This paper reports the unfinished business of the 1974 Report to the Board of Governors on Reform of the International Monetary System on the question of the Special Drawing Right (SDR) as a basket of currencies. The SDR basket was revised after an initial period of four years and is subject to...

An earlier version of this paper was presented to a conference on the topic “Is the Business Cycle Obsolete?” organized by the Social Science Research Council and held in London, England, on April 3–7, 1967

This paper presents the demonstration effect imparted by the economic performance of a select group of developing countries, particularly in Southeast Asia, where the growth of trade has played a major role. The outward-oriented strategies have been typically characterized, inter alia, by the...

This paper examines the conditions under which the monetary authorities of a large industrial country can influence the exchange rate while keeping the growth rate of the money stock on a predetermined target. Monetary policy in the large industrial countries has in recent years focused...

This paper analyzes the types of fiscal performance clauses incorporated in the 105 arrangements, bearing in mind the policy and practice to avoid performance clauses relating to specific fiscal measures, such as changes in particular forms of taxation and changes in specific elements of...

This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in...

This paper discusses that the need for financing accounts and for integrated income and financing accounts is to be found in the fact that the income accounts are deficient in two respects as a source of data on the variables in the Keynesian analysis. Investment as measured in the income...

This paper analyzes the determination of monetary policy is an exercise that must include the organization of information so that proper conclusions may be reached regarding the application of policy instruments. The information on which policies have to be based is frequently a complex set of...

Stock and bond issues and capital markets in less developed countries (LDCs) have recently received increasing attention from policymakers, and this preliminary study provides a cross-country survey of the actual experience of LDCs in this respect. Capital markets in LDCs are markedly...

As a part of the proceedings of the Eleventh Annual Meeting of the Board of Governors of the International Monetary Fund, an Informal Session on “Recent Developments in Monetary Analysis” was held on September 25, 1956. The three papers which were presented at that Session by Dr. M. W....