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STAFF PAPERS
Bahram Nowzad, Editor,
James McEuen and Sara Kane
Assistant Editors
Editorial Committee
Bahram Nowzad, Chairman
Bijan B. Aghevli
Mario I. Blejer
Guillermo A. Calvo
Ved P. Gandhi
Peter Isard
Mohsin S. Khan
G. Russell Kincaid
Malcolm D. Knight
Paul R. Masson
Thomas M. Reichmann
V. Sundararajan
Subhash M. Thakur
Among the responsibilities of the International Monetary Fund, as set forth in its Articles of Agreement, is the obligation to “act as a center for the collection and exchange of information on monetary and financial problems.” Staff Papers makes available to a wider audience papers prepared by the members of the Fund staff. The views presented in the papers are those of the authors and are not to be interpreted as necessarily indicating the position of the Executive Board or of the Fund. The authors have received considerable assistance from their colleagues on the staff of the Fund, and this general statement of indebtedness should be accepted in place of a detailed list of acknowledgments.
To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme developed by the Journal of Economic Literature.
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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 considered for publication.
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.
® 1989 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-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
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Volume 36 (1989) comprises four issues, as follows:
March, pages 1-278
June, pages 279-526
September, pages 527-742
December, pages 743-974.