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By Joaquin Muns

This publication comprises papers awarded at a seminar in Vina del Mar, Chile, less than the sponsorship of the relevant 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

Example text

Equation (3) represents the purchasing power parity condition, with the log of the exchange rate normalized to zero. Finally, equation (4) represents the interest rate parity condition. Normally, this equation would also include a term representing the expected change in the exchange rate, but this term is unnecessary if we restrict our attention to a system with a rigidly fixed exchange rate and no political risk premium. The virtue of the monetary approach is its straightforward solution for the international reserves held by the central bank.

Members of the International Monetary Fund are classified for the purpose of this paper as industrial countries, oil-exporting countries, and non-oil developing countries. The classification itself suggests the prevalent ranking by order of importance in the world economic order, with the non-oil developing countries at present being of little significance in its composition. The analysis focuses basically on three issues: first, output as measured by the change in gross domestic product; second, inflation; and third, the balance of payments.

Within this specification, the real value of the assets backing the money has no influence on its real value. The reason for this result is that the bank is assumed to have enough capital to ensure that variations in the real value of the portfolio are absorbed by owner's equity rather than by the depositors. There has been, however, a recent resurgence of interest in giving value to money through its asset backing, rather than through its usefulness as a medium of exchange. The discussions of a return ©International Monetary Fund.

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