98, 207–21.
Caplan, Basil. “Portugal: government by the IMF,” Banker (London), 128 (October 1978), pp. 47–49.
Cargill, Thomas F. “Brief history of the fixed exchange rate system, 1944-1973” and “The Future and need for reform,” in his Money, the financial system, and monetary policy (Englewood Cliffs, New Jersey, Prentice-Hall, 1979), pp. 536–39, 540–42.
Carli, Guido. “Perspectives in the evolution of the international monetary system,” Journal of Monetary Economics (Amsterdam), 4 (April 1978), pp. 405–14.
Carli, Guido. Why banks are unpopular (Washington, Per Jacobsson Foundation, 1976), 29 pp. Lecture, Basle University, June 12, 1976, with comment by Milton Gilbert. French translation with title, Pourquoi les banques sont impopulaires (Washington, Per Jacobsson Foundation, 1976), 30 pp.; Spanish translation with title, El Porqué de la impopularidad de los ban-cos (Washington, Per Jacobsson Foundation, 1976), 30 pp.; and Italian translation, of lecture only, with title, “Perché le banche sono impopolari,” in Bancaria (Rome), 32 (November 1976), pp. 1094–1101.
Carreau, Dominique. “L’Augmentation de la quote-part de la France au Fonds Monétaire International: la décision du Conseil constitutionnel du 29 avril 1978,” Revue Générale de Droit International Public (Paris), 83, No. 1 (1979), pp. 209–19.
Carreau, Dominique., Patrick Juillard, and Thiébaut Flory. “Le Fonds Monétaire International de 1945 à 1971: l’âge d’or” and “Les Crises et la réforme du système Bretton-Woods,” in their Droit international économique (Paris, Librairie Générale de Droit et de Jurisprudence, 1978), pp. 230–89.
Carriazo, George. “La Reforma del sistema monetario internacional capitalista y los derechos especiales de giro,” Economía y Desarrollo (Havana), 33 (January/February 1976), pp. 72–93.
Carter, H., and I. Partington. “The Bretton Woods system” and “Managed floating,” in their Applied economics in banking and finance (Oxford, Oxford University Press, 1979), pp. 266–306.
Cavallero, F. “Il Nuovo volto del sistema monetario internazionale,” Mondo Economico (Milan), 33 (September 30, 1978), pp. 67–71.
Central Bank of Barbados. “Instability of reserve currencies and implications for public finance,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (July/August 1979), pp. 233–39. Paper presented at the 16th Meeting of Governors of Central Banks of the American Continent, held in Caraballeda, Venezuela, May 1979.
Chacholiades, Miltiades. “The Fixed-exchange-rate system: II, The Adjustable peg … An Overview” and “An Outline of a plan for reform of the international monetary system,” in his International monetary theory and policy (New York, McGraw-Hill, 1978), pp. 166–71, 462–63.
Chandler, Lester V. “International reserve assets,” “Official international borrowing facilities,” and “Exchange rate systems and related matters,” in his The Monetary-financial system (New York, Harper & Row, 1979), pp. 273–75, 295–99.
Chandler, Lester V., and Stephen M. Goldfeld. “The International Monetary Fund” and “International monetary policies,” in their The Economics of money and banking (New York, Harper & Row, 7th edition, 1977), pp. 475–80, 501–17.
Chernow, Ron. “The IMF: roughest bank in town,” Saturday Review (New York), February 3, 1979, pp. 17–20.
“Chronology of international monetary reform,” Finance and Development (Washington), 15 (June 1978), pp. 19–22.
Chrystal, Kenneth A. International money and the future of the SDR, Essays in International Finance, No. 128, Princeton University (Princeton, 1978), 34 pp. Spanish translation with title, “La Moneda internacional y el futuro de los DEG,” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (March/April 1979), pp. 110–27; and in Revista Bancaria (Mexico, D. F.), 27 (July 1979), pp. 24–40.
Ćirović, Milutin. “The International monetary system: problems and prospects,” in The Anguish of central banking, by Arthur F. Burns (Washington, Per Jacobsson Foundation, 1979), pp. 27–37. Commentary on the lecture delivered by Arthur F. Burns in the Sava Centar complex, Belgrade, September 30, 1979. Serbo-Croat translation with title, “Neravnoteža svetske privrede i izbor platno bilansne strategije,” in Finansije (Belgrade), 34 (November/December 1979), pp. 726–34.
Ćirović, Milutin. “Strategija kreiranja specijalnih prava vučenja,” Finansije (Belgrade), 34 (July/August 1979), pp. 399–420.
Cizauskas, Albert C. “International debt renegotiation: lessons from the past,” World Development (Oxford), 7 (February 1979), pp. 199–210.
Cline, William R. “Resource transfers to the developing countries: issues and trends,” in Policy alternatives for a new international economic order; an economic analysis, William R. Cline, ed. (New York, Praeger for the Overseas Development Council, 1979), pp. 331–53.
Cochran, John A. “The International monetary system,” in his Money, banking, and the economy (New York, Macmillan, 1979), pp. 545–64.
Cohen, Stephen D. “Changes in the international economy: old realities and new myths,” Journal of World Trade Law (Twickenham), 12 (July/August 1978), pp. 273–88.
Colchester, Nicholas. “Escaping from the dollar overhang,” Financial Times (London), October 23, 1979, p. 14.
Cole, David C. “Concepts, causes, and cures of instability in less developed countries,” in Money and finance in economic growth and development: essays in honor of Edward S. Shaw, Ronald I. McKinnon, ed. (New York and Basle, Marcel Dekker, 1976), pp. 143–74. With comment by Charles R. Blitzer. Paper originally presented at a conference on money and finance in economic growth and development, held at Stanford University in April 1974.
Collison, Robert. “Life and death and the IMF; a nervous glance at the world’s most feared bankers,” Saturday Night (Toronto), 94 (July/August 1979), pp. 16–17.
Colmenares Páramo, David R. “Notas acerca de la política del Fondo Monetario Internacional,” Investigación Económica (Mexico, D. F.), 37 (July/September 1978), pp. 189–204.
“The Commercial use of SDR’s,” World Financial Markets, Morgan Guaranty Trust Company (New York), August 1975, pp. 4–11.
Connors, Thomas A. The Apparent effects of IMF stabilization programs, International Finance Discussion Papers, No. 135, U.S. Board of Governors of the Federal Reserve System (Washington, 1979), 15 pp. (Mimeographed)
Conteh, Abdulai. “SDRs can solve the problem,” West Africa (London), No. 3228 (May 28, 1979), pp. 918–19.
“Convergence, by not growing much,” Economist (London), 268 (September 30, 1978), pp. 77–78.
Cooper, Richard N. Flexible exchange rates after 6 years’ experience, Current Policy, No. 114, U.S. Department of State, Bureau of Public Affairs (Washington, 1979), 4 pp. Address before the World Affairs Council of Philadelphia and the University of Pennsylvania in Philadelphia, October 31, 1979.
Cooper, Richard N. “Prepared statement,” in The Witteveen facility and the OPEC financial surpluses; hearings before the Subcommittee on Foreign Economic Policy, 95th Congress, 1st Session, September 21, 23, October 6, 7, and 10, 1977, U.S. Congress, Senate, Committee on Foreign Relations (Washington, Government Printing Office, 1978), pp. 169–74.
“Coping with the imbalance in international payments,” World Financial Markets, Morgan Guaranty Trust Company (New York), January 1977, pp. 1–7.
Corden, W. M. “Reducing debt and improving the international financial system,” in his The NIEO proposals: a cool look, Thames Essays, No. 21, Trade Policy Research Centre (London, 1979), pp. 13–18.
Coronel de Palma, Luis. “La Reforma del sistema monetario internacional,” Revista de Política Internacional (Madrid), 151 (May/June 1977), pp. 35–56.
Coulbois, Paul. “De Bretton Woods aux changes flottants,” in his Finance internationale, Vol. 1, Le Change (Paris, Editions Cujas, 1979), pp. 13–78.
Crockett, Andrew D. “Control over international reserves,” Staff Papers, International Monetary Fund (Washington), 25 (March 1978), pp. 1–24.
Crockett, Andrew D., and Robert H. Heller. “The Changing role of the International Monetary Fund,” Kredit and Kapital (Berlin), 11, No. 3 (1978), pp. 324–39.
Cross, Sam Y. “The Role of the IMF under the amended Articles of Agreement,” in Exchange rate flexibility, Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett, eds., AEI Symposia, No. 78c, American Enterprise Institute for Public Policy Research (Washington, 1978), pp. 191–226. With comments by Thomas de Vries, J. J. Polak, Armin Gutowski, Fred Hirsch, Rimmer de Vries, Marina V. N. Whitman, and Thomas D. Willett, reply by Sam Y. Cross, and summary of discussion. Edited version of a paper originally presented at the Conference on Exchange Rate Flexibility and the International Monetary System, sponsored jointly by the American Enterprise Institute and the U.S. Treasury, and held at the American Enterprise Institute, April 20-22, 1976.
Crowe, Brian G. “International public lending and American policy,” in Debt and the less developed countries, Jonathan D. Aronson, ed. (Boulder, Colorado, Westview Press, 1979), pp. 27–55.
Crowson, Philip C. F., and Basil A. Richards. “Foreign exchange rates and the IMF,” “Fixed versus floating exchange rates,” “Reserves and the finance of world trade,” and “Special drawing rights,” in their Economics for managers (London, E. Arnold, 2nd edition, 1978), pp. 168–80.
Cuddy, J. D. A. “Compensatory financing in the North-South dialogue: the IMF and STABEX schemes,” Journal of World Trade Law (Twickenham), 13 (January/February 1979), pp. 66–76.
“The Currency scrum,” Economist (London), 269 (October 7, 1978), pp. 90–91.
Cutler, David S. “The Liquidity of the International Monetary Fund,” Finance and Development (Washington), 16 (June 1979), pp. 36–39.
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De Brunhoff, Suzanne. “Circulación financiera internacional y crisis capitalista,” Investigación Económica (Mexico, D. F.), 37 (April/June 1978), pp. 167–83.
De Cecco, Marcello. “Origins of the post-war payments system,” Cambridge Journal of Economics (London), 3 (March 1979), pp. 49–61.
de Larosière, Jacques. “Developing nations’ mounting problems demand bold action,” IMF Survey (Washington), 8 (May 21, 1979), pp. 149–52. Address to the fifth session of the United Nations Conference on Trade and Development in Manila, May 11, 1979. Another version of the address with title, “Toward a solution of international economic problems,” in Finance and Development (Washington), 16 (September 1979), pp. 12–14.
de Larosière, Jacques. “Managing Director offers positive policy approach,” IMF Survey (Washington), 8 (July 9, 1979), pp. 197, 207-10. Address to the United Nations Economic and Social Council in Geneva, July 6, 1979. Summary of the address with title, “Serious world economic problems demand positive approach toward inflation, growth, and energy,” in Finance and Development (Washington), 16 (September 1979), p. 5. Spanish translation with title, “Elementos de una strategia para afrontar la actual situación económica mundial,” in Boletín, Centro de Estudios Monetarios Latino-americanos (Mexico, D. F.), 25 (September/October 1979), pp. 311–16.
de Larosière, Jacques. “Managing Director relates Fund’s long-term goals to development strategy,” IMF Survey (Washington), 8 (April 23, 1979), pp. 117, 125-26. Statement presented at a meeting of the Administrative Committee on Coordination, established under the aegis of the United Nations Economic and Social Council, which met in Geneva, April 2-4, 1979.
de Larosière, Jacques. “Managing Director says Fund’s new duties of surveillance should promote exchange stability,” IMF Survey (Washington), 7 (November 20, 1978), pp. 353, 357-60. Address to the Chicago Committee, November 14, 1978. Reprinted in Trading in foreign exchange markets; hearing before the Committee on Banking, Housing and Urban Affairs, 95th Congress, 2nd Session, December 20, 1978, U.S. Congress, Senate, Committee on Banking, Housing and Urban Affairs (Washington, Government Printing Office, 1979), pp. 175–80. Spanish translation with title, “La Función y los métodos de supervisión del Fondo Monetario Internacional,” in Revista Bancaria (Mexico, D. F.), 27 (January 1979), pp. 20–25.
de Larosière, Jacques. “Managing Director urges firmness on energy programs and inflation, is hopeful on substitution account,” IMF Survey (Washington), 8 (December 10, 1979), pp. 382–85. Address on “The Current concerns of the International Monetary Fund” to the U.S. Council of the International Chamber of Commerce in New York, December 5, 1979.
de Larosière, Jacques. “Managing Director’s London address … Toward a more stable world economy,” IMF Survey (Washington), 8 (February 5, 1979), pp. 33, 43-45. Address to the Overseas Bankers Club in London, February 5, 1979. Spanish translation with title, “Hacia un economía mundial más estable,” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (March/April 1979), pp. 128–30.
de Larosière, Jacques. “Surveillance with firmness, discretion can help adjustment, de Larosière says,” IMF Survey (Washington), 8 (October 29, 1979), pp. 337–39. Address on “Exchange rates and the adjustment process” to the International Working Conference on the Management of Foreign Exchange Risks, organized by the International Herald Tribune and FOREX Research Ltd., and held in Paris, October 29, 1979. Excerpts from the address, with title, “Exchange rates and the adjustment process,” in Finance and Development (Washington), 17 (March 1980), pp. 4–5.
de Silva, Leelananda. “Gold, the International Monetary Fund and the third world,” in IFDA Dossier, International Foundation for Development Alternatives (Nyon, Switzerland), No. 5 (March 1979), 12 pp.
de Vries, Margaret G. “IMF under H. J. Witteveen: world economic cooperation sustained in years of crisis,” IMF Survey (Washington), 7 (June 19, 1978), pp. 178–83.
de Vries, Tom. “The Inconstant dollar,” Foreign Policy (New York), No. 32 (Fall 1978), pp. 161–83.
de Vries, Tom. “Saving the dollar,” World Today (London), 35 (January 1979), pp. 10–15.
de Vries, Tom. “Een stap terug: de internationale economische ontwikkeling in de jaren zeventig,” Economisch-Statistische Berichten (Rotterdam), 64 (December 19, 1979), pp. 1333–37.
Dealtry, Michael G. “Die monetäre Rolle des Goldes,” Kredit and Kapital (Berlin), 12, No. 1 (1979), pp. 83–100. With English summary.
Deane, Roderick S. “New Zealand and the International Monetary Fund,” Bulletin, Reserve Bank of New Zealand (Wellington), 40 (August 1977), pp. 272–73. Originally prepared for presentation to a meeting of the Economic Society, Wellington, June 17, 1977.
“Le Débat sur le F.M.I. à l’Assemblée Nationale: le système monétaire en question,” Revue Politique et Parlementaire (Paris), 80 (May/June 1978), pp. 8–27.
Decaluwe, Bernard. “Quelques enseignements récents de la réforme du système monétaire international,” Actualité Economique (Montreal), 55 (January/March 1979), pp. 18–27. With English summary.
“El Desmoronamiento del sistema monetario internacional de la posguerra,” Comercio Exterior, Banco Nacional de Comercio Exterior (Mexico, D. F.), 28 (July 1978), pp. 837–41.
Dewitt, R. Peter, and James F. Petras. “Political economy of international debt: the dynamics of financial capital,” in Debt and the less developed countries, Jonathan D. Aronson, ed. (Boulder, Colorado, Westview Press, 1979), pp. 191–215.
Diaz Alejandro, Carlos F. “The International framework,” in his Southern Cone stabilization plans, Discussion Paper, No. 330, Economic Growth Center, Yale University (New Haven, Connecticut, 1979), pp. 28–32. (Mimeographed) Discusses the IMF role in stabilization plans for South American countries.
Dillon, K. Burke. “A Profile of 1967-76: role played by resources of Fund in financing payments needs,” IMF Survey (Washington), 7 (June 5, 1978), pp. 161–65.
Dillon, Laura White. “Will SDRs get a new lease on life?” Institutional Investor (New York), January 1979, p. 35.
“The Dollar and beyond,” Economist (London), 273 (October 6, 1979), pp. 77–78.
“Dollar pessimism clouds the IMF meeting,” Business Week (New York), No. 2555 (October 9, 1978), pp. 116–18.
“The Dollar substitution account: interviews with Arab experts,” An-Nahar Arab Report & Memo (Beirut), 3 (October 15, 1979), pp. 8–11. Reports on interviews with Mohamed Said Nabulsi, Governor of Jordan’s Central Bank, and Egypt’s Economy Minister, Hamed as-Sayeh.
Donaldson, Thomas H. “Country lending and country limits … The Analysis,” “Growth of international lending,” and “Relationship between governments, international institutions and banks,” in his International lending by commercial banks (London, Macmillan, 1979), pp. 37–48, 162–66.
“Don’t shoot the pianist,” Economist (London), 267 (April 1, 1978), pp. 69–71. Discusses the procedures and policies of the IMF.
Dormael, Armand van. Bretton Woods: birth of a monetary system (New York, Holmes & Meier, 1978), 322 pp.
Dreyer, Jacob S. “Composite SDR as a pivot for exchange parities,” Rivista Internazionale di Scienze Economiche e Commerciali (Milan), 25 (March 1978), pp. 234–53.
Dreyer, Jacob S. “Postscript: issues in exchange rate flexibility,” in Exchange rate flexibility, Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett, eds., AEI Symposia, No. 78c, American Enterprise Institute for Public Policy Research (Washington, 1978), pp. 281–88. Summarizes the issues discussed at the Conference on Exchange Rate Flexibility and the International Monetary System, sponsored jointly by the American Enterprise Institute and the U.S. Treasury, and held at the American Enterprise Institute, April 20-22, 1976.
Drouin, Michel. “Vers un nouvel étalon monétaire mondial: le DTS,” Reflets et Perspectives de la Vie Economique (Brussels), 17 (December 1978), pp. 383–97.
Dürr, Ernst. “Entwicklungslinien in der internationalen Währungsordnung,” in Internationale Wirtschaftsordnung, Helmut Gröner and Alfred Schüller, eds. (Stuttgart and New York, Gustav Fischer Verlag, 1978), pp. 143–51.
“The Dutch money masters,” Business Week (New York), No. 2606 (October 8, 1979), pp. 76–87.
Duttweiler, Rudolf. “Autonome Sonderziehungsrechte-Zuteilung” and “Internationaler Waehrungsfonds (IWF),” in his Internationale Investitionsfinanzierung und Zahlungsbilanz; ein Beitrag zur Aussenverschuldungsproblematik der Entwicklungsländer (Diessenhöfer, Verlag Rüegger, 1978), pp. 48–53.
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Eaker, Mark R. “Special drawing rights and the pricing of oil,” Journal of World Trade Law (Twickenham), 13 (January/February 1979), pp. 22–33.
Eckaus, Richard S. “Is the IMF guilty of malpractice?” Institutional Investor (New York), September, 1977, pp. 13–15. Excerpts from a paper presented to the Joint Economic Committee of the U.S. Congress.
Edo, Michael E. “Fund members’ quotas govern subscriptions, drawing rights, votes,” IMF Survey (Washington), 7 (April 17, 1978), pp. 121–125.
Edo, Michael E. “Multiformula method adds flexibility in the calculation of members’ quotas,” IMF Survey (Washington), 7 (June 5, 1978), pp. 166–68.
Einhorn, Jessica P. “Cooperation between public and private lenders to the third world,” World Economy (Amsterdam), 2 (May 1979), pp. 229–41.
Emminger, Otmar. “The Exchange rate as an instrument of policy,” Lloyds Bank Review (London), No. 133 (July 1979), pp. 1–22. A revised and expanded version of the LSE Society Special Lecture given at the London School of Economics, December 7, 1978.
Emminger, Otmar. “International monetary reform; design and reality,” in Breadth and depth in economics: Fritz Machlup, the man and his ideas, Jacob S. Dreyer, ed. (Lexington, Massachusetts, Lexington Books, 1978), pp. 173–80.
Enyedy, A. “Helyettesithetö–e a dollar és az arany?” Pénzügyi Szemle (Budapest), 23, No. 6 (1979), pp. 443–48.
Ethier, W., and A. I. Bloomfield. “The Reference rate proposal and recent experience,” Quarterly Review, Banca Nazionale del Lavoro (Rome), No. 126 (September 1978), pp. 211–32. Italian translation with title, “La ‘Proposta del cambio di riferimento’ e la recente esperienza,” in Moneta e Credito, Banca Nazionale del Lavoro (Rome), 31 (September 1978), pp. 231–54.
Exchange rate flexibility, Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett, eds. AEI Symposia, No. 78c, American Enterprise Institute for Public Policy Research (Washington, 1978), 288 pp. Edited proceedings of the Conference on Exchange Rate Flexibility and the International Monetary System, sponsored jointly by the American Enterprise Institute and the U.S. Treasury, and held at the American Enterprise Institute, April 20-22, 1976.
“The External debt of developing countries: a survey of viewpoints,” in LDC external debt and the world economy, Miguel S. Wionczek, ed. (Mexico, D. F., El Colegio de México and Center for Economic and Social Studies of the Third World, 1978), pp. 98–118. Part of a background report prepared by a working group, including Miguel S. Wionczek, and others, for a private international meeting on the external debt problem of the developing countries, sponsored by El Colegio de México and the Center for Economic and Social Studies of the Third World, and held in Mexico City, October 27–30, 1977.
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Fabra, Paul. “Enter Mr. de Larosière,” Banker (London), 128 (November 1978), pp. 21–23.
Falchi, Giannandrea, and Mauro Michelangeli. IMF surveillance of exchange rates and problem of the vicious circle (No place of publication, 1977), 20 pp. (Mimeographed) An unofficial translation into English by the U.S. Department of the Treasury in Rome of a report prepared in the Research Department, Office of International Organizations, Rome.
Fallon, Padraic. “Diversification versus substitution,” Euromoney (London), October, 1979, pp. 8–20.
Fay, Stephen, and Hugo Young. “The Day the £ nearly died: Pt. 1, How the hard money men took over Britain; Pt. 2, The Callaghan offensive; Pt. 3, How the Cabinet embraced the IMF,” Sunday Times (London), May 14, 1978, pp. 33–35; May 21, 1978, pp. 33–35; May 28, 1978, pp. 33–34. The authors describe the sterling crisis of 1976. Reprinted in an edited version with title, The Day the £ nearly died (London, The Sunday Times, 1978), 46 pp.
Fekete, János. “Monetary and financial problems in East and West,” in Money and finance in East and West, C. T. Saunders, ed., East-West European Economic Interactions: Workshop Papers, Vol. 4, Vienna Institute for Comparative Economic Studies (Vienna and New York, Springer-Verlag, 1978), pp. 15–29, 49–69. With discussion by Siegfried Wenger, Wolfgang Schmitz, Fritz Machlup, and others. Paper presented at an international workshop organized by the Vienna Institute for Comparative Economic Studies, and held in Budapest, October 17-20, 1977. Reprinted in Acta Oeconomica (Budapest), 19, No. 1 (1978), pp. 19–33; and with title, “Monetary and financial problems, East and West,” in New Hungarian Quarterly (Budapest), 19 (Spring 1978), pp. 34–45.
Feuerlein, W. J. “The Dollar and special drawing rights,” Intereconomics (Hamburg), No. 3 (May/June 1979), pp. 111–15.
Field, Peter. “The IMF now; de Larosière’s troubled institution,” Euromoney (London), October, 1978, pp. 14–29.
Finch, M. H. J. “Stabilisation policy in Uruguay since the 1950s,” in Inflation and stabilisation in Latin America, Rosemary Thorp and Laurence Whitehead, eds. (London, Macmillan, in association with St. Antony’s College, Oxford, 1979), pp. 144–80.
Fisher, Richard W., and Robert V. Roosa. “An Alternative Common Fund proposal,” in Stabilizing world commodity markets; analysis, practice, and policy, F. Gerard Adams and Sonia A. Klein, eds. (Lexington, Massachusetts, Lexington Books, 1978), pp. 287–93. Originally presented at a conference sponsored by the Ford Foundation and held at Airlie, Virginia, March 17–20, 1977.
Fitzgerald, E. V. K. “Stabilisation policy in Mexico: the fiscal deficit and macroeconomic equilibrium,” in Inflation and stabilisation in Latin America, Rosemary Thorp and Laurence Whitehead, eds. (London, Macmillan, in association with St. Antony’s College, Oxford, 1979), pp. 23–64.
“Floating without getting drenched,” Economist (London), 266 (January 14, 1978), pp. 69–70.
Focsaneanu, Lazar. “Le Droit international monétaire selon le deuxième amendement aux Statuts du Fonds Monétaire International,” Journal du Droit International (Paris), 105 (October/December 1978), pp. 805–67.
Fomin, Boris S. “Monetary and financial aspects of East-West economic cooperation,” in Money and finance in East and West, C. T. Saunders, ed., East-West European Economic Interactions: Workshop Papers, Vol. 4, Vienna Institute for Comparative Economic Studies (Vienna and New York, Springer-Verlag, 1978), pp. 99–110, 119–29. With discussion by Helen Hughes, Michael Kaser, Marie Lavigne, and others. Paper presented at an international workshop organized by the Vienna Institute for Comparative Economic Studies, and held in Budapest, October 17-20, 1977.
“FMI: un nuevo convenio y las mismas divergencias,” Comercio Exterior (Mexico, D. F.), 28 (May 1978), pp. 588–92.
“FMI: se postergó el rescate de los dolares,” Comercio Exterior (Mexico, D. F.), 29 (October 1979), pp. 1123–27.
Forrest, George, and Noel Mills. “Debt analysis and financing problems of developing countries,” in A Framework of international banking, Stephen F. Frowen, ed. (Guildford, England, Guildford Educational Press, 1979), pp. 152–85. Paper originally presented at the Surrey Summer School’s Management Development Course for Bankers, organized by Philip Thorn Associates Ltd., and held at the University of Surrey, Guildford, England, in July 1978.
Frenkel, Roberto, and Guillermo O’Donnell. Los Programas de estabilización convenidos con el FMI y sus impactos internos, Estudios CEDES, Vol. 1, No. 1 (Buenos Aires, Centro de Estudios de Estado y Sociedad, 1978), 62 pp.
Friedman, Irving S. “Evaluation of risk in international lending: a lender’s perspective,” in Key issues in international banking; proceedings of a conference held at Melvin Village, New Hampshire, October 1977, Conference Series, No. 18, Federal Reserve Bank of Boston (Boston, 1978), pp. 115–35. With discussion by Rudiger Dornbusch.
“From a unit of account to an instrument of payment,” Monthly Review, Société Générale de Banque (Brussels), No. 179 (July/August 1978), pp. 1–6. Discusses the functions of special drawing rights and the European unit of account. French translation with title, “De l’unité de compte vers l’instrument de paiement?” in Bulletin, Société Générale de Banque (Brussels), No. 179 (July/August 1978), pp. 1–6; and Spanish translation with title, “De la unidad de cuenta hacia el instrumento de pago?” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 35 (May/June 1979), pp. 157–64.
Fry, Richard. “International lending risks,” Banker (London), 127 (September 1977), pp. 36–38. Suggests that some central and commercial bankers would like to see a much larger role for the IMF in international lending, either as colender to the borrowing countries, or as a lender of last resort.
Frydl, E. How big should the IMF be? Research Paper, No. 7808, Federal Reserve Bank of New York (New York, 1978), 18 pp. (Mimeographed)
Fujioka, Masao. Japan’s international finance: today and tomorrow (Tokyo, Japan Times, 1979), 277 pp. Contains a selection of articles and speeches written or delivered February 1960-August 1979.
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Gardner, Richard N. “International monetary issues” and “Decision-making in the Fund and Bank,” in New structures for economic interdependence; [the proceedings of an international conference] (Rensselaerville, New York, Institute on Man and Science, 1975?), pp. 46–48. Excerpts from his report of a conference, cosponsored by the Institute on Man and Science, the Aspen Institute for Humanistic Studies, the Overseas Development Council, and the Charles F. Kettering Foundation, which was held at the United Nations headquarters and at Rensselaerville, New York, May 15-18, 1975.
Ghatak, Subrata. “Special drawing rights (SDRs) and the ’link’,” in his Development economics (London, Longman, 1978), pp. 201–208.
Gidlow, R. M. “Implications of termination of curbs on central bank gold dealings,” South African Banker (Marshalltown, Transvaal), 75 (September 1978), pp. 103–108.
Gidlow, R. M. “Implications of the International Monetary Fund gold sales policy,” South African Banker (Marshalltown, Transvaal), 75 (February 1978), pp. 24–31.
Gidlow, R. M. “Introduction of two-tier gold market and South African gold sales policy, 1968-69,” South African Banker (Johannesburg), 76 (May 1979), pp. 100–104.
Gidlow, R. M. “Issues in exchange rate policy: the rand currency link,” South African Journal of Economics (Braamfontein), 46 (March 1978), pp. 1–22.
Girton, Lance, and Don Roper. “The Evolution of exchange rate policy,” in The Monetary approach to international adjustment, Bluford H. Putnam and D. Sykes Wilford, eds. (New York, Praeger, 1978), pp. 215–25.
Gocht, Rolf. “Zur internationalen Geldordnung,” in his Kritische Betrachtungen zur nationalen und internationalen Geldordnung, Veröffentlichung, Vol. 15, Institut für Empirische Wirtschaftsforschung (Berlin, Duncker & Humblot, 1975), pp. 113–40.
Gold, Joseph. Aspectos legales de la reforma monetaria internacional (Mexico, D. F., Centro de Estudios Monetarios Latinoamericanos, 1979), 221 pp. Contains Spanish versions of the author’s “Law and change in international monetary relations,” published in The Record, Association of the Bar of the City of New York (New York), 31 (April 1976), pp. 223–38; his A Report on certain legal developments in the International Monetary Fund (Washington, World Association of Lawyers, 1976), 40 pp.; his A Second report on some recent legal developments in the International Monetary Fund (Washington, World Association of Lawyers, 1977), 53 pp.; and his Floating currencies, SDRs, and gold; further legal developments, Pamphlet Series, No. 22, International Monetary Fund (Washington, 1977), 103 pp. These works served as the basis for a seminar on legal aspects of international monetary reform, which was held in two stages at the Centro de Estudios Monetarios Latinoamericanos, Mexico, D. F., the first stage, November 14-18, 1977, and the second, May 2-4, 1978.
Gold, Joseph. Conditionality, Pamphlet Series, No. 31, International Monetary Fund (Washington, 1979), 51 pp.
Gold, Joseph. “Convertible currency clauses under present international monetary arrangements,” Journal of International Law and Economics (Washington), 13, No. 2 (1979), pp. 241–72.
Gold, Joseph. “Exchange arrangements and international law in an age of floating currencies,” Proceedings of the Annual Meeting, American Society of International Law (Washington), 73 (1979), pp. 1–15, 24–36. Paper presented to the Panel on International Monetary Law in an Age of Floating Currencies, which met during the 73rd Annual Meeting, held in Washington, April 27-29, 1979. Remarks by L. A. Whittome, Margaret L. Greene, and Robin T. Tait, and discussion.
Gold, Joseph. Financial assistance by the International Monetary Fund: law and practice, Pamphlet Series, No. 27, International Monetary Fund (Washington, 1979), 58 pp. A slightly modified version of a paper originally presented at a symposium on international law held under the auspices of the International Law Section of the State Bar of Texas, in Dallas, October 31, 1978.
Gold, Joseph. “The Fund agreement in the courts—XIII-XIV,” Staff Papers, International Monetary Fund (Washington), 25 (June 1978), pp. 343–67; 26 (September 1979), pp. 583–611.
Gold, Joseph. “The Fund’s Interim Committee; an assessment,” Finance and Development (Washington), 16 (September 1979), pp. 32–35.
Gold, Joseph. “Improving the special drawing right,” AGEFI (Zurich), Special edition (September 28, 1979), pp. 59–61.
Gold, Joseph. “International monetary system and change: relations between mode of negotiation and legal technique,” in Jus et societas: essays in tribute to Wolfgang Friedmann, Gabriel M. Wilner, principal editor (The Hague, Nijhoff, 1979), pp. 116–33. Reprinted in his Legal and institutional aspects of the international monetary system, Jane B. Evensen and Jai Keun Oh, eds. (Washington, International Monetary Fund, 1979), pp. 217–37. With a note by the author describing briefly how the Second Amendment of the Fund’s Articles of Agreement, which entered into force April 1, 1978, affects the subject of the essay.
Gold, Joseph. Legal and institutional aspects of the international monetary system: selected essays, Jane B. Evensen and Jai Keun Oh, eds. (Washington, International Monetary Fund, 1979), 633 pp. Contains an introduction by the author entitled, “Law, change, and adaptation in the international monetary system,” and 14 essays, originally published under auspices other than those of the IMF. Each of the republished essays is followed by a note, written by the author, describing briefly how the Second Amendment of the Fund’s Articles of Agreement, which came into effect April 1, 1978, affects the subject of the essay.
Gold, Joseph. Les Majorités requises dans les procédures de vote au Fonds Monétaire International: effets du deuxième amendement des Statuts, Série des Brochures, No. 20-F, International Monetary Fund (Washington, 1977), 89 pp., and Mayorías de vows en el Fondo: efectos de la segunda enmienda del Convenio, Serie de Folletos, No. 20-S, International Monetary Fund (Washington, 1977), 86 pp. French and Spanish translations of his Voting majorities in the Fund: effects of second amendment of the Articles, Pamphlet Series, No. 20, International Monetary Fund (Washington, 1977), 77 pp.
Gold, Joseph. Les Mouvements de capitaux et le droit du Fonds Monétaire International, Série des Brochures, No. 21-F, International Monetary Fund (Washington, 1977), 67 pp., and Los Movimientos internacionales de capital a la luz del ordenamiento jurídico del Fondo Monetario Internacional, Serie de Folletos, No. 21-S, International Monetary Fund (Washington, 1977), 65 pp. French and Spanish translations of his International capital movements under the law of the International Monetary Fund, Pamphlet Series, No. 21, International Monetary Fund (Washington, 1977), 60 pp.
Gold, Joseph. “New directions in the financial activities of the International Monetary Fund,” International Lawyer (Chicago), 13 (Summer 1979), pp. 449–70.
Gold, Joseph. The Second amendment of the Fund’s Articles of Agreement, Pamphlet Series, No. 25, International Monetary Fund (Washington, 1978), 36 pp. A slightly modified version of three articles originally published in Finance and Development. The first two articles with title, “The Second amendment of the Fund’s Articles of Agreement: a general view, Parts III,” were published in Finance and Development (Washington), 15 (March 1978), pp. 10–13; 15 (June 1978), pp. 15–18. The third article with title, “Some first effects of the second amendment,” was published in Finance and Development (Washington), 15 (September 1978), pp. 24–29. French translation with title, Le Deuxième amendement aux statuts du Fonds, Série des Brochures, No. 25-F, International Monetary Fund (Washington, 1978), 39 pp.; and Spanish translation with title, La Segunda enmienda del convenio constitutivo del Fondo, Serie de Folletos, No. 25-S (Washington, 1978), 37 pp.
Gold, Joseph. SDRs, gold, and currencies: third survey of new legal developments, Pamphlet Series, No. 26, International Monetary Fund (Washington, 1979), 99 pp.
Gold, Joseph. “The Structure of the Fund,” Finance and Development (Washington), 16 (June 1979), pp. 11–15. Serbo-Croat translation with title, “Organizaciona struktura Međunarodnog Monetarnog Fonda,” in Finansije (Belgrade), 34 (July/August 1979), pp. 481–90; and Spanish translation with title, “La Estructura del Fondo,” in Revista Bancaria (Mexico, D. F.), 27 (August 1979), pp. 31–39.
Gold, Joseph. A Third report on some recent legal developments in the International Monetary Fund (Washington, World Association of Lawyers, 1978), 43 pp.
Gold, Joseph. “Trust funds in international law: the contribution of the International Monetary Fund to a code of principles,” American Journal of International Law (Washington), 72 (October 1978), pp. 856–66.
Gold, Joseph. Use, conversion, and exchange of currency under the second amendment of the Fund’s Articles, Pamphlet Series, No. 23, International Monetary Fund (Washington, 1978), 130 pp.
“The Gold revival,” Economist (London), 270 (January 13, 1979), pp. 59–60.
“Gold—who is fooling IMF?” Pakistan Economist (Karachi), 19 (November 3, 1979), p. 1.
Goldstein, Morris, and John H. Young. “Exchange rate policy: some current issues,” Finance and Development (Washington), 16 (March 1979), pp. 7–10.
Golladay, Frederick L. “International financial institutions,” in his Economics: problems, principles & priorities (Menlo Park, California, Benjamin/Cummings Publishing Company, 1978), pp. 406–16.
Gomes, Leonard. “The Bretton Woods system,” “The 1971 dollar crisis and its aftermath,” and “Perspectives on international monetary reform,” in his International economic problems (New York, St. Martin’s Press, 1978), pp. 100–17.
González del Valle, Jorge. “Implicaciones del nuevo Artículo IV del Convenio Constitutivo del Fondo Monetario Internacional; regímenes cambiarios,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 24 (November/December 1978), pp. 345–52. Address on behalf of the Centro de Estudios Monetarios Latinoamericanos to the 27th Reunion de Gobernadores de Bancos Centrales Latinoamericanos, held in Acapulco, Mexico, September 17-18, 1978.
Goreux, Louis M. “The Use of buffer stocks,” Finance and Development (Washington), 15 (December 1978), pp. 23–27. Describes how assistance under the IMF buffer stock financing facility can help to stabilize commodity prices and export earnings.
“Government by the IMF,” Banker (London), 128 (October 1978), pp. 47–49. Discusses some possible effects on Portugal’s future of the economic program agreed with the IMF.
Gray, Henry P. “From World War II to 1971” and “Onward from the Smithsonian,” in his International trade, investment, and payments (Boston, Houghton Mifflin, 1979), pp. 594–620, 640–59.
Great Britain, Treasury. The Second amendment to the Articles of Agreement of the International Monetary Fund; presented to Parliament by the Chancellor of the Exchequer (London, H. M. Stationery Office, 1977), 66 pp. (Great Britain, Papers by Command, Cmnd. 6705) Contains an explanatory note, and text of the amended Articles of Agreement.
Greenaway, D., and C. R. Milner. “International liquidity; retrospect and prospect,” Quarterly Review, National Westminster Bank (London), May, 1978, pp. 48–56.
Greenwood, Alan. “The Floating pound,” New Law Journal (London), 129 (January 4, 1979), pp. 23–25.
Griffin, Keith. “The New international economic order,” in his International inequality and national poverty (London, Macmillan, 1978), pp. 97–117.
Grjebine, André. “Du flottement des monnaies aux changes ajustables: I, Bilan de cinq années de changes flottants,” Banque (Paris), No. 377 (October 1978), pp. 1083–92.
Grjebine, André. “La Succession internationale du dollar est-elle ouverte?” (Parts I-II), Banque (Paris), No. 389 (November 1979), pp. 1297–1306; No. 390 (December 1979), pp. 1407–11. A shortened version of a report presented at a colloquium organized by the Centre d’Etudes et de Recherches Internationales, and held in Paris, June 11-13, 1979.
Grubel, Herbert G. A Proposal for the establishment of an international deposit insurance corporation, Essays in International Finance, No. 133, Princeton University (Princeton, 1979), 24 pp.
Gudac, Toma. “Međunarodni monetarni sistem i režim međunarodnog kretanja novca i kapitala,” Finansije (Belgrade), 34 (July/August 1979), pp. 421–40.
Guerreiro, José. “E depois do F.M.I.?” Resistência, Série de Economia (Lisbon), 2, No. 8 (1978), pp. 99–121.
Gupta, Dhruba. “The Operation of the Trust Fund,” Finance and Development (Washington), 15 (September 1978), pp. 37–40.
Guth, Wilfried. “Sources of finance for development: the view of a developed country,” in The Financing of long-term development; papers and group discussions from the 32nd International Banking Summer School held at St. John’s College, Cambridge, International Banking Summer School, 32nd, St. John’s College, Cambridge, 1979 (London, Institute of Bankers, 1979), pp. 67–89. A shorter version with title, “Sources of finance for development,” in Journal, Institute of Bankers (London), 100 (October 1979), pp. 174–80, and in Intereconomics (Hamburg), No. 14 (November/December 1979), pp. 267–73. Italian translation with title, “Fonti di finanziamento per lo sviluppo: it punto di visto di un paese industrializzato,” in Bancaria (Rome), 35 (August 1979), pp. 766–77.
Guth, Wilfried., and Sir Arthur Lewis. The International monetary system in operation (Washington, Per Jacobsson Foundation, 1977), 53 pp. Lectures at the International Monetary Fund, September 25, 1977. Wilfried Guth’s lecture is entitled, “The Working of the international monetary system; Sir Arthur Lewis’s lecture, “The Less developed countries and stable exchange rates.” French translation with title, Le Fonctionnement du système Monétaire international (Washington, Per Jacobsson Foundation, 1977), 60 pp.; and Spanish translation with title, El Sistema monetario internacional en funcionamiento (Washington, Per Jacobsson Foundation, 1977), 57 pp. Italian translations with titles, “I Funzionamento del sistema monetario internazionale” and “Paesi in via di sviluppo e tassi di cambio stabile,” in Bancaria (Rome), 34 (June 1978), pp. 559–86.
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Haan, R. L. “Het IMF en de realiteit,” Economisch-Statistische Berichten (Rotterdam), 63 (January 18, 1978), pp. 63–66.
Haberler, Gottfried. “The Problem of adjustment and liquidity under a regime of widespread floating,” in Breadth and depth in economics: Fritz Machlup, the man and his ideas, Jacob S. Dreyer, ed. (Lexington, Massachusetts, Lexington Books, 1978), pp. 183–204.
Haberler, Gottfried. “Reflections on the U.S. trade deficit and the floating dollar,” in Contemporary economic problems, 1978, William Fellner, Project director (Washington, American Enterprise Institute for Public Policy Research, 1978), pp. 211–43.
Habermeier, Walter. “Le Point de vue du F. M. I.,” in L’Utilisation d’ unités de compte dans les relations économiques et financières internationales: viabilité et limites (Luxembourg, Institut Universitaire International [1978?]), pp. 25–42. Address, in English, to the Journées d’Etudes Bancaires, 1978, mainly discussing the role of the SDR as a unit of account in international financial relations. A slightly different version with title, “The SDR as an international unit of account,” in Finance and Development (Washington), 16 (March 1979), pp. 11–13. Reprinted with same title in Indian Finance (Calcutta), 103 (May 19, 1979), pp. 447–50.
Hájek, Karel, and Květoslav Brdička. “MMF—nástroj americké expanze,” Finance a Úvěr (Prague), 29, No. 6 (1979), pp. 408–14.
Hallwood, Paul. “Compensatory finance in action” and “The Commodity reserve currency system proposals,” in his Stabilization of international commodity markets (Greenwich, Connecticut, JAI Press, 1979), pp. 83–85, 138–40.
Halm, George N. “Floating and flexibility,” in Breadth and depth in economics: Fritz Machlup, the man and his ideas, Jacob S. Dreyer, ed. (Lexington, Massachusetts, Lexington Books, 1978), pp. 205–20.
Hanžeković, Marijan. “Problemi revizije međunarodnog monetarnog sistema,” Jugoslovenska Revija za Mecđunarodno Pravo (Belgrade), 23 Nos. 1/2 (1976), pp. 153–65.
Haq, Mahbub ul. “Statement to the opening session,” in New structures for economic interdependence; [the proceedings of an international conference] (Rensselaerville, New York, Institute on Man and Science, 1975?), pp. 20–25. The conference, cosponsored by the Institute on Man and Science, the Aspen Institute for Humanistic Studies, the Overseas Development Council, and the Charles F. Kettering Foundation, was held at the United Nations headquarters and at Rensselaerville, New York, May 15-18, 1975.
Harris, Laurence. “The Balance of payments and the international economic system,” in Economics: an anti-text, Francis Green and Petter Nore, eds. (London, Macmillan, 1977), pp. 117–31.
Hassanain, Mahjoob A. “The Changing role of the International Monetary Fund,” OPEC Review (Vienna), 1 (February 1977), pp. 9–11.
Hauge, Gabriel, and Erik Hoffmeyer. The International capital market and the international monetary system (Washington, Per Jacobsson Foundation, 1978), 49 pp. Lectures, International Monetary Fund, September 24, 1978, with comment by Lord Roll of Ipsden. French translation with title, Le Marché international des capitaux et le système monétaire international (Washington, Per Jacobsson Foundation, 1978), 58 pp.; Spanish translation with title, El Mercado internacional de capitales y el sistema monetario internacional (Washington, Per Jacobsson Foundation, 1978), 55 pp.; and Italian translation with title, “Il Mercato internazionale dei capitali ed it sistema monetario internazionale,” in Bancaria (Rome), 34 (December 1978), pp. 1161–84.
Healey, Denis. “Oil, money and recession,” Foreign Affairs (New York), 58 (Winter 1979/80), pp. 217–30. Adapted from the last of three Russell C. Leffingwell lectures delivered at the Council on Foreign Relations in New York, during October 1979.
Hejl, Lubomír. “Problematika kursu a hodnoty měn v současných podminkách, [Pts. 1–2]” Finance a Úvěr, čtvrtletnì příloha (Prague), 29, No. 1 (1979), pp. 54–64; 29, No. 3 (1979), pp. 181–91. With English summary, pp. 190–91.
Heldring, Frederick. “The Case for a world central bank,” Euromoney (London), September, 1979, pp. 60–64.
Heldring, Frederick. “Monetary stability through a world central bank,” Harvard Business Review (Boston), 57 (January/February 1979), pp. 6–8.
Helleiner, Gerald K. “Alternative solutions to the debt problems of the developing countries,” in LDC external debt and the world economy, Miguel S. Wionczek, ed. (Mexico, D. F., El Colegio de México and Center for Economic and Social Studies of the Third World, 1978), pp. 145–69. Paper presented at a private international meeting on the external debt problem of the developing countries, sponsored by El Colegio de México and the Center for Economic and Social Studies of the Third World, and held in Mexico City, October 27-30, 1977. Revised version with title, “Relief and reform in third world debt,” in World Development (Oxford), 7 (February 1979), pp. 113–24.
Heller, H. Robert. “The Changing international monetary system,” in Tariffs, quotas and trade: the politics of protectionism, by Walter Adams and others (San Francisco, Institute for Contemporary Studies, 1979), pp. 83–93.
Heller, H. Robert. “Determinants of exchange rate practices,” Journal of Money, Credit and Banking (Columbus, Ohio), 10. (August 1978), pp. 308–21.
Heller, H. Robert. “Exchange rate flexibility and currency areas,” Zeitschrift für Wirtschafts- und Sozialwissenschaften (Berlin), 99, Nos. 1/2 (1979), pp. 115–45. With comment by Jacob A. Frenkel.
Heller, H. Robert., and Malcolm Knight. Reserve-currency preferences of central banks, Essays in International Finance, No. 131, Princeton University (Princeton, 1978), 35 pp.
Hellmann, Rainer. Gold, the dollar, and the European currency systems: the seven year monetary war (New York, Praeger, 1979), 189 pp. Translation of his Dollar, Gold und Schlange: die letzten Jahren von Bretton Woods (Baden-Baden, Nomos-Verlagsgesellschaft, 1976), 194 pp.
Henning, Charles N., William Pigott, and Robert Haney Scott. “The International monetary system, 1946-1971” and “Reform of the international monetary system since 1971,” in their International financial management (New York, McGraw-Hill, 1978), pp. 105–61.
Higgins, Benjamin H., and Jean Downing Higgins. “Reform of international monetary system” and “What is missing?” in their Economic development of a small planet (New York, W. W. Norton, 1979), pp. 275–76, 278–81.
Hiss, Dieter. “Zur Stellung des Europäischen Währungssystems im Rahmen des Weltwährungssystems,” Kredit und Kapital (Berlin), 12, No. 3 (1979), pp. 354–62. With English summary.
Ho, Kwon Ping. “Bank manager to the world,” Far Eastern Economic Review (Hong Kong), 106 (December 14, 1979), pp. 94–95. Discusses the role of the IMF in Asia.
Ho, Kwon Ping. “A Bitter pill for Thailand,” Far Eastern Economic Review (Hong Kong), 106 (December 14, 1979), pp. 94–96. Suggests that Thailand has had to surrender much of its economic sovereignty in exchange for IMF emergency help.
Hogendorn, Jan S., and Wilson B. Brown. “The Place of gold,” “The Role of the IMF,” “Has floating worked?” and “What are the rules now?” in their The New international economics (Reading, Massachusetts, Addison-Wesley Publishing Co., 1979), pp. 177–82, 186–95, 198–201.
Holzman, Franklyn D. “CMEA’s hard currency deficits and rouble convertibility,” in Economic relations between East and West: proceedings of a conference held by the International Economic Association at Dresden, GDR, Nita G. M. Watts, ed. (London, Macmillan, 1978), pp. 144–70. With discussion.
Horvitz, Paul M. “The International Monetary Fund,” in his Monetary policy and the financial system (Englewood Cliffs, New Jersey, Prentice-Hall, 4th edition, 1979), pp. 290–94.
Horwood, O. P. “The Monetary role of gold; the need for a reappraisal,” South African Journal of Economics (Braamfontein), 46 (December 1978), pp. 326–36.
Houthakker, Hendrik S. “The Breakdown of Bretton Woods,” in Economic advice and executive policy; recommendations from past members of the Council of Economic Advisers, Werner Sichel, ed. (New York, Praeger, 1978), pp. 45–64.
“How Peru’s president views the IMF: interviewing General Francisco Morales Bermudez,” Euromoney (London), March, 1978, pp. 28–29.
Hübener, Karl-Ludolf. “Jamaika an der Angel des Internationalen Währungsfonds,” Neue Gesellschaft (Bonn), 26, No. 1 (1979), pp. 27–31.
Hudson, Milton W. “The Dollar’s dual role: can it survive?” Morgan Guaranty Survey, Morgan Guaranty Trust Company (New York), June, 1978, pp. 6–14. Remarks made at a meeting of the Friedrich-Ebert Stiftung in Bonn, May 10, 1978.
Hulsman-Vejsová, Marie. “How helpful is compensatory financing?” Intereconomics (Hamburg), Nos. 1/2 (January/February 1978), pp. 29–34.
Humphreys, Norman K. “The Fight against inflation,” Finance and Development (Washington), 16 (December 1979), pp. 3–6. Reports on the discussions at the IMF Annual Meeting in Belgrade, October 2-5, 1979.
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“Implicaciones del nuevo Artículo IV del Convenio Constitutivo del Fondo Monetario Internacional: regímenes cambiarios,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 24 (November/December 1978), pp. 345–52.
“La Impotencia del sistema monetario,” in La Crisis de los 70, Banco Exterior de España, Servicio de Estudios Económicos (Madrid, 1978), pp. 73–82.
“In quest of international monetary stability,” World Financial Markets, Morgan Guaranty Trust Company (New York), October, 1979, pp. 1–13.
“International financial arrangements,” in The Global economic challenge, Vol. 1: Trade, commodities, capital flows, United Nations Association of the United States of America, Economic Policy Council (New York, 1978), pp. 45–49.
International linkages under flexible exchange rates: a tripartite report (Washington, Brookings Institution, 1979), 33 pp. The findings and major recommendations of a group of 17 economists from Japan, Western Europe, and North America, who met in Tokyo, November 14-17, 1978, to discuss their separate analyses of the current exchange rate arrangements.
“International monetary arrangements,” in NIEO: an assessment of the proposals for a new international economic order, Australia, Department of the Treasury, Treasury Economic Paper, No. 6 (Canberra, Australian Government Publishing Service, 1979), pp. 45–50. Presents Australian views on the NIEO proposals to change the international monetary system and to reform international financial institutions, including the IMF.
International Monetary Fund. Annual report on exchange arrangements and exchange restrictions (Washington, 1979), 470 pp. Continues its Annual report on exchange restrictions (Washington, 1950-78).
International Monetary Fund. Annual report on exchange restrictions (Washington, 1978). 29th, 1978. Continued by its Annual report on exchange arrangements and exchange restrictions (Washington, 1979-).
International Monetary Fund. Annual reports of the Executive Board (Washington, 1978-79). Two reports for the financial years ended April 30, 1978 and 1979. Also published in French, German, and Spanish. Continues its Annual reports of the Executive Directors (Washington, 1946-77).
International Monetary Fund. Articles of agreement of the International Monetary Fund adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944; entered into force December 27, 1945; amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23-5, adopted May 31, 1968; and amended effective April 1, 1978, by the modifications approved by the Board of Governors in Resolution No. 31-4, adopted April 30, 1976 (Washington, 1978), 132 pp. Also published in French and Spanish.
International Monetary Fund. Balance of payments yearbooks (Washington, 1978-79). Two volumes: Vol. 29, 1978; and Vol. 30, 1979. Issued in loose-leaf form and in bound volumes.
International Monetary Fund. By-laws, rules and regulations (Washington, 1978-79). Two issues: 35th, August 1, 1978; and 36th, August 1, 1979. Also published in French and Spanish.
International Monetary Fund. Direction of trade (Washington, 1978-79). Monthly; with, for 1978, Annual, 1971/77. Beginning 1979, the Annual is continued by Direction of trade yearbook, 1972/78. Published jointly with the International Bank for Reconstruction and Development.
International Monetary Fund. Finance and development (Washington, 1978-79). Quarterly. Two volumes: Vol. 15, 1978; and Vol. 16, 1979. Published jointly with the International Bank for Reconstruction and Development. Also published in French with title, Finances et développement; in Spanish with title, Finanzas y desarrollo; in German with title, Finanzierung und Entwicklung (Hamburg, HWWA—Institut für Wirtschaftsforschung); and an annual issue of selected articles in Portuguese, with title, Finanças e desenvolvimento (Rio de Janeiro, Centro de Informaçoes das Naçoes Unidas).
International Monetary Fund. “The Fund under the Second Amendment: a supplement,” IMF Survey (Washington), 7 (September 18, 1978), pp. 289–304.
International Monetary Fund. Government finance statistics yearbooks (Washington, 1978-79). Two volumes: Vol. 2, 1978; and Vol. 3, 1979.
International Monetary Fund. International financial statistics (Washington, 1978-79). Monthly, with Supplement in May issue for 1978. Two volumes: Vol. 31, 1978; and Vol. 32, 1979. Beginning 1979, information previously included in Supplement is issued in International financial statistics yearbook, 1979. Also issued in French and Spanish.
International Monetary Fund. IMF Survey (Washington, 1978-79). Semimonthly. Two volumes: Vol. 7, 1978; and Vol. 8, 1979. Also published in French with title, Bulletin du FMI; and in Spanish with title, Boletín del FMI.
International Monetary Fund. Selected decisions of the International Monetary Fund and selected documents: supplement to eighth issue (Washington, 1978), 121 pp. Includes general decisions adopted by the IMF since May 10, 1976, the date of publication of the eighth issue.
International Monetary Fund. Staff Papers (Washington, 1978-79). Four numbers per annual volume. Two volumes: Vol. 25, 1978; and Vol. 26, 1979.
International Monetary Fund. “Statistics and the Fund; a guide to data gathered and published regularly on national economies,” IMF Survey (Washington), 8 (June 4, 1979), pp. 171–74.
International Monetary Fund. Summary proceedings of the annual meetings of the Board of Governors (Washington, 1978-79). Two proceedings: 33rd, 1978; and 34th, 1979.
International Monetary Fund. “Supplement on the Fund,” IMF Survey (Washington), 8 (September 1979), pp. 1–16.
International Monetary Fund. Technical assistance services of the International Monetary Fund, Pamphlet Series, No. 30, International Monetary Fund (Washington, 1979), 25 pp.
International Monetary Fund. World summary of international transactions (Washington, 1977-79). Four issues: 1968-74, April 1977; 1970-76, December 1977; 1971-77, December 1978; and 1972-79, December 1979. Issued as supplements to Balance of payments yearbooks, Vols. 27, 28, 29, and 30 (Washington, 1977-79).
International Monetary Fund, Bureau of Language Services. IMF glossary: English-French-Spanish (Washington, 1979), 158 pp.
“The International Monetary Fund and euro-liquidity,” International Currency Review (London), 10, No. 5 (1978), pp. 18–29.
“IMF and the United States; Congressional conditionality,” Economist (London), 266 (February 18, 1978), pp. 85–86.
“Der IMF auf dem Weg zur internationalen Geldmaschine? Ein Diskussionsbeitrag,” Neue Zürcher Zeitung (Zurich), Fernausgabe No. 118 (May 26, 1978), p. 14.
“IMF: longing to lend,” Economist (London), 273 (December 15, 1979), pp. 70, 73.
“IMF says effect of oil price rises was worse than had been feared,” An-Nahar Arab Report & Memo (Beirut), 3 (September 24, 1979), pp. 9–10.
“The International monetary outlook for the 1980s: no time for complacency,” World Financial Markets, Morgan Guaranty Trust Company (New York), December, 1979, pp. 5–14.
Isralson, Michel. “Banking as a tool for development,” in Banking in the new society; lectures and proceedings, International Banking Summer School, 31st, Sart Tilman, Liège, 1978 (Brussels, Belgian Banking Association, 1978), pp. 93–102.
Istvánffy-Lörincz, Hajna. “A Nemzetközi Valutaalap keretében folyo valutáris kooperácio,” Külgazdaság (Budapest), 23, No. 1 (1979), pp. 37–46.
Istvánffy-Lörincz, Hajna. “A Nemzetközi Valutaalap szerepe a valutáris rendszer megszervezésében,” Külgazdaság (Budapest), 23, No. 2 (1979), pp. 42–54.
Istvánffy-Lörincz, Hajna. “A Vilagpénz funciók mesterséges betöltésere irányuló nemzetközieröfeszítések,” Penzügyi Szemle (Budapest), 21, No. 8 (1977), pp. 624–35.
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Jacobsson, Erin E. “The International Monetary Fund,” in her A Life for sound money: Per Jacobsson, his biography (Oxford, Clarendon Press; New York, Oxford University Press, 1979), pp. 281–413.
Jager, H. “The Needs for international monetary reserves, exchange rate flexibility, and joining a currency area,” De Economist (Leiden), 127, No. 2 (1979), pp. 209–54.
James, Emile. “Le Destin des unités monétaires abstraites,” in Hommage à François Perroux (Grenoble, Presses Universitaires de Grenoble, 1978), pp. 481–87.
James, Lewis. “The IMF advises South Africa to unpeg the rand,” Euromoney (London), June, 1978, pp. 169–71.
James, Lewis. “Why Somoza was turned away; the truth behind the Nicaraguan row with Carter and the IMF,” Euromoney (London), January 1979, pp. 109–11.
Jeker, Rolf M. “The Reconstitution of SDRs: procedure and proposal for modification,” Intereconomics (Hamburg), Nos. 1/2 (January/February 1978), pp. 12–17. Includes a study of Zambia.
Jeker, Rolf M. “Voting rights of less developed countries in the IMF,” Journal of World Trade Law (Twickenham), 12 (May/June 1978), pp. 218–27.
Jelowicki, Jerzy. “Institutions de coopération monétaire et financière internationales nées des accords de Bretton Woods: le Fonds Monétaire International; la Banque Mondiale,” Bulletin de Documentation, Ministère des Finances (Brussels), No. 2 (February 1978), pp. 75–131.
Johnson, Christopher. “Searching for foundations in Belgrade,” Banker (London), 129 (November 1979), pp. 43–46. Examines some of the issues raised at the 1979 Annual Meetings of the IMF and the World Bank.
Johnson, R Stafford, and Richard A. Zuber. “International currency cocktails: their development, use, and construction,” Rivista Internazionale di Scienze Economiche e Commerciali (Milan), 26 (October 1979), pp. 925–43.
Johnson, R. Stafford, and Richard A. Zuber. “A Model for constructing currency cocktails,” Business Economics (Washington), 14 (May 1979), pp. 9–14.
Johnson-Sirleaf, Ellen E. “Africa’s advice to the IMF,” West Africa (London), No. 3257 (December 17, 1979), pp. 2331–32.
Jommi, Maurizio. “II Finanziamento dello sviluppo; tema della XXXII International Banking School,” Bancaria (Rome), 35 (August 1979), pp. 808–17. Summarizes some of the views expressed at the 32nd International Banking Summer School, held at St. John’s College, Cambridge, August 4-17, 1979.
Joshi, Vijay. “Exchange rates, international liquidity and economic development,” World Economy (Amsterdam), 2 (May 1979), pp. 243–75.
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Kafka, Alexandre. “Evolución del sistema monetario internacional,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (July/August 1979), pp. 244–67. Report presented at the 28th Reunión de Gobernadores de Bancos Centrales Latinoamericanos, held in Caraballeda, Venezuela, May 1979.
Kafka, Alexandre. “The New exchange rate regime and the developing countries,” Journal of Finance, Papers and Proceedings (New York), 33 (June 1978), pp. 795–802.
Kaldor, Nicholas. “International monetary reform; the need for a new approach,” in his Further essays on applied economics (New York, Holmes & Meier, 1978), pp. 90–98. English translation of an article entitled, “Per la riforma monetaria internazionale; necessità di un nuovo indirizzo,” in Bancaria (Rome), 30 (February 1974), pp. 151–55. Speech delivered at the Banca d’Italia, Rome, December 12, 1973.
Kaldor, Nicholas. “The Relative merits of fixed and floating rates,” in his Further essays on applied economics (New York, Holmes & Meier, 1978), pp. 47–59. A previously unpublished paper, written in 1965.
Katzen, Leo, and Anthony Jennings. “The Role of gold and the IMF in the 1980s,” Optima (Johannesburg), 28 (August 1979), pp. 169–75.
Kazakevich, V. “K voprosu o novoĭ forme mezhdunarodnykh deneg,” Mirovaia Ėkonomika i Mezhdunarodnye Otnosheniia (Moscow), No. 7 (July 1978), pp. 50–61.
Keegan, William, and Rupert Pennant-Rea. “The International Monetary Fund” and “Sterling and the balance of payments-1976 and all that …” in their Who runs the economy? Control and influence in British economic policy (London, Temple Smith, 1979), pp. 144–47, 152–72.
Keller, Pierre. “L’Avenir du système Monétaire international,” Annales d’Etudes Internationales (Geneva), 9 (1978), pp. 25–49.
Keviczky, Loránd. “A Nemzetközi Valutaalap reformja,” Külgazdaság (Budapest), 22, No. 6 (1978), pp. 70–75.
Keviczky, Loránd. “Tökés valutareform-törekvések,” Külgazdaság (Budapest), 20, No. 4 (1976), pp. 303–10.
Khan, A. Hafeez. “Trust Fund: negotiations with IMF for loans,” Pakistan Economist (Karachi), 19 (December 1, 1979), pp. 30–32.
Khan, K. Shabbir. “Report on the evolving international monetary system,” Indian Economic Journal (Bombay), 26 (April/June 1979), pp. xxxvi–ix. Report of a group discussion held during the 60th Annual Conference of the Indian Economic Association in Madras, December 28-30, 1977.
Kindleberger, Charles P. “Lessons of floating exchange rates,” in Institutional arrangements and the inflation problem, Karl Brunner and Alan Meltzer, eds. (Amsterdam, North-Holland, 1976), pp. 51–77, 115–21. Reprinted in The Contemporary international economy; a reader, John Adams, ed. (New York, St. Martin’s Press, 1979), pp. 281–308.
Kindleberger, Charles P. “The SDR as international money,” in Essais en l’honneur de Jean Marchal, Vol. 2, La Monnaie, Paul Coulbois, ed. (Paris, Editions Cujas, 1975), pp. 303–14.
Kindleberger, Charles P., and Peter H. Lindert. “International monetary arrangements,” in their International economics (Homewood, Illinois, Richard D. Irwin, 6th edition, 1978), pp. 406–19.
Kinney, William P. “Bretton Woods and beyond: the gold exchange standard” and “Events of the 1970s,” in his The Monetary maze; gold, the international monetary system, and the emerging world economy (Dubuque, Iowa, Kendall/Hunt Publishing Co., 1977), pp. 45–80.
Kirbyshire, J. A. “Should developments in the euro-markets be a source of concern to regulatory authorities?” Quarterly Bulletin, Bank of England (London), 17 (March 1977), pp. 43–45. A talk given to the Financial Times Euromarkets Conference, London, February 23, 1977.
Klausová, Livie. “Problemy měnových rezerv v soudobém kapitalismu; vznik a význam SDR,” Politická Ekonomie (Prague), 27, No. 9 (1979), pp. 933–44. With English summary.
Klein, Benjamin. “Competing monies, European Monetary Union and the dollar,” in One money for Europe, Michele Fratianni and Theo Peeters, eds. (New York, Praeger, 1979), pp. 69–105. With comments by George Zis and David O’Mahony.
Knieper, Rolf. “Multinationales Unternehmen und Nationalstaat im Konflikt? Am Beispiel des internationalen Währungssystems,” in Transnationale Konzerne und Weltwirtschaftsordnung, Wolfgang Däuber and Karl Wohlmuth, eds. (Baden-Baden, Nomos-Verlagsgesellschaft, 1978), pp. 80–100.
Knieper, Rolf. “Zurichtung nationaler Politik durch internationales Recht? Die Bereitschaftskreditabkommen des Internationalen Währungsfonds,” Kritische Justiz (Frankfurt am Main), No. 3 (1979), pp. 270–90.
Köhler, Claus. “Der Internationale Währungsfonds” and “Die Bundesrepublik Deutschland im internationalen Währungssystem nach dem zweiten Weltkrieg,” in his Geldwirtschaft, Bd. 2, Zahlungsbilanz und Wechselkurs (Berlin, Duncker & Humblot, 1979), pp. 253–79, 342–55.
Konrad, Anton. “Der Plan eines Substitionskontos beim IWF,” Wirtschaftsdienst (Hamburg), 59 (June 1979), pp. 280–83.
Kreinin, Mordechai E. “International reserves, gold, and special drawing rights,” “Reforming the international monetary system,” and “Valuation and interest rates on SDRs and EUA,” in his International economics: a policy approach (New York, Harcourt Brace Jovanovich, 3rd edition, 1979), pp. 170–208, 431–34.
Kriz, Miroslav A. “Le Nouveau régime de l’or et les realités monétaires,” Banque (Paris), No. 374 (June 1978), pp. 689–94.
Kuczynski, Pedro-Pablo. “Peru needs truth more than sympathy: IMF and a debtor country,” Euromoney (London), December, 1977, pp. 73–75.
Kuhn, William E. “World monetary reform: an evolutionary process,” Business in Nebraska, Bureau of Business Research, University of Nebraska (Lincoln, Nebraska), No. 409 (October 1978), pp. 1–2.
Küng, Emil. “Economic stagnation and development aid,” Intereconomics (Hamburg), No. 10 (October 1976), pp. 275–78. Discusses objections by industrial countries to the establishment of a link between special drawing rights and the financing of development.
Küng, Emil. “Die Sonderziehungsrechte des Internationalen Währungsfonds: aktueller Stand und Möglichkeiten der Weiterentwicklung,” Wirtschaftswissenschaftliches Studium (Munich), 8, No. 1 (1979), pp. 13–17.
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Poniachek, Harvey A. “Monetary independence and the foreign exchange rate system,” “The New international monetary system, the European monetary arrangements, and monetary independence,” and “Summary and conclusions,” in his Monetary independence under flexible exchange rates (Lexington, Massachusetts, Lexington Books, 1979), pp. 5–32, 113–37, 185–91.
Porter, Michael G. “International financial integration: long-run policy implications,” in Money and finance in economic growth and development: essays in honor of Edward S. Shaw, Ronald I. McKinnon, ed. (New York and Basle, Marcel Dekker, 1976), pp. 281–301. With comment by Harry G. Johnson. Paper originally presented at a conference on money and finance in economic growth and development, held at Stanford University in April 1974.
Portmann, Heinz. The Role of special drawing rights in the international monetary system (Zurich, Union Bank of Switzerland, 1972), 27 pp. Translation of his Die Rolle der Sonderziehungsrechte im Währungssystem (Zurich, Buchverlag Neue Zürcher Zeitung, 1972), 68 pp. Originally published as a series of five articles in Neue Zürcher Zeitung (Zurich), July 23, 26-27, 29, and August 1, 1972.
“The Proposed substitution account in the IMF,” Midland Bank Review (London), Winter, 1979, pp. 21–24.
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Quinn, Gerard. “The World monetary system: recent developments,” Irish Banking Review (Dublin), December, 1979, pp. 8–14.
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Raczkowski, S. “Nowa sytuacja w międzynarodowym systemie walutowym,” Ekonomista (Warsaw), No. 5 (1978), pp. 1251–65.
“Recente IMF-faciliteiten,” Economisch-Statistische Berichten (Rotterdam), 63 (December 20, 1978), pp. 1296–1305.
Reich, Cary. “Why the IMF shuns a ‘super’ role,” Institutional Investor (New York), September, 1977, pp. 37–41, 200.
Reichmann, Thomas M. “The Fund’s conditional assistance and the problems of adjustment, 1973-75,” Finance and Development (Washington), 15 (December 1978), pp. 38–41.
Reichmann, Thomas M., and Richard T. Stillson. “Experience with programs of balance of payments adjustment: stand-by arrangements in the higher tranches, 1963-72,” Staff Papers, International Monetary Fund (Washington), 25 (June 1978), pp. 293–309.
Reifman, Alfred. “Overview,” in The U. S. role in a changing world political economy: major issues for the 96th Congress; a compendium of papers submitted to the Joint Economic Committee, Congress of the United States (Washington, Government Printing Office, 1979), pp. 5–22.
“Reordenamiento del poder en el FMI?” Comercio Exterior (Mexico, D. F.), 27 (October 1977), pp. 1151–55.
“Reserve diversification and the IMF substitution account,” World Financial Markets, Morgan Guaranty Trust Company (New York), September, 1979, pp. 5–14.
Reuss, Henry S., and Jacob K. Javits. “Inflation, the dollar, and the international monetary system,” Challenge (White Plains, New York), 22 (March/April 1979), pp. 62–64. A statement by two members of the Joint Economic Committee, U. S. Congress, which was sent with a letter to President Carter in January 1979.
“The Revaluation of international gold reserves,” International Currency Review (London), 11, No. 4 (1979), pp. 56–61. Analyzes the changes made by the IMF in the way in which national total reserves data are presented in the August 1979 issue of International Financial Statistics.
Reynolds, Paul D. “Compensatory finance,” in his International commodity agreements and the Common Fund; a legal and financial analysis (New York, Praeger, 1978), pp. 164–90.
Riboud, J. “Dans la foule du Fonds Monétaire International,” Revue Politique et Parlementaire (Paris), 80 (September/October 1978), pp. 11–17.
Richardson, Gordon. “The Prospects for an international monetary system,” Quarterly Review, Bank of England (London), 19 (September 1979), pp. 290–97. The text of the Henry Thornton lecture, delivered at the City University, London, June 14, 1979. Spanish translation with title, “Perspectivas de un sistema monetario internacional,” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 26 (January/February 1980), pp. 1–10.
Richardson, Gordon. “The Pursuit of equilibrium,” Euromoney (London), October 1979, pp. 28–37.
Richardson, Gordon. “Speech by the Governor of the Bank of England,” Quarterly Bulletin, Bank of England (London), 17 (June 1977), pp. 204–208. Speech given at the annual meeting of the Association of Reserve City Bankers, Phoenix, Arizona, April 4, 1977.
Richardson, Gordon. “A view from the Governor,” Banker (London), 127 (Feburary 1977), pp. 47–48. The Governor of the Bank of England discusses British monetary policy and relations with the IMF.
Rivadeneira Orcés, Edgar. “Breve análisis del sistema monetario internacional y la segunda enmienda,” Boletín, Banco Central del Ecuador (Quito), 52 (January/April 1979), pp. 79–105.
Robbins, Lionel Charles (Baron). “The Further threat to the pound” and “Assistance from abroad and problems ahead,” in his Against inflation: speeches in the Second Chamber, 1965-1977 (London, Macmillan, 1979), pp. 97–104. Speeches delivered November 25,1976 and January 26,1977.
Robichek, E. Walter. “Relaciones del Fondo Monetario Internacional con los países miembros de América Latina y el Caribe,” Revista Bancaria (Mexico, D. F.), 26 (December 1978), pp. 1–10. Address delivered to the 12th Reunión anual de FELABAN, La Paz, November 28, 1978.
Robinson, Joan. “Role of the International Monetary Fund” and “New rules,” in her Aspects of development and underdevelopment (Cambridge, Cambridge University Press, 1979), pp. 94–100.
Rodriguez, Rita M., and E. Eugene Carter. “International monetary arrangements” and “Toward more flexibility: the current monetary system,” in their International financial management (Englewood Cliffs, New Jersey, Prentice-Hall, 1979), pp. 78–94.
Romero Kolbeck, Gustavo. “Discurso,” Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 24 (November/December 1978), pp. 314–16. Address at the 27th Reunión de Gobernadores de Bancos Centrales Latinoamericanos, held in Acapulco, Mexico, September 17-18, 1978.
Root, Franklin R. “The Collapse of the Bretton Woods international monetary system” and “The Contemporary international monetary system,” in his International trade and investment (Cincinnati, South-Western Publishing Co., 4th edition, 1978), pp. 362–400.
Rose, Richard, and Guy Peters. “International incredibility,” in their Can government go bankrupt? (London, Macmillan, 1979), pp. 192–99.
Rosen, Rüdiger von. “IWF—Jahresversammlung 1978 im Zeichen internationaler Kooperation,” Kredit and Kapital (Berlin), 11, No. 4 (1978), pp. 554–67. With English summary.
Rowan, David W. “International Monetary Fund,” Law and Policy in International Business (Washington), 9, No. 1 (1977), pp. 245–61. Covers the period October 1975-September 1976.
Rowen, Hobart. “The Belgrade agenda,” Institutional Investor (New York), September, 1979, pp. 231–40.
Rowen, Hobart. “The Washington agenda,” Institutional Investor (New York), September 1977, pp. 42–46. Analyzes some of the most likely issues to be raised at the 1977 IMF/IBRD Annual Meetings.
Rowen, Hobart. “The Washington agenda, 1978,” Institutional Investor (New York), September 1978, pp. 75–78. Discusses the importance of the IMF/IBRD Annual Meetings in the global economic process.
Ruding, H. O. “De dollar voor en na 1 november: is er iets veranderd?” Economisch-Statistische Berichten (Rotterdam), 63 (December 6, 1978), pp. 1240–45. Address delivered to an investment symposium held at the Bank Mees en Hope NV, Amsterdam, on November 24, 1978.
Ruding, H. O. “The IMF and international credit,” Banker (London), 128 (June 1978), pp. 27–31.
Ruding, H. O. “De Voorziening van internationale liquiditeiten, reserves en kredieten: de rol van het IMF; pre-advies,” in Recente ontwikkelingen in en perspectieven voor het internationale monetaire bestel: het IMF, het EMS en de eurogeld markt; pre-adviezen, NIBE-jaardag 1979, Publikatie, No. 35, Nederlands Instituut voor het Banken Effectenbedrijf (Amsterdam, 1979), pp. 35–86.
Ruthenberg, Kirk R. “International Monetary Fund,” Law and Policy in International Business (Washington), 10, No. 1 (1978), pp. 253–68. Covers the period October 1976-September 1977.
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Sacchetti, Ugo. “The SDR: ten years of experience,” Quarterly Review, Banca Nazionale del Lavoro (Rome), No. 131 (December 1979), pp. 391–405.
Sachs, Ignacy. “On our way to where? Some criteria for transitional strategies,” International Development Review (Rome), 21, No. 3 (1979), pp. 10–14. A shortened version of a paper recently presented at a meeting of the European Foundation for Management Development at Windsor Castle, England.
“Sad tale of two committees,” Economic and Political Weekly (Bombay), 13 (November 25, 1978), pp. 1931–32. Suggests that the IBRD/IMF Development Committee and the IMF’s Interim Committee have come to ignore their basic tasks and that they concern themselves with relatively minor matters.
“The Santa Colomba conclusions, 1978: the great adjustment controversy,” Economic Notes, Monte dei Paschi di Siena (Siena), 7, No. 2/3 (1978), pp. 3–49. Report on the 7th conference, held at Santa Colomba, near Siena, June 21–24, 1978, presented by Robert A. Mundell.
Santini, Carlo. “Nuove metodologie e nuovi schemi analitici per la bilancia dei pagamenti,” Bancaria (Rome), 34 (June 1978), pp. 597–605. With English summary. Discusses the principal methodological innovations in the fourth edition of the IMF’s Balance of payments manual, published 1977.
“Say something, if it’s only goodbye,” Economist (London), 272 (September 29, 1979), pp. 73–74.
Scammell, William M. “Have we reformed the international monetary system?” Canadian Banker (Toronto), 83 (July/August 1976), pp. 24–28.
Scaperlanda, Anthony. “The IMF: an emerging central bank?” Kyklos (Basle), 31, No. 4 (1978), pp. 679–90. Spanish translation with title, “Empieza a despuntar el FMI como banco central?” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (May/June 1979), pp. 164–69.
Scharrer, Hans-Eckart. “Auf dem Weg zum Multiwährungsstandard,” Wirtschaftsdienst (Hamburg), 59 (October 1979), pp. 474–75.
Schiavo-Campo, Salvatore. “Discretionary monetary systems,” “The Bretton Woods system in action, 1945-71,” and “The Political economy of international financial developments in the 1970s,” in his International economics: an introduction to theory and policy (Cambridge, Massachusetts, Winthrop, 1978), pp. 305–50, 355–73.
“The Schizophrenic dollar,” Economist (London), 267 (March 11, 1978), pp. 71–72. Discusses the possibility of creating a new SDR, with a higher yield and some capital attractions.
Schmidt, Wilson E. “Do exchange rate fluctuations matter?” in his The U. S. balance of payments and the sinking dollar (New York, New York University Press for the International Center for Economic Policy Studies, 1979), pp. 104–46.
Schüller, Alfred. “Reform des internationalen Währungssystems: Ausgangstatsachen, Ordnungsgrundsätze and Wege,” in Internationale Wirtschaftsordnung, Helmut Gröner and Alfred Schüller, eds. (Stuttgart and New York, Gustav Fischer Verlag, 1978), pp. 171–91.
Scidà, Giuseppe. “La Parabola del dollaro,” Politica Internazionale (Rome), No. 10 (October 1977), pp. 41–52. Issued as Part 1 of a two-part series entitled, “Il FMI e i paesi in via di sviluppo.”
“Second amendment of Fund articles in force; changes made in powers and organization,” Finance and Development (Washington), 15 (June 1978), pp. 4–5, 41.
Seiber, Marilyn J. “Alternative proposals for debt relief,” in Developing country debt, Lawrence G. Franko and Marilyn J. Seiber, eds. (New York, Pergamon Press, 1979), pp. 185–214.
Serrano Calvo, Pablo. “Algunas implicaciones del crédito del FMI a México,” Investigación Económica (Mexico, D. F.), 36 (October/December 1977), pp. 85–96.
Serrano Calvo, Pablo. “Algunas intervenciones del FMI en América Latina,” Comercio Exterior, Banco Nacional de Comercio Exterior (Mexico, D. F.), 27 (February 1977), pp. 204–208.
Serrano Calvo, Pablo. “Las Reformas recientes al sistema monetario internacional,” Comercio Exterior, Banco Nacional de Comercio Exterior (Mexico, D. F.), 26 (March 1976), pp. 321–26.
Sidhom, Michel. “Les Colonies du FMI” L’Expansion (Paris), No. 134 (October 5, 1979), pp. 92–96.
Silard, Stephen A. “Carriage of the SDR by sea; the unit of account of the Hamburg Rules,” Journal of Maritime Law and Commerce (Washington), 10 (October 1978), pp. 13–38.
Silard, Stephen A. “The General standard of international value in public international law,” Proceedings of the Annual Meeting, American Society of International Law (Washington), 73 (1979), pp. 15–36. Paper presented to the Panel on International Monetary Law in an Age of Floating Currencies, which met during the 73rd Annual Meeting, held in Washington, April 27-29, 1979. Remarks by L. A. Whittome, Margaret L. Greene, and Robin T. Tait, and discussion. A shorter version of the paper with title, “Emergence of SDR as a standard of value is transforming international law of money,” in IMF Survey (Washington), 8 (May 21, 1979), pp. 159–61.
Silard, Stephen A. “Maintenance of value arrangements in the international capital markets,” in [Proceedings], International Loan Documentation and Syndication Conference, 4th, London, March 28-29, 1979 (London, 1979), pp. 11–28.
Simha, S. L. N. “Three decades of international monetary co-operation,” India Quarterly (New Delhi), 32 (April/June 1976), pp. 121–41.
Sindona, Michele. “Can we redeem the failure of the international monetary system?” Carroll Business Bulletin (Cleveland), 16 (Winter 1977), pp. 4–11.
Slighton, Robert L. “International liquidity issues under flexible exchange rates,” in Exchange rate flexibility, Jacob S. Dreyer, Gottfried Haberler, and Thomas D. Willett, eds., AEI Symposia, No. 78c, American Enterprise Institute for Public Policy Research (Washington, 1978), pp. 229–80. With comments by Franz Aschinger, Fritz Machlup, Walter S. Salant, Wolfgang Schmitz, Egon Sohmen, and Robert Triffin, and summary of discussion. Edited version of a paper originally presented at the Conference on Exchange Rate Flexibility and the International Monetary System, sponsored jointly by the American Enterprise Institute and the U. S. Treasury, and held at the American Enterprise Institute, April 20-22, 1976.
Smirnova, Ekaterina Nikolaevna. “Mery gosudarstvenno–monopoliticheskogo regulirovaniia valiutnykh otnosheniĭ kapitalisticheskikh stran” and “Vozmozhnost’ perestroĭki valiutnoĭ sistemy kapitalizma i mezhdunarodnye pozitsii dollara,” in her Mezhdunarodnye pozitsii dollara i krizis valiutnoĭ sistemy kapitalizma (Moscow, Izd-vo Moskovskogo Universiteta, 1975), pp. 84–105.
Smith, Gordon W. “The External debt prospects of the non-oil-exporting countries,” in Policy alternatives for a new international economic order; an economic analysis, William R. Cline, ed. (New York, Praeger for the Overseas Development Council, 1979), pp. 285–329.
Smith, John S. “The Fund’s new balance of payments manual,” Finance and Development (Washington), 15 (March 1978), pp. 40–41.
Snider, Delbert A. “The Bretton Woods system: birth, evolution, demise,” “The Post-Bretton Woods monetary system,” and “The Dollar, the U. S. balance of payments and the international monetary system,” in his Introduction to international economics (Homewood, Illinois, Richard D. Irwin, 7th edition, 1979), pp. 342–409.
Sobol, Doroth Meadow. “A Substitution account: precedents and issues,” Quarterly Review, Federal Reserve Bank of New York (New York), 4 (Summer 1979), pp. 40–48.
Sofrenović, Miloš R. “Monetarni sistemi tokom istorije,” Finansije (Belgrade), 34 (July/August 1979), pp. 453–70.
Solomon, Anthony M. “The Developing country debt situation,” in Financing and risk in developing countries, Stephen H. Goodman, ed. (New York, Praeger, 1978), pp. 27–30. Originally presented at a Symposium on Developing Countries’ Debt, sponsored by the Export-Import Bank of the United States, and held in Washington, April 1977.
Solomon, Anthony M. “Prepared statement,” in The Witteveen facility and the OPEC financial surpluses; hearings before the Subcommittee on Foreign Economic Policy, 95th Congress, 1st Session, September 21, 23, October 6, 7, and 10, 1977, U. S. Congress, Senate, Committee on Foreign Relations (Washington, Government Printing Office, 1978), pp. 157–62.
Solomon, Anthony M. “Statement: The Role of the dollar and other currencies,” in The Decline of the dollar; hearings before the Subcommittee on Foreign Economic Policy of the Committee on Foreign Relations, United States Sen-ate, 95th Congress, 2nd Session, February 22, June 22, and July 24, 1978, U. S. Congress, Senate, Committee on Foreign Relations (Washington, Government Printing Office, 1978), pp. 91–97. Reprinted with title, “Statement … on the role of the dollar and other currencies in the international monetary system,” in Annual report of the Secretary of the Treasury on the state of the finances, 1977/78, U. S. Treasury Department (Washington, Government Printing Office, 1979), pp. 487–91.
Solomon, Robert. “An American view of the EMS,” Auszüge aus Presseartikeln, Deutsche Bundesbank (Frankfurt am Main), No. 15 (February 26, 1979), pp. 6–7. Address at the World Business Conference of the Financial Times, held in Frankfurt, February 14, 1979, in which the author also examines the impact of the European Monetary System on the IMF.
Sorokina, O. “The International Monetary Fund,” International Affairs (Moscow), March, 1979, pp. 140–42.
Soublette, Félix. “La Evolución monetaria internacional y su incidencia sobre el poder adquisitivo del ingreso petrolero venezolano,” Revista de Hacienda (Caracas), 41 (January/March 1979), pp. 113–83.
Southard, Frank A., Jr. The Evolution of the International Monetary Fund, Essays in International Finance, No. 135, Princeton University (Princeton, 1979), 55 pp.
“Special drawing rights: some recent developments,” Quarterly Bulletin, Bank of England (London), 19 (June 1979), pp. 188–89.
Sreekantaradhya, B. S. “Recent developments in international monetary system,” Economic Affairs (Calcutta), 23 (December 1978), pp. 455–62.
“Stabilisation agreement with the International Monetary Fund,” Economic Bulletin, National Bank of Egypt (Cairo), 32, No. 1 (1979), pp. 7–12. Discusses the policies to be adopted by Egypt under the agreement concluded between Egypt and the IMF in June 1978.
Stallings, Barbara. “Peru and the U. S. banks: privatization of financial relations,” in Debt and the less developed countries, Jonathan D. Aronson, ed. (Boulder, Colorado, Westview Press, 1979), pp. 225–51. In Section 3 of this essay, the author examines the relations between Peru and the IMF in the period 1977-78.
Stanovnik, Janez. “Towards the new international order: money,” Review of International Affairs (Belgrade), 29 (June 5, 1978), pp. 11–14.
Starý, Boris. “Americký dolar a zlato,” Mezinárodní Vztáhy (Prague), 14, No. 1 (1979), pp. 46–59.
Steinberg, Eleanor B., Joseph A. Yager, and Gerard M. Brannon. “Special drawing rights” and “Gold sales,” in their New means of financing international needs (Washington, Brookings Institution, 1978), pp. 42–45.
Strange, Susan. “Debt and default in the international political economy,” in Debt and the less developed countries, Jonathan D. Aronson, ed. (Boulder, Colorado, Westview Press, 1979), pp. 7–26.
Studentowicz, K. “Remonetyzacja złota jako niezbędny warunek efektywnej reformy światowego systemu walutowego,” Handel Zagraniczny (Warsaw), 25, No. 1 (1979), pp. 31–34.
Studýnka, Bohumil. “Quo vadis zlato? Historické zamyšlení nad dnešni úlohou zlata jako měnového kovu,” Finance a Úvěr (Prague), 29, No. 10 (1979), pp. 704–15.
“Substitution blues,” Economist (London), 273 (October 6, 1979), pp. 80, 82.
Sylvan, Karin. “Substitutionskonto: löser det dollarkrisen?” Ekonomisk Bevy (Stockholm), 36 (October 8, 1979), pp. 400–401.
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Taake, Hans-Helmut. “The International monetary system in the conflict between developing and industrialized countries,” Economics (Tübingen), 20 (1979), pp. 7–21. German version with title, “Die währungspolitische Auseinandersetzungen zwischen Entwicklungs– und Industrieländern: eine Zwischenbilanz,” in Aussenwirtschaft (St. Gallen), 34 (June 1979), pp. 143–57.
Taake, Hans-Helmut. “Monetary policy,” in The North-South dialogue: a mid-term review (Berlin, German Development Institute, 1979), pp. 59–75.
Tandon, J. K., and Kishore Tandon. “Experience with floating exchange rates, 1971-75,” in Readings in applied economics, H. M. Mathur, editor-in-chief (New Delhi, National Publishing House, 1977), pp. 99–125.
Tew, J. H. B. “Policies aimed at improving the balance of payments,” in British economic policy, 1960-74, F. T. Blackaby, ed. (Cambridge, Cambridge University Press, 1978), pp. 304–59.
“Thirty years as a member of the International Monetary Fund,” Monthly Bulletin, Bank of Finland (Helsinki), 52 (January 1978), pp. 1–2.
Thomas, Lloyd B., Jr. “Alternative international monetary systems: fixed and floating exchange rates” and “The U. S. balance of payments and international monetary developments, 1944-78,” in his Money, banking, and economic activity (Englewood Cliffs, New Jersey, Prentice-Hall, 1979), pp. 564–618.
Thorp, Rosemary. “The Stabilisation crisis in Peru, 1975-8,” in Inflation and stablisation in Latin America, Rosemary Thorp and Laurence Whitehead, eds. (London, Macmillan, in association with St. Antony’s College, Oxford, 1979), pp. 110–43.
Thorp, Rosemary., and Laurence Whitehead. “Introduction” and ”A Comparative perspective,” in Inflation and stabilisation in Latin America, Rosemary Thorp and Laurence Whitehead, eds. (London, Macmillan, in association with St. Antony’s College, Oxford, 1979), pp. 1–22, 264–80.
Todorović, Srbislay. “Kriza dolara iii kriza svetskog novca,” Tržište, Novac, Kapital (Belgrade), 12 (April 1979), pp. 7–17.
Treves, Tullio. “La Diffusion des clauses en droits de tirage spéciaux dans les traités internationaux,” Annuaire Français de Droit International (Paris), 23 (1977), pp. 700–708.
Triffin, Robert. “The American response to the European Monetary System,” in The European Monetary System: its promise and prospects, Philip H. Trezise, ed. (Washington, Brookings Institution, 1979), pp. 60–80. Paper prepared for a conference held at the Brookings Institution in April 1979. With comments by Ralph C. Bryant. Reprinted in Challenge (White Plains, New York), 23 (March/April 1980), pp. 17–25.
Triffin, Robert. Gold and the dollar crisis: yesterday and tomorrow, Essays in International Finance, No. 132, Princeton University (Princeton, 1978), 27 pp. The text, with some additions, of the first John J. McCloy lecture, delivered at the Council on Foreign Relations, November 14, 1978. Spanish translation with title, “El Oro y la crisis del dólar: el ayer y la mañana,” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 25 (November/December 1979), pp. 341–54.
Triffin, Robert. “The Impact of the Bellagio Group on international monetary reform,” in Breadth and depth in economics: Fritz Machlup, the man and his ideas, Jacob S. Dreyer, ed. (Lexington, Massachusetts, Lexington Books, 1978), pp. 145–58.
Triffin, Robert. “The International role and fate of the dollar,” Foreign Affairs (New York), 57 (Winter 1978/79), pp. 269–86.
Triffin, Robert. “Size, sources and beneficiaries of international reserve creation, 1970-1974,” in Hommage à Francois Perroux (Grenoble, Presses Universitaires de Grenoble, 1978), pp. 223–33.
Triffin, Robert. “Statement to the opening session,” in New structures for economic interdependence; [the proceedings of an international conference] (Rensselaerville, New York, Institute on Man and Science, 1975?), pp. 26–32. The conference, cosponsored by the Institute on Man and Science, the Aspen Institute for Humanistic Studies, the Overseas Development Council, and the Charles F. Kettering Foundation, was held at the United Nations headquarters and at Rensselaerville, New York, May 15-18, 1975.
Triffin, Robert. “Units of account and parallel currencies in transnational transactions,” in One money for Europe, Michele Fratianni and Theo Peeters, eds. (New York, Praeger, 1979), pp. 135–43.
Turot, Paul. “Les Influences externes,” in his Le “Serpent” monétaire; histoire, mécanismes et avenirs (Paris, Les Editions de l’Epargne, 1976), pp. 66–72.
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United Nations Conference on Trade and Development. Compensatory financing for export fluctuations; note by the UNCTAD Secretariat, United Nations Document TD/B/C.3/152/Rev.1 (Geneva, 1978), 18 pp. Paper presented at a meeting of the Trade and Development Board, Committee on Invisibles and Financing related to Trade, held in Geneva, October 23, 1978.
United Nations Conference on Trade and Development. “Reconstituting the international financial and monetary framework,” in its New directions and new structures for trade and development; report by the Secretary-General of the United Nations Conference on Trade and Development to UNCTAD IV, United Nations Document TD/183/Rev. 1 (New York, United Nations, 1977), pp. 41–50.
U. S. Congress, Conference Committees, 1978. IMF supplementary financing facility; conference report to accompany H.R. 9214 (Washington, Government Printing Office, 1978), 9 pp. (95th Congress, House report 95-1613)
U. S. Congress, House, Committee on Appropriations. “Supplementary financing of the International Monetary Fund (The Witteveen Facility)” in its Foreign assistance and related agencies appropriations for 1979; hearings, 95th Congress, 2nd Session, Part 6 (Washington, Government Printing Office, 1978), pp. 91–144. Hearings held February 2, 1978.
U. S. Congress, House, Committee on Banking, Finance and Urban Affairs. Authorization of U. S. participation in the supplementary financing facility of the International Monetary Fund; report, together with supplemental, dissenting, and additional dissenting views, to accompany H.R. 9214 (Washington, Government Printing Office, 1978), 21 pp. (95th Congress, House report 95-853)
U. S. Congress, Joint Economic Committee. The Dollar rescue operations and their domestic implications; hearings before the Subcommittee on International Economics, 95th Congress, 2nd Session (Washington, Government Printing Office, 1979), 218 pp. Hearings held December 14-15, 1978.
U. S. Congress, Joint Economic Committee. “Exchange rate intervention and adjustment,” ”Balance-of-payments financing,” and “Achieving a more equitable economic order,” in its Issues at the summit; report of the Joint Economic Committee, Congress of the United States, together with additional and supplementary views (Washington, Government Printing Office, 1977), pp. 17–28. (95th Congress, 1st Session, Joint Committee print)
U. S. Congress, Joint Economic Committee. Issues at the summit; hearings, 95th Congress, 1st Session, April 20, 21, and 22, 1977 (Washington, Government Printing Office, 1978), 226 pp. Includes statements by R. S. Eckaus, Peter B. Kenen, William J. McDonough, Shridath S. Ramphal, Robert V. Roosa, and others.
U. S. Congress, Joint Economic Committee. “The Role of the dollar,” in its Joint economic report; report … on the January 1979 economic report of the President (Washington, Government Printing Office, 1979), pp. 93–95.
U. S. Congress, Senate, Committee on Banking, Housing and Urban Affairs. Authorization for Treasury’s international affairs functions; hearing before the Subcommittee on International Finance, 96th Congress, 1st Session, on S. 976, May 3, 1979 (Washington, Government Printing Office, 1979), 229 pp.
U. S. Congress, Senate, Committee on Banking, Housing and Urban Affairs. Bretton Woods Agreements act, amendments of 1978; report to accompany S. 2152, together with additional views (Washington, Government Printing Office, 1978), 42 pp. (95th Congress, Senate report 95-698)
U. S. Congress, Senate, Committee on Foreign Relations. The Decline of the dollar; hearings before the Subcommittee on Foreign Economic Policy, 95th Congress, 2nd Session (Washington, Government Printing Office, 1978), 301 pp. Hearings held February 22, June 22, and July 24, 1978.
U. S. Congress, Senate, Committee on Foreign Relations. International debt, the banks, and U. S. foreign policy; a staff report prepared for the use of the Subcommittee on Foreign Economic Policy, August 1977 (Washington, Government Printing Office, 1977), 68 pp. (95th Congress, 1st Session, Committee print)
U. S. Congress, Senate, Committee on Foreign Relations. The Witteveen facility and the OPEC financial surpluses; hearings before the Subcommittee on Foreign Economic Policy, 95th Congress, 1st Session, September 21, 23, October 6, 7, and 10, 1977 (Washington, Government Printing Office, 1978), 196 pp.
U. S. Congressional Budget Office. U. S. participation in the Witteveen facility: the need for a new source of international finance (Washington, Government Printing Office, 1978), 58 pp. A Budget issue paper prepared at the request of the Senate Budget Committee.
U. S. Council of Economic Advisers. “International financial developments,” in Economic report of the President, together with the annual report of the Council of Economic Advisers, January 1979 (Washington, Government Printing Office, 1979), pp. 147–57.
U. S. Council of Economic Advisers. “Strengthening international financial institutions,” in Economic report of the President, together with the annual report of the Council of Economic Advisers, January 1978 (Washington, Government Printing Office, 1978), pp. 127–29.
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SUMMARIES
Fiscal Content of Financial Programs Supported by Stand-By Arrangements in the Upper Credit Tranches, 1969-78—w. a. beveridge and margaret r. kelly (pages 205-49)
The paper catalogs and analyzes the fiscal policy content of financial programs under the 105 stand-by arrangements in the upper credit tranches approved by the Fund’s Executive Board in the ten years to 1978. A growing tendency toward use of a fiscal performance clause was observed, with the most usual clauses being the use of bank credit by the government or the size of the overall budget balance. Evidence is presented indicating a close association between observance of the fiscal performance clause and observance of the overall bank credit ceiling. Data and discussion are included on whether most unsuccessful financial programs fail because of inadequate fiscal policies.
In support of the fiscal performance clauses, practically all programs contained revenue and expenditure forecasts, sometimes indicated as policy targets. Regarding fiscal results, the paper notes the increasing tendency for expenditures to be understated, and for the overall budget deficit to be exceeded, during the decade reviewed. The data indicated that it was possible to raise the revenue ratio by one or two percentage points during the program period in many cases; there were not many instances in which a larger increase was achieved. Few programs aimed at expenditure reductions, but in some cases large reductions were achieved.
The paper also reviews particular fiscal policy intentions and comments on their effectiveness from the viewpoint of short-run stabilization. Included are observations relating to tax policy adjustments taken before the start of the program and during its course, efforts to improve tax administration, adaptations to the tax system in the context of inflation, aspirations to constrain current government expenditures while planning expansion in capital outlays, policies with respect to particular expenditure programs and projects, and efforts to secure a contribution by nonfinancial public enterprises to the stabilization effort.
Monetary Shocks and the Dynamics of Inflation—mohsin s. khan (pages 250-84)
It is well recognized that the existence of lags between a change in the rate of growth of the supply of money and its effect on the inflation rate causes the stock of real money balances to initially rise when there is an increase in the growth rate of the nominal money supply. After a while the rate of inflation rises by as much as the increase in the growth of money, and real money balances are determined essentially by changes in real income.
While this phenomenon has been observed empirically, it is not possible to reproduce this initial rise in real money balances by using standard models of money demand that attempt to describe the dynamic behavior of inflation. As a consequence, the use of such models can very often yield misleading policy advice. The purpose of this paper is to reformulate the standard model by allowing for a differential response of inflation to anticipated and unanticipated changes in the money supply. If the growth of money is fully anticipated, then inflation will respond immediately by the full extent of the change. On the other hand, if the change is unanticipated, that is, it is a “shock,”then only part of it will be reflected initially in prices, with the remainder leading to a temporary rise in real cash balances. The model incorporating this theory turns out to be no more complicated to evaluate empirically than the more standard models, and yet allows for the possibility that real money balances change in the same direction as the change in the nominal supply. The standard partial-adjustment model is a special case of this model, and empirical tests can be used to determine which of the models is the more relevant.
Empirical tests of the model for a fairly diverse group of developing countries tended to support the basic formulation. Simulation exercises based on the estimated parameters were used to determine the time path of inflation after a monetary shock, and also the appropriate path for the policy variable to achieve a particular target rate of inflation.
The World Model of Merchandise Trade: Simulation Applications—duncan m. ripley (pages 285-319)
The paper focuses primarily on simulation applications obtained from the world model of merchandise trade because of the relative simplicity of obtaining simulation results and because of the insight such results provide about the reasonableness of the model’s structure and coefficients. The basic structure of the model is reviewed, as well as minimum extensions to the structure needed for simulations. Calculations showing trade balance impacts of alternative activity and demand situations are presented in some detail, since the model focuses particularly on the effects of economic activity on trade flows. Estimates are derived by changing the level of manufacturing output or, alternatively, final domestic demand for manufactures, in a single country while holding constant the levels of manufacturing output, or final domestic demand, in partner countries. These estimates are presented in the form of multiplier tables. Scenarios are constructed according to which activity levels in a number of countries, or even in all the industrial countries simultaneously, are adjusted, and their trade balance implications are analyzed. The simulations based on variations in activity levels show that, while trade balances in particular countries may respond especially strongly to changes in activity levels, nonetheless cyclical factors tend to be extremely important in determining the evolution of trade balances in all of the industrial countries.
The price simulations presented in the paper abstract from the volume effects of price changes, which are realized with a substantial lag, and focus only on short-run terms of trade effects. The terms of trade simulations indicate that the effects of a 10 per cent change in the exchange rate, or a 10 per cent change in labor costs, may differ sharply between countries. These differences reflect, in large part, the different roles played by competitor prices in the formation of export prices of manufactures. Differences in terms of trade effects also stem from variations in the relative importance of commodity trade for the industrial countries.
Short-Run Effects of Exchange Rate Changes on Terms of Trade and Trade Balance—erich spitÄller (pages 320-48)
This paper explores the cumulative monthly response of export and import unit values to exchange rate changes and the corresponding terms of trade effect on the trade balance. Results from the estimation of export and import unit value equations over the period January 1973 through April 1978 are reported for ten industrial countries—Belgium, Canada, France, the Federal Republic of Germany, Italy, Japan, the Netherlands, Sweden, the United Kingdom, and the United States. The results suggest that, within a year, a given exchange rate change will lead to a change in export unit values in local currency in the same direction and in amounts ranging from one fourth to one third of the exchange rate change for the Federal Republic of Germany and the United States to practically the full amount of the change for Canada and Italy. Between 50 and 60 per cent of the exchange rate change is transmitted to the export unit values of Sweden, the United Kingdom, France, and Japan, while some 70 per cent applies in Belgium and the Netherlands. A complete pass-through of exchange rate changes to import unit values is experienced in all countries except the Federal Republic of Germany, where it is less than complete, amounting to three fourths of the exchange rate change.
Estimates of the cumulative monthly exchange rate effects on export and import unit values are used, together with trade flow data in 1977 U. S. dollars, to simulate the short-run terms of trade effect of a 10 per cent devaluation on the trade balance. This effect provides an illustration of the first segment of the J-curve, the initial deterioration in the trade balance following a devaluation. What may be noted here is that, even in the absence of any volume effects, the deterioration will be reversed because of the differential speed at which the devaluation is passed through to export and import prices. In particular, the reversal will occur as the rate of response of export prices exceeds that of import prices, which typically happens at the point where the pass-through to import prices has been completed while that to export prices still continues.
Gasoline Taxation in Selected OECD Countries, 1970-79—alan a. tait and david r. morgan (pages 349-79)
The major objective of energy policy in most member countries of the Organization for Economic Cooperation and Development (OECD) since 1974 has been to reduce their dependence on imported oil. This objective was formalized in October 1977, when ministers of the International Energy Agency (IEA) adopted the so-called group objective of limiting oil imports to 25 million barrels a day by 1985. Higher gasoline taxation was one instrument advocated to supplement market forces. However, the experience of seven OECD countries
over the period 1970-79 indicates that gasoline taxation has in general declined in real terms. The IEA’s report for 1978 stated that the group objective was unlikely to be met, and that a major reason for this was underutilization of gasoline taxation.
The generally declining importance of gasoline taxation does not derive from skepticism regarding its efficacy as an instrument of energy policy. Rather, the apparent underutilization appears to derive from concerns that higher gasoline taxation would conflict with other objectives, most notably containment of inflation but also with equity, economic growth, and external equilibrium.
This paper attempts to evaluate these alleged conflicts with other objectives. The tentative conclusion is that the importance of the conflict can easily be exaggerated and that, in general, excessive stress has been placed on the macroeconomic implications of an essentially microeconomic issue. Regarding the alleged conflicts with counterinflation objectives, within the bounds of observed ranges of gasoline taxation, higher gasoline taxation would have very modest direct effects on the aggregate price level. Even these direct effects can be offset by utilizing part or all of the proceeds to reduce other indirect taxes. Indirect effects depend on a series of subsequent wage, price, and monetary adjustments, which are by no means automatic, and some of which may be under the control of government. More generally, the inescapable conclusion is that the general rate of inflation in OECD countries since 1973 has much to do with the appropriateness of fiscal and monetary policies and virtually nothing to do with the rate of increase in gasoline prices.
The income distribution effects of higher gasoline taxation are several; they include progressive and regressive elements, are not demonstrably substantial, and are at least partially amenable to offsetting government action using part of the higher gasoline tax proceeds.
Alleged disruptive effects on resource allocation attributable to higher gasoline taxation might be based in part on misconceptions concerning the nature of the adjustments to such increases. The more sophisticated studies show that the major adjustment to higher gasoline prices comes, admittedly in the longer run, by way of increased efficiency of the stock of motor vehicles rather than by any substantial reduction in the volume of miles driven.
The foregoing is not intended to convey the impression that higher gasoline taxation is costless but rather that, at a macroeconomic level, the costs appear to be more modest than suggested in most public debate.
RESUMES
Objectifs de finances publiques des programmes financiers soutenus par des accords de confirmation portant sur les tranches de crédit supérieures, 1969—w. a. beveridge et margaret r. kelly (pages 205–49)
Dans la pràsente àtude, les auteurs ràpertorient et analysent, du point de vue des finances publiques, les programmes financiers soutenus par 105 accords de confirmation portant sur les tranches de crédit supérieures et approuvés par le Conseil d’administration entre 1969 et 1978. Its constatent une tendance croissante à inclure une clause relative à la réalisation d’objectifs de finances publiques, les clauses les plus fréquemment employées portant sur le recours de l’Etat au crédit bancaire ou sur le montant du solde budgétaire global. Une relation étroite est mise en évidence entre l’observation de la clause relative aux objectifs de finances publiques et le respect du plafond sur le crédit bancaire global. Les auteurs cherchent à déterminer, à l’aide de données et d’analyses, si les échecs de programmes financiers sont attribuables, dans la plupart des cas, à des politiques de finances publiques inappropriées.
A l’appui des clauses relatives à la réalisation d’objectifs de finances publiques, presque tous les programmes ont comporté des prévisions de recettes et de dépenses, qui ont été parfois fixées comme objectifs de politique économique. En ce qui concerne les résultats obtenus dans le domaine des finances publiques, les auteurs constatent, durant la décennie étudiée, une tendance de plus en plus marquée à sous–estimer les dépenses et à dépasser le deficit budgétaire global prévu. Les données indiquent que dans de nombreux cas it a été possible d’accroître le ratio entre les recettes et le produit national brut d’un ou deux points de pourcentage pendant la période couverte par le programme; de plus forts accroissements ont rarement été enregistres. Peu de programmes visaient à réduire les dépenses, mais dans certains cas d’importantes réductions ont été obtenues.
Les auteurs examinent également certaines déclarations d’intention des autorités en matière de finances publiques et évaluent leur efficacité du point de vue de la stabilisation à court terme. Leurs observations portent notamment sur les ajustements de nature fiscale effectues avant l’entrée en vigueur du programme et pendant son application, les efforts déployés pour améliorer l’administration fiscale, les adaptations du régime fiscal au contexte de l’inflation, le désir de restreindre les dépenses courantes de l’Etat tout en planifiant une augmentation des dépenses d’investissement, les mesures accompagnant des programmes et des projets de dépenses spécifiques, enfin les efforts visant à assurer une contribution des entreprises publiques non financiêres au processus de stabilisation.
Les chocs monétaires et la dynamique de l’inflation—mohsin s. khan (pages 250–84)
Il est généralement admis que les décalages entre une variation du taux de croissance de la masse monétaire et son effet sur le taux d’inflation entraînent une augmentation initiale du stock des encaisses monétaires réelles lorsqu’il y a augmentation du taux de croissance de la masse monétaire nominale. Toutefois, par la suite, le taux d’inflation s’accroît dans les mêmes proportions que le taux de croissance de la masse monétaire et les encaisses monétaires réelles sont déterminées essentiellement par les variations du revenu réel.
Bien que ce phénomène ait été constaté empiriquement, it est impossible de reproduire cette augmentation initiale des encaisses monétaires réelles avec les modèles types de la demande de monnaie qui s’efforcent de décrire la dynamique de l’inflation. En conséquence, ces modèles peuvent très souvent induire en erreur les responsables de la politique monétaire. La présente étude a pour but de reconstruire le modèle type en y incorporant une réaction différente de l’inflation selon que les variations de la masse monétaire ont été prévues on non. Si la croissance de celle–ci a été intégyalement prévue, la réaction inflationniste sera immédiate et exactement dans les mêmes proportions. En revanche, si la variation n’a pas été prévue, c’est–à–dire s’il s’agit d’un “choc”, une partie seulement de cette variation se répercutera initialement sur les prix, le reste entraînant une augmentation temporaire des encaisses monétaires réelles. Le modèle prenant en compte cette hypothèse n’est pas, en fait, plus difficile à appliquer empiriquement que les modèles types utilisés le plus souvent et, pourtant, il tient compte du fait que les encaisses monétaires réelles peuvent évoluer dans le même sens que l’offre nominale de monnaie. Le modèle type utilisant l’ajustement partiel est un cas particulier de ce modèle et on peut déterminer par des tests empiriques lequel des deux rend le mieux compte de la réalité.
Les tests empiriques du modèle proposé appliqués à un ensemble assez varié de pays en développement tendent à corroborer les hypothèses de base. A l’aide de simulations fondées sur les paramètres estimés, l’auteur détermine la trajectoire de l’inflation apres un choc monetaire, de même que la trajectoire appropriée de la variable de politique économique qui permettra d’atteindre un taux d’inflation donné.
Le modèle mondial des échanges de marchandises: applications de simulations—duncan m. ripley (pages 285–319)
L’étude porte essentiellement sur des applications de simulations effectuées à partir du modèle mondial des échanges de marchandises, étant donné qu’il est relativement simple d’obtenir les résultats de simulations et que ces résultats permettent de déterminer si la structure et les coefficients du modèle sont raisonnables. La structure fondamentale du modêle est examinee et certaines relations minimales y sont ajoutées pour permettre d’effectuer les simulations. Des calculs montrant l’incidence sur la balance commerciale de différents niveaux d’activité et de demande sont présentés de façon relativement détaillée, le modèle étant essentiellement centré sur les effets de l’activité économique sur les flux commerciaux. L’auteur calcule des estimations en faisant varier le niveau de la production manufacturière, ou celui de la demande intérieure finale de produits manufacturés, dans un seul pays, tout en maintenant à un même niveau la production manufacturière ou la demande intérieure finale des pays partenaires. Ces estimations sont présentées sous la forme de tableaux de multiplicateurs. Des scénarios sont élaborés, en fonction desquels les niveaux d’activité dans un certain nombre de pays, ou même dans tous les pays industrialises simultanement, sont ajustés, et leurs effets sur la balance commerciale sont analysés. Les simulations effectuées sur la base des variations des niveaux d’activité montrent que, même si les balances commerciales de certains pays réagissent de façon particulièrement forte aux variations du niveau de ractivité, il n’en reste pas moins vrai que, d’une façon generale, les facteurs conjoncturels jouent un rôle extrêmement important dans revolution des balances commerciales de tous les pays industrialises.
Les simulations de prix présentées dans l’etude font abstraction des effets qu’exercent les variations de prix sur le volume des échanges, car ces effets ne se manifestent qu’avec un retard sensible, et elles ne prennent en compte que leurs effets sur les termes de l’échange en courte période. Les simulations relatives aux termes de échange montrent que l’incidence d’une variation de 10% du taux de change ou des coûts de main–d’oeuvre peut être tres differente d’un pays a l’autre. Ces écarts s’expliquent pour beaucoup par les rôles différents que jouent les prix des pays concurrents dans la formation des prix à l’exportation des produits manufacturés. Les différences dans les effets sur les termes de l’échange peuvent aussi provenir des variations de l’importance relative du commerce des marchandises pour les pays industrialisés.
Incidence à court terme des variations du taux de change sur les termes de l’échange et la balance commerciale—erich spitÄller (pages 320–48)
Dans cette étude, l’auteur examine la réaction cumulative mensuelle des valeurs unitaires d’exportation et d’importation aux variations du taux de change et l’effet correspondant des termes de l’ échange sur la balance commerciale. Les résultats obtenus à partir de l’estimation des équations des valeurs unitaires à l’exportation et à l’importation pour la période allant de janvier 1973 à avril 1978 sont donnés pour dix pays industrialisés: la Belgique, le Canada, les Etats–Unis, la France, l’Italie, le Japon, les Pays–Bas, la République fédérale d’Allemagne, le Royaume–Uni et la Suède. Il ressort de ces résultats qu’en l’espace d’un an une variation donnée du taux de change entraînera une variation dans le même sens des valeurs unitaires à l’exportation exprimées en monnaie nationale, dans une proportion allant d’un quart à un tiers de la variation du taux de change pour la République fédérale d’Allemagne et les Etats–Unis, jusqu’à la quasi–totalité de la variation pour le Canada et l’Italie. Entre 50 et 60 pour 100 de la variation du taux de change se répercutent sur les valeurs unitaires à l’exportation de la Suède, du Royaume–Uni, de la France et du Japon, et quelque 70 pour 100 sur celles de la Belgique et des Pays–Bas. Les variations du taux de change se répercutent intégralement sur les valeurs unitaires à l’importation de tous les pays, à l’exception de la République fédérale d’Allemagne oα elles ne sont transmises qu’à raison des trois quarts.
On a utilisé dans cette étude des estimations de ’incidence cumulative mensuelle des variations du taux de change sur les valeurs unitaires à l’exportation et à l’importation, ainsi que des données relatives aux courants commerciaux exprimées en dollars E.U. de 1977, pour simuler l’effet de termes de l’echange à court terme sur la balance commerciale en cas d’une dévaluation de 10 pour 100. Cet effet se traduit graphiquement par le premier segment de la courbe en J qui représente la détérioration initiale de la balance commerciale à la suite d’une dévaluation. On peut remarquer ici que, même en l’absence de toute incidence en termes de volume, le processus de deterioration sera inverse en raison de la rapidité différente avec laquelle la dévaluation se répercute sur les prix à l’exportation et sur les prix à l’importation. En particulier, cette inversion du processus se produira lorsque le taux de réaction des prix à l’exportation est plus élevé que celui des prix à l’importation, ce qui est ordinairement le cas au moment oα le processus de répercussion sur les prix à l’importation est terminé alors qu’il continue pour les prix à l’exportation.
Taxation de l’essence dans certains pays de l’OCDE, 1970–79—alan a. tait et david r. morgan (pages 349–79)
Depuis 1974, le principal objectif de la politique énergétique de la plupart des pays membres de l’Organisation de coopération et de développement économiques (OCDE) a été de réduire leur dépendance à l’égard du pétrole importé. Cet objectif a été éoncé formellement en octobre 1977, lorsque les ministres de l’Agence internationale de l’énergie (AIE) ont adopté l’objectif dit de groupe, visant à rèduire les importations de pétrole à 25 millions de barils par jour d’ici à 1985. L’un des instruments proposés pour renforcer ’Influence des forces du marche a été le relèvement des taxes sur l’essence. Néanmoins, 1’ analyse de la situation de sept pays membres de l’OCDE pendant la période 1970–79 rèv00e8;le que la taxation de l’essence a, en general, diminuèen termes reels. Le rapport de l’AIE pour 1978 indiquait que l’objectif de groupe avait peu de chances d’être atteint et que l’une des raisons majeures était le recours insuffisant à la taxation de l’essence.
L’importance généralement décroissante de la taxation de l’essence ne provient pas d’une réaction de scepticisme a regard de son efficacite en tant qu’instrument de la politique énergétique. La sous–utilisation apparente de cet instrument semble plutôt due au fait que les autorités craignent qu’une plus forte taxation de l’essence n’entre en conflit avec d’autres objectifs, en premier lieu la réduction de l’inflation, mais aussi les objectifs d’équité sociale, de croissance économique et d’équilibre externe.
Dans la présente étude, les auteurs s’efforcent d’examiner ces conflits présumés avec d’autres objectifs. Ils suggèrent pour conclure qu’il est facile d’exagérer l’importance de ces conflits et que, d’une maniere generale, on a trop mis l’accent sur les implications macro–économiques d’une question qui releve essentiellement de la micro–économie. En ce qui concerne les conflits présumés avec les objectifs de lutte contre l’inflation, une taxation plus élevée, dans les limites de la fourchette observée des taxes sur l’essence, n’aurait qu’une incidence directe très limitée sur le niveau global des prix. Même cette incidence directe peut etre compensee si l’on utilise une partie, ou la totalité, du produit de ces taxes pour diminuer les autres impôts indirects. Les effets indirects dépendent d’une série d’ajustements ultérieurs dans le domaine des salaires, des prix et de la monnaie qui ne sont aucunement automatiques et dont certains peuvent être contrôlés par les pouvoirs publics. Plus généralement, la conclusion inéluctable est que le taux d’inflation dans les pays de l’OCDE depuis 1973 est largement imputable aux politiques budgétaires et monétaires qui ont été appliquées et n’a pratiquement aucun rapport avec le taux d’augmentation des prix de l’essence.
Les effets d’une plus forte taxation de l’essence sur la redistribution des revenus sont nombreux; ils comprennent des éléments progressifs et régressifs, ne sont manifestement pas très importants et peuvent, du moins dans une certaine mesure, faire l’objet d’une action compensatrice des pouvoirs publics par]’utilisation d’une partie des recettes plus élevées provenant des taxes sur l’essence.
L’incidence présumée perturbatrice d’une plus forte taxation de l’essence sur]’affectation des ressources repose peut–être en partie sur des conceptions erronées concernant la nature des ajustements à ces augmentations. Des études plus approfondies montrent que l’ajustement principal aux prix plus élevés de l’essence s’effectue, à assez long terme, it est vrai, par une efficacité accrue du stock des véhicules automobiles plutôt que par une réduction importante du nombre de kilomètres parcourus.
La présente étude ne vise pas à donner l’impression qu’une plus forte taxation de l’essence ne coûte rien, mais plutôt qu’au niveau macro–économique, les coûts semblent plus modestes qu’il n’apparaît dans la plupart débats publics.
RESUMENES
Componentes fiscales de los programas financieros respaldados por acuerdos de derecho de giro en los tramos superiores de crédito, 1969–78—w. a. beveridge y margaret r. kelly (páginas 205–49)
En el trabajo se clasifican y analizan los componentes de política fiscal de los programas financieros correspondientes a los 105 acuerdos de derecho de giro en los tramos superiores de crédito aprobados por el Directorio Ejecutivo en el decenio que finalizó en 1978. Se observó una tendencia creciente a utilizar cláusulas relativas al comportamiento fiscal, siendo las más usuales las relativas al uso del crédito bancario por el gobierno o a la magnitud del saldo presupuestario global. Se presentan casos que demuestran una estrecha relación entre el cumplimiento de las cláusulas de comportamiento fiscal y el cumplimiento del tope al crédito bancario global. Se incluyen asimismo estadísticas y consideraciones respecto de si la mayoria de los programas financieros que fracasaron lo hicieron debido a políticas fiscales inadecuadas.
En respaldo de las cláusulas relativas al comportamiento fiscal, en casi todos los programas figuran previsiones del ingreso y el gasto, señaladas a veces como metas. En lo atinente a los resultados fiscales, en el trabajo se hace notar la tendencia creciente, registrada en el decenio examinado, a subestimar el gasto y sobrepasar el déficit presupuestario global. Los datos indicaron que en muchos casos fue posible elevar la razón ingreso/PNB en uno o dos puntos porcentuales durante el período del programa; no hubo muchos programas en los cuales se alcanzara un aumento mayor. En pocos programas se fijó como objetivo la reducción del gasto, aunque en algunos casos se lograron disminuciones significativas.
En el trabajo se examinan también ciertas intenciones de política fiscal y se comenta sobre su eficacia desde el punto de vista de la estabilización a corto plazo. Se presentan además observaciones relativas a los ajustes de política tributaria efectuados antes y durante el transcurso del programa, esfuerzos para mejorar la administración tributaria, adecuaciones del sistema tributario a una situación inflacionaria, aspiraciones a restringir el gasto público corriente planificando a la vez la expansión de los gastos de capital, políticas con respecto a determinados programas y proyectos relativos al gasto y esfuerzos para conseguir una contribución de las empresas públicas no financieras al programa de estabilización.
Los “choques”monetarios y la dinámica de la inflación—mohsin s. khan (páginas 250–84)
Es hecho conocido que la existencia de desfases entre una variación de la tasa de crecimiento de la oferta de dinero y el efecto de dicha variación en la tasa de inflación da lugar a que la masa de saldos monetarios reales aumente en un principio al elevarse la tasa de crecimiento de la oferta monetaria nominal. Luego de transcurrido algún tiempo, la tasa de inflación aumenta en la misma medida en que lo hace la de crecimiento del dinero, quedando los saldos monetarios reales determinados esencialmente por las variaciones del ingreso real.
Aunque este fenómeno se ha observado empíricamente, no es posible reproducir el aumento inicial de los saldos monetarios reales con los modelos ordinarios de la demanda de dinero empleados para describir el comportamiento dinámico de la inflación. Por consiguiente, el uso de dichos modelos a menudo puede dar lugar a recomendaciones erróneas en materia de política. Este trabajo tiene por objeto reformular el modelo ordinario teniendo en cuenta la diferencia entre la reacción de la inflación ante una variación prevista y ante una variación imprevista de la oferta monetaria. Si el crecimiento del dinero está previsto por completo, la reacción de la inflación será inmediata y de magnitud igual a la variación. Pero si la variación es imprevista, es decir, si produce un “choque”, sòlo parte de ella repercutirá inicialmente en los precios; el resto producirá un aumento temporal de los saldos en efectivo reales. El modelo en que se incorpora esta teoría no resulta ser más complejo para su evaluación empírica que los modelos ordinarios, a pesar de que con íl puede tenerse en cuenta la posibilidad de que los saldos monetarios reales varéen en el mismo sentido en que lo haga la oferta nominal. El modelo ordinario de ajuste parcial es un caso especial de este modelo y pueden llevarse a efecto pruebas empíricas para determinar cuál de los modelos es el más apropiado.
Las pruebas empíricas a que se sometió el modelo para su aplicación a un grupo bastante diverso de países en desarrollo tendieron a respaldar la formulación básica. Se emplearon simulaciones basadas en los parámetros estimados para determinar el sendero cronológico de la inflación después de experimentado un choque monetario así como el sendero correspondiente a una variable de política para alcanzar una tasa determinada de inflación fijada como meta.
El modelo mundial del comercio de mercancías: Aplicación de simulaciones—duncan m. ripley (páginas 285–319)
Este trabajo se ocupa principalmente de la aplicación de simulaciones obtenidas del modelo mundial del comercio de mercancías en vista de la relativa facilidad con que el mismo permite obtener resultados de simulación y porque dichos resultados corroboran la calidad de la estructura y los coeficientes del modelo. Se examina asimismo la estructura básica del modelo, así como las extensiones minimas que deben hacerse de la misma para efectuar las simulaciones. Dado que el modelo se concentra especialmente en los efectos que produce la actividad económica en el comercio internacional, se presenta con cierto detalle el cálculo del impacto que tienen en la balanza comercial los distintos niveles de actividad económica y de demanda. Las estimaciones se calculan modificando el nivel de la producción manufacturera o de la demanda interna final de manufacturas en un país dado, al mismo tiempo que se mantienen constantes los niveles de la producción manufacturera o de la demanda interna final de los países que comercian con aguél; dichas estimaciones se presentan en forma de cuadros de multiplicadores. Además, se elaboran marcos hipotéticos en base a los cuales se ajustan los niveles de actividad de varios países, o incluso de todos los países industriales simultáneamente, y se analiza su repercusión en la balanza comercial. Las simulaciones basadas en las fluctuaciones del nivel de actividad indican que, si bien la balanza comercial de determinados países puede reaccionar fuertemente ante dichas fluctuaciones, los factores coyunturales tienden a determinar en gran medida la evolución de las balanzas comerciales de todos los países industriales.
Las simulaciones de precios presentadas en este trabajo no tienen en cuenta la repercusión de las fluctuaciones de los precios en el volumen, la cual se hace sentir con un considerable desfase, sino que se ocupan solamente de los efectos a corto plazo ejercidos sobre la relación de intercambio. Las simulaciones de la relación de intercambio indican que el efecto de una variación del 10 por ciento del tipo de cambio o del costo de la mano de obra puede diferir considerablemente de un país a otro. Estas diferencias se deben en gran medida a las diversas funciones desempefñadas por los precios de los competidores en la formación de los precios de exportación de las manufacturas. Las diferencias entre los diversos efectos que se producen en la relación de intercambio obedecen también a la importancia relativa que tenga el comercio de mercancías para los distintos países industriales.
Efectos a corto plazo de las variaciones del tipo de cambio sobre la relación de intercambio y la balanza comercial—erich spitÄller (páginas 320–48)
En el presente trabajo se examina la reacción mensual acumulativa de los valores unitarios de exportación e importación ante las variaciones del tipo de cambio, y el efecto correspondiente de la relación de intercambio sobre la balanza comercial. Se presentan los resultados de la estimación de las ecuaciones de los valores unitarios de exportación e importación durante el período de enero de 1973 al fin de abril de 1978, para diez paises industriales: Bélgica, Canadá, Estados Unidos, Francia, Italia, Japón, Países Bajos, Reino Unido, República Federal de Alemania y Suecia. Lds resultados indican que, al cabo de un año, una variación determinada del tipo de cambio origina una variacińn de los valores unitarios de exportación en moneda nacional en la misma dirección y en cuantías que oscilan entre una cuarta y una tercera parte de la variación del tipo de cambio, en el caso de la República Federal de Alemania y de Estados Unidos, y prácticamente el monto completo de la variación, en el caso de Canadá e Italia. En Suecia, Reino Unido, Francia y Japón se transmite a los valores unitarios de la exportación entre el 50 y el 60 por ciento de la variación del tipo de cambio, mientras que en Bélgica y Países Bajos se transmite Extra Line 70 por ciento. En todos los países se produce un trasvase completo de la variación del tipo de cambio a los valores unitarios de la importación, salvo en la República Federal de Alemania, donde no llega a ser completo y asciende solamente a tres cuartas partes de dicha variación.
Se utilizan estimaciones de los efectos acumulativos mensuales del tipo de cambio sobre los valores unitarios de exportación e importación, junto con datos sobre flujos de intercambios en dólares de EE.UU. de 1977, para simular el efecto a corto plazo que una devaluación del 10 por ciento ejerce mediante la relación de intercambio en la balanza comercial. Este efecto ofrece una ilustración del primer segmento de la curva en J, el deterioro inicial de la balanza comercial tras una devaluación. Lo que puede observarse aquí es que, aun no registrándose efectos en cuanto al volumen, se invertirá el sentido del deterioro a causa de la diferencia en la velocidad a que se transmita la devaluación a los precios de exportación y de importación. En especial, esa inversión del deterioro se producirá cuando el ritmo de reacción de los precios de exportación sea mayor que el de los precios de importación, lo que suele ocurrir en el momento en que se ha completado el trasvase a los precios de importación mientras sigue realizándose el trasvase a los precios de exportación.
Los impuestos a la gasolina en un grupo de países miembros de la OCDE, 1970–79—alan a. tait y david r. morgan (páginas 349–79)
Desde 1974 la política energéfica de la mayoría de los países miembros de la Organización de Cooperación y Desarrollo Económicos (OCDE) ha tenido por objetivo reducir su dependencia del petróleo importado. Este objetivo adquirió caaácter oficial en octubre de 1977, cuando los ministros de los países miembros del Organismo Internacional de Energía (OIE) adoptaron el llamado objetivo conjunto de limitar las importaciones de petróleo a 25 millones de barriles diarios para 1985. Uno de los medios preconizados para complementar las fuerzas del mercado fue el aumento de los impuestos a la gasolina. No obstante, lo ocurrido en siete de los países miembros de la OCDE en el período 1970–79 indica que, en términos reales, en general han disminuido los impuestos a la gasolina. En el informe del OIE de 1978 se manifestó la improbabilidad de que se cumpliera el objetivo conjunto y se expuso como uno de los motivos principales la subutilización de los impuestos a la gasolina.
La importancia en general decreciente de los impuestos a la gasolina no obedece a que esté en duda su eficacia como instrumento de política energética. La evidente subutilización de los mismos parece más bien tener su origen en el temor de que el incremento de dichos impuestos resulte incompatible con el logro de otros objetivos, sobre todo la contención de la inflación, pero también con la distribución equitativa del ingreso, el crecimiento económico y el equilibrio externo.
En este trabajo se procura evaluar las supuestas contradicciones con otros objetivos. La conclusión preliminar es que posiblemente se haya exagerado la importancia de dicha contradicción y que, en general, se ha hecho demasiado hincapié en las repercusiones macroeconómicas de una cuestión esencialmente microeconómica. Respecto de las supuestas contradicciones con el objetivo de combatir la inflación, dentro de los límites de las oscilaciones observadas en los impuestos a la gasolina, el aumento de éstos tendría efectos directos muy moderados en el nivel global de precios. Incluso, estos efectos directos pueden contrarrestarse utilizando los ingresos procedentes de dicho aumento, en todo o en parte, para reducir otros impuestos indirectos. Los efectos indirectos dependen de una serie de sucesivos ajustes monetarios, de salarios y de precios, que no son de ningún modo automáticos, y algunos de los cuales pueden encontrarse sometidos al control del gobierno. De manera más general, la conclusión inevitable es que desde 1973 la tasa general de inflación de los países de la OCDE está muy relacionada con la eficacia de la política fiscal y monetaria y prácticamente no tiene nada que ver con la tasa de aumento de precios de la gasolina.
Los efectos de impuestos más elevados sobre la gasolina en la distribución del ingreso son varios; comprenden elementos progresivos y regresivos, no puede demostrarse que sean importantes y pueden ser contrarrestados, al me– nos en parte, por medidas del gobierno que utilicen una parte de los ingresos procedentes de dichos impuestos.
Pudiera ser que los supuestos efectos perturbadores sobre la distribución de recursos atribuibles al incremento de los impuestos a la gasolina se fundamentaran, en parte, en concepciones erróneas sobre el carácter de los ajustes efectuados ante esos aumentos. Los estudios más refinados ponen de manifiesto que el principal ajuste ante el alza de la gasolina se realiza, desde luego, a largo plazo, mejorando el rendimiento de los vehículos de motor y no reduciendo considerablemente el número de kilómetros recorridos.
Con lo expuesto no se pretende dar la impresión de que el aumento de los impuestos a la gasolina no implique costos sino que, a nivel macroeconómico, los costos son al parecer más moderados de lo que se dice en la mayoría de los debates sobre el tema.
In statistical matter (except in the résumés and resúmenes) throughout this issue,
Dots (…) indicate that data are not available;
A dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;
A single dot (.) indicates decimals;
A comma (,) separates thousands and millions;
“Billion” means a thousand million;
A short dash (–) is used between years or months (e.g., 1977–79 or January–October) to indicate a total of the years or months inclusive of the beginning and ending years or months;
A stroke (/) is used between years (e.g., 1978/79) to indicate a fiscal year or a crop year;
Components of tables may not add to totals shown because of rounding.
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Mrs. Salda, Bibliographer in the Joint Bank-Fund Library, is a graduate of Oxford University. She was formerly on the staff of the Victoria & Albert Museum Library in London.