The International Monetary System and Its Reform: Pts. 1-3(Contributions to Economic Analysis)

The Group of Twenty-Four (the body responsible for commissioning this work) was established to increase the negotiating strength of developing countries in discussions with the industrial countries represented in the Group of Ten on issues arising in the International Monetary Fund and World Bank. Under a U.N. technical co-operation project a series of papers on these issues were prepared by experts of international reputation. Among those contributing papers to these volumes are Edmar Bacha, William R. Cline, Benjamin Cohen, Carlos Diaz-Alejandro, Rudiger Dornbusch, Stanley Fischer, Gerald Helleiner, Lord Kaldor, Paul Krugman, Paulo Nogueira Batista, Jr., Peter Oppenheimer, John Williamson and David Worswick. The papers give a conspectus of the major problems of the international monetary system in the 1980s. Among the topics examined are: the international debt problem, the importance of structural adjustment as a factor in balance-of-payments problems, the impact of exchange rate systems on developing countries, and the position of low income countries in the international monetary system.

Table of Contents:
I. The Balance of Payments Adjustment Process in Developing Countries. Implications for Developing Countries of Current Proposals for a Substitution Account. Proposal for the Establishment of a Medium-Term Facility within the Framework of the International Monetary Fund. A Survey of Some Recent Proposals for New International Facilities. An Elaboration of a Proposal for a Long-Term Facility for Financing Purchases of Capital Goods by Developing Countries (Mexican Proposal). Implications of a Substitution Account for the Eurocurrency Markets. Impact of a Substitution Account on Eurocurrency and Related Lending to Developing Countries. International Monetary Reform: A Survey of the Options. Eurocurrency Market Regulations: Its Potential Effects on Third World Access to the Market. Implications of the European Monetary System for Developing Nations. Measures to Strengthen the SDR. Measures to Strengthen the SDR: Supporting Papers. The Impact of the Exchange Rate System on the Developing Countries. Determination of Quotas and the Relative Position of Developing Countries in the International Monetary Fund. Structural Adjustment Policies. The Role of Devaluation in the Adjustment of Balance-of-Payments-Deficits. Selected Measures of Financial Co-operation among Developing Countries. Financial and Monetary Aspects of Trade Promotion in the Context of Co-operation among Developing Countries, with Special Reference to Africa. Some Ideas on Financial and Monetary Co-operation among Developing Countries. Export Financing in Developing Countries. Compensatory Financing Facility: A Review of its Operation and Proposals for Improvement. III. The Role of the IMF in the 1980s. The IMF's World Economic Outlook: A Critique. Low Income Countries and the International Monetary System. The Nature and Direction of International Monetary Reform. Low Income Countries and the International Monetary and Financial System. Shortcomings and Inequities of the Present International Monetary and Financial System. Transfer of Resources to Developing Countries: Nature and Direction of Reform in the International Financial System. International Financial Rescue Operations. The World Debt Problem. Balance of Payments Experience and Growth Prospects of Developing Countries: A Synthesis.