Front Matter


  • Some Implications) of North Sea Oil for the U.K. Economy

    • marian e. bond and adalbert knöbl

  • Adjustment in Planned Economies

    • mark allen

  • The SDR as a Means of Payment

    • warren l. coats, jr.

  • Factor Prices in Industrial Countries

    • george kopits

  • Demand Management and Exchange Rate Policy: The Italian Experience

    • giancarlo gandolfo and pietro carlo padoan

  • Demand Management and Exchange Rate Policy: The Italian Experience

    • george kopits




Front Matter Page


Norman K. Humphreys, Editor

Mary Ellen Lucas and Jennie Lee Carter

Assistant Editors

Editorial Committee

Norman K. Humphreys, Chairman

Jacques R. Artus

Sterie T. Beza

Eduard H. Brau

Deena R. Khatkhate

Adalbert Knöbl

Anthony Lanyi

M. Ranji P. Salgado

Stephen A. Silard

Alan A. Tait

From the Foreword to the first issue:

“Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged.

“Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.”

The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments.

Subscription: US$12.00 a volume or the approximate equivalent in the currencies of most countries. Four numbers constitute a volume. Single copies may be purchased at $4.00. Special rate to university libraries, faculty members, and students: $6.00 a volume; $2.00 a single copy. Subscriptions and orders should be sent to:

Publications Unit

International Monetary Fund

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

Front Matter Page


The Editor invites from contributors outside the Fund brief comments (not more than 1,000 words) on published articles in Staff Papers. These comments should be addressed to the Editor, who will forward them to the author of the original article for reply. Both the comments and the reply will be published in the same issue of Staff Papers.

International Standard Serial Number: ISSN 0020-8027