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This paper illustrates the important consequences of the choice of reserve assets. It considers hypothetical international reserve systems based on gold, on one or several national currencies, on an international financial asset that is not a national currency, and on a combination of these assets. The functioning and macroeconomic consequences of these reserve systems depend very much on the predominant exchange rate regime and on the flexibility of countries' prices and wages. The paper concludes that, because a considerable degree of exchange rate flexibility must be expected for some time to come, a gold-standard system does not offer a viable solution and should be ruled out. Under managed floating, with wages and prices inflexible downward, regulation of the amount of reserve creation, either through appropriately functioning market forces or through international surveillance, could make an important contribution to international economic stability. The patterns of private holding and use of historical reserve assets raise the question of whether there can be an important role for the special drawing rights in a future reserve system as long as its potential as a private asset remains undeveloped.

Consumption --- Currency --- Current Account Adjustment --- Economics --- Empirical Studies of Trade --- Exchange rates --- Exports and Imports --- Exports --- Foreign Exchange --- Foreign exchange --- Income economics --- International economics --- International trade --- Labor --- Labour --- Macroeconomics --- Macroeconomics: Consumption --- Monetary economics --- Money and Monetary Policy --- Money --- National accounts --- Real exchange rates --- Real wages --- Saving --- Short-term Capital Movements --- Trade: General --- Wages --- Wages, Compensation, and Labor Costs: General --- Wealth --- United States

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This paper highlights that there have been increasing signs of hesitancy in the pace of world economic expansion in the first half of 1985. In the United States, output growth declined to an average of 1 percent (at an annual rate) in the first two quarters of the year from 5.7 percent during 1984, and in other industrial countries, the pace of recovery was also generally subdued. Commodity prices fell significantly, thus weakening growth prospects in many developing countries.

Investments: Energy --- Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- Trade: General --- Energy: General --- Current Account Adjustment --- Short-term Capital Movements --- International Lending and Debt Problems --- Price Level --- Deflation --- International economics --- Investment & securities --- Currency --- Foreign exchange --- Public finance & taxation --- Exports --- Oil --- Imports --- Interest payments --- Current account balance --- International trade --- Commodities --- External debt --- Balance of payments --- Petroleum industry and trade --- Prices --- United States

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Este estudio describe la asistencia técnica y los servicios de capacitación del FMI. Destaca que la responsabilidad del FMI de proporcionar esta asistencia y la necesidad de los países miembros de recibir esta asistencia, se derivan de la importancia de la buena gestión económica y financiera y del reconocimiento de la estrecha relación que existe entre las políticas financieras internas y los procedimientos y la gestión de la balanza de pagos. El tipo de asistencia técnica que se ofrece, por lo general en temas de banca central, asuntos fiscales y estadísticas económicas y financieras, refleja esa relación.

Balance of payments statistics --- Balance of payments --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Computer Programs: Other --- Current Account Adjustment --- Data Collection and Data Estimation Methodology --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Depository Institutions --- Econometrics & economic statistics --- Exports and Imports --- External debt --- Finance --- Government debt management --- Government finance statistics --- International economics --- International Lending and Debt Problems --- Micro Finance Institutions --- Mortgages --- Public finance & taxation --- Public Finance --- Short-term Capital Movements --- Sovereign Debt --- Statistics --- Ecuador

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The monetary approach, however, is based on a balance-sheet identity that does not itself yield testable hypotheses. Predictions capable of being disproved can be derived only from a structural model used in conjunction with this approach. This paper analyzes the behavior of a small open economy in an alternative Keynesian framework that is characterized by short-run nominal wage rigidity and in which prices in a nontraded-goods sector are set by way of a mark-up equation. This Keynesian variant can generate short-run deviations of output from capacity as well as fluctuations in real exchange rates and real interest rate differentials. Nevertheless, it remains firmly embedded in the monetary approach. If this model represents an accurate description of an economy's short-run behavior, then framing stabilization program under “global monetarist” assumptions may well confront policymakers with undesirable consequences for the domestic economy while leaving them short of their balance of payments target.

Bank credit --- Banking --- Banks and Banking --- Banks and banking, Foreign --- Banks --- Credit --- Currencies --- Currency --- Depository Institutions --- Exchange rate flexibility --- Exchange rates --- Exports and Imports --- Finance --- Financial institutions --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- International banking --- International economics --- International finance --- Loans --- Macroeconomics --- Micro Finance Institutions --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Money and Monetary Policy --- Money --- Mortgages --- Payment Systems --- Regimes --- Standards --- Trade: General --- United States

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This paper anlayzes the role of the International Financial Corporation (IFC) in promoting economic development in developing countries with the private sector. IFC promotes growth of new companies, indigenous companies, and helps to introduce more capital from private sources into developing countries. Many countries need to develop capital market institutions such as stock exchanges, securities companies, leasing companies, and financial intermediaries of one kind or another. IFC has a special department, partly financed by the World Bank, that has provided expertise in these areas to a number of countries.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Public Finance --- Macroeconomics --- International Investment --- Long-term Capital Movements --- Education: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Currency --- Foreign exchange --- Finance --- Education --- International economics --- Banking --- Labour --- income economics --- Foreign direct investment --- External debt --- Balance of payments --- Business enterprises --- Economic sectors --- Investments, Foreign --- Banks and banking --- Debts, External --- China, People's Republic of --- Income economics