A model reflecting the monetary approach to the balance of payments was developed in the International Monetary Fund (IMF) in the 1950s. Its purpose was to integrate monetary, income, and balance of payments analysis, and it became the basis of the conditionality applied to IMF credits....

This paper describes how the changed conditions in the international monetary system have undermined the role originally envisaged for the SDR. It argues that the concept of a global stock of international liquidity, which was fundamental to the creation of the SDR, is now no longer relevant....

Regressions in a number of recent papers written by staff members of the World Bank and the IMF rely on an interaction variable (IAV) to establish the effects of foreign aid on economic growth or the reduction of poverty. The common assumption in these papers is that if the coefficient of this...

This paper emphasizes the distinction between two ‘monetary approaches to the balance of payments’, one developed in the IMF, the other under the leadership of Harry Johnson in Chicago. The IMF approach is presented as an evolutionary development of the Kahn/Keynes multiplier model in an...

The new provisions on the valuation of the special drawing right (SDR) in the Second Amendment to the Articles of Agreement; the new basket introduced on July 1, 1978; the increases in the SDR interest rate; and the introduction by the Bank for International Settlements and some commercial banks of...

Le présent article a été préparé pour une réunion de la Société économique des Pays Bas du 9 Décembre 1961. Il est fondé sur la liste des problèmes à étudier (reproduite page 149) qui établit une distinction très nette entre un certain nombre d'objectifs déterminés de la...