The purpose of this paper is to provide a statistical measure of past changes in effective exchange rates of major currencies over a continuous recent period and to discuss briefly the significance of the results shown. Particular attention is paid to the relationship between the indirect...

This paper focuses on theoretical and policy issues posed by financial integration among industrial countries since the mid-1950s. The problems of measuring international financial integration and of estimating its trend over the years are also explored. The role of the Euro-dollar market, as a...

It is argued in this paper that, since economic welfare is influenced by the payments objectives pursued by countries, economists should explore the objectives that are indicated as being appropriate by welfare economics, rather than accepting objectives that have been arbitrarily specified and...

This chapter highlights asymmetries and errors in reported balance of payments statistics. The aggregation of individual countries' balance of payments statements into group statements or a world total provides clues to certain inconsistencies and asymmetries present in the figures. The method,...

This paper shows how to utilize the data on trade structure to achieve the best possible estimates of the effects of price changes, given any reasonable array of elasticity estimates. The credibility of estimates of price effects depends on thorough and systematic use of these data, as well as...

This paper presents a report on existing international banking and credit facilities in the Economic Commission for Asia and the Far East (ECAFE) region. The report presents a background formation on the importance of intraregional trade and payments, the exchange systems of the countries...

This paper focuses on the IMF policies and procedures in relation to the compensatory financing of commodity fluctuations. The paper discusses the nature of the fluctuations affecting the balance of payments of primary exporting countries, the IMF's policies and practices in relation to the...

The purpose of this paper is to assemble in systematic fashion the available information on the transactions of the USSR with the countries of the Soviet area and with the rest of the world during the period 1955-1958. The offset to gold and foreign exchange loans represents cash disbursements...

This paper discusses performance of Canadian markets for US dollars. US dollar deposits transferred by US residents from US banks to Canadian banks or other foreign banks are treated by the US Department of Commerce for balance of payments purposes as an item that contributes to the balance of...

This paper focuses on the relation of inflation to economic development. Due to the inadequacy of savings and the difficulty of directing them into productive investment, there is a strong temptation to raise the level of investment by expanding bank credit-that is, by inflation. In most...