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This detailed investigation of the effects of the devaluation of sterling by the United Kingdom in 1967 examines the critical economic relationships involved in devaluation and estimates them over a period which spans the devaluation (1960–1972). Perverse effects on the trade balance which occurred in the first half of 1968 were more than compensated for by favorable effects on private services and other invisibles. The “cost” of the devaluation in terms of inflationary pressures and welfare losses was also high. The paper concludes that the favorable effect of the devaluation on the UK current balance has been seriously underestimated by the London Business School and to an even greater extent by the National Institute of Economic and Social Research in their well-known studies on the 1967 devaluation. They underestimated the effect mainly because they assumed, based on econometric work at a very aggregative level, that UK imports were not affected by relative price changes. Estimates of import price elasticities obtained at a more disaggregated level do not support this contention.

Currency markets --- Currency --- Deflation --- Exports and Imports --- Finance --- Finance: General --- Financial markets --- Foreign exchange market --- Foreign exchange --- Import prices --- Imports --- Income economics --- Inflation --- International economics --- International Financial Markets --- International trade --- Labor --- Labour --- Macroeconomics --- Price Level --- Prices --- Trade: General --- Unemployment --- Wage indexation --- Wages --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- United States

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This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1975. The report highlights that by traditional standards, the performance of the world economy during 1974 and the first half of 1975 was poor. But by reference to the serious and complex range of problems that had to be confronted, this performance can be characterized as mixed. The slowdown of economic growth in the industrial world that was in process around the beginning of 1974 developed into an unexpectedly severe and widespread recession featuring exceptionally high rates of unemployment.

Balance of payments --- Commodities --- Currencies --- Currency --- Current Account Adjustment --- Current account deficits --- Deflation --- Energy: General --- Exchange rates --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Income --- Inflation --- International economics --- Investment & securities --- Investments: Energy --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- National accounts --- Oil --- Payment Systems --- Personal income --- Petroleum industry and trade --- Price Level --- Prices --- Regimes --- Short-term Capital Movements --- Standards --- Trade: General --- United States

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This paper provides a survey of some major issues of incomes policy rather than an evaluation of individual countries' policies. It seeks to highlight and explain the changing emphasis of such policies in the three periods when they were widely adopted. After the War, incomes policies were implemented in several European countries, in the context of scarcities of goods and shortage of foreign exchange. Policies involving a considerable element of compulsion were then associated with other restrictions, such as direction of labor and rationing. At current high rates of inflation and of unemployment, there is growing recognition of the threat that inflation poses to political and economic institutions. Although the recent results of incomes policy have not been striking, present circumstances may be more conducive for success. Experience suggests that incomes policy may be most effective in restraining wage and price increases under conditions of less than full employment.

Aggregate Factor Income Distribution --- Currencies --- Debt service --- Expenditure --- Expenditures, Public --- Exports and Imports --- Income economics --- Income --- Inflation --- International economics --- International Lending and Debt Problems --- Labor --- Labour --- Macroeconomics --- Monetary economics --- Money and Monetary Policy --- Money --- National accounts --- National Government Expenditures and Related Policies: General --- Personal income --- Personal Income, Wealth, and Their Distributions --- Prices --- Public finance & taxation --- Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- Wages --- United States

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This paper reviews the 1975 Annual Meetings of the Boards of Governors of the IMF and the World Bank that were held in Washington, D.C., from September 1–5. The paper highlights that three separate but related themes dominated the discussion at the Annual Meetings. The first was the need to combat recession without aggravating inflation. The second was the immediate needs of developing countries in the present situation. And the third was the urgency of making further progress toward reform of the international monetary system.

Accounting --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Taxation --- Energy: General --- Trade Policy --- International Trade Organizations --- Public Administration --- Public Sector Accounting and Audits --- Trade: General --- Business Taxes and Subsidies --- International economics --- Investment & securities --- Public finance & taxation --- Public finance accounting --- Oil --- Fiscal accounting and reporting --- Tariffs --- Imports --- Banking --- Commodities --- Public financial management (PFM) --- Taxes --- Health --- International trade --- Petroleum industry and trade --- Finance, Public --- Prices --- Tariff --- Population --- India

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This paper reviews the procurement process under World Bank projects. The paper highlights that the World Bank’s interest in procurement under its loans stems directly from the “project” requirement of its Articles, which stipulates that it should lend for specific projects, except in special circumstances, and that it should ensure that the proceeds of the loan are used only for its specified purpose, with due attention to economy and efficiency. In 1951, the World Bank began introducing international competitive bidding as the normal procedure for procurement of the goods and works needed for its projects.

Banks and Banking --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Statistics --- Investments: Energy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Trade: General --- Trade Policy --- International Trade Organizations --- Price Level --- Inflation --- Deflation --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Banking --- Monetary economics --- Investment & securities --- Econometrics & economic statistics --- Exports --- Government finance statistics --- Export subsidies --- Oil --- International trade --- Commodities --- Imports --- Economic and financial statistics --- Banks and banking --- Prices --- Finance --- Petroleum industry and trade --- United States