This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...

This chapter discusses the changes that have taken place in the underlying structural relationships determining government expenditures between 1975 and 1986. The paper describes the methodological problems in analyzing the determinants of government expenditure patterns, and the issues involved...

This paper discusses comparison of economic and social indicators in the year 1988 between Federal Republic of Germany (FRG) and German Democratic Republic (GDR). The budgetary costs of unification will be substantially larger than initially envisaged. Moreover, if one adds to the budget the...

How many people are employed by the government? How many are employed by the central government compared with the state and local authorities? How many are employed in public enterprise? How much are they all paid? How much are they paid relative to each other, or relative to the private sector?...

Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as...

This paper describes economic developments in Vanuatu during the 1990s. In 1993, real GDP growth rebounded to 41⁄2 percent. Agricultural output recovered from the effects of the 1992 cyclones, and construction activities picked up on account of cyclone rehabilitation and a new stadium....

This paper presents Selected Decisions and Selected Documents' Eigth Issue of the IMF. This volume is the Eighth Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the...