By Joaquin Muns
This ebook includes papers awarded at a seminar in Vina del Mar, Chile, less than the sponsorship of the important financial institution of Chile, the Federico Santa Maria college, and the IMF. Reprinted in 1985.
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Additional info for Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process
S. dollar, which contributed to a real effective appreciation of the currencies of most Western Hemisphere countries against the weighted average of trading partner currencies. The decline in the median inflation rate also reflected the adoption, in certain of the larger countries—notably Brazil and Chile—of economic strategies geared to the reduction of price increase (Table 7). The largest relative declines were experienced in the more open economies of Central America and the Caribbean. In contrast, the rate of price increase accelerated markedly in Argentina and Mexico, where expansionary fiscal policies and an exhaustion of foreign exchange reserves combined to greatly intensify pressures on the domestic economies.
INSTITUTIONAL AND ACCOUNTING FEATURES In its institutional and accounting structure, a central bank operating under a fixed exchange rate regime is very similar to an ordinary commercial bank. The commercial bank's liabilities consist of its stock of deposits, and its ©International Monetary Fund. Not for Redistribution 36 JOHN F. 0. BILSON assets consist of its holdings of debt and liquid reserve assets. The balance sheet of a commercial bank, in its simplest form, is as follows. Assets Liabilities Reserves Deposits Debt The operational rules of commercial banks and central banks under fixed exchange rates are also similar.
From a national point of view, the nation's taxpayers would, in effect, be pledging their taxes to the support of the value of the money supply. In both cases, there would be a tendency to trade off the security of the equity base for a smaller commitment cost. Many small countries have such obvious alternative needs ©International Monetary Fund. Not for Redistribution 38 JOHN F. O. BILSON for capital that the support of a fixed exchange rate regime cannot be given the highest priority in the budget.
Adjustment, Conditionality, and International Financing: Seminar on the Role of the International Monetary Fund in the Adjustment Process by Joaquin Muns