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Gerard Bélanger

Anthony Lanyi

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M. Ranji P. Salgado

Ernesto Hernández-Catá

V. Sundararajan

From the Foreword to the first issue:

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Title Page

INTERNATIONAL MONETARY FUND

STAFF PAPERS

VOLUME 33, 1986

WASHINGTON, DC.

The Editor regrets that, owing to production difficulties, publication of this issue of Staff Papers has been delayed.

The term “country,” as used in this publication, may not refer to a territorial entity that is a state as understood by international law and practice; the term may also cover some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.

© 1986 by the International Monetary Fund International Standard Serial Number: ISSN 0020-8027

The U.S. Library of Congress has cataloged this serial publication as follows:

International Monetary Fund

Staff papers — International Monetary Fund. v. 1- Feb. 1950-[Washington] International Monetary Fund.

v. tables, diagrs, 23 cm.

Three no. a year. 1950-1977; four no. a year, 1978–

Text in English with summaries in English. French, and Spanish.

Indexes:

Vols. 1-27, 1950-80. 1 v.

ISSN 0020-8027 = Staff papers — International Monetary Fund.

1. Foreign exchange—Periodicals. 2. Commerce—Periodicals. 3. Currency question—Periodicals.

HG3810.15 332.082 53-35483

Contents

Contents of Volume 33

Volume 33 (1986) consists of four issues, as follows:

March, pages 1–198

June, pages 199–386

September, pages 387–632

December, pages 633–821.

English, French, and Spanish summaries appear at the end of each issue (March, pages 185-98; June, pages 373-86; September, pages 616-32; December, pages 812-21. The French and Spanish summaries are listed below by title, beginning on pages vi and vii, respectively.

Authors

Adams, Charles, and Daniel Gros. The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples

Argy, Victor, J.J. Polak, Gottfried Haberler, Richard S. Thorn, and H. Robert Heller. William H, White (1922–83): An Appreciation

Buiter, Willem H. Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies

Chopra, Ajai, and Peter Montiel. Output and Unanticipated Money with Imported Intermediate Goods and Foreign Exchange Rationing

Chu, Ke-young, and Thomas K. Morrison. World Non-Oil Primary Commodity Markets: A Medium-Term Framework of Analysis

Dewald, William G. Government Deficits in a Generalized Fisherian Credit Market: Theory with an Application to Indexing Interest Taxation

De Wulf, Luc, and David Goldsbrough. The Evolving Role of Monetary Policy in China

Feige, Edgar L. A Re-Examination of the “Underground Economy” in the United States: A Comment on Tanzi

Feltenstein, Andrew. Financial Crowding Out: Theory with an Application to Australia

Frenkel, Jacob A., and Morris Goldstein. A Guide to Target Zones

Goldsbrough, David, and Luc De Wulf. The Evolving Role of Monetary Policy in China

Goldstein, Morris, and Jacob A. Frenkel. A Guide to Target Zones.

Goldstein, Morris, and Peter Montiel. Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls

Gros, Daniel. Wage Indexation and the Real Exchange Rate in Small Open Economies: A Study of the Effects of Fluctuations in Export Earnings

Gros, Daniel, and Charles Adams, The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples

Haas, Richard D., and Paul R. Masson. MINIMOD: Specification and Simulation Results

Haberler, Gottfried, J.J. Polak, Richard S. Thorn, Victor Argy, and H. Robert Heller. William H. White (1922–83): An Appreciation

Heller, H. Robert, J.J. Polak, Gottfried Haberler, Richard S. Thorn, and Victor Argy. William H. White (1922–83): An Appreciation

Khan, Mohsin S. Islamic Interest-Free Banking

Knight, Malcolm, and Paul R. Masson. International Transmission of Fiscal Policies in Major Industrial Countries

Masson, Paul R., and Malcolm Knight. International Transmission of Fiscal Policies in Major Industrial Countries

Masson, Paul R., and Richard D. Haas, MINIMOD: Specification and Simulation Results

Molho, Lazaros E. Interest Rates, Saving, and Investment in Developing Countries: A Re-examination of the McKinnon-Shaw Hypotheses

Molho, Lazaros E. Selective Credit Controls in Greece: A Test of Their Effectiveness

Montiel, Peter. Long-Run Equilibrium in a Keynesian Model of a Small Open Economy

Montiel, Peter. An Optimizing Model of Household Behavior Under Credit Rationing

Montiel, Peter, and Ajai Chopra. Output and Unanticipated Money with Imported Intermediate Goods and Foreign Exchange Rationing.

Montiel, Peter, and Morris Goldstein. Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls

Morrison, Thomas K., and Ke-young Chu. World Non-Oil Primary Commodity Markets: A Medium-Term Framework of Analysis

Phelps, Edmund S. Profits Theory and Profits Taxation

Polak, J.J.. Gottfried Haberler, Richard S. Thorn, Victor Argy, and H. Robert Heller. William H. White (1922–83): An Appreciation

Riechel, Klaus-Walter. Labor Market Disequilibrium and the Scope for Work-Sharing: A Case Study of the Netherlands

Schadler, Susan M. Effect of a Slowdown in Industrial Economies on Selected Asian Countries

Tanzi, Vito. The Underground Economy in the United States: Reply to Comments by Feige, Thomas, and Zilberfarb

Thomas, J.J. The Underground Economy in the United States: A Comment on Tanzi

Thorn, Richard S., J.J, Polak, Gottfried Haberler, Victor Argy, and H. Robert Heller. William H, White (1922–83): An Appreciation

Zaidi, Iqbal M. Currency Depreciation and Nonclearing Markets in Developing Economies

Zilberfarb, Ben-Zion. Estimates of the Underground Economy in the United States, 1930–80: A Comment on Tanzi

Titles

The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples. By Charles Adams and Daniel Gros

Currency Depreciation and Nonclearing Markets in Developing Economies. By Iqbal M. Zaidi

Effect of a Slowdown in Industrial Economies on Selected Asian Countries. By Susan M. Schadler

Estimates of the Underground Economy in the United States, 1930–80: A Comment on Tanzi. By Ben-Zion Zilberfarb

Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls. By Morris Goldstein and Peter Montiel

The Evolving Role of Monetary Policy in China, By Luc De Wulf and David Goldsbrough

Financial Crowding Out: Theory with an Application to Australia. By Andrew Feltenstetn

Government Deficits in a Generalized Fisherian Credit Market: Theory with an Application to Indexing Interest Taxation. By William G, Dewald

A Guide to Target Zones. By Jacob A. Frenkel and Morris Goldstein Interest Rates, Saving, and Investment in Developing Countries: A Reexamination of the McKinnon-Shaw Hypotheses. By Lazaros E. Molho

International Transmission of Fiscal Policies in Major Industrial Countries. By Paul R. Masson and Malcolm Knight

Islamic Interest-Free Banking, By Mohsin S. Khan

Labor Market Disequilibrium and the Scope for Work-Sharing: A Case Study of the Netherlands. By Klaus-Walter Riechel

Long-Run Equilibrium in a Keynesian Model of a Small Open Economy. By Peter Montiel

Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies. By Willem H. Buiter

MINIMOD: Specification and Simulation Results. By Richard D. Haas and Paul R. Masson

An Optimizing Model of Household Behavior Under Credit Rationing. By Peter Montiel

Output and Unanticipated Money with Imported Intermediate Goods and Foreign Exchange Rationing. By Ajai Chopra and Peter Montiel

Profits Theory and Profits Taxation. By Edmund S. Phelps

A Re-Examination of the “Underground Economy” in the United States: A Comment on Tanzi. By Edgar L. Feige

Selective Credit Controls in Greece: A Test of Their Effectiveness. By Lazaros E. Molho

The Underground Economy in the United States: A Comment on Tanzi. By J.J. Thomas

The Underground Economy in the United States: Reply to Comments by Feige, Thomas, and Zilberfarb. By Vito Tanzi

Wage Indexation and the Real Exchange Rate in Small Open Economies: A Study of the Effects of Fluctuations in Export Earnings. By Daniel Gros

William H. White (1922–83): An Appreciation. By J.J. Polak, Gottfried Haberler, Richard S. Thorn, Victor Argy, and H. Robert Heller

World Non-Oil Primary Commodity Markets: A Medium-Term Framework of Analysis. By Ke-young Chu and Thomas K. Morrison

Résumés

Conception de la politique macroéconomique dans une économie mondiale interdépendante : analyse de trois éventualités. Par Willem H. Buiter

Déficits publics dans le contexte d’un marché du crédit décrit par un modèle général de type Fisher : théorie et application à l’indexation des impôts frappant les intérêts. Par William G. Dewald

Dépréciation de la monnaie et marchés qui ne s’équilibrent pas dans les pays en développement. Par Iqbal M. Zaidi

Déséquilibre du marché du travail et effets du partage du travail : étude du cas des Pays-Bas. Par Klaus-Walter Riechel

Effets du ralentissement de la croissance économique dans les pays industrialisés sur certains pays asiatiques. Par Susan M. Schadler

Encadrement sélectif du crédit en Grèce : test de son efficacité. Par Lazaros E. Molho

Equilibre à long terme dans un modèle keynésien décrivant une petite économie ouverte. Par Peter Montiel

Evaluation des programmes de stabilisation du Fonds à partir de données sur divers pays : quelques écueils méthodologiques. Par Morris Goldstein et Peter Montiel

Éviction en matière de financement : théorie et application au cas de l’Australie. Par Andrew Feltenstein

Evolution du rôle de la politique monétaire en Chine. Par Luc De Wulf et David Goldsbrough

Incidence sur l’inflation des règles régissant le taux de change réel: quelques exemples. Par Charles Adams et Daniel Gros

Indexation des salaires et taux de change réel dans de petits pays à économie ouverte : étude des effets des fluctuations des recettes d’exportation. Par Daniel Gros

Marchés internationaux de produits primaires non pétroliers : cadre d’analyse à moyen terme. Par Ke-young Chu et Thomas K. Morrison

MINIMOD: spécification et résultats des simulations. Par Richard D. Haas et Paul R. Masson

Un modèle d’optimisation du comportement des ménages dans une situation de rationnement du crédit. Par Peter Montiel

Le point sur les zones-objectifs. Par Jacob A. Frenkel et Morris Goldstein

Production et variations imprévues de la masse monétaire dans le contexte de produits intermédiaires importés et d’un rationnement des devises. Par Ajai Chopra et Peter Montiel

Le système bancaire islamique : analyse théorique d’un système qui ne fait pas appel à l’intérêt. Par Mohsin S. Khan

Taux d’intérêt, épargne et investissement dans les pays en développement: réexamen des hypothèses de McKinnon et de Shaw. Par Lazaros E. Molho

Témoignage de gratitude à M. William H. White (1922–83). Par J.J. Polak, Gottfried Haberler, Richard S. Thorn, Victor Argy et H. Robert Heller

Théorie des bénéfices et imposition des bénéfices. Par Edmund S. Phelps Transmission sur le plan international des effets des politiques budgétaires des grands pays industrialisés. Par Paul R. Masson et Malcolm Knight

Resúmenes

Controles selectivos al crédito en Grecia: Comprobación de su eficacia. Por Lazaros E. Molho

Los déficit estatales en un mercado de crédito generalizado de “Fisher”: Teoría y aplicación a la indización de los impuestos sobre los intereses. Por William G, Dewald

La depreciación cambiaría y los mercados desequilibrados en las economías en desarrollo. Por Iqbal M. Zaidi

El desequilibrio del mercado de trabajo y posibilidades de coparticipación en los puestos de trabajo: Estudio del caso de los Países Bajos. Por Klaus-Walter Riechel

El desplazamiento financiero: Exposición teórica y aplicación al caso de Australia. Por Andrew Feltenstein

Efecto de una desaceleración de las economías industriales en determinados países asiáticos. Por Susan M. Schadler

En reconocimiento de William H. White (1922–83). Роr J. J. Polak, Gottfried Haberler, Richard S. Thorn, Victor Argy y H. Robert Heller

Equilibrio a largo plazo en un modelo keynesiano de una economía abierta pequeña. Por Peter Montiel

La evaluación de los programas de estabilización del Fondo con los datos de diversos países: algunas dificultades metodológicas. Por Morris Goldstein y Peter Montiel

Evolución de la función desempeñada por la política monetaria en China. Por Luc De Wulf y David Goldsbrough

Formulación de la política macroeconómica en una economía mundial interdependiente: Análisis de tres casos. Por Willem H. Buiter —

Una guía para las zonas de referencia. Por Jacob A. Frenkel y Morris Goldstein

La indización de sueldos y salarios y el tipo real de cambio en economías abiertas pequeñas: Estudio de los efectos de las fluctuaciones de los ingresos de exportación. Por Daniel Gros

Mercados mundiales de productos básicos, excluido el petróleo: Marco analítico a plazo mediano. Por Ke-young Chu y Thomas k. Morrison

MINIMOD: Especificación y resultados de simulación. Por Richard D. Haas y Paul R. Masson

Modelo de optimización del comportamiento de las unidades familiares con racionamiento del crédito. Por Peter Montiel

Producción y dinero no anticipado con bienes intermedios importados y racionamiento de las divisas. Por Ajai Chopra y Peter Montiel

La prohibición islámica de los intereses bancarios: Análisis teórico. Por Mohsin S. Khan

Repercusión en la inflación de las reglas de tipo de cambio real: Algunos ejemplos. Por Charles Adams y Daniel Gros

Teoría y tributación de las utilidades. Por Edmund S. Phelps

Tipos de interés, ahorro e inversión en los países en desarrollo: Reconsideración de la tesis de McKinnon-Shaw. Por Lazaros E. Molho

Transmisión internacional de la política fiscal de los grandes países industriales. Por Paul R. Masson v Malcolm Knight

Subject Index

For the scheme of classification, see “Index, Volumes 1–27 (1950–80),” Staff Papers (November 1981), pages 75–76.

A. International Monetary Fund

• 1. Role and Policies

  • Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls. By Morris Goldstein and Peter Montiel

• 4. Bibliography

  • William H. White (1922–83): An Appreciation. By J.J. Polak, Gottfried Haberler, Richard S. Thorn, Victor Argy, and H. Robert Heller

B. Balance of Payments

• 1. General Analysis

  • Long-Run Equilibrium in a Keynesian Model of a Small Open Economy. By Peter Montiel

C. International Trade

• 2. Primary Commodity Studies

  • World Non-Oil Primary Commodity Markets: A Medium-Term Framework of Analysis. By Ke-young Chu and Thomas K. Morrison

E. Exchange Rates

• 1. Devaluation and Revaluation

  • Currency Depreciation and Nonclearing Markets in Developing Economies. By Iqbal M. Zaidi

  • The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples. By Charles Adams and Daniel Gros

• 2. Flexible Rates

  • Wage Indexation and the Real Exchange Rate in Small Open Economies: A Study of the Effects of Fluctuations in Export Earnings. By Daniel Gros

  • International Transmission of Fiscal Policies in Major Industrial Countries. By Paul R. Masson and Malcolm Knight

  • A Guide to Target Zones. By Jacob A. Frenkel and Morris Goldstein

  • MINIMOD: Specification and Simulation Results. By Richard D. Haas and Paul R. Masson

F. Monetary Systems

• 1. General Analysis

  • An Optimizing Model of Household Behavior Under Credit Rationing. By Peter Montiel

G. Monetary Analysis

• 1. General Analysis

  • Islamic Interest-Free Banking. By Mohsin S. Khan

  • Interest Rates, Saving, and Investment in Developing Countries: A Re-examination of the McKinnon-Shaw Hypotheses. By Lazaros E. Molho

  • William H. White (1922–83): An Appreciation. By J.J. Polak, Gottfried Haberler, Richard S. Thorn, Victor Argy, and H. Robert Heller

  • Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies. By Willem H. Buiter

  • MINEMOD: Specification and Simulation Results. By Richard D. Haas and Paul R. Masson

• 2. EMPIRICAL STUDIES

  • Islamic Interest-Free Banking. By Mohsin S. Khan

  • Selective Credit Controls in Greece: A Test of Their Effectiveness. By Lazaros E. Molho

• 3. BANKING AND OTHER FINANCIAL INSTITUTIONS

  • b. Country Studies

    • The Evolving Role of Monetary Policy in China. By Luc De Wulf and David Goidsbrough

    • Selective Credit Controls in Greece: A Test of Their Effectiveness. By Lazaros E. Molho

H. Economic Growth, Inflation, and Business Fluctuations

• 1. General Analysis

  • Effect of a Slowdown in Industrial Economies on Selected Asian Countries. By Susan M. Schadler

  • An Optimizing Model of Household Behavior Under Credit Rationing. By Peter Montiel

  • Output and Unanticipated Money with Imported Intermediate Goods and Foreign Exchange Rationing. By Ajai Chopra and Peter Montiel

• 4. EMPLOYMENT AND WAGES

  • b. Country Studies

    • Labor Market Disequilibrium and the Scope for Work-Sharing: A Case Study of the Netherlands. By Klaus-Walter Riechel

I. Fiscal Analysis and Policy, and Public Finance

• 1. Fiscal Analysis

  • a. General Analysis

    • Financial Crowding Out: Theory with an Application to Australia, By Andrew Feltenstein

    • Government Deficits in a Generalized Fisherian Credit Market: Theory with an Application to Indexing Interest Taxation. By William G. Dewald

    • International Transmission of Fiscal Policies in Major Industrial Countries. By Paul R. Masson and Malcolm Knight

    • Profits Theory and Profits Taxation. By Edmund S. Phelps

  • b. Country Studies

    • A Re-Examination of the “Underground Economy” in the United States: A Comment on Tanzi. By Edgar L. Feige

    • The Underground Economy in the United States: A Comment on Tanzi. By J.J. Thomas

    • Estimates of the Underground Economy in the United States, 1930–80: A Comment on Tanzi. By Ben-Zion Zilberfarb

    • The Underground Economy in the United States: Reply to Comments by Feige, Thomas, and Zilberfarb, By Vito Tanzi

• 4. Tax measures

  • a. General Analysis

    • Government Deficits in a Generalized Fisherian Credit Market: Theory with an Application to Indexing Interest Taxation. By William G. Dewald

J. Economic Systems

• 1. Regional Studies

  • Islamic Interest-Free Banking. By Mohsin S, Khan

  • Effect of a Slowdown in Industrial Economies on Selected Asian Countries. By Susan M. Schadier

• 2. Country Studies

  • The Evolving Role of Monetary Policy in China. By Luc De Wulf and David Goldsbrough