This paper analyzes the implications of credit policies for output and growth and how they relate to the development of the current account and overall balance of payments. The framework chosen for the analysis is one in which the availability of financing is a direct and major determinant of...

This paper provides a survey of some major issues of incomes policy rather than an evaluation of individual countries' policies. It seeks to highlight and explain the changing emphasis of such policies in the three periods when they were widely adopted. After the War, incomes policies were...

This paper examines the relationship between increases in the money supply and inflation in four developing countries. It is first shown that the growth in the money supply and inflation are linked in a two-way relationship in these countries, and then a dynamic model is designed that explicitly...

This chapter examines if there was a fundamental shift in the demand for international reserves of countries in 1973 because of the change in the international monetary system from one of generally fixed exchange rates to one of greater exchange rate flexibility. Particular attention was also...

This paper describes the operations of the international monetary system and to evaluate its efficacy to meet existing and foreseeable problems. The attempt is made to put the essential characteristics of the entire monetary system in a realistic perspective and to lay a better basis for...

This paper discusses how three countries in Europe-Austria, Turkey, and Finland-emerged from a prolonged inflation, restored viable economies, and resumed economic growth in the 1950s. It also attempts to draw some conclusions based on their experience as well as the experience of some other...

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...