Front Matter

Front Matter Page

STAFF PAPERS

Bahram Nowzad, Editor

Sara Kane

Assistant Editor

Editorial Committee Bahram Nowzad, Chairman

Bijan B. Aghevli

Mario I, Blejer

Guillermo A. Calvo

Jose Fajgenbaum

Ved P. Gandhi Peter Isard

Mohsin S. Khan

G. Russell Kincaid

Malcolm D. Knight

Paul R. Masson

Susan M. Schadler

Subhash M. Thakur

Among the responsibilities of the International Monetary Fund, asset forth in its Articles of Agreement, is the obligation to “act as a centre 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 arc not to be interpreted as necessarily indicating the position of the Executive Board or of the Fund.

To facilitate electronic storage and retrieval of bibliographic data, Staff Papershas adopted the subject classification scheme developed In the Journal of Economic: Literature.

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INTERNATIONAL MONETARY FUND

STAFF PAPERS

Vol. 38 No. 3

SEPTEMBER 1991

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.

© 1991 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. 23cm,

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