Abstract
THE SELECTED REFERENCES presented in this bibliography cover books, pamphlets, reports, and periodical articles that describe the functions, organization, and activities of the International Monetary Fund. Publications on the various aspects of international economics are included only when they contain material relating specifically to the Fund. Previous bibliographies in this series that were compiled by Martin L. Loftus were published in Staff Papers, Vol. 1, No. 3 (April 1951), Vol. 3, No. 1 (April 1953), Vol. 4, No. 3 (August 1955), Vol. 6, No. 3 (November 1958), Vol. 9, No. 3 (November 1962), Vol. 12, No. 3 (November 1965), Vol. 15, No. 1 (March 1968), Vol. 19, No. 1 (March 1972), and Vol. 21, No. 2 (July 1974). Mrs. Salda prepared the bibliography that was published in Vol. 25, No. 1 (March 1978). Although most of the Fund’s official publications are included, this is not intended to be a complete bibliography of such publications.
THE SELECTED REFERENCES presented in this bibliography cover books, pamphlets, reports, and periodical articles that describe the functions, organization, and activities of the International Monetary Fund. Publications on the various aspects of international economics are included only when they contain material relating specifically to the Fund. Previous bibliographies in this series that were compiled by Martin L. Loftus were published in Staff Papers, Vol. 1, No. 3 (April 1951), Vol. 3, No. 1 (April 1953), Vol. 4, No. 3 (August 1955), Vol. 6, No. 3 (November 1958), Vol. 9, No. 3 (November 1962), Vol. 12, No. 3 (November 1965), Vol. 15, No. 1 (March 1968), Vol. 19, No. 1 (March 1972), and Vol. 21, No. 2 (July 1974). Mrs. Salda prepared the bibliography that was published in Vol. 25, No. 1 (March 1978). Although most of the Fund’s official publications are included, this is not intended to be a complete bibliography of such publications.
A
Abdalla, Ismail S. “Bringing democracy into the world monetary system,” Euromoney (London), April 1977, pp. 49–54.
Ahmad, Ziauddin. “International monetary reform and the developing countries,” Pakistan Economist (Karachi), 16 (February 7, 1976), pp. 14–18.
Aliber, Robert Z. “The Greatest monetary agreement in history,” “Monetary reform—where do the problems go when they’re assumed away?” and “Fitting the pieces once again,” in his The International money game (New York, Basic Books, 2nd edition, 1976), pp. 29–46, 158–74, 293–99.
Aliber, Robert Z. “Monetary rules and monetary reform,” in The Political economy of monetary reform, Robert Z. Aliber, ed. (Montclair, New Jersey, Allanheld, Osmun & Co.; New York, Universe Books, 1977), pp. 3–12. Originally presented at the Conference on the Political Economy of Monetary Reform, sponsored by the University of Chicago and held at Racine, Wisconsin in July 1974.
Aliber, Robert Z. “Statement,” in Amendments of the Bretton Woods Agreements act; hearing before the Subcommittee on International Finance, 94th Congress, 2nd Session, on H. R. 13955, August 27, 1976, U. S. Congress, Senate, Committee on Banking, Housing and Urban Affairs (Washington, Government Printing Office, 1976), pp. 104–14.
Aliber, Robert Z. “Statement,” in U. S. participation in the supplementary financing facility of the International Monetary Fund; hearings before the Subcommittee on International Trade, Investment and Monetary Policy, 95th Congress, 1st Session, on H. R. 9214, September 20, 29, and 30, 1977, U. S. Congress, House, Committee on Banking, Finance and Urban Affairs (Washington, Government Printing Office, 1977), pp. 171–84.
Andersen, Uwe. Das internationale Währungssystem zwischen nationaler Souveranität und supranationaler Integration: Entwicklungstendenzen seit Bretton Woods im Spannungsfeld der Interessen (Berlin, Duncker & Hum-blot, 1977), 464 pp.
Aronson, Jonathan D. “Banks during international monetary and banking crises, 1964-1976,” “The Private sector and monetary reform,” and “Bank lending to non-oil developing countries, 1970-1977,” in his Money and power: banks and the world monetary system (Beverly Hills, Sage Publications, 1977), pp. 95–184.
Artus, Jacques R., and Andrew D. Crockett. “Floating exchange rates—some policy issues,” Finance and Development (Washington), 14 (December 1977), pp. 26–30.
Aschheim, Joseph, and Y. S. Park. Artificial currency units: the formation of functional currency areas, Essays in International Finance, No. 114, Princeton University (Princeton, 1976), 33 pp.
Aschinger, Franz E. “The Controversy surrounding international liquidity,” Banker (London), 126 (June 1976), pp. 593–95.
Aschinger, Franz E. “Les Dangers de vivre sans système monétaire international,” Banque (Paris), No. 348 (February 1976), pp. 135–40.
Aschinger, Franz E. “Du Fonds monétaire au Fonds de développement; réflexions sur la Conférence monétaire de la Jamaïque,” Le Mois Economique et Financier, Société de Banque Suisse (Basle), No. 3 (1976), pp. 12–15.
Aschinger, Franz E. “Un Punto de vista svizzero sulla evoluzione del sistema monetario internazionale,” Bancaria (Rome), 32 (May 1976), pp. 457–62. With English summary.
Askari, Hossein. “Petrodollari e sistema monetario internazionale,” Bancaria (Rome), 32 (September 1976), pp. 914–18. With English summary.
Atlantic Council of the United States, Working Group on the International Monetary System. The International monetary system: progress and prospects (Boulder, Colorado, Westview Press, 1977), 86 pp. Robert Solomon, rapporteur; William McChesney Martin, Jr., and Frank A. Southard, Jr., cochairmen. Excerpts from the above, with same title, published in Atlantic Community Quarterly (Washington), 15 (Summer 1977), pp. 221–28.
Australia, Department of the Treasury. International monetary agreements acts: annual reports (Canberra, 1973-76). Four reports: Financial year 1972-73; Financial year 1973-74; Financial year 1974-75; Financial year 1975-76.
B
Balogh, Thomas. “Keynes and the International Monetary Fund,” in Keynes and international monetary relations: the second Keynes seminar held at the University of Kent at Canterbury, 1974, Keynes Seminar, 2nd, University of Kent at Canterbury, 1974, A. P. Thirl wall, ed. (London, Macmillan, 1976), pp. 66–105. With discussion. An adaptation of this paper with title, “Keynes and the IMF,” was published in Times Literary Supplement (London), No. 3839 (October 11, 1975), pp. 1211–14.
Balogh, Thomas. “The Limitation of the safety net,” Banker (London), 127 (March 1977), pp. 45–47.
Balogh, Thomas. “Monetarism and the threat of a world financial crisis,” Challenge (White Plains, New York), 20 (May/June 1977), pp. 40–47.
Balogh, Thomas. “La Banca privada y la liquidez internacional,” Comercio Exterior, Banco Nacional de Comercio Exterior (Mexico, D. F.), 26 (October 1976), pp. 1186–89.
Bánfi, T. “The SDR; an approach from the viewpoint of monetary theory,” Acta Oeconomica (Budapest), 17, Nos. 3/4 (1976), pp. 321–34.
Barber, Anthony Perrinott (Baron). “On the eve of the International Monetary Fund meeting in Manila,” Euromoney (London), October 1976, pp. 50, 55.
Bareau, Paul. “Back to discipline?” Banker (London), 127 (February 1977), pp. 43–46.
Barrett, Victor. “International monetary reform on the wings of Pegasus—or Icarus,” Euromoney (London), February 1976, pp. 18–20.
Barrett, Victor. “The Manila non-agenda,” Euromoney (London), October 1976, p. 48.
Basagni, Fabio. “Reflections on the long and winding road to ‘Global monetary policy,’” in International monetary relations after Jamaica, Fabio Basagni, ed., Atlantic Papers, No. 4/1976 (Paris, Atlantic Institute for International Affairs, 1977), pp. 39–50. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 37–48.
Bee, Robert N. “Lessons from debt reschedulings in the past,” Euromoney (London), April 1977, pp. 33–36.
Bell, Geoffrey. “The OPEC recycling problem in perspective,” Columbia Journal of World Business (New York), 11 (Fall 1976), pp. 28–33.
Beretta, Silvio. “Liquidità internazionale e riserve monetarie; problemi di definizione” and “II Problema dei criteri di commisurazione nella gestione delle riserve monetarie,” in his Problemi economici delle riserve monetarie (Milan, A. Giuffré, 1973), pp. 1–159.
Bergsten, C. Fred. “Interdependence and the reform of international institutions,” International Organization (Madison, Wisconsin), 30 (Spring 1976), pp. 361–72.
Bergsten, C. Fred. “Statement” and “Prepared statement,” in To provide for amendment of the Bretton Woods Agreements act; hearings before the Subcommittee on International Trade, Investment and Monetary Policy, 94th Congress, 2nd Session, on H.R. 13955, June 1 and 3, 1976, U. S. Congress, House, Committee on Banking, Currency and Housing (Washington, Government Printing Office, 1976), pp. 97–107. The prepared statement, presented June 3, 1976, reprinted with title, “Amending the Articles of Agreement of the International Monetary Fund,” in his Managing international economic interdependence: selected papers of C. Fred Bergsten, 1975-1976 (Lexington, Massachusetts, Lexington Books, 1977), pp. 59–65.
Bergsten, C. Fred. “Statement” and “Prepared statement: The Next steps in international monetary reform,” in Guidelines for exchange market intervention; hearing before the Subcommittee on International Economics, 94th Congress, 2nd Session, October 18, 1976, U. S. Congress, Joint Economic Committee (Washington, Government Printing Office, 1977), pp. 2–15. The prepared statement reprinted with title, “The Next steps in international monetary reform,” in his Managing international economic interdependence: selected papers of C. Fred Bergsten, 1975-1976 (Lexington, Massachusetts, Lexington Books, 1977), pp. 67–75.
Bernstein, Edward M. “The New international monetary system,” in Reflections on Jamaica, Essays in International Finance, No. 115, Princeton University (Princeton, 1976), pp. 1–8.
Besteliu, Raluca M. “The Procedure of consensus in the adoption of decisions by the International Monetary Fund and the International Bank for Reconstruction and Development,” Revue roumaine d’Etudes Internationales (Bucharest), 11 (No. 4, 1977), pp. 517–26.
Bhattacharya, D. “On sharing the seignorage savings from special drawing rights,” Rivista Internazionale di Scienze Economiche e Commerciali (Milan), 23 (October/November 1976), pp. 940–53.
Bhattacharya, D. “Bifocals for Washington; people at next week’s IMF meeting must learn to see other people’s problems as well as their own,” Economist (London), 264 (September 24, 1977), pp. 89–91.
Bird, Graham. “The Informal link between SDR allocation and aid: a note,” Journal of Development Studies (London), 12 (April 1976), pp. 268–73.
Bird, Graham. “International liquidity and the developing countries,” Economic Notes, Monte dei Paschi di Siena (Siena), 6, No. 1 (1977), pp. 77–88.
Bird, Graham. “Less developed countries and the reform of the international monetary system,” ODI Review (London), No. 1 (1977), pp. 68–91.
Bird, Graham. “The Role of SDRs in financing commodity stabilization,” Journal of World Trade Law (Twickenham), 10 (July/August 1976), pp. 371–79.
Black, Stanley W. Exchange policies for less developed countries in a world of floating rates, Essays in International Finance, No. 119, Princeton University (Princeton, 1976), 48 pp. Revised version of a paper with same title, originally presented at a conference on the international financial system and concerns of the developing countries, sponsored by the Agency for International Development and held at the State Department on June 4, 1975. The original paper was published in The International monetary system and the developing nations, Danny M. Leipziger, ed. (Washington, Bureau for Program and Policy Coordination, 1976), pp. 13–73. With comment by William R. Cline, and discussion.
Black, Stanley W. “Government intervention, ‘dirty’ floating and the ‘snake’ agreement,” “The International environment, 1973-1975,” and “Design of the international monetary system,” in his Floating exchange rates and national economic policy (New Haven and London, Yale University Press, 1977), pp. 22–26, 41–65, 191–94.
Blake, David H., and Robert S. Walters. “The Global monetary order: interdependence and dominance,” in their The Politics of global economic relations (Englewood Cliffs, New Jersey, Prentice-Hall, 1976), pp. 42–75.
Bleiberg, Robert M. “Shades of Bretton Woods; Congress should not rubber stamp the Treasury’s bill,” Barron’s (New York), 66 (July 12, 1976), p. 7.
Boarman, Patrick M. “World monetary disorder,” in World monetary disorder: national policies vs. international imperatives, Patrick M. Boarman and David G. Tuerck, eds. (New York, Praeger, 1976), pp. 1–12. An updated version of a paper originally presented at an international monetary conference held in May 1974, at Malibu, California, under the sponsorship of the Center for International Business, Pepperdine University.
Bodner, David E. “Floating without drowning, if the IMF rules work,” Euro-money (London), December 1977, pp. 102–105.
Bodner, David E. “Official intervention in the foreign exchange markets: the system in transition,” Columbia Journal of World Business (New York), 11 (Fall 1976), pp. 16–22.
Boeck, Klaus. “The Supply of international liquidity to developing countries,” Intereconomics (Hamburg), Nos. 5/6 (May/June 1977), pp. 129–33.
Bogdanov, Oleg S. Val
tna
sistema sovremennogo kapitalizma; osnovye tendentsii i protivorechiia (Moscow, Izd-vo “Mysl’,” 1976), 271 pp.Boisselier, Xavier. “Philosophic des systèmes monétaires internationaux,” in Essais en l’honneur de Jean Marchal, Vol. 2, La Monnaie, Paul Coulbois, ed. (Paris, Editions Cujas, 1975), pp. 336–47.
Bonnet, Henri, and Dominique Berthet. “Le Fonds Monétaire International” and “Aspects actuels des relations financières Internationales,” in their Les Institutions financiéres internationales (Paris, Presses Universitaires de France, 3rd edition, 1976), pp. 7–40, 110–26.
Borthwick, John R. The IMF gold sale and Trust Fund arrangements, Discussion Paper, No. 67, Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies (Princeton, 1976), 39 pp. (Mimeographed)
Bortolani, Sergio. L’Evoluzione del sistema monetario internazionale (Bologna, 11 Mulino, 1977), 180 pp.
Bowring, Philip. “The Questions for Manila,” Far Eastern Economic Review (Hong Kong), 95 (October 8, 1976), pp. 52–58.
Bowring, Philip. “Some home truths for the world’s poor,” Far Eastern Economic Review (Hong Kong), 95 (October 22, 1976), pp. 45–53.
Bracewell-Milnes, Barry. “International monetary policy,” in his Eastern and Western European economic integration (New York, St. Martin’s Press, 1976), pp. 197–205.
Brenner, Michael J. The Politics of international monetary reform: the exchange crisis (Cambridge, Massachusetts, Ballinger, 1976), 144 pp.
Brenner, Michael J. “Bretton Woods; the Alamo of the ‘70s,” Monthly Economic Letter, Citibank (New York), January 1977, pp. 5–8.
Brimmer, Andrew F. “Petroleum revenues and the functioning of international financial markets,” in Economic development: international and African perspectives, Andrew F. Brimmer, ed. (Washington, Associated Publishers, 1976), pp. 249–59. Paper originally presented at a conference on economic development held at Atlanta University, October 1973.
Brohs, Helmut. “Bausteine der internationalen Liquidität (insbesondere im engeren Sinne),” Wirtschaftsberichte, Creditanstalt-Bankverein (Vienna), 12 (No. 4, 1977), pp. 6–16.
Brown, Brendan. “New tasks for the IMF,” Banker (London), 127 (July 1977), pp. 37–41.
Brown, Weir M. World afloat: national policies ruling the waves, Essays in International Finance, No. 116, Princeton University (Princeton, 1976), 37 pp.
Brůžek, Antonín. “Pokusy ořeŝení krize mezinárodní kapitalistické měnové soustavy” and “Zhroucení brettonwoodského menového systému a dalíŝí vývoj měnové krize,” in his Přičiny a düsledky krize mezinárodní kapitalistické ménové soustavy, Ekonomicky Ústav, Ceskoslovenské Aka-demie Ved (Prague, 1975), pp. 113–37. With English summary, pp. 173–77.
Brzoska, K. “Specjalne prawa ciąǵnięcia,” Studia finansowe (Warsaw), 17 (1974), pp. 179–212.
Burns, Arthur F. “The Need for order in international finance,” Federal Reserve Bulletin (Washington), 63 (May 1977), pp. 456–62. Address at the annual dinner of the Columbia University Graduate School of Business, New York, April 12, 1977. Reprinted in Economic Review, Federal Reserve Bank of Richmond (Richmond), 63 (July/August 1977), pp. 13–18.
Buscemi, Salvatore. “Da Bretton Woods ad oggi: monete strutture e banche alla ricerca di nuove discipline per i pagamenti internazionali,” in his Le Banche multinazionale (Rome, Bulzoni, 1975), pp. 133–76.
C
Cahiers français. La Nouvelle donne monétaire Internationale, Les Cahiers français, No. 177, juillet-septembre 1976 (Paris, La Documentation fran-çaise, 1976), 64 pp.
Callaghan, B.B. “International trade and money,” in Banking in a changing environment, Bankers’ Institute of Australasia (Melbourne, 1976), pp. 43–71. Paper presented at the 29th International Banking Summer School, held at Ormond College, University of Melbourne, February 1976.
Calleo, David P., ed. Money and the coming world order, Lehrman Institute (New York, New York University Press, 1976), 120 pp.
Callier, Philippe. “Le Nouveau numéraire international: le Droit de tirage spécial,” Recherches Economiques de Louvain (Louvain), 42 (December 1976), pp. 337–55.
Cameron, Duncan C. Le Système monétaire international en voie de rèforme: les travaux du Comité des vingt, University of Ottawa, Faculty of Social Sciences, Social Sciences Series, No. 6 (Ottawa, Editions de l’Université d’Ottawa, 1977), 173 pp. Originally presented as the author’s thesis, University of Paris-Sorbonne.
Camu, Louis. “Concluding remarks,” in International monetary relations after Jamaica, Fabio Basagni, ed., Atlantic Papers, No. 4/1976 (Paris, Atlantic Institute for International Affairs, 1977), pp. 68–72. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 66–70.
Canada, Department of Finance. Reports on operations under the Bretton Woods agreements act and International Development Association act (Ottawa, 1975-77). Three reports: 1975, 1976, and 1977.
Capuńay Mimbela, Carlos. “Cuál será el sistema monetario del futuro?” and “El Fondo Monetario Internacional,” in his Economía monetaria (Lima, Corporación Editora Continental, 1975), pp. 105–107, 351–55.
Carbaugh, Robert J., and Liang-Shing Fan. “The Nature of international liquidity,” “Reforming the international monetary system,” and “The Managed float,” in their The International monetary system: history, institutions, analysis (Lawrence, University of Kansas Press, 1976), pp. 17–38, 99–144.
Carreau, Dominique. “Le Pouvoir de contrôle du Fonds Monétaire International,” in L’Inspection Internationale; quinze études de la pratique des états et des organisations internationales, Georges Fischer and Daniel Vignes, eds. (Brussels, Emile Bruylant, 1976), pp. 275–98.
Carson, Deane, and Robert Shay. “The International monetary system in transition,” Columbia Journal of World Business (New York), 11 (Fall 1976), pp. 5–7.
Carson, Deane, and Robert Shay. “Changes within the Fund,” Finance and Development (Washington), 13 (June 1976), pp. 12–13.
Chick, Victoria. “Interdependence and the international monetary system” and “Appendix A: Amended IMF Article IV, Sections 1-4,” in her Transnational enterprises and the evolution of the international monetary system, Research Monograph, No. 5, University of Sydney, Faculty of Economics, Information and Research Project on Transnational Corporations (Sydney, 1976), pp. 34–[57].
Claassen, Emil-Maria. “Le Débat sur les reformes du systéme monétaire international,” Banque (Paris), No. 351 (May 1976), pp. 494–98.
Clarke, Pamela. “Will the banks and the Fund make an example of Turkey?” Euromoney (London), September 1977, pp. 21–23.
Cleveland, Harold van B. “Modes of international economic organization: a stalemate system,” in Money and the coming world order, Lehrman Institute, David P. Calleo, ed. (New York, New York University Press, 1976), pp. 1–14.
Cline, William R. International monetary reform and the developing countries (Washington, Brookings Institution, 1976), 126 pp.
Cobham, David, “The Debate over the letter of intent,” Banker (London), 127 (February 1977), pp. 49–54. Discusses various proposals in the British Government’s letter of intent to the International Monetary Fund.
Cohen, Benjamin J. Organizing the world’s money; the political economy of international monetary relations (New York, Basic Books, 1977), 310 pp.
Cohen, Benjamin J. “Problems of organizing the international monetary order,” in International monetary relations after Jamaica, Fabio Basagni, ed., Atlantic Papers, No. 4/1976 (Paris, Atlantic Institute for International Affairs, 1977), pp. 15–20. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 13–18.
Cohen, Peter M. “The Future of gold,” Year Book of World Affairs (London), 1977, pp. 176–89.
Coombs, Charles A. “The Gold trap of Bretton Woods,” “Creation of the gold pool,” “Defense of the dollar, 1965-1968,” and “Collapse of the dollar,” in his The Arena of international finance (New York, John Wiley, 1976), pp. 1–14, 42–68, 188–239.
Cooper, Richard N. “The Global impact of the oil price rise,” in World monetary disorder: national policies vs. international imperatives, Patrick M. Boarman and David G. Tuerck, eds. (New York, Praeger, 1976), pp. 143–52. An updated version of a paper originally presented at an international monetary conference held in May 1974, at Malibu, California, under the sponsorship of the Center for International Business, Pepperdine University.
Cooper, Richard N. “Monetary reform at Jamaica,” in Reflections on Jamaica, Essays in International Finance, No. 115, Princeton University (Princeton, 1976), pp. 9–14.
Cooper, Richard N. “A New international economic order for mutual gain,” Foreign Policy (New York), No. 26 (Spring 1977), pp. 66–120. Paper originally presented in 1976 at a colloquium sponsored by the Rothko Chapel of Houston, Texas.
Cooper, Richard N. “Statement,” in U. S. participation in the supplementary financing facility of the International Monetary Fund; hearings before the Subcommittee on International Trade, Investment and Monetary Policy, 95th Congress, 1st Session, on H.R. 9214, September 20, 29, and 30, 1977, U. S. Congress, House, Committee on Banking, Finance and Urban Affairs (Washington, Government Printing Office, 1977), pp. 25–46.
Crawford, Malcolm. Currencies in a floating world, EIU Special Report, No. 35 (London, Economist Intelligence Unit, 1977), 146 pp.
Crockett, Andrew D. International money: issues and analysis (London, Nelson, 1977), 250 pp.
Crockett, Andrew D., and Morris Goldstein. “Inflation under fixed and flexible exchange rates,” Staff Papers, International Monetary Fund (Washington), 23 (November 1976), pp. 509–44.
Crockett, Andrew D., and Saleh M. Nsouli. “Exchange rate policies for developing countries,” Journal of Development Studies (London), 13 (January 1977), pp. 125–43. Reprinted in Finance in developing countries, P. C. I. Ayre, ed. (London, Frank Cass, 1977), pp. 125–43.
Culbertson, John M. “International monetary arrangements,” in his Money and banking (New York, McGraw-Hill, 2nd edition, 1977), pp. 458–86.
Cutler, Tom. “Recycling petrodollars to the third world: a critique of the IMF oil facility,” World Affairs (Washington), 139 (Winter 1976/77), pp. 189–205.
D
Dale, William B. “The Critical but elusive relationship between adjustment and economic growth,” Finance and Development (Washington), 14 (September 1977), pp. 7–9. Extracts from an address to the 63rd Session of the Economic and Social Council of the United Nations, Geneva, July 13, 1977. Spanish translation of the address with title, “El Problema del ajuste y el crecimiento económico,” in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 23 (September/October 1977), pp. 213–18.
Dale, William B. “Deputy Managing Director offers approach to developing world’s payments problems,” IMF Survey (Washington), 5 (May 17, 1976), pp. 155–57. Excerpts from an address to the United Nations Conference on Trade and Development, Nairobi, May 12, 1976. A slightly different version with title, “Remarks of William B. Dale, Deputy Managing Director, International Monetary Fund,” reprinted in Auszüge aus Presseartikeln, Deutsche Bundesbank (Frankfurt am Main), No. 35 (May 24, 1976), pp. 10–12.
Dale, William B. “The IMF’s special facilities and the contribution of the monetary reform to development,” in North-South: developing a new relationship, Pierre Uri, ed., Atlantic Papers, No. 6/1975 (Paris, Atlantic Institute for International Affairs, 1976), pp. 26–28. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic institute Studies, No. 4 (New York, Praeger, 1977), pp. 103–105.
Davies, Derek. “Learning to live with debt,” Far Eastern Economic Review (Hong Kong), 96 (June 10, 1977), pp. 43–46.
Deane, Roderick S. International monetary reform: content and perspective, Research Paper No. 21, Reserve Bank of New Zealand (Wellington, 1976), 27 pp.
Deane, Roderick S. Some observations on the mobilisation of international financial resources, Discussion Paper No. 3, Reserve Bank of New Zealand (Wellington, 1977), 15 pp. Paper presented to a joint session of the Trade and Finance and Investment Committees of the Pacific Basin Economic Council Conference in Christchurch, May 8-12, 1977.
De Beaufort Wijnholds, J. A. H. The Need for international reserves and credit facilities, Publication No. 31, Netherlands Institute of Bankers and Stockbrokers (Leiden, Martinus Nijhoff Social Sciences Division, 1977), 251 pp.
de Brunhoff, Suzanne. “Les Matiéres premieres et le systéme monétaire international,” Tiers-Monde (Paris), 17 (April/June 1976), pp. 515–37.
de Grauwe, Paul. Monetary interdependence and international monetary reform; a European case study (Farnborough, England, Saxon House; Lexington, Massachusetts, Lexington Books, 1976), 118 pp. A revised version of the author’s doctoral dissertation, submitted to Johns Hopkins University in 1973.
de Groote, Jacques. “Les Circuits de financement des déficits, 1: Organizations internationales et secteur public,” in Le Role du systéme bancaire dans le financement déséquilibres de paiement internationaux; journées d’études, 1977, Institut Universitaire International de Luxembourg (Luxembourg, 1977), pp. 27–51.
de Groote, Jacques. “Statement,” in The IMF gold agreement; hearing before the Subcommittee on International Economics …, 94th Congress, 1st Session, October 10, 1975, U. S. Congress, Joint Economic Committee (Washington, Government Printing Office, 1976), pp. 22–29.
Denizet, Jean. “Inflation et systè me monétaire international,” in his La Grande inflation: salaire, intérêt et changes (Paris, Presses Universitaires de France, 1977), pp. 81–147.
Denizet, Jean. “Developments in the international monetary system; from dollars to S.D.R.s,” Barclays Review (London), 51 (May 1976), pp. 28–31.
de Vries, Margaret G. “The Evolution of the International Monetary Fund and how it relates to the developing countries,” International Development Review (Washington), 19 (No. 2, 1977), pp. 12–18.
de Vries, Margaret G. The International Monetary Fund, 1966-1971: the system under stress (Washington, International Monetary Fund, 1976), 2 vols. A sequel to The International Monetary Fund, 1945-1965: twenty years of international monetary cooperation, by J. K. Horsefield and others, published by the Fund in 1969.
de Vries, Rimmer. “Statement,” in Guidelines for exchange market intervention; hearing before the Subcommittee on International Economics, 94th Congress, 2nd Session, October 18, 1976, U. S. Congress, Joint Economic Committee (Washington, Government Printing Office, 1977), pp. 15–25.
de Vries, Tom. “Amending the Fund’s charter: reform or patchwork?” Quarterly Review, Banca Nazionale del Lavoro (Rome), No. 118 (September 1976), pp. 272–83. Reprinted in International monetary relations after Jamaica, Fabio Basagni, ed., Atlantic Papers, No. 4/1976 (Paris, Atlantic Institute for International Affairs, 1977), pp. 21–29; and in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 19–27.
de Vries, Tom. An Essay in monetary history; the sad story of how a decade of negotiations to bring more rationality to the international monetary system came to naught (Tilburg, Société Universitaire Européenne de Recherches Financiéres, 1977), 56 pp. The first part of this study is a slightly expanded version of the author’s article with title, “Jamaica, or the non-reform of the international monetary system,” in Foreign Affairs (New York), 54 (April 1976), pp. 577–605.
de Vries, Tom. “Reforming international monetary relations—an analysis,” Finance and Development (Washington), 13 (September 1976), pp. 10–13. Based in part on a lecture given at the National Bank of Yugoslavia, Belgrade. Reprinted in Changing patterns in foreign trade and payments, Bela Balassa, ed. (New York, W. W. Norton, 3rd edition, 1978), pp. 250–60.
Dhar, B. “Role of the IMF in creating international liquidity,” Capital (Calcutta), Annual number (1976), pp. 103–107.
Díaz Alejandro, Carlos Federico. “The Post 1971 international financial system and the less developed countries,” in A World divided; the less developed countries in the international economy, G. K. Helleiner, ed. (Cambridge, Cambridge University Press, 1976), pp. 177–205. A revised version of his Less developed countries and the post-1971 international financial system, Essays in International Finance, No. 108, Princeton University (Princeton, 1975), 33 pp.
Diebold, William, Jr. “Introduction: Money and the structure of international politics,” in Alternatives to monetary disorder, by Fred Hirsch, Michael W. Doyle, and Edward L. Morse, 1980’s Project/Council on Foreign Relations (New York, McGraw-Hill, 1977), pp. 1–8.
Dierick, A. M. “Vijf jaar ‘hervorming’ van het internationale geldstelsel,” Maandschrift Economie (Tilburg), 40 (August 1976), pp. 559–86.
Dixon, Peter B. “Effective exchange rates and the International Monetary Fund’s multilateral exchange rate model; a review,” Australian Economic Papers (Adelaide), 15 (June 1976), pp. 59–75.
Dixon, Peter B. “Do we need an IMF?” Economist (London), 258 (January 17, 1976), pp. 81–82.
Dornbusch, Rudiger. “Statement,” in IMF supplementary financing facility; hearing, 95th Congress, 1st Session, on S. 2152, October 13, 1977, U. S. Congress, Senate, Committee on Banking, Housing and Urban Affairs (Washington, Government Printing Office, 1977), pp. 4–10.
Drabowski, Eugeniusz. “The SDRs creation and the less developed countries,” Economic Papers (Warsaw), No. 4 (1976), pp. 5–21.
Dreyer, Jacob S. Composite reserve assets in the international monetary system (Greenwich, Connecticut, JAI Press, 1977), 191 pp.
Dreyer, Jacob S., and J. F. Kyle. “On the use, misuse and abuse of the concept of the pivot,” Quarterly Review, Banca Nazionale del Lavoro (Rome), No. 121 (June 1977), pp. 187–210.
Dunn, Robert, and Robert Ley. “Special drawing rights: a review of reconstitution, 1972-76,” Finance and Development (Washington), 14 (March 1977), pp. 32–35.
Dunn, Robert M., Jr., and Sara N. Krulwich. “The Financial crisis facing the developing countries: debt burdens and petrodollars,” in IMF supplementary financing facility; hearing, 95th Congress, 1st Session, on S. 2152, October 13, 1977, U. S. Congress, Senate, Committee on Banking, Housing and Urban Affairs (Washington, Government Printing Office, 1977), pp. 36–46.
Durante, Riccardo. “La Riforma del sistema monetario internazionale, ieri e oggi,” Realtadel Mezzogiorno (Bologna), 15 (November 1975), pp. 857–72.
Düver, Frank. Gold und Sonderziehungsrechte; eine währungstheoretische und währungspolitische Untersuchung (Bamberg, Difo-Druck, 1974), 248 pp. Inaugural-Dissertation zur Erlangung des Doktorgrades des Fachbereichs Wirtschaftswissenschaften der Johann Wolfgang Goethe-Universität zu Frankfurt/Main.
E
“An Echo of Bretton Woods,” Banker (London), 126 (December 1976), pp. 1473–75.
Edwards, Richard W., Jr. “The Currency exchange rate provisions of the proposed amended Articles of Agreement of the International Monetary Fund,” American Journal of International Law (Washington), 70 (October 1976), pp. 722–62.
Effros, Robert C. “Maintenance of value in the General Account and valuation of the SDR in the Special Drawing Account of the IMF,” in Monetäre Probleme im internationalen Handel und Kapitalverkehr: rechtliche und wirtschaftliche Risikokontrollen; Internationales Symposium 1975 am Zen-trum für interdisziplinäre Forschung der Universität Bielefeld, Norbert Horn, ed. (Baden-Baden, Nomos-Verlagsgesellschaft, 1976), pp. 205–35. With discussion. Reprinted in Georgia Journal of International and Comparative Law (Athens, Georgia), 6 (Summer 1976), pp. 493–518.
Ehrbar, A. F. “The IMF lays down the law; it has been telling more, and larger, countries how to run their economies, and its clout is still increasing,” Fortune (New York), 96 (July 1977), pp. 98–104, 106, 110–12.
Ehrhardt, Barbara. “Floating exchange rates and their problems for the developing countries,” Intereconomics (Hamburg), Nos. ½ (January/February 1977), pp. 29–34.
Elkiáer Andersen, Steffen. Reformen af det internationale valutasystem, olie-krisens finansielle fØlgevirkninger og EF’s Økonomiske og monetaere union (Copenhagen, Instituttet for Fremtidsforskning, 1974), 100 pp.
Elliot, Miles. “Quo vadis, IMF?” Bankers Magazine (London), 120 (October 1976), pp. 9–11.
Ellsworth, Paul T., and J. Clark Leith. “Postwar monetary changes” and “International monetary reform,” in their The International economy (New York, Macmillan, 5th edition, 1975), pp. 457–91.
Elsholz, Gunter. “Das System von Bretton-Woods und die Gründe für seinen Zerfall,” “Zur Diskussion um die Neuordnung der Währungsbeziehun-gen,” and “Die neuen Statuten des Internationalen Währungsfonds (IWF),” in his Währungspolitik in der westlichen Welt (Munich, Ehren-wirth Verlag, 1977), pp. 37–62.
Emminger, Otmar. On the way to a new international monetary order, Foreign Affairs Study, No. 39, American Enterprise Institute for Public Policy Research (Washington, 1976), 21 pp. Address to the Institute for Foreign Trade and Payments Law, University of Wurzburg, June 28, 1976. German translation with title, “Auf dem Wege zu einem internationalen Währungssystem, I-II,” in Zeitschrift für das gesamte Kreditwesen (Frankfurt am Main), 29 (September 1, 1976), pp. 814–28; 29 (September 15, 1976), pp. 855–59.
Emminger, Otmar, and Paul A. Volcker. “The Role of monetary policy coordination to attain exchange-rate stability,” in The New international monetary system, Robert A. Mundell and Jacques J. Polak, eds. (New York, Columbia University Press, 1977), pp. 1–50. With comments by Rinaldo Ossola and Alexandre Lamfalussy, and discussion. Papers presented at the Conference on the New International Monetary System, sponsored by the International Monetary Fund and Columbia University as a memorial to J. Marcus Fleming, and held at the International Monetary Fund headquarters in Washington on November 11-12, 1976.
Emminger, Otmar, and Paul A. Volcker. “Engine failure; one, two, three—and all together now—reflate. Says the IMF,” Economist (London), 265 (October 1, 1977), pp. 85–87.
Evans, Thomas G. The Currency carousel; a new era in monetary affairs (Princeton, New Jersey, Dow Jones Books, 1977), 226 pp.
F
Falchi, Giannandrea, and Mauro Michelangeli. “Interazione fra tasso di cambio ed inflazione: una verifica empirica della tesi del circolo vizioso,” Con-tributi alla ricerca economica, Servizio Studi della Banca d’ltalia (Rome), No. 7 (December 1977), pp. 51–74.
Farkas, Edit. “Die Entwicklungsländer und das Internationale Währungssystem,” Wirtschaftsberichte, Creditanstalt-Bankverein (Vienna), 11 (No. 2, 1976), pp. 20–24.
Fawcett, James E. S. “International instruments” and “Control and direction of monetary movements,” in his International economic conflicts; prevention and resolution (London, Europa Publications for the David Davies Memorial Institute of International Studies, 1977), pp. 7–23, 52–58.
Fernandes, Santiago. “O Ouro nos planos de Bretton Woods” and “Rio—uma nova Bretton Woods,” in his Ouro—a reliquia bárbara: de Bretton Woods ao FMl no Rio (Rio de Janeiro, Editora Fundo de Cultura, 1st Brazilian edition, 1967), pp. 55–59, 184–91.
Feuerlein, W. J. “Major causes of continued international payments instability,” Intereconomics (Hamburg), No. 11 (November 1976), pp. 302–305.
Fieleke, Norman S. “International monetary reform; the Jamaica composite,” New England Economic Review, Federal Reserve Bank of Boston (Boston), March/April 1976, pp. 57–62.
Finger, Seymour M. “United States policy towards international institutions,” International Organization (Madison, Wisconsin), 30 (Spring 1976), pp. 347–60.
Fisher, Douglas. “The International setting of monetary policy: U. K. and U. S. perspectives,” in his Monetary policy (New York, John Wiley, 1976), pp. 71–76.
Fisher, Douglas. “Five years since Smithsonian,” Economist (London), 261 (December 18, 1976), pp. 27–34.
Flanders, Miriam J., and Elhanan Helpman. Optimal foreign currency baskets, Working Paper, No. 5-77, Foerder Institute for Economic Research, Tel Aviv University (Ramat Aviv, 1977), 40 pp. (Mimeographed) Paper presented at the International Trade Workshop, February 21, 1977.
Fowler, Henry H. “Statement,” in The IMF gold agreement; hearing before the Subcommittee on International Economics …, 94th Congress, 1st Session, October 10, 1975, U.S. Congress, Joint Economic Committee (Washington, Government Printing Office, 1976), pp. 2–22.
Frey, Walter. “What will happen to gold when the IMF unloads its stocks?” Euromoney (London), May 1976, pp. 44–46.
Friedman, Irving S. “Statement,” in U. S. participation in the supplementary financing facility of the International Monetary Fund; hearings before the Subcommittee on International Trade, Investment and Monetary Policy, 95th Congress, 1st Session, on H. R. 9214, September 20, 29, and 30, 1977, U.S. Congress, House, Committee on Banking, Finance and Urban Affairs (Washington, Government Printing Office, 1977), pp. 151–70.
Friedrich, Klaus. “The International monetary system since World War II,” in his International economics (New York, McGraw-Hill, 1974), pp. 291–315.
G
Gaines, Tilford C. “The Outlook for foreign exchange rates: an exercise in imprecision,” in The Emerging international monetary order and the banking system, Yair Aharoni, ed. (Tel Aviv, University Publishing Projects, 1976), pp. 115–24. Paper originally presented at an international seminar, Israel, July 6-8, 1975, sponsored by Tel Aviv University, Leon Recanati Graduate School of Business Administration.
García, Norberto. “Los Derechos especiales de giro (DEG),” Revista de Economia y Estadística, Universidad de Córdoba, Facultad de Ciencias Económicas (Córdoba), N. S., 19, Nos. ¼ (1975), pp. 51–70.
Gardner, Richard N. “New proposals for development,” in North-South: developing a new relationship, Pierre Uri, ed., Atlantic Papers, No. 6/1975 (Paris, Atlantic Institute for International Affairs, 1976), pp. 19–25. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 96–102.
Geiger, Helmut. “Reform des Weltwährungssystems,” in his Herausforde-rungen für Stabilität und Fortschritt (Stuttgart, Deutscher Sparkassenverlag, 1974), pp. 62–71.
Gerakis, Andreas S. “Pegging to the SDR; the experience of Iran, Jordan, Qatar, and Saudi Arabia,” Finance and Development (Washington), 13 (March 1976), pp. 35–39.
Gerhard, Hans W. “Die Haltung der Währungsbehörden gegenúber Wech-selkursproblemen,” in Monetäre Probleme im internationalen Handel und Kapitalverkehr: rechtliche und wirtschaftliche Risikokontrollen; Internationales Symposium 1975 am Zentrum für interdisziplinäre Forschung der Universität Bielefeld, Norbert Horn, ed. (Baden-Baden, Nomos-Verlags-gesellschaft, 1976), pp. 239–65. With discussion.
Gianviti, François. “Le Rôle du Fonds Monétaire International dans le financement du déficit pétrolier,” in La Crise de l’énergie et le droit international, Société Française pour le Droit International (Paris, Editions A. Pedone, 1976), pp. 27–47. Originally presented at the 9th colloquium organized by the Société Française pour le Droit International, and held at the Université de Caen, May 29-31, 1975.
Gidlow, R. M. “The International Monetary Fund gold sales plan; a South African perspective,” South African Banker (Marshalltown, Transvaal), 73 (August 1976), pp. 135–38.
Giersch, Herbert, and Richard N. Cooper. “IMF surveillance over exchange rates,” in The New international monetary system, Robert A. Mundell and Jacques J. Polak, eds. (New York, Columbia University Press, 1977), pp. 51–108. With comments by Walter S. Salant and Fred Hirsch, and discussion. Papers presented at the Conference on the New International Monetary System, sponsored by the International Monetary Fund and Columbia University as a memorial to J. Marcus Fleming, and held at the International Monetary Fund headquarters in Washington on November 11-12, 1976.
Gold, Joseph. Floating currencies, gold, and SDRs: some recent legal developments, Pamphlet Series, No. 19, International Monetary Fund (Washington, 1976), 87 pp. French translation with title, Monnaies flottantes, or et DTS: quelques aspects juridiques nouveaux, Série des Brochures, No. 19-F, International Monetary Fund (Washington, 1976), 94 pp.; and Spanish translation with title, Monedas flotantes, oro y Derechos especiales de giro: algunos acontecimientos jurídicos recientes, Serie de Folletos, No. 19-S, International Monetary Fund (Washington, 1976), 94 pp.
Gold, Joseph. Floating currencies, SDRs, and gold: further legal developments, Pamphlet Series, No. 22, International Monetary Fund (Washington, 1977), 103 pp.
Gold, Joseph. The Fund agreement in the courts, parts VIII-XI (Washington, International Monetary Fund, 1976), 121 pp. A collection of articles from Staff Papers, with table of cases and index. Parts I-VII published in The Fund agreement in the courts (Washington, International Monetary Fund, 1962). All parts published originally in Staff Papers.
Gold, Joseph. “The Fund agreement in the courts—XII,” Staff Papers, International Monetary Fund (Washington), 24 (March 1977), pp. 193–231.
Gold, Joseph. International capital movements under the law of the International Monetary Fund, Pamphlet Series, No. 21, International Monetary Fund (Washington, 1977), 60 pp. Originally presented as a paper for discussion by the Panel on Banking Law and the Regulation of the International Flow of Capital at the 8th Conference of the World Peace through Law Center and its affiliated associations in Manila, August 1977.
Gold, Joseph. “International law and the IMF,” Finance and Development (Washington), 14 (December 1977), pp. 35–37.
Gold, Joseph. “Law and change in international monetary relations,” The Record, Association of the Bar of the City of New York (New York), 31 (April 1976), pp. 223–38.
Gold, Joseph. “Law and reform of the international monetary system,” Journal of International Law and Economics (Washington), 10 (August/December 1975), pp. 371–421.
Gold, Joseph. ‘”Political’ bodies in the International Monetary Fund,” Journal of International Law and Economics (Washington), 11 No. (2, 1977), pp. 237–85.
Gold, Joseph. “Recent international decisions to prevent restrictions on trade and payments,” Journal of World Trade Law (Twickenham), 9 (January/February 1975), pp. 63–78.
Gold, Joseph. A Report on certain recent legal developments in the International Monetary Fund (Washington, World Association of Lawyers, 1976), 40 pp. Reprinted in Vanderbilt Journal of Transnational Law (Nashville), 9 (Spring, 1976), pp. 223–45.
Gold, Joseph. A Second report on some recent legal developments in the International Monetary Fund (Washington, World Association of Lawyers, 1977), 53 pp.
Gold, Joseph. “Special drawing rights; renaming the infant asset,” Staff Papers, International Monetary Fund (Washington), 23 (July 1976), pp. 295–311.
Gold, Joseph. “Uniformity as a legal principle of the International Monetary Fund,” Law and Policy in International Business (Washington), 7 (Summer 1975), pp. 765–811.
Gold, Joseph. Voting majorities in the Fund: effects of second amendment of the Articles, Pamphlet Series, No. 20, International Monetary Fund (Washington, 1977), 77 pp. Supplements and brings up to date the author’s Voting and decisions in the International Monetary Fund; an essay on the law and practice of the Fund (Washington, International Monetary Fund, 1972), 368 pp.
Gold, Joseph. “Gold and the IMF,” International Currency Review (London), 7 (July/August 1975), pp. 5–7, 120.
Goreux, Louis M. “Compensatory financing; the cyclical pattern of export shortfalls,” Staff Papers, International Monetary Fund (Washington), 24 (November 1977), pp. 613–41.
Goreux, Louis M. “The Use of compensatory financing,” Finance and Development (Washington), 14 (September 1977), pp. 20–24.
Grebennikova, E. “On the ruins of the Bretton Woods system,” Foreign Affairs (Moscow), No. 10 (October 1974), pp. 62–69.
Green, Reginald H. “Aspects of the world monetary and resource transfer system in 1974: a view from the extreme periphery,” in A World divided; the less developed countries in the international economy, G. K. Helleiner, ed. (Cambridge, Cambridge University Press, 1976), pp. 251–73.
Grimm, Robert J. “Proposals for reform of the international monetary system: an analysis of the legal bases of the present system and suggested alternatives,” International Bar Journal (White Plains, New York), May 1975, pp. 24–32.
Grjebine, André. “Du désendettement du Tiers mondeà la régulation de la conjoncture mondiale …; quelques propositions,” Banque (Paris) No. 362 (May 1977), pp. 547–53.
Grou, Pierre. “La Monnaie Internationale,” in his Monnaie, crise économique: éléments d’interprétation (Grenoble, Presses Universitaires de Grenoble; Paris, Francois Maspero, 1977), pp. 105–22.
Grubel, Herbert G. “The Case against the new international economic order,” Weltwirtschaftliches Archiv (Kiel), 113 (No. 2, 1977), pp. 284–307. Includes arguments against changes in the regulations governing the distribution of special drawing rights by the International Monetary Fund.
Grubel, Herbert G. “An International monetary system based on centrally created reserves,” in his International economics (Homewood, Illinois, Richard D. Irwin, Inc., 1977), pp. 485–517.
Guindey, Guillaume. The International monetary tangle: myths and realities (White Plains, New York, M. E. Sharpe, 1977), 122 pp. Published simultaneously in International Journal of Politics (White Plains, New York), 7 (Spring 1977), pp. 1–122. Translation of his Mythes et réalités de la crise monétaire Internationale (Paris, J. Delmas, 1973), 119 pp.
H
Haberer, Jean Y. “Les Affaires monétaires Internationales,” in his La Monnaie et la politique monétaire, Institut d’Etudes Politiques de Paris (Paris, Les Cours de Droit, 1974), pp. 543–96.
Haberler, Gottfried. “The Case against capital controls for balance of payments reasons,” in Capital movements and their control, Proceedings of the 2nd Conference of the International Center for Monetary and Banking Studies, Alexander K. Swoboda, ed. (Leiden, A. W. Sijthoff; Geneva, Institut Universitaire de Hautes Etudes Internationales, 1976), pp. 63–82.
Haberler, Gottfried. “The International monetary system after Jamaica and Manila,” in AEI studies on contemporary economic problems, 1977, William Fellner, ed. (Washington, American Enterprise Institute for Public Policy Research, 1977), pp. 239–88. A slightly different version, with same title, was published in Weltwirtschaftliches Archiv (Kiel), 113 No. (1, 1977), pp. 1–30.
Haberler, Gottfried. “Oil, inflation, recession and the international monetary system,” Journal of Energy and Development (Boulder, Colorado), 2 (Spring 1976), pp. 177–90.
Haberler, Gottfried, and Herbert G. Grubel. “How important is control over international reserves?” in The New international monetary system, Robert A. Mundell and Jacques J. Polak, eds. (New York, Columbia University Press, 1977), pp. 109–82. With comments by Robert Triffin and Fritz Machlup, reply to Robert Triffin by Gottfried Haberler, and discussion. Papers presented at the Conference on the New International Monetary System, sponsored by the International Monetary Fund and Columbia University as a memorial to J. Marcus Fleming, and held at the International Monetary Fund headquarters in Washington on November 11-12, 1976.
Halm, George N. Jamaica and the par-value system, Essays in International Finance, No. 120, Princeton University (Princeton, 1977), 25 pp.
Hamada, Koichi. “On the political economy of monetary integration: a public economics approach,” in The Political economy of monetary reform, Robert Z. Aliber, ed. (Montclair, New Jersey, Allanheld, Osmun & Co.; New York, Universe Books, 1977), pp. 13–31. Originally presented at the Conference on the Political Economy of Monetary Reform, sponsored by the University of Chicago and held at Racine, Wisconsin in July 1974.
Hankel, Wilhelm. “Die Zukunft des internationalen Währungssystems,” Wirt-schaftsdienst (Hamburg), 56 (March 1976), pp. 133–38.
Haq, Mahbub ul. “Negotiating a new bargain with the rich countries,” in Beyond dependency: the developing world speaks out, Guy F. Erb and Valeriana Kallab, eds. (Washington, Overseas Development Council, 1975), pp. 157–62.
Hart, Albert G. “The Case as of 1976 for international commodity-reserve currency,” Weltwirtschaftliches Archiv (Kiel), 112 (No. 1, 1976), pp. 1–32.
Hauge, Gabriel. “How the banks should work with the Fund,” Euromoney (London), October 1977, pp. 57–60.
Hazlitt, Henry. “To restore world monetary order,” in Gold is money, Hans F. Sennholz, ed. (Westport, Connecticut, Greenwood Press, 1975), pp. 61–76.
Heller, H. Robert. “The International monetary system and world-wide inflation,” Columbia Journal of World Business (New York), 11 (Fall 1976), pp. 8–15.
Heller, H. Robert. “International reserves and world-wide inflation,” Staff Papers, International Monetary Fund (Washington), 23 (March 1976), pp. 61–87.
Heller, H. Robert. “International reserves, money, and global inflation,” Finance and Development (Washington), 13 (March 1976), pp. 28–30, 39. Reprinted in Changing patterns in foreign trade and payments, Bela Balassa, ed. (New York, W. W. Norton, 3rd edition, 1978), pp. 241–49.
Hellmann, Rainer. Dollar, Gold und Schlange: die letzten Jahre von Bretton Woods (Baden-Baden, Nomos-Verlagsgesellschaft, 1976), 194 pp.
Heyden Q., William. La Reforma al sistema monetario internacional y la Segunda enmienda al Convenio constitutivo del FMI, Comentarios sobre asuntos económicos, No. 27, Banco Central de Costa Rica (San José, 1977), 57 pp. Reprinted in Boletín, Centro de Estudios Monetarios Latinoamericanos (Mexico, D. F.), 23 (January/February 1977), pp. 5–34.
Higgins, Terence. “The Politics of international monetary reform,” in Keynes and international monetary relations: the second Keynes seminar held at the University of Kent at Canterbury, 1974, Keynes Seminar, 2nd, University of Kent at Canterbury, 1974, A. P. Thirlwall, ed. (London, Macmillan, 1976), pp. 37–64. With discussion.
Hirsch, Fred, Michael W. Doyle, and Edward L. Morse. Alternatives to monetary disorder, 1980’s Project/Council on Foreign Relations (New York, McGraw-Hill, 1977), 153 pp.
Hofmann, Gordana. “Manila meetings: a comment,” Quarterly Bulletin, National Bank of Yugoslavia (Belgrade), 4 (October 1976), pp. 19–23.
Holbik, Karel. “The Financial challenge of the new international economic order,” in Issues and prospects for the new international economic order, William G. Tyler, ed. (Lexington, Massachusetts, Lexington Books, 1977), pp. 45–57.
Holsen, John A., and Jean L. Waelbroeck. “The Less developed countries and the international monetary mechanism,” American Economic Review, Papers and Proceedings (Nashville), 66 (May 1976), pp. 171–76.
Horn, Norbert. “Der Einfluss monetärer Risiken auf den internationalen Handel und Kapitalverkehr und die Möglichkeit rechtlicher und wirtschaft-licher Risikokontrollen,” in Monetäre Probleme im internationalen Handel und Kapitalverkehr: rechtliche und wirtschaftliche Risikokontrollen; Internationales Symposium 1975 am Zentrum für interdisziplinäre Forschung der Universität Bielefeld, Norbert Horn, ed. (Baden-Baden, Nomos-Ver-lagsgesellschaft, 1976), pp. 13–38.
Horowitz, David. “Current issues in the international monetary scene,” in The Emerging international monetary order and the banking system, Yair Aharoni, ed. (Tel Aviv, University Publishing Projects, 1976), pp. 5–10. Opening address at an international seminar, Israel, July 6-8, 1975, sponsored by Tel Aviv University, Leon Recanati Graduate School of Business Administration.
Hrdina, Antonin. “Some aspects of the present-day monetary crisis,” Czechoslovak Foreign Trade (Prague), No. 9 (1974), pp. 7–9.
Hudson, Michael. “Basic objectives” and “World financial reform,” in his Global fracture: the new international economic order (New York, Harper & Row, 1977), pp. 165–84.
Hugon, James H. “How to turn the IMF into an international central bank,” Euro money (London), February 1976, pp. 22–26.
Hugon, James H. “Time for an international pound sterling,” Columbia Journal of World Business (New York), 11 (Spring 1976), pp. 115–21.
Hultman, Charles W., and R. Stafford Johnson. “A Note on special drawing rights and reserve value stability; the importance of the dollar,” Rivista Internazionale di Scienze Economiche e Commerciali (Milan), 24 (April 1977), pp. 326–40.
I
International Confederation for Disarmament and Peace. The International Monetary Fund and the World Bank: a long cold look at international benevolence (London, Conflict Education Library Trust, 1975-76), 5 parts. Published as a series of issues of Peace Press (London), 11-12 (June/July 1975–May/June 1976).
International Confederation for Disarmament and Peace. “International finance” and “International institutions,” in Towards a new international economic order; a final report by a Commonwealth Experts’ Group (London, Commonwealth Secretariat, 1977), pp. 81–98.
International Law Association, Committee on International Monetary Law. “Discussion at the Working Session” and “Committee report,” in Report of the Fifty-sixth Conference, held at New Delhi, December 29, 1974, to January 4, 1975, International Law Association (London, 1976), pp. 64–101.
International Monetary Fund. Annual reports of the Executive Directors (Washington, 1976-77). Two reports for the fiscal years ended April 30, 1976 and 1977. Also published in French, German, and Spanish.
International Monetary Fund. Annual reports on exchange restrictions (Washington, 1976-77). Two reports, 27th, 1976; and 28th, 1977.
International Monetary Fund. Balance of payments yearbooks (Washington, 1976-77). Two volumes: Vol. 27, 1967-74; and Vol. 28, 1977. Issued in loose-leaf form and in bound volumes.
International Monetary Fund. By-laws, rules and regulations, 34th issue, August 1, 1977 (Washington, 1977), 65 pp. Also published in French and Spanish.
International Monetary Fund. “Decision and instrument to establish the Trust Fund,” IMF Survey (Washington), 5 (May 17, 1976), pp. 147–49. Reprinted in Auszüge aus Presseartikeln, Deutsche Bundesbank (Frankfurt am Main), No. 36 (May 28, 1976), pp. 8–12.
International Monetary Fund. Direction of trade (Washington, 1976-77). Monthly, with Annual, 1969-75, and 1970-76. Published jointly with the International Bank for Reconstruction and Development.
International Monetary Fund. Finance and development (Washington, 1976-77). Quarterly. Two volumes, Vol. 13, 1976; and Vol. 14, 1977. Published jointly with the International Bank for Reconstruction and Development. Also published in French with title, Finances et développement; in Spanish with title, Finanzas y desarrollo; in German with title, Finanzierung und Entwicklung (Hamburg, HWWA—Institut für Wirtschaftsforschung); and an annual issue of selected articles in Portuguese, with title, Finanças e desenvol-vimento (Rio de Janeiro, Centro de Informações das Nações Unidas).
International Monetary Fund. Government finance statistics yearbook, Vol. 1, 1977 (Washington, 1977), 278 pp.
International Monetary Fund. International financial statistics (Washington, 1976-77). Monthly, with Supplement in May issue. Two volumes, Vol. 29, 1976; and Vol. 30, 1977. Also published in French and Spanish.
International Monetary Fund. IMF Survey (Washington, 1976-77). Semimonthly. Two volumes, Vol. 5, 1976; and Vol. 6, 1977. Also published in French with title, Bulletin du FMI; and in Spanish with title, Boletín del FMI.
International Monetary Fund. The Monetary approach to the balance of payments; a collection of research papers by members of the staff of the International Monetary Fund (Washington, 1977), 290 pp. Seven papers in the collection were originally published in the Fund’s Staff Papers, from 1957 to 1973; one paper (Chapter 6) was originally presented to the Nyasaland Economic Symposium, held in Blantyre in 1962; and three papers (Chapters 1, 10, and 11) are published for the first time.
International Monetary Fund. Proposed second amendment to the Articles of Agreement of the International Monetary Fund; a report by the Executive Directors to the Board of Governors (Washington, 1976), 371 pp. Also published in Spanish with title, Proyecto de segunda enmienda del Convenio constitutivo del Fondo Monetario Internacional; informe de los Directores Ejecutivos a la Junta de Gobernadores (Washington, 1976), 399 pp. Another version with same title, but omitting the Appendix to Part II of the Report (Comparison of present and amended Articles of Agreement) issued as supplement to Summary proceedings of the annual meeting of the Board of Governors, 31st (Washington, 1976), 194 pp.
International Monetary Fund. Selected decisions of the International Monetary Fund and selected documents, 8th issue, May 10, 1976 (Washington, 1976), 279 pp. Also published in French and Spanish.
International Monetary Fund. Staff Papers (Washington, 1976-77). Three numbers per annual volume. Two volumes, Vol. 23, 1976; and Vol. 24, 1977.
International Monetary Fund. Summary proceedings of the annual meetings of the Board of Governors (Washington, 1976-77). Two proceedings, 31st, 1976; and 32nd, 1977.
International Monetary Fund. Surveys of African economies, 7 (Washington, 1977), 374 pp. Also issued in French with title, Etudes générales sur les economies africaines..
International Monetary Fund. World summary of international transactions, 1968-73 (Washington, 1976), 123 pp. Issued as Supplement to Balance of payments yearbook, Vol. 26, 1969-73 (Washington, 1975).
International Monetary Fund, Board of Governors, Intergovernmental Group of 24 on International Monetary Affairs. “Communique of Group of 24: chief issues listed,” IMF Survey (Washington), 5 (January 19, 1976), pp. 28–30. Reprinted with title, “Restructuring the international monetary system: the main issues,” in The New international economic order: confrontation between North and South, Karl P. Sauvant and Hajo Hasenpflug, eds. (Boulder, Colorado, Westview Press, 1977), pp. 258–62.
International Monetary Fund, Board of Governors, Interim Committee on the International Monetary System. “Interim Committee completes agreement on reform issues, quotas, Trust fund,” IMF Survey (Washington), 5 (January 19, 1976), pp. 17, 30–32.
International Monetary Fund, “IMF to the rescue,” Euromoney (London), April 1977, p. 7.
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International Monetary Fund, “The International monetary mechanism: recent problems and evidence,” American Economic Review, Papers and Proceedings (Nashville), 66 (May 1976), pp. 163–85. With contributions by S. P. Magee, John A. Holsen, Jean L. Waelbroeck, Jürg Niehans, and Hossein Askari.
International monetary relations after Jamaica, Fabio Basagni, ed., Atlantic Papers, No. 4/1976 (Paris, Atlantic Institute for International Affairs, 1977), 82 pp. Contains some of the contributions to the 12th participating members’ meeting of the Atlantic Institute for International Affairs, held in Paris in June 1976. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 1–80.
International monetary relations after Jamaica, Het Internationale monetaire stelsel, by F. de Roos and others (Leiden, H. E. Stenfert Kroese, 1976), 332 pp.
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International monetary relations after Jamaica, “Is the IMF meeting really necessary?” Banker (London), 126 (September 1976), pp. 997–98.
Islam, Nurul. “The External debt problem of the developing countries with special reference to the least developed,” in A World divided; the less developed countries in the international economy, G. K. Helleiner, ed. (Cambridge, Cambridge University Press, 1976), pp. 225–47.
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Jeker, Rolf M. “Commodity price stabilisation and the compensatory financing facility in the International Monetary Fund: the case of Zambia,” Aus-senwirtschaft (St. Gallen), 32 (June 1977), pp. 121–45.
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Johnson, Christopher. “Toy soldiers at the Sheraton Park,” Banker (London), 127 (November 1977), pp. 33–37.
Johnson, Harry G. “The Future of floating rates,” in Recent issues in international monetary economics, Paris-Dauphine Conference on Money and International Monetary Problems, 3rd, 1974, E. Claassen and P. Salin, eds. (Amsterdam, North-Holland, 1976), pp. 413–19.
Johnson, Harry G. “Higher oil prices and the international monetary system,” in The Economics of the oil crisis, Trade Policy Research Centre, T. M. Ryb-czynski, ed. (London, Macmillan, 1976), pp. 151–70.
Johnson, Harry G. Money, balance-of-payments theory, and the international monetary problem, Essays in International Finance, No. 124, Princeton University (Princeton, 1977), 30 pp. Adapted from the David Horowitz Lectures delivered in Israel in 1975. A slightly different version, with same title, was published in Bangladesh Development Studies (Dacca), 4 (October 1976), pp. 455–78.
Johnson, Harry G. “Towards a world central bank,” Banker (London), 126 (February 1976), pp. 137–39.
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Kahn, Richard Ferdinand (Baron). “Historical origins of the International Monetary Fund,” in Keynes and international monetary relations: the second Keynes seminar held at the University of Kent at Canterbury, 1974, Keynes Seminar, 2nd, University of Kent at Canterbury, 1974, A. P. Thirl-wall, ed. (London, Macmillan, 1976), pp. 2–35.
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Lagunilla Iñarritu, Alfredo. “El FMI y la moneda internacional,” Comercio Exterior, Banco Nacional de Comercio Exterior (Mexico, D. F.), 27 (May 1977), pp. 583–85.
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Lamfalussy, Alexandre. “A European view,” in International monetary relations after Jamaica, Fabio Basagni, ed., Atlantic Papers, No. 4/1976 (Paris, Atlantic Institute for International Affairs, 1977), pp. 30–33. Reprinted in Monetary relations and world development, Fabio Basagni and Pierre Uri, eds., Atlantic Institute Studies, No. 4 (New York, Praeger, 1977), pp. 28–31.
Lang, Joseph W., Jr. “The International monetary system in operation,” Finance and Development (Washington), 14 (December 1977), pp. 12–14. Explains how the Fund’s annual Per Jacobsson Lectures began, and briefly describes the 14th in the series—The International monetary system in operation—given by Wilfried Guth and Sir W. Arthur Lewis.
Larre, René. “Questions d’actualité en matière monètaire internationale,” Banque (Paris), No. 347 (January 1976), pp. 7–11. Address to the Swiss Chamber of Commerce in France, December 2, 1975. Italian translation with title, “Attualità della politica monetaria internazionale,” in Mondo aperto (Rome), 30 (April 1976), pp. 81–89.
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Mason, Will E. “Winners and losers; some paradoxes in monetary history resolved and some lessons unlearned,” History of Political Economy (Durham, North Carolina), 9 (Winter 1977), pp. 476–89.
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SUMMARIES
Recent Developments in Monetary Models of Exchange Rate Determination—John f.o. bilson (pages 201–23)
The seminal contributors to the monetary approach to the balance of payments suggested that the approach could be applied to a flexible exchange rate regime with only minor modifications. A number of characteristics of recent exchange rate behavior, however, are in conflict with the traditional approach. These include persistent deviations from purchasing power parity, the large variance of short-term exchange rate movements, and the importance of speculation in the determination of the exchange rate. The conflict between theory and evidence has led to a number of attempts to extend the monetary approach in directions that reconcile the model with recently observed exchange rate behavior. In this paper, these attempts are classified in three distinct approaches to the theory of exchange rate determination. While maintaining the emphasis of early monetary models on the integration of international asset markets and the stability of the money demand function, the new approaches also account for deviations from purchasing power parity, the endogenous determination of the interest rate, and the possibility that national currencies are close substitutes in a portfolio of currencies. An integrated model, which is capable of empirical verification, is also presented.
Price and Output Effects of Monetary and Fiscal Policy Under Flexible Exchange Rates—victor argy and joanne salop (pages 224–56)
The model developed in this paper depicts the economy as comprising three markets—goods, money, and labor. Macroeconomic equilibrium is then defined in terms of the price level, the exchange rate, and the output level for which the three markets clear simultaneously. Monetary and fiscal policy are analyzed in terms of their effects on these variables. The effects vary in important ways according to how the labor market is specified. In particular, with the Keynesian formulation (that is, rigidity in nominal wages), the results obtained are the familiar ones—that with perfect capital mobility and flexible exchange rates, monetary policy is effective, and fiscal policy ineffective, in influencing the level’of economic activity. In strong contrast, however, are the corresponding results if it is real wages that are rigid. In this case, monetary policy affects only prices and the exchange rate, whereas expansionary fiscal policy raises the level of output. Most interestingly, because of the repercussions of a tax increase on take-home wages, a balanced budget expansion in government spending reduces output. Additional features of the paper include an analysis of an employment subsidy and the application of the model to the impact of the increases in oil prices by the Organization of Petroleum Exporting Countries. With respect to the latter, it is shown that monetary expansion or money-financed fiscal expansion directed at reducing the resulting unemployment will produce, instead, a “vicious circle” type of response.
The World Trade Model: Invisibles—marian e. bond (pages 257–333)
An econometric model of imports and exports of invisibles is specified and estimated for 14 industrial countries: Austria, Belgium, Canada, Denmark, France, the Federal Republic of Germany, Italy, Japan, the Netherlands, Norway, Sweden, Switzerland, the United Kingdom, and the United States. These flows are disaggregated into six groups—freight transportation, passenger transportation and travel, other services, investment income, workers’ earnings and remittances, and transfers. The model determines the volume and/or value of imports and exports for each group of invisibles.
The empirical results demonstrate that flows of international travel and passenger transportation and of other private services are in general strongly influenced by relative travel prices and exchange rates. The role played by transportation prices in flows of foreign travel and passenger transportation is also pronounced for many countries. Some flows of invisibles are also highly sensitive to variations in income. Permanent income changes exert a significant influence on imports of international travel and passenger transportation, and other private service imports respond to changes in current income. The results also suggest that freight transportation flows are, on average, nonhomogeneous with respect to merchandise flows.
In the long run, outflows of direct investment income and of financial investment income are, on average, homogeneous with respect to liability levels and earnings, respectively, for Canada, the United Kingdom, and the United States. For these three countries, all other investment income flows are nonhomogeneous with respect to asset or liability levels or earnings.
Applications of the model will include short-term forecasting (6-18 months ahead) and simulation of the effects of variations in growth rates, interest rates, rates of inflation, and exchange rates.
Inflation and Interest Rate Policies in Latin America, 1967–76—vicente galbis (pages 334–66)
Despite the continuing policy efforts in regulating interest rates in less developed countries, there are few studies analyzing the goals and scope of those regulations, and a conspicuous unavailability of interest rate series has contributed to keeping empirical research lagging behind theoretical developments. This paper analyzes the adequacy of interest rate policies in 19 Latin American countries during the decade 1967-76 and reconstructs interest rate series on financial sector liabilities in order to quantify the degree of interest rate adjustment to inflation and to foreign interest rates.
Throughout the decade, a number of countries moved from the traditional interest rate ceilings to the use of interest rate floors and of various forms of indexation, and toward interest rate liberalization. The new experimental attitude did not always reflect greater enlightenment, but it constituted a belated response to the rising tide of inflation. Interest rate floors on financial sector liabilities failed to promote equilibrium because they were coupled with interest rate ceilings on loans. Indexation techniques produced mostly disappointing results. Liberalization was successful in several countries, but it caused transitional problems in Chile, and did not succeed in keeping positive real rates in El Salvador, because of an interest rate understanding among the banks.
The series on savings deposit rates and on a sample of high liability rates used in this paper indicate that, while in 1967 financial repression (negative real interest rates) was limited to a minority of inflationary countries, it spread to almost the entire region throughout the inflationary period 1973-76. In addition, the structure of interest rates tended to diverge as inflation increased, thereby contributing to worsening the distribution of income. These developments also affected the external sector because domestic interest rates (adjusted for depreciation when expressed in local currency) fell below comparable foreign rates, causing both private capital outflows and a “dollarization” problem.
RESUMES
Evolution récente des modèles monétaires de determination des taux de change—john f.o. bilson (pages 201–23)
Les théoriciens dont les œuvres ont ouvert la voie á l’approche monétaire de la balance des paiements ont indiqué que cette même approche pouvait être appliquée á un régime de taux de change flexibles avec quelques modifications de détail seulement. Plusieurs caractéristiques du comportement récent des taux de change vont toutefois à l’encontre de l’approche orthodoxe, entre autres, les écarts persistants par rapport á la parité des pouvoirs d’achat, la forte amplitude des variations des taux de change à court terme et l’importance de la spéculation dans la détermination des taux. La disparité entre la théorie et les faits a incité plusieurs auteurs á essayer d’élargir l’approche monétaire pour que le modéle soit applicable aux mouvements des taux récemment enregistrés. Dans la présente étude, ces tentatives sont classées en trois groupes distincts en fonction de l’approche adoptée pour la détermination des taux de change. Tout en accordant autant d’importance que les premiers modèles monétaires á l’intégration des marchés des actifs internationaux et á la stabilité de la fonction de demande de monnaie, les approches nouvelles tiennent compte aussi des écarts par rapport á la parité des pouvoirs d’achat, des facteurs endogènes déterminant le taux d’intérét et de la facilité avec laquelle les mon-naies nationales peuvent se substituer les unes aux autres dans un portefeuille de monnaies. L’auteur présente également un modéle intégré, susceptible d’être vérifié empiriquement.
Effets des politiques monétaire et budgétaire sur les prix et la production en regime de taux de change flexibles—victor argy et joanne salop (pages 224–56)
Le modèle elaboré dans la présente étude décrit l’économie sous la forme de trois marches: les biens, la monnaie et la main-d’oeuvre. L’équilibre macro-économique est défini en fonction du niveau des prix, du taux de change et du niveau de production pour lesquels les trois marchés sont simultanément en équilibre. Les politiques monétaire et budgétaire sont analysées du point de vue de leurs effets sur ces variables. Les effets en question varient dans une large mesure en fonction des caractéristiques du marché de la main-d’oeuvre. En particulier, en adoptant le schéma keynésien (à savoir la rigidité des salaires nominaux), on obtient les résultats bien connus—c’est-á-dire qu’avec une parfaite mobilité des capitaux et des taux de change flexibles, la politique monétaire peut influencer le niveau de l’activité économique, tandis que la politique budgétaire n’y parvient pas. Les résultats sont cependant tout á fait différents si l’on retient l’hypothése de la rigidité des salaires réels. La politique monétaire n’agit alors que sur les prix et le taux de change, tandis qu’une politique d’expansion budgétaire éléve le niveau de la production. II est par-ticuliérement intéressant de noter qu’en raison des répercussions d’une augmentation des impôts sur les salaires nets, un accroissement des dépenses publiques dans le cadre d’une expansion budgétaire équilibrée entraine une reduction de la production. Le present document comporte également l’analyse d’une politique de subvention á l’emploi ainsi que les reactions du modele á une augmentation des prix du pétrole décidée par l’Organisation des pays exportateurs de pétrole. Dans ce dernier cas, les auteurs montrent qu’une expansion monétaire, ou qu’une expansion budgétaire fínancée par la monnaie pour réduire le chômage provoqué par l’augmentation des prix du pétrole, entraínera en fait une reaction de type «cercle vicieux».
Le modèle du commerce mondial: les invisibles—marian e. bond (pages 257–333)
L’auteur spécifie et estime un modele économétrique des importations et des exportations d’invisibles pour 14 pays industriéis: Autriche, Belgique, Canada, Danemark, France, Etats-Unis, Italie, Japon, Norvége, Pays-Bas, République fédérale d’Allemagne, Royaume-Uni, Suéde et Suisse. Les transactions sont réparties en six groupes—fret, transports de passagers et voyages, autres services, revenu des investissements, revenu du travail et envois de fonds des travailleurs, et autres transferts. Le modele determine le volume et/ou la valeur des importations et des exportations pour chaqué groupe d’invisibles.
Les résultats empiriques montrent que les flux des voyages internationaux et transports de passagers ainsi que des autres services privés sont en général fortement influencés par les prix relatifs et les taux de change. Le role joué par le prix des transports dans le flux des voyages internationaux et transports de passagers est également considerable dans de nombreux pays. Certains flux d’invisibles sont aussi trés sensibles aux variations des revenus. Les variations du revenu permanent ont une forte incidence sur les importations au titre des voyages internationaux et des transports de passagers se rendant dans un autre pays, et les autres importations de services privés réagissent aux variations du revenu courant. Pour l’ensemble des pays, les résultats indiquent aussi que les flux enregistrés au titre du fret sont, en moyenne, non homogénes par rapport aux flux des marchandises.
Dans le cas du Canada, du Royaume-Uni et des Etats-Unis en particulier, les sorties de revenu des investissements directs sont, en moyenne et á long terme, homogénes par rapport aux niveaux des engagements et les sorties de revenu des investissements financiers sont, en moyenne et á long terme, homogénes par rapport aux recettes. Pour ees trois pays, tous les autres flux enregistrés au titre du revenu des investissements sont non homogénes par rapport aux niveaux des avoirs ou des engagements, ou par rapport aux recettes.
Le modele peut servir aux previsions á court terme (de 6 à 18 mois) et á la simulation des effets des variations du taux de croissance, des taux d’intérét, des taux d’inflation et des taux de change.
Inflation et politiques de taux d’intérét en Amérique latine, 1967–76—vicente galbis (pages 334–66)
Malgré la persistance des efforts visant á réglementer les taux d’intérét dans les pays économiquement moins développés, il n’existe que peu d’études oü sont analyses les buts et la portée de ees réglementations, et c’est, en partie, en raison de l’absence manifesté de series statistiques sur les taux d’intérét que la recherche empirique n’a pas suivi revolution de la recherche théorique. La présente étude étudie dans quelle mesure les politiques de taux d’intérét appliquées dans 19 pays d’Amérique latine au cours de la décennie 1967-76 sont appropriées et reconstruit les series de taux d’intérêt sur les depots auprés du secteur financier en vue de determiner le degré d’ajustement des taux d’intérét á l’inflation et aux taux d’intérét extérieurs.
Tout au long de la décennie, un certain nombre de pays ont abandonné le systéme traditionnel des plafonds sur les taux d’intérét pour adopter celui des planchers de taux d’intérét ainsi que diverses méthodes d’indexation, et se sont orientés vers une libéralisation des taux d’intérét. Cette nouvelle attitude experiméntale n’a pas toujours abouti á des résultats favorables, mais elle a constitué un rempart tardif á la maree montante de l’inflation. Les taux d’intérét planchers sur les dépots auprés du secteur financier n’ont pas réussi á pro-mouvoir l’équilibre parce qu’ils étaient utilises en méme temps que les taux d’intérét plafonds sur les préts. Les techniques d’indexation ont donné, dans l’ensemble, des résultats décevants. La liberalisation des taux d’intérêt s’est révélée un succés dans plusieurs pays, mais elle a soulevé des problémes de transition au Chili et n’a pas réussi à maintenir des taux reels positifs au Salvador, les banques ayant réalisé un accord tacite sur les taux d’intérêtá pratiquer.
Les séríes statistiques sur les taux appliques aux depôts d’épargne utilisées dans ce document ainsi qu’un échantillon des taux eleves verses sur certains depots indiquent que, si la repression fínanciére de 1967 (taux d’intérêt réels négatifs) s’est limitée á une minorité de pays se trouvant dans une situation inflationniste, elle s’est étendue á presque l’ensemble de l’Amérique latine au cours de la période inflationniste 1973-76. En outre, l’écart entre les taux d’intérét a eu tendance á augmenter á mesure que l’inflation s’aggravait, con-tribuant par la á accentuer l’inégalité de la distribution des revenus. Le secteur extérieur n’a pas été non plus épargné, car les taux d’intérét intérieurs (ajustes pour teñir compte de la dépreciation des taux de change) sont devenus inférieurs aux taux étrangers comparables, ce qui a provoqué des sorties de capitaux prives et un recours excessif au dollar dans la denomination des instruments financiers.
RESUMENES
Progreso reciente en el campo de los modelos monetarios para la determinación del tipo de cambio—john f.o. bilson (páginas 201–23)
Algunos autores que han aportado ideas fecundas al enfoque monetario del estudio de la balanza de pagos han sugerido que dicho enfoque podría aplicarse, con ligeras modificaciones, a un régimen de tipos de cambio flexibles. Sin embargo, ciertas características del comportamiento reciente de los tipos de cambio están reñidas con el enfoque tradicional. Entre ellas se hallan la persistente desviación con respecto a la paridad de poder adquisitivo, la gran variabilidad de las fluctuaciones de los tipos de cambio a corto plazo y la influencia de la especulación en la determinación del tipo de cambio. El conflicto entre la teoría y la realidad de los hechos ha ocasionado una serie de intentos de ampliar el enfoque monetario en terrenos en los que se facilite la reconciliación entre el modelo y el comportamiento recientemente observado en los tipos de cambio. En el presente trabajo se clasifican dichos intentos en tres modalidades claras de la teoría de la determinación de los tipos de cambio. Aunque se sigue manteniendo la importancia que se concedía a la integración de los mercados internacionales de activos y a la estabilidad de la función de demanda de dinero en los primeros modelos monetarios, en los nuevos enfoques se tienen también en cuenta las desviaciones con respecto a la paridad de poder adquisitivo, la determinación endógena del tipo de interés y la posibilidad de que la moneda nacional constituya un sustituto muy parecido en una cartera de monedas. Se presenta también un modelo integrado en el que es factible la verificación empírica.
Efectos de las políticas monetaria y fiscal en los precios y la producción, en un régimen de tipos de cambio flexibles—victor argy y joanne salop (páginas 224–56)
El modelo que se desarrolla en este estudio describe la economía como tres mercados: de bienes, de dinero y de trabajo. Luego se define el equilibrio macroeconómico como el nivel de precios, tipo de cambio y nivel de producción a los cuales los tres mercados se encuentran en equilibrio simultáneamente. Las políticas monetaria y fiscal se analizan desde el punto de vista de sus efectos en estas variables. Los efectos varían considerablemente según la forma en que se defina el mercado del trabajo. En particular, con la formulación keynesiana (esto es, salarios nominales rígidos), los resultados que se obtienen son los habituales: cuando la movilidad del capital es perfecta y los tipos de cambio son flexibles, la política monetaria es eficaz y la política fiscal es ineficaz en cuanto a influir en el nivel de la actividad económica. Ahora bien, esto contrasta marcadamente con los resultados que se obtienen cuando los salarios reales son los rígidos. En este caso, la política monetaria afecta sólo a los precios y al tipo de cambio, mientras que la política fiscal expansionista eleva el nivel de producción. Es interesante observar que, debido a las repercusiones de un aumento del impuesto sobre los salarios netos (esto es, una vez efectuadas todas las deducciones), el aumento del gasto público mediante una expansión equilibrada del presupuesto reduce el producto. Entre otros aspectos que se tratan en este estudio se cuentan un análisis de la subvención del empleo y la aplicación del modelo al impacto de las alzas de precios de la Organización de Países Exportadores de Petróleo. En cuanto a estas últimas, se demuestra que la expansión monetaria o la expansión fiscal monetaria destinada a reducir el desempleo resultante producirá, en vez de esto, una reacción de tipo “círculo vicioso”
El modelo del comercio mundial: Invisibles—marian e. bond (páginas 257–333)
En el presente trabajo se elabora un modelo econométrico en el cual se estiman las importaciones y exportaciones de invisibles de 14 países industriales: Austria, Bélgica, Canadá, Dinamarca, Estados Unidos, Francia, Italia, Japón, Noruega, Países Bajos, Reino Unido, República Federal de Alemania, Suecia y Suiza. Los flujos de invisibles se desglosan en seis grupos: transporte de mercancías, transporte de pasajeros y viajes, otros servicios, renta de las inversiones, ingresos y remesas de trabajadores, y transferencias. El modelo determina el volumen y/o valor de la importación y la exportación de cada grupo de invisibles.
Los resultados empíricos demuestran que los flujos de viajes internacionales y transporte de pasajeros, y de otros servicios privados, están en general muy influidos por los precios relativos de los viajes y los tipos de cambio. La función que los precios del transporte desempeñan en los flujos de viajes al exterior y transporte de pasajeros es también muy importante en muchos países. Algunos flujos de invisibles son también muy sensibles ante las variaciones del ingreso. Las variaciones permanentes del ingreso ejercen una influencia significativa en la importación de viajes internacionales y transporte de pasajeros, mientras que las importaciones de otros servicios privados reaccionan ante variaciones del ingreso corriente. Los resultados indican también que los flujos de transporte de carga no son homogéneos, en promedio, con respecto a los flujos de mercancías.
A largo plazo, las salidas de renta de las inversiones directas y de renta de las inversiones financieras son homogéneas, en promedio, con respecto al nivel del pasivo y las utilidades, respectivamente, para Canadá, el Reino Unido y Estados Unidos. Para estos tres países, todos los demás flujos de renta de las inversiones no son homogéneos con respecto a los niveles de activo o pasivo o las utilidades.
Entre las aplicaciones del modelo habrá pronósticos a corto plazo (6 a 18 meses por adelantado) y la simulación de los efectos de las variaciones en las tasas de crecimiento, tipos de interés, tasas de inflación y tipos de cambio.
La inflación y la política de tipos de interés en América Latina, 1967–76—vicente galbis (páginas 334–66)
Pese a los continuos esfuerzos de reglamentación de los tipos de interés en los países menos desarrollados, existen pocos estudios en los que se analicen las metas y el ámbito de dichas reglamentaciones. Este hecho, junto con la evidente carencia de series de los tipos de interés, ha contribuido a que la investigación empírica vaya a la zaga de los estudios teóricos. En el presente estudio se analiza la idoneidad de las políticas de tipos de interés seguidas durante el decenio de 1967–76 en 19 países latinoamericanos, y se reconstruyen las series de los tipos de interés de los pasivos del sector financiero, con objeto de cuantificar el grado de ajuste del tipo de interés a la inflación y a los tipos de interés extranjeros.
Durante ese decenio, varios países abandonaron los límites máximos tra-dicionalmente aplicados a los tipos de interés, para adoptar límites mínimos o varias formas de indización, o para liberalizar los tipos de interés. La nueva actitud experimental no se debió siempre a un mejor juicio, sino que constituyó una reacción retrasada a la creciente inflación. Los límites mínimos aplicados a los tipos de interés de los pasivos del sector financiero no lograron fomentar el equilibrio porque se aplicaron junto a límites máximos sobre los tipos de interés de los préstamos. La práctica de la indización produjo resultados más bien desalentadores. La liberalización tuvo éxito en varios países, pero ocasionó problemas de transición en Chile, y no logró mantener tipos reales positivos en El Salvador a causa de un entendimiento por parte de los bancos sobre los tipos de interés de los mismos.
Las series de tipos de interés de los depósitos de ahorro y de una muestra de tipos de interés altos de los pasivos utilizadas en este trabajo indican que, si bien en 1967 la “represión financiera’’ (tipos de interés reales negativos) estuvo limitada a una minoría de países inflacionarios, ésta se extendió a casi toda la región durante el período inflacionario de 1973-76. Además, los tipos de interés tendieron a divergir al aumentar la inflación, contribuyendo así al empeoramiento de la distribución del ingreso. Esta evolución afectó también al sector externo porque los tipos de interés nacionales (ajustados, cuando se expresan en moneda nacional, por la tasa de depreciación) descendieron por debajo de los tipos de interés extranjeros equivalentes, causando una salida de capital privado y el problema de la “dolarización”.
In statistical matter (except in the résumés and resúmenes) throughout this issue,
Dots (…) indicate that data are not available;
A dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;
A single dot (.) indicates decimals;
A comma (,) separates thousands and millions;
“Billion” means a thousand million;
A short dash (–) is used between years or months (e.g., 1975–78 or January–October) to indicate a total of the years or months inclusive of the beginning and ending years or months;
A stroke (/) is used between years (e.g., 1977/78) to indicate a fiscal year or a crop year;
Components of tables may not add to totals shown because of rounding.
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LEGAL AND INSTITUTIONAL ASPECTS OF THE INTERNATIONAL MONETARY SYSTEM: SELECTED ESSAYS
Joseph Gold
This volume reproduces, with slight revisions, 14 essays originally contributed by the author to books and periodicals published under auspices other than the Fund. Attached to each essay is a note that comments briefly on the relationship of the Second Amendment of the Fund’s Articles, which became effective on April 1, 1978, to the subject matter of the essay.
The themes of the essays are linked together by a new introductory essay. The collection as a whole can be regarded as a resumption of the author’s discussion of constitutional development and change in the Fund, which he contributed to Volume II of the Fund’s History of its first 20 years. A major theme is the need for an international monetary system that is regulated by international law, with the Fund at its center. Another major theme is that the legal and institutional aspects of the system should provide flexibility in relation to evolution of the system, its day-to-day operation, and the handling of crises.
The subjects of the essays include various facets of reform of the international monetary system, the negotiation of change, techniques of flexibility, “sanctions,” collaboration as a source of law, and creation of the SDR.
The development of policies of conditionality in connection with the use of the Fund’s resources, the metamorphosis of the Fund’s exchange transactions, and the invention and development of the stand-by arrangement are discussed from the standpoint of flexibility. The Fund’s principle of uniformity and the former par value system are discussed from the standpoint of inflexibility. Annexed to the essay on the par value system are the legal texts of the Fund on exchange arrangements from the origin of the Fund to the present day.
Pp. xx+633
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About the Author
Mr. Gold is a graduate of the Law Schools of the Universities of London and Harvard. He has been a member of the staff of the Legal Department of the Fund since 1946, and has been the General Counsel of the Fund as well as the Director of the Legal Department since 1960.
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Mrs. Salda, Assistant Reference Librarian in the Joint Bank-Fund Library, is a graduate of Oxford University. She was formerly on the staff of the Victoria & Albert Museum Library in London.