Introduction -- The context -- The case for making the IMF the lender of last resort -- How to adjust -- When to adjust -- The question of reserves -- A logical extension: SDRs as the only reserve asset -- Negotiating the reforms -- Legislating the reforms -- The reformed system in action --...

Frontmatter -- Contents -- List of Figures -- List of Tables -- Introduction -- PART I: APPRAISING EXCHANGE-RATE ARRANGEMENTS -- 1. The Endogeneity of Exchange-Rate Regimes -- 2. Exchange-Rate Behavior under Alternative Exchange-Rate Arrangements -- 3. Panel: One Money for How Many? -- PART II:...

The paper discusses the pros and cons of liberalising foreign investment of pension assets in developing countries, with particular reference to Chile. The positive part of the paper examines the impact on macroeconomic policy of a small country's opening its equity market for investment; the...