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This paper presents the Supplement on international reserves, the sixth in the series of supplements to International Financial Statistics (IFS) that comprises textual material commencing with an historical perspective of international reserves. This is followed by a discussion on the methodology covering the concepts underlying the reserves data in IFS: the data collection and presentation procedures; the related data in the money and banking, and balance-of-payments sections in IFS; and a summary of the national concepts of reserves. Statistics on international reserves are important indicators of the external economic performance of countries. A country's holdings of international reserves represent its ability to meet balance of payments needs through official financial settlements. The establishment of the IMF led to the creation of a reserve asset in the form of a gold tranche position reflecting a member's subscription to the IMF in gold. To the extent that the IMF made use of a member's currency in drawings of other countries, a creation of new reserves was involved.

Banking --- Banks and Banking --- Cement --- Central banks --- Ceramics --- Commodities --- Commodity exchanges --- Currency --- Exports and Imports --- Exports --- Finance --- Finance: General --- Financial crises --- Foreign exchange reserves --- Foreign Exchange --- Foreign exchange --- General Financial Markets: General (includes Measurement and Data) --- Glass --- Gold --- International economics --- International Investment --- Investment & securities --- Investments, Foreign --- Investments: Metals --- Long-term Capital Movements --- Metals and Metal Products --- Monetary Policy --- Trade: General --- United States

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This paper highlights information available to the IMF from a number of sources, including that provided in the course of consultation visits to member countries, and it has been prepared in close collaboration with national authorities. Measures intensifying members’ trade restrictions are subject to similar reporting provisions when a member has been granted an arrangement for the use of the IMF’s resources. The report centers on exchange arrangements and exchange restrictions, but it is also more comprehensive in that it presents other external economic policy measures and intergovernmental arrangements that may have balance of payments implications. As in previous reports, questions of definition and jurisdiction have not been raised; the description in the report of a restrictive practice by a member does not imply that it is or is not being maintained consistently with the IMF’s Articles, or that, if subject to Article VIII, it has or has not been approved by the IMF.

Foreign exchange administration. --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Currencies --- Currency --- Depository Institutions --- Exports and Imports --- Exports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Imports --- International economics --- International Trade Organizations --- Micro Finance Institutions --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Mortgages --- Payment Systems --- Regimes --- Standards --- Trade Policy --- Trade: General --- United States

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This paper reviews the channels of macroeconomic interdependence under flexible exchange rates. The model emphasizes the linkage of international capital markets, expectations, and nominal and real wage stickiness in affecting the impact of disturbances on employment, prices, and the exchange rate. The standard rational-expectations macroeconomic model is extended to facilitate analysis of the role of risk premiums created by imperfect asset substitutability. Peso problems and bubbles are discussed briefly. The paper discusses two alternative proposals designed to deal with the exchange rate implications of policy interdependence. One is the McKinnon proposal for world monetarism; the other is the band proposal. Both proposals are rejected because they fail to cope with the problems of the transition to a low, common inflation rate. The paper concludes with the suggestion that improved performance of the world economy cannot come from a better exchange rate system but rather from a more systematic use of incomes policies.

Capital movements --- Currency --- Deflation --- Exchange rate adjustments --- Exchange rate arrangements --- Exchange rate flexibility --- Exchange rates --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Income economics --- Inflation --- International economics --- International Investment --- International Lending and Debt Problems --- Labor --- Labour --- Long-term Capital Movements --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Price Level --- Prices --- Real exchange rates --- Regimes --- Standards --- Wages --- United States

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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 interventions. A home-country current account surplus that shifts the residence of private wealth toward the home country will reduce the risk premium on domestic currency, ceteris paribus, if and only if private residents of the home country have a relatively stronger preference for domestic bonds than do private residents of the foreign country. The basic conclusion that has been drawn from the regression analysis is that the risk premiums associated with this particular representation of the portfolio-balance model explain only a small part of the discrepancies between observed percentage changes in exchange rates and forward premiums. Part of the difficulty in obtaining structural estimates of portfolio-demand parameters may reflect deficiencies in specifying the portfolio-balance framework.

Balance of payments --- Currency --- Current Account Adjustment --- Deflation --- Energy: Demand and Supply --- Exchange rates --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Income --- Inflation --- International economics --- Investment & securities --- Investments: General --- Macroeconomics --- Monetary base --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money supply --- Money --- National accounts --- Oil prices --- Payment Systems --- Personal income --- Price Level --- Prices --- Producer prices --- Regimes --- Short-term Capital Movements --- Standards --- United States

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This paper examines the policy of protectionism in world trade. It reviews alternatives to trade restrictions, factors influencing trade policies, and implications of protection for developing countries. The paper highlights that the rise in protectionist pressures is worrisome, because the likelihood of chain reactions toward more protectionism generated by individual restrictive actions is greatest in a setting of slow economic growth and highly interdependent economies. The paper also analyzes capital utilization in the manufacturing enterprises.

Banks and Banking --- Investments: Commodities --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Agriculture: General --- Education: General --- International Lending and Debt Problems --- Trade: General --- Banking --- International economics --- Investment & securities --- Currency --- Foreign exchange --- Education --- Agricultural commodities --- Exchange rates --- International banking --- Foreign banks --- Commodities --- Financial institutions --- Commercial banks --- Farm produce --- Banks and banking --- International finance --- Banks and banking, Foreign --- Commercial policy --- United States