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This paper considers whether the objective of controlling aggregate reserves is still appropriate under current international monetary arrangements and discusses some of the means that have been proposed to achieve such control. Both the demand for and the supply of world reserves have changed as a result of the shift to flexible exchange rates and the growth of private capital markets as means of financing payments disequilibria. Mechanisms designed to achieve greater control over reserve growth would have to rely on direct constraints on individual countries. The desirability of imposing such constraints must be assessed in the light of how effective liquidity control can be in achieving the objective of more timely and effective adjustment. In this connection, the surveillance of exchange rate policies provided for in the IMF's Proposed Second Amendment to the Articles of Agreement may be a more effective weapon than direct control of liquidity.

Commodities --- Commodity Markets --- Commodity prices --- Currency --- Deflation --- Exchange rates --- Export prices --- Exports and Imports --- Exports --- Finance --- Finance: General --- Foreign Exchange --- Foreign exchange --- Imports --- Inflation --- International economics --- International finance --- International trade --- Investment & securities --- Investment Decisions --- Investments: Commodities --- Macroeconomics --- Monetary economics --- Money and Monetary Policy --- Portfolio Choice --- Price Level --- Prices --- Trade: General --- United States

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This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1978. The report highlights that the period since the previous Annual Report—the third year of recovery from the most severe recession in four decades—has been one in which world economic developments were again unsatisfactory in some important respects. World output and trade continued to increase, but the pace of domestic expansion in the industrial world, which had been satisfactory during the first year or so of the recovery period, became slow and uneven, contrary to earlier expectations.

Accounting --- Balance of payments --- Cement --- Ceramics --- Commodities --- Currencies --- Currency --- Current Account Adjustment --- Current account deficits --- Deflation --- Exchange rate adjustments --- Exchange rates --- Exports and Imports --- Finance, Public --- Financial reporting, financial statements --- Financial statements --- Foreign Exchange --- Foreign exchange --- Glass --- Gold --- Government and the Monetary System --- Inflation --- International economics --- Investment & securities --- Investments: Metals --- Macroeconomics --- Metals and Metal Products --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Price Level --- Prices --- Public Administration --- Public financial management (PFM) --- Public Sector Accounting and Audits --- Regimes --- Short-term Capital Movements --- Standards --- United States

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This paper highlights that the 1978 World Bank Annual Meeting, held in Washington, D.C. during September 25–28, 1978, emphasized that greater efforts need to be made by both developed and developing countries, on domestic as well as international fronts, to stimulate lagging growth and to improve the well-being of the poorest. Just as developing countries agreed that economic takeoff was based as much on their own internal policies as on the external environment, the industrialized nations acknowledged that their own economic well-being was more closely linked to the growth of the Third World.

Banks and Banking --- Exports and Imports --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Investments: Stocks --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Labor Economics: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Current Account Adjustment --- Short-term Capital Movements --- Banking --- International economics --- Investment & securities --- Labour --- income economics --- Monetary economics --- Stocks --- Labor --- Bank credit --- Prices --- Financial institutions --- Money --- Export earnings --- International trade --- Banks and banking --- Labor economics --- Credit --- Balance of payments --- United States --- Income economics