By Joaquin Muns
This ebook includes papers provided at a seminar in Vina del Mar, Chile, below the sponsorship of the critical financial institution of Chile, the Federico Santa Maria collage, and the IMF. Reprinted in 1985.
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Extra resources for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process
This approach, which is based upon the model developed in Dornbusch (1976), considers the transmission of financial disturbances in a world in which financial markets are integrated but in which commodity markets are segmented. In the fourth section, the discussion centers on how to fix the exchange rate and what to fix it to. S. dollar may not be appropriate. The natural alternative of fixing to a basket of currencies—and the procedures for doing so—is considered; then some alternative strategies are examined.
9 1981 1982 Proj. 4 Table 12. 7 1979 1980 1981 1982 Proj. 4 ©International Monetary Fund. 0 Commentary* GUSTAVO LUNA UZQUIANO Linda Koenig's paper discusses the development prospects of the non-oil developing countries of the Western Hemisphere against the background of the world economic recession. The analysis concerns the performance over the last few years of economic growth, inflation, trade, and international payments. Focusing on the short term, Koenig leaves aside the major questions of economic policy—which will be discussed later during the seminar.
In the first section, certain institutional and accounting features of a fixed exchange rate regime are discussed. 34 ©International Monetary Fund. Not for Redistribution PROCESS OF BALANCE OF PAYMENTS ADJUSTMENT 35 Although the topic appears elementary, one intention is to demonstrate that many contemporary balance of payments problems can be traced to the institutional and accounting structure of the system. To illustrate this point, the conventional system is compared with an alternative system in the fourth section of the paper.
Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process by Joaquin Muns