This paper presents a study to review fluctuations in Japan's balance of payments and the role of short-term capital flows. Based on annual data, it appears that Japan has passed through two additional cycles after the 1952-55 and 1955-58 cycles covered by Narvekar's studies. In general, the...

From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to...

This paper examines the effect transactions with the IMF have on the monetary situation within a country when the foreign exchange purchased from the IMF is used to meet a balance of payments deficit. In some countries, the national currency counterpart is kept on deposit to the credit of the...

This paper explores wage-price link in a prolonged inflation. A fixed tie between wages and prices must have significant effects in any economy. A wage-price link of the type discussed in this paper assumes that wages will be adjusted for any rise in consumer prices, subject to certain...

This paper describes and evaluates developments in foreign markets for dollars, sterling, and the major currencies of Western Europe. The most important foreign markets for dollar deposits are in Montreal, Toronto, London, and a number of cities in continental Western Europe. The dollars that...

This paper discusses short-range forecasting of US imports. At first sight the movement of dollar acceptances for imports into the United States might reasonably be expected to indicate what the movement of imports would be in some succeeding period. Both gross national product (GNP) and...

This paper reviews the impact of liberalization of intra-European trade in the framework of the Organization for European Economic Cooperation (OEEC). Commercial relations have been most intensive between the industrialized countries of Western Europe, which have carried on a considerable trade...

This paper outlines the payment agreements and trade agreements. Resident inconvertibility in relation to other inconvertible countries is largely organized on the basis of bilateral trade agreements establishing quotas for imports, exports, and invisibles, and of the Organization for European...

This paper focuses on the IMF's credit policy and the balance of payments. The attempts at simplicity in the construction of the IMF's models have necessarily involved recognizing the fact that models for different types of countries had to bring out different main features. In models for...

This paper discusses the implications for credit policy of changes in the income velocity of money; it neglects other policy elements of financial programs unless they have a direct bearing on velocity changes. Control over credit expansion by domestic banks is used to influence expenditure...