Front Matter Page
INTERNATIONAL MONETARY FUND
STAFF PAPERS
Vol. 31 No. 1
MARCH 1984
CONTENTS
Current Account Imbalances and Capital Formation in Industrial Countries, 1949–81
alessandro penati and michael dooley
The Private SDR: An Assessment of Its Risk and Return
pierre van den boogaerde
A Test of the Efficacy of Exchange Rate Adjustments in Indonesia
g. russell kincaid
The 1981–82 Recession and Non-Oil Primary Commodity Prices
ke-young chu and thomas k. morriso
Expectations of Inflation and Interest Rate Determination
rüşdü saracoglu
The Fund Agreement in the Courts—XIX
joseph gold
Summaries
Résumés
Resúmene
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STAFF PAPERS
Norman K. Humphreys, Editor
Paul Gleason
Assistant Editor
Editorial Committee
Norman K. Humphreys, Chairman
Jacques R. Artus
Eduard H. Brau
Ernesto Hernández-Catá
Adalbert Knöbl
Anthony Lanyi
M. Ranji P. Salgado
Stephen A. Silard
V. Sundararajan
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.
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EDITOR’S NOTE
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.
The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.
International Standard Serial Number: ISSN 0020-8027