This paper considers whether the objective of controlling aggregate reserves is still appropriate under current international monetary arrangements and discusses some of the means that have been proposed to achieve such control. Both the demand for and the supply of world reserves have changed...

This paper outlines the Asian currency market provides an intermediation function between several Asian countries and the Eurocurrency market. However, soon after its creation in 1968, the Asian market went beyond this function and has now developed a substantial regional network of financial...

The purpose of this paper is to bring monetary events, monetary data, and monetary problems within the framework of income analysis. The study tries to bridge gaps between: the views widely held on the relation between financial policies and payments questions; and the analytical tools used to...

This study analyzes the circumstances under which monetary policy can be conducted to improve the stability of both monetary growth and exchange rates. For this purpose, the paper develops a portfolio balance model and tests its implications using parameter estimates for the United States and...

In this paper it is argued that in a system of widespread managed floating, as in a par value system with occasional floating, the problem of asymmetry of adjustment between the issuers of the principal intervention currencies and other countries and the problem of ensuring an effective...

This detailed investigation of the effects of the devaluation of sterling by the United Kingdom in 1967 examines the critical economic relationships involved in devaluation and estimates them over a period which spans the devaluation (1960-1972). Perverse effects on the trade balance which...

This special issue is devoted to the Global Economy Model (GEM), a dynamic stochastic general equilibrium models widely used by the IMF and central banks worldwide to study issues that cannot be adequately addressed with reduced-form econometric models or an earlier generation of macromodels...

This special issue on exchange rates is drawn from the Eighth Jacques Polak Annual Research Conference held at the International Monetary Fund in Washington in November 2007. The Mundell-Fleming Lecture by Stanley Fischer focuses on exchange rate systems, surveillance, and advice. Jeffrey...

In this issue, authors from the IMF and from Argentine institutions team up to review how different banks behaved and were hurt during the country's crisis. Atsushi Iimi looks at how countries can escape from the resource curse in a comparative analysis that focuses on Botswana. John Cady and...

In this issue, John T. Cuddington and Daniel Jerrett from the Colorado School of Mines examine whether metals prices are in a ""super cycle"" upswing driven by intensive economic growth in China, in particular. Using evidence from U.S. Social Security records, James E. Duggan, Robert Gillingham,...