This paper focuses on various aspects of the Euro-dollar market. The market in Euro-dollars is a wide and complicated one spread over six continents and bound together by a network of cable, telex, and telephone communication. The paperwork in the market tends to confirm rather than to initiate...

This paper reviews an attempt that is made to arrive at a rough quantification of the possible effects of various techniques of IMF reserve creation through the IMF on its own liquidity. For purposes of comparison, the additional needs for IMF resources arising, respectively, from the several...

This paper discusses that the governments of forty-nine countries have accepted the Articles of Agreement of the IMF. They have accepted the Agreement on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority...

This paper surveys theoretical issues and empirical evidence on the effects of central bank intervention in foreign exchange markets on exchange rate movements. The focus is on the ability of fully sterilized intervention to influence exchange rates in a predictable manner. Theoretical...

This IMF Staff Paper highlights recent developments in monetary models of exchange rate determination. 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....

This paper examines two questions: What basket of currencies should a small developing country use as the exchange rate standard for its currency? When are discretionary changes of the value of its currency against the standard warranted? The exchange rate policy of a small, price-taking country...

This paper focuses on the portfolio-balance model as a framework for addressing unresolved issues about the behavior of exchange rates. The stocks of base money and bonds are determined by the interactions of monetary policies, government budget deficits, and official exchange market...

This paper focuses on private capital movements and exchange rates in developing countries. The paper also highlights some implications of the analysis about the broader question of the effect of alternative exchange rate systems on capital flows. Capital movements respond to many factors which...

This paper describes the connection between the need for financial statistics as an aid to monetary and financial policy. The essential unifying element between statistics and policy is, of course, theory-a coherent set of assumptions regarding the behavior of the economy. These assumptions will...

This paper explores the role of the IMF in promoting price stability. The IMF has one of its major objectives is to eliminate exchange restrictions that are due to balance of payments reasons. It carries on extensive annual consultations with its members toward that end; and, once the post-war...