The International Monetary Fund, 1946- 1950: A Selected Bibliography Martin L. Loftus * HE SELECTED REFERENCES presented in this bibliography, Tcovering books, pamphlets, and periodical articles published since the Fund was organized in 1946, include publications describing the organization and functions of the International Monetary Fund and also comments and analyses of its activities. Since this is not a bib- liography of international , writings on various aspects of this subject are included only when they contain material on the Fund. Although most of the official publications of the Fund are included, this is not intended to be a complete bibliography of such publications. A number of important articles and basic documents published prior to the organization of the Fund are listed in Bretton Woods agree- ments; a bibliography, April 1943- (with supplement, January-), published by the Library of the Board of Governors of the Federal Reserve System (Washington, 1946-47), and in "Classified bibliography of articles on international economics," compiled by Howard S. Ellis and Lloyd A. Metzler and published in Readings in the theory of international trade, American Economic As- sociation (, Blakiston, 1949), pp. 555-625. A few im- portant publications issued before 1946 which were not included in either of these two bibliographies are listed here.

"A.B.C. of the International Monetary Fund," Barclays Bank Review (), 22, pp. 24-25 (). Aberdam, Simon. "Bretton Woods et les anglo-saxons," Revue Politique et Parlementaire (Paris), 184, pp. 252-68 (August/). Academia de Ciencias Economicas. Fondo Monetario Internacional y Banco Internacional de Reconstruccion y Fomento (acuerdos de Bretton Woods) (Buenos Aires, Editorial Losada, 1945), 187 pp. Achterberg, Erich. "Die Ubernationale Bank," Zeitschrift fur das Gesamte Kreditwesen (Frankfurt am Main), 3, pp. 31-33 (Jan- uary 1, 1950). English translation in Journal of Finance and Credits (Frankfurt am Main), 1, pp. 21-23 (). * Mr. Loftus, Librarian of the Joint Bank-Fund Library, is a graduate of the University of Washington. He was formerly a member of the New York Public Library Economics Division. 471

©International Monetary Fund. Not for Redistribution 472 IMF STAFF PAPERS "L'activite des organismes de Bretton Woods," Bulletin de Renseigne- ments Economiques (Saigon), No. 16, pp. 17-20 (November 15, 1947). Arndt, H. W. "Bretton Woods; progress to date in the establishment of the International Monetary Fund and the International Bank," Public Administration (Sydney), n.s. 6, pp. 321-28 (). . "The International Monetary Fund and the treatment of cyclical balance of payments disequilibria," Economic Record (Melbourne), 23, pp. 186-97 (). "Aspects nouveaux des accords de Bretton-Woods pour la Belgique," Bulletin Financier, Kredietbank (Brussels), 3, pp. 237-39 (June 13, 1948). Australia, Department of the Treasury. International monetary agree- ments act 1947; annual report (Canberra, 1948-1949). Two re- ports: Financial year 1947-48; Financial year 1948-49. "Australia and Bretton Woods," Eastern Economist (New Delhi), 8, pp. 629-30 (April 4, 1947).

Bachmann, Hans. "Bretton Woods als Weg zum freien Zahlungs- verkehr?", Aussenwirtschaft (Bern), 1, pp. 112-19 (). . Die Konventionen von Bretton Woods (St. Gallen, Fehr, 1945), 140 pp. Balogh, Thomas A. "A new view of the economics of international adjustment," Review of Economic Studies (London), 14, No. 36, pp. 82-94 (1946/47). Comments on R. Triffin's "National central banking and the international economy." . "The proposals for post-war international currency and invest- ment," in his The dollar crisis, causes and cure (Oxford, Basil Blackwell, 1949), pp. 201-25. Banco Central de Chile. Convenios sobre el Fondo Monetario Inter- nacional y el Banco Internacional de Reconstruccion y Fomento (Santiago, Imprenta Universitaria, 1946), 240 pp. . "Ponencia sobre el manual para el calculo de la balanza de pagos del Fondo Monetario Internacional," in Memoria, Reunion de Tecnicos sobre Problemas de los Bancos Centrales del Continente Americano, Segunda Reunion (Santiago, 1950), 2, pp. 89-98. Banco Central de Reserva del Peru. Exposition hecha al Directorio del Banco Central de Reserva del Peru por su Presidente Doctor Francisco Tudela, con motivo de la aprobacion por el Congreso, el 29 de diciembre de 19^5, de los acuerdos de Bretton Woods. Inporme .... con referenda a la ley que encomienda a dicho Banco la representacion del Peru ante el Fondo Monetario Inter-

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 473 national. Exposition .... relativa a la paridad de valor del sol peruano en el Fondo Monetario International (Lima, 1946), 40 pp. Banco de Mexico. "Analisis y caracterizacion de diversos tipos de desequilibrio internacional," in Memoria, Reunion de Tecnicos sobre Problemas de Banca Central del Continente Americano, Primera Reunion (Mexico, D.F., 1946), pp. 236-69. Bareau, Paul. "The Bretton Woods institutions," Journal of the Insti- tute of Bankers in Ireland (), 51, pp. 30-43 (). . "International banking organizations," in Current financial prob- lems and the tity of London, Institute of Bankers (London, Europa Publications, 1949), pp. 45-59. Barreto, Emilio G. Los problemas monetarios de la post-guerra (Mexico, D.F., Fondo de Cultura Economica, 1945), 197 pp. Basu, Saroj Kumar. "Post-war machinery for international monetary co-operation," in his Recent banking developments (Calcutta, The Book Exchange, 2d edition, 1947), pp. 319-78. Bernhard, Heinrich. "Die Schweiz und die Konvention von Bretton Woods," Schweizer Monatshefte (Zurich), 26, pp. 521-30 (1946). Berthoud, Jean-Louis. Plans et accords monetaires des Nations Unies. Des ,plans Keynes et White au pro jet d'accord monetaire de Bret- ton Woods (Neuchatel, Imprimerie Richeme, 1946), 132 pp. Beyen, Johan W. in a maelstrom (New York, Macmillan, 1949), 221 pp. Bing, Walter. "Die Bretton Woods—Session in Paris," Zeitschrift fur das Gesamte Kreditwesen (Frankfurt am Main), 3, pp. 464-66 (, 1950). Bloomfield, Arthur I. "Foreign exchange rate theory and policy," in The new economics, Seymour E. Harris, ed. (New York, Alfred A. Knopf, 1947), pp. 293-314. Blusztayn, Mendel. Essai sur les plans anglo-saxons d'organisation economique Internationale de I'apres-guerre (Paris, Recueil Sirey, 1945), 144 pp. Bourneuf, Alice. "Exchange practices and the Fund," in Income, em- ployment and public policy; essays in honor of Alvin H. Hansen (New York, W. W. Norton, 1948), pp. 363-79. . "Lending operations of the International Monetary Fund," Review of Economic Statistics (Cambridge), 27, pp. 237-47 (). Bratter, Herbert M. "Bretton Woods twins: fourth year," Banker (London), 95, pp. 176-82 (). . "Fund and Bank: another year," Banker (London), 87, pp. 152- 58 ().

©International Monetary Fund. Not for Redistribution 474 IMF STAFF PAPERS . "Fund and Bank follow the talks," Banker (London), 91, pp. 171-77 (). . "Fund and Bank: the first full year," Banker (London), 83, pp. 147-52 (). . "Gold in the news," Commercial and Financial Chronicle (New York), 167, pp. 98, 121-24 (January 8, 1948). . "Gutt of International Monetary Fund answers some questions," Commercial and Financial Chronicle (New York), 168, pp. 1, 24- 25 (July 1, 1948). . "The 'IMF'—a troubled infant," Commercial and Financial Chronicle (New York), 167, pp. 1220, 1251 (, 1948). . "The Monetary Fund and ITO," Commercial and Financial Chronicle (New York), 165, pp. 274, 305-6 (January 16, 1947). . "World Fund rejects gold price increase," Engineering and Mining Journal (New York), 151, pp. 76-77, 81 (). Bresciani Turroni, Costantino. "La collaborazione finanziaria inter- nazionale," La Comunitd Internazionale (), 2, pp. 177-92 (). . " 'Fundamental disequilibrium' in exchange rates," Review of Economic Conditions in Italy (Rome), 2, pp. 211-16 (). . "International financial co-operation," in his Economic policy for the thinking man (London, William Hodge, 1950), pp. 243-63. . "The problem of cross-rates of exchange," Review of Economic Conditions in Italy (Rome), 2, pp. 147-55 (). Reprinted in his Economic policy for the thinking man (London, William Hodge, 1950), pp. 263-70. . "La recente attivita della Banca Internazionale per la Rico- struzione e lo Sviluppo e del Fondo Monetario Internazionale," Rassegna dell' Associazione Bancaria Italiana (Rome), 4, pp. 429- 36 (July 15/31, 1948). "Bretton Woods in action," Journal of the Institute of Bankers in Ireland (Dublin), 49, pp. 115-23 (). "Bretton Woods twins," Economist (London), 155, pp. 506-7 (Sep- tember 25, 1948). "Bretton Woods twins," Hyderabad Government Bulletin on Economic Affairs (Hyderabad), 1, pp. 940-43 (). Browaldh, Tore. "Bretton Woods—institutionerna i arbete," Ekono- misk Revy (Stockholm), 4, pp. 224-28 (). Bye, Maurice. "Monnaie supra-nationale ou nationale? Le Fonds Monetaire de Bretton Woods," L'Egypte Contemporaine (Cairo), 37, pp. 23-64 (January/).

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 475 , Department of Finance. Reports on operations under the Bretton Woods agreement act (, 1947-1950). Four reports: Fiscal year 1946-47; Fiscal year 1947-48; Fiscal year 1948-49; Fiscal year 1949-50. Canal, Julio de la. Operaciones internacionales de comercio, cambios y banca con la nueva organization economica mundial (Mexico, D.F., Ediciones de la Canal, 1947), 318 pp. Chamberlain, William. "Futility of establishing exchange rates by international agreement," Commercial and Financial Chronicle (New York), 168, pp. 1637, 1672-73 (, 1948). . "Says Fund and Bank will cost Americans billions," Commercial and Financial Chronicle (New York), 165, pp. 2598, 2624-26 (May 15, 1947). Commonwealth Bank of Australia. The International Monetary Fund and the International Bank for Reconstruction and Development (Sydney, 1950), 7 pp. "La creation d'un Fonds Monetaire International et d'une Banque Internationale de Reconstruction et de Developpement Eco- nomique (accords de Bretton Woods du 22 juillet 1944)," Bulletin de Legislation Comparee (Paris), 6, pp. 3-102 (1946). Cuevas Zanartu, Hernan. Aspectos monetarios de una estabilizacion de los circulantes y acuerdos de Bretton Woods. Memoria de prueba para optar al grado de licenciado de la Facultad de Ciencias Juridicas y Sociales de la Universidad de Chile (Santiago, Im- prenta "Relampago," 1948), 94 pp.

D^browski, Tadeusz M. "Polska a Mi^dzynarodowy Fundusz Mone- tarny i Bank dla Odbudowy i Rozwoju," Sprawy Migdzynarodowe (Warsaw), 3, pp. 185-97 (January/). Damalas, Basile V. La reorganisation de I'economie mondiale (Paris, Presses Universitaires de , 1947), 525 pp. "Le debut du Fonds Monetaire International," Revue d'Economie Politique (Paris), 57, pp. 314-20 (March/). Dechamp, Cyrille. Comment financer les reparations? Les accords de Bretton Woods sur la stabilite economique et la reconstruction monetaire (Paris, Recueil Sirey, 1945), 39 pp. Del Canto, Jorge. "Labor del Fondo Monetario en los paises de Latino America," Panorama Economico (Santiago), 2, pp. 14-15, 34 (June/July 1948). Delivanis, Demetre. "The restrictions of sovereignty on money," Revue Hellenique de Droit International (Athens), 1, pp. 26-30 (Jan- uary/).

©International Monetary Fund. Not for Redistribution 476 IMF STAFF PAPERS Demaria, Giovanni. "Dopo Bretton Woods, le tre aree valutarie e i loro cambi," Rivista Bancaria (Milan), 3, pp. 8-33 (May/June 1947). Drescher, Leo. "Die Wahrungs- und Finanzkonferenz in Bretton Woods," Jahrbucher fur Nationalokonomie und Statistik (Jena), 160, pp. 235-48 (September/December 1944). Dutt, S. N. "The Bretton Woods plan and ," India and World Affairs (Calcutta), 1, 72-76 (April/). Elenenko, N. "Mezhdunarodnyi Valmtnyi Fond i Mezhdunarodnyi Bank Rekonstruktsii i Razvitiia na sluzhbe finansovogo kapitala SSHA," Vneshniaia Torgovlia (), 20, pp. 38-43 (September 1950). Ellis, Howard S. "The International Monetary Fund," in his The economics of freedom; the progress and future of aid to Europe (New York, Harper, 1950), pp. 509-16. Ellsworth, Paul T. "The International Monetary Fund," in his The international economy, its structure and operation (New York, Macmillan, 1950), pp. 754-85. Espinoza, Milda. "Los acuerdos internacionales de Bretton Woods," Revista del Centra Estudiantes de Ciencias Economicas (Asun- cion) , 10, pp. 38-59 ().

"Failure of the Fund," Eastern Economist (New Delhi), 10, pp. 300-1 (February 6, 1948). Falaki, Mahmoud Saleh. " and the organisation of the interna- tional finance to-day," L'Egypte Contemporaine (Cairo), 38, pp. 101-14 (January/). . "International monetary problem" [in Arabic], UEgypte Con- temporaine (Cairo), 37, pp. 1-22 (January/February 1946). Fauconval, J. de. "La genese des accords de Bretton Woods et la creation du Fonds Monetaire International," Etudes Economiques (Mons), pp. 109-23 (December 1948). Fisher, Allan G. B. "The International Monetary Fund and the Inter- national Bank for Reconstruction and Development," in Foreign economic policy for the , Seymour E. Harris, ed. (Cambridge, Harvard University Press, 1948), pp. 236-53. "Fixed or free exchanges?", Banker (London), 95, pp. 273-77 (Novem- ber 1950). "Le Fonds Monetaire International et la Banque Internationale de Reconstruction cinq ans apres leur creation," Problemes Eco- nomiques (Paris), No. 145, pp. 1-4 (, 1950). Reprinted from Bulletin de la Societe d'Etudes et de Documentation Eco-

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 477 nomiques, Industrielles et Sociales, Supplement (, 1950). "The franc devalued," Economist (London), 154, pp. 191-92 (Jan- uary 31, 1948). "From Bretton Woods to bilateralism," Review of the River Plate (Buenos Aires), 103, pp. 12-15 (January 16, 1948). Fuenzalida Correa, Cesar. "Las conferencias monetarias de Bretton- Woods y su relacion con Chile," Boletin Minero de la Sociedad Nacional de Mineria (Santiago), 62, pp. 71-79 (February 1946). "The Fund and the Bank; a great international experiment," Midland Bank Review (London), pp. 1-7 (May 1948). "Fund's plea for devaluation," Economist (London), 157, pp. 625-27 (, 1949).

Graham, Frank D. The cause and cure of

©International Monetary Fund. Not for Redistribution 478 IMF STAFF PAPERS . "The International Monetary Fund and world prosperity," Com- mercial and Financial Chronicle (New York), 165, pp. 1250, 1268- 69 (, 1947). Spanish translation in Boletin del Banco Central de Reserva del Peru (Lima), 17, pp. 3-7 (September 1947). . "Ou en est le Fonds Monetaire International?", Revue de la Chambre de Commerce de Marseille (Marseille), No. 599, pp. 3-8 (June 1950). . "Policies and activities of the International Monetary Fund, 1947-48," Federal Reserve Bulletin (Washington), 34, pp. 1217-20 (). Address delivered on the occasion of the presenta- tion of the Third Annual Report to the Board of Governors of the Fund on , 1948. . The practical problem of exchange rates. An address before the Littauer School of Public Administration, Harvard University, February 13, 1948 (Washington, International Monetary Fund, 1948), 18 pp. Reprinted in Commercial and Financial Chronicle (New York), 167, pp. 912, 918-20 (February 26, 1948). Spanish translation in Opinion del Fondo Monetario International sobre el problema prdctico de los tipos de cambio (Quito, Imprenta del Banco Central, 1949), pp. 3-22. Slightly modified version with title "Exchange rates and the International Monetary Fund," in Review of Economics and Statistics (Cambridge), 30, pp. 81-90 (May 1948), and in Foreign economic policy for the United States, Seymour E. Harris, ed. (Cambridge, Harvard University Press, 1948), pp. 217-35. . "Your bread and butter, and international finance," United Nations World (New York), 2, pp. 46-48 (December 1948). Re- printed, with changes, as The Fund's unknown function (Wash- ington, International Monetary Fund, 1949), 5 pp. "Quit of the Fund," Fortune (New York), 37, pp. 113-17, 140-50 (). Guzman Frontaura, Eugenio. Sistemas monetarios internacionales de la post-guerra. Memoria de prueba para optar al grado de licen- ciado en la Facultad de Ciencias Juridicas y Sociales de la Uni- versidad de Chile (Santiago, Institute Geografico Militar, 1947), 104 pp.

Haberler, Gottfried. "Comments on [R. Triffin's] 'National central banking and the international economy7," in Postwar economic studies, No. 7, Board of Governors of the Federal Reserve System (Washington, 1947), pp. 82-102. Spanish translation in El Tri- mestre Economico (Mexico, D.F.), 14, pp. 618-45 (January/March 1948). Italian translation in Economia Internazionale (Genoa), 1, pp. 889-908 ().

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 479 . "Currency depreciation and the International Monetary Fund," in Foreign economic policy for the United States, Seymour E. Harris, ed. (Cambridge, Harvard University Press, 1948), pp. 384- 96. A revision of his article which appeared in Review of Economic Statistics (Cambridge), 26, pp. 175-77 (November 1944). Hackett, W. T. G. "The 'Bank/ the 'Fund/ and the Canadian dollar," in Canada's economy in a changing world, James D. Gibson, ed. (Toronto, Macmillan Company of Canada, 1948), pp. 92-129. Hansen, Alvin H. "Evolugao monetaria internacional," Revista Brasileira de Economia (Rio de Janeiro), 3, pp. 41-71 (). With English and French summaries. Harris, Seymour E., ed. The new economics; Keynes' influence on theory and public policy (New York, Alfred A. Knopf, 1947), 686 pp. Contains speeches of Lord Keynes on the International Clearing Union and the Fund. Harrod, Roy F. "Bretton Woods," Soundings (London), No. 4, pp. 13- 20 (June 1947). . "A comment" [on R. Triffin's "National central banking and the international economy"], Review of Economic Studies (London), 14, No. 36, pp. 95-97 (1946/47). . "Problemes economiques de la cooperation Internationale," Aus- senwirtschaft (Bern), 3, pp. 81-95 (). Hawtrey, Ralph G. Bretton Woods for better or worse (London, Long- mans, Green, 1946), 142 pp. Henderson, H. D. "The international economy," Review of Economic Studies (London), 14, No. 36, pp. 76-81 (1946/47). Comments on R. Triffin's "National central banking and the international economy." Herbette, Frangois. "L'or paramonetaire," Revue d'Economie Politique (Paris), 59, pp. 45-83 (January/). Hernandes Rodriguez, Guillerma. "La reconstruccion universal y la economia latinoamericana," El Mes Financiero y Economico (Bogota), No. 107, pp. 25-35 (December 1947). Hersel, Georg. "Der Irrweg von Bretton Woods," Deutsche Finanz- wirtschaft (Berlin), 2, pp. 20-25 (May/June 1948). Hexner, Ervin. "The International Trade Organization and the Mone- tary Fund," Staff Papers, International Monetary Fund (Wash- ington), 1, pp. 136-73 (February 1950). Hobson, 0. R. "The International Monetary Fund," Journal of the Institute of Bankers (London), 66, pp. 5-13 (). Horoth, V. L. "Test of Bretton Woods," Magazine of Wall Street (New York), 81, pp. 583-84, 613-14 (February 28, 1948).

©International Monetary Fund. Not for Redistribution 480 IMF STAFF PAPERS Hytten, T. "L'Australie et Paccord de Bretton-Woods," Bulletin Bi- mestriel, Societe Beige d'Etudes et d'Expansion (Liege), 46, pp. 167-73 (March/April 1947).

Institut de Science Economique Appliquee. Les plans monetaires inter- nationaux. Its Cahiers, Serie A (Paris, 1944-45), three parts: 1, Presentation et situation des plans; 2, Situation des plans; 3, La conference de Bretton-Woods, premiere partie, le Fonds Monetaire International. "The International Fund in action," Statist (London), 145, pp. 480-81 (May 10, 1947). International Monetary Fund. Annual meeting of the Board of Gov- ernors, first; report of the Executive Directors and summary pro- ceedings, to , 1946 (Washington, 1946), 128 pp. Annual meeting of the Board of Governors, second; summary pro- ceedings, 1947 (Washington, 1947), 69 pp. Annual meeting of the Board of Governors, third; summary pro- ceedings, 1948 (Washington, 1948), 124 pp. Annual meeting of the Board of Governors, fourth; summary pro- ceedings, 1949 (Washington, 1949), 97 pp. Annual meeting of the Board of Governors, fifth; summary pro- ceedings, 1950 (Washington, 1950), 145 pp. . Annual report of the Executive Directors, September 1946 (Washington, 1946), 32 pp. Annual report of the Executive Directors for the fiscal year ending June 80, 1947 (Washington, 1947), 88 pp. Annual report of the Executive Directors for the fiscal year ended April 30, 1948 (Washington, 1948), 124 pp. Annual report of the Executive Directors for the fiscal year ended April 80, 1949 (Washington, 1949), 122 pp. Annual report of the Executive Directors for the fiscal year ended April 80, 1950 (Washington, 1950), 160 pp. . Annual report on exchange restrictions, first, , 1950 (Washington, 1950), 144 pp. . Balance of payments manual, (Washington, 2nd edition, 1950), 109 pp. . Balance of payments yearbook, 1988, 1946, 1947 (Washington, 1949), 383 pp. Balance of payments yearbook, 1948 and preliminary 1949 (Wash- ington, 1950), 428 pp.

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 481 . By-laws and rules and regulations, November 1, 1950. 9th issue (Washington, 1950), 42 pp. . Financial statement (Washington), quarterly (May 31,1947—). . International financial news survey (Washington), weekly, Vol. 1, No. 1— (July 1, 1948—). . International financial statistics (Washington), monthly, Vol. 1, No. 1— (—). . Report on external transactions in gold at premium prices (Washington, 1950), 6 pp. . Resolutions of the Board of Governors, inaugural meeting through the fifth annual meeting (Washington, 1950), 72 pp. . Schedule of par values, July 1, 1950. llth issue (Washington, 1950), 21 pp. . Selected documents, Board of Governors inaugural meeting, Savannah, Ga., to 18, 1946 (Washington, 1946), 60 pp. . Staff papers (Washington), irregular, Vol. 1, No. 1— (February 1950—). "International Monetary Fund," Eastern Economist (New Delhi), 9, pp. 475-76 (October 10, 1947). "International Monetary Fund," External Affairs (Ottawa), 1, No. B, pp. 8-12 (December 1948). "The International Monetary Fund and gold dealings," Statist (Lon- don) , 145, pp. 680-81 (June 28, 1947). "International Monetary Fund and International Bank," Quarterly Review, Nederlandsche Handel-Maatschappij (Amsterdam), No. 2, pp. 3-9 (). "Der Internationale Wahrungsfonds und die Weltbank 1946 und 1947," Europa Archiv (Frankfurt am Main), 3, pp. 1165-70 ().

Jenny, Frederic. "Involution monetaire internationale," Revue de Defense Nationale (Paris), 7, pp. 168-83 (August/September 1948). Partially reprinted in Problemes Economiques (Paris), No. 38, pp. 4-7 (, 1948).

Keesing, Frans A. G. "Bretton Woods in retrospect and prospect," Commercial and Financial Chronicle (New York), 166, pp. 622, 638-39, 718, 744 (August 14, 21, 1947). . Bretton Woods; rede uitgesproken bij de aanvaarding van het ambt van buitengewoon hoogleraar in de leer van het geld, het krediet en de internationale economische betrekkingen aan de ge-

©International Monetary Fund. Not for Redistribution 482 IMF STAFF PAPERS meentelijke Universiteit van Amsterdam op 9 Juni 1947 (Amster- dam, Noord-Hollandsche Uitgevers Maatschappij, 1947), 32 pp. Keilhau, Wilhelm C. "Den norske delegasjon i Bretton Woods," 0konomisk Revy (Oslo), 5, pp. 7-11 (). . Den nye internasjonale pengeordning (Bretton Woods) (Oslo, Aschehoug, 1946), 126 pp. Keller, Theo. "Die Konventionen von Bretton Woods und die schweizerische Wahrungspolitik," Schweizerische Zeitschrift jur Volkswirtschaft und Statistik (Bern), 84, pp. 209-22 (June 1948). Kelliher, H. J. The Bretton Woods monetary agreement (Auckland, League for Economic Democracy, 1946), 7 pp. Kirschen, E. S. "Le Fonds Monetaire International," in his La Belgique dans la nouvelle economic mondiale (Brussels, Editions Baude, 1946), pp. 117-38. Knorr, Klaus. "The Bretton Woods institutions in transition," Inter- national Organization (Boston), 2, pp. 19-38 (February 1948). Krishna, Vasireddi Sree. Bretton Woods and after. India and the World, No. 11, Indian Council of World Affairs (New Delhi, 1946), 36pp.

Lagunilla Inarritu, Alfredo. "La inversion directa y Bretton Woods," El Trimestre Economico (Mexico, D.F.), 14, pp. 228-43 (July/ September 1947). Largentaye, Jean de. "L'accord de Bretton Woods et Porganisation financiere Internationale," Collection Droit Social (Paris), 33, pp. 7-12 (January 1948). Levine Bawden, Flavian. "La economia Chilena ante los acuerdos de Bretton Woods," Economia, Revista de la Facultad de Economia de la Universidad de Chile (Santiago), 7, pp. 52-73 (). Levy-Jacquemin, Jacques. L'economie du monde, sa transformation, Bretton Woods, le futur conflit, la mission de la France (Paris, Recueil Sirey, 1946), 166 pp. Lhomme, Jean. "Le destin de FEurope et celui des institutions de Bretton Woods," Banque (Paris), 16, pp. 345-50 (December 1947). Lleras Restrepo, Carlos. Fondo Monetario Internacional. Extracto de las conferencias dictadas por el doctor Carlos Lleras Restrepo en la serie de exposiciones sobre los "Problemas Economicos de la Post-Guerra," organizadas por el Institute de Ciencias Economicas de la Universidad Nacional (Bogota, Banco de la Republica, 1945), 31pp. Lopez, J. Emilio. "Repercusiones de Bretton Woods," Estudios de Derecho (Medellin), 9, pp. 437-71 ().

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 483 Madan, B. K. "Economic and financial aspects of the United Nations organisation," Reserve Bank of India Bulletin (Bombay), 4, pp. 707-10 (). Madia, Luigi. "Attivita del Fondo Monetario e della Banca Inter- nazionale," Congiuntura Economica (Milan), 3, pp. 446-49 (June 20, 1948). Mann, Fritz Alexander. "Money in public international law," in British year book of international law, 1949 (London, Oxford University Press, 1950), pp. 259-93. Max, Hermann. "Los bancos centrales y los convenios de Bretton Woods," Boletin del Banco Central de Venezuela (Caracas), 5, pp. 26-31 (). Maybank, Burnet R. "Fifth annual meeting of International Monetary Fund and International Bank; report to members of the Senate Banking and Currency Committee, October 10, 1950," Congres- sional Record (Washington), 96, pp. A7761-63 (November 28, 1950). Meade, James E. "Bretton Woods, and the balance of payments," Lloyds Bank Review (London), No. 7, pp. 1-18 (January 1948). Meoni, Angelo. La monnaie—mesure ou I'erreur monetaire des accords de Bretton Woods (Paris, Presses de la Cite, 1946), 115 pp. Merigot, Jean-Guy et Paul Coulbois. "Le franc et les institutions de Bretton Woods," in their Le franc, 1938-1950 (Paris, Librairie Generale de Droit et de Jurisprudence, 1950), pp. 373-88. Metzger, Laure. "Bretton Woods, three years after," American Per- spective (Washington), 2, pp. 378-81 (December 1948). Metzler, Lloyd. "Exchange rates and the International Monetary Fund," in Postwar economic studies, No. 7, Board of Governors of the Federal Reserve System (Washington, 1947), pp. 1-45. Mikesell, Raymond F. "The determination of postwar exchange rates," Southern Economic Journal (Chapel Hill, N.C.), 13, pp. 263-75 (January 1947). . "The International Monetary Fund," Journal of Political Econ- omy (), 57, pp. 395-412 (October 1949). . "The International Monetary Fund, 1944-1949: a review," International Conciliation (New York), No. 455, pp. 828-74 (). . "The role of the international monetary agreements in a world of planned economies," Journal of Political Economy (Chicago), 55, pp. 497-512 (December 1947). Reprinted in Readings in the theory of international trade, American Economic Association (Philadelphia, Blakiston, 1949), pp. 56-80. Comments by Rendigs

©International Monetary Fund. Not for Redistribution 484 IMF STAFF PAPERS Fels, "Regional multilateral clearing," Journal of Political Econ- omy (Chicago), 56, pp. 342-43 (); and by Vergil Salera, "Mikesell on international monetary agreements and planned economies," and reply by R. F. Mikesell, Journal of Political Economy (Chicago), 56, pp. 442-50 (October 1948). . "United States international financial policy," Canadian Journal of Economics and Political Science (Toronto), 12, pp. 313-21 (). Miller, J. D. B. "Australian public opinion: the Bretton Woods con- troversy," Australian Outlook (Sydney), 1, pp. 31-41 (September 1947). Mladek, J. V. Mezindrodni financni instituce Bretton-Woodske, Knihovna Ministerstva Financi, C. 2 (, 1946), 119 pp. "The monetary future of gold," Statist (London), 148, British Banking Section, pp. 3-6 (July 24, 1948). Mosse, Robert. "La convertibility des monnaies," L'Industria (Milan), 1, pp. 67-87 (1950). . "La France et le Fonds Monetaire," L'Economie Contemporaine (Paris), pp. 17-19 (May 1948). English translation in Com- mercial and Financial Chronicle (New York), 168, pp. 705, 720-21 (August 19, 1948). . "Les institutions economiques et sociales Internationales. Le systeme monetaire de Bretton Woods et les grands problemes de Papres-guerre," Revue d'Economie Politique (Paris), 58, pp. 57-87, 169-97 (January/February, March/April 1948). . Le systeme monetaire de Bretton Woods et les grands problemes de I'apres-guerre (Paris, Recueil Sirey, 1948), 156 pp. "Multiple exchange practices," Economist (London), 155, pp. 758-60 (November 6, 1948). Murphy, B. E. "Bretton Woods," New Zealand Financial Times (Wellington), 17, pp. 165-66, 245-46, 285-86, 325-26, 365-66, 405-6 (March, May, June, July, August, September, 1947); 18, pp. 9-10 (October 1947).

Narpati, B. "The International Monetary Fund," Modern Review (Calcutta), 88, pp. 142-46 (). Neira, Carlos. "Bretton Woods y el mecanismo de los cambios en las economias nacionales," Horizontes Economicos (Buenos Aires), 6, pp. 259-65 (March 1950). Noyola, Juan F. "El Fondo Monetario Internacional," Investigacion Economica (Mexico, D.F.), 9, pp. 75-99 (1st quarter 1949). Re- printed in Revista de Economia (Mexico, D.F.), 12, pp. 107-12, 143-46 (, April 15, 1949).

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©International Monetary Fund. Not for Redistribution 486 IMF STAFF PAPERS Polak, J. J. "Statistical activities of the International Monetary Fund," in Proceedings, International Statistical Conferences, Washington, B.C., 1947 (Washington, 1950), 2: World Statistical Congress, pp. 65-73. . "The statistical activities of the International Monetary Fund," Bulletin de I'Institut International de Statistique (Bern), 32, pp. 191-97 (1950). Paper presented to the 26th session of the Institute held in Bern, 1949. Poole, Kenyon E. "National economic policies and international mone- tary cooperation," American Economic Review (Menasha), 37, pp. 369-75 (June 1947). Prados Arrarte, Jesus. "Estabilidad monetaria y movimiento de capi- tales," Revista de Ciencias Economicas (Buenos Aires), 35, pp. 243-51, 307-18 (April, May 1947). Published under the same title by Consejo Interamericano de Comercio y Produccion (Mon- tevideo, 1947), 25 pp. Predohl, Andreas. "Wahrungspolitische Neuordnung," in his Aussen- wirtschaft, Weltwirtschaft, Handelspolitik und Wahrungspolitik (Gottingen, Vandenhoeck & Ruprecht, 1949), pp. 302-21. "Price of gold and South African economic interests," World Today (London), 5, pp. 405-10 (September 1949). Princeton University, International Finance Section. "Policies toward exchange rates and gold," in its Survey of United States inter- national finance, 1949 (Princeton, Princeton University Press, 1950), pp. 114-27. "Progress since Bretton Woods," Eastern Economist (New Delhi), 8, pp. 223-26 (January 31, 1947).

Quaden, Pierre. "Bretton Woods et Pequilibre economique," Economie Wallonne (Liege), 2 pp. 131-45 (November 1948/February 1949). Quijano, Carlos. "Bretton Woods y los tipos cambiarios multiples en el periodo de transicion," Revista de Economia (Montevideo), 1, pp. 459-81 (February/March 1948).

Rao, B. Sarveswara. "Equilibrium exchange rates and the I.M.F.," Indian Journal of Economics (Allahabad), 29, pp. 249-56 (Jan- uary 1949). . "Exchange rate adjustments and the International Monetary Fund," Economia Internazionale (Genoa), 3, pp. 1074-87 (Novem- ber 1950). Rao, Vijendra Kasturi Ranga Varadaraja. India and international currency plans (Delhi, S. Chand, 1944), 102 pp.

©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 487 Recio Constain, Marino. "El pacto de Bretton Woods," in his Comercio international contempordneo (Bogota, Editorial Voluntad, 1949), pp. 128-77. "La reorganisation des relations monetaires et financieres interna- tionales d'apres-guerre," Bulletin d'Information et de Documenta- tion, Banque Nationale de Belgique (Brussels), 21, pp. 1-18, 81-95 (January, February 1946). "Report on exchange restrictions," Banker (London), 294, pp. 17-20 (July 1950). Ridder, Victor A. de. "Les accords de Bretton Woods," La Revue de la Banque (Brussels), 10, pp. 169-79, 281-92 (1946). Rodwell, H. R. "The Bretton Woods monetary agreements," New Zealand Financial Times (Wellington), 17, pp. 95-96 (December 1946/January 1947). Rolin-Jacquemains, Robert. "La conference du Fonds Monetaire In- ternational," Etudes Internationales (Brussels), 1, pp. 453-64 (October 1948). Rosenstiel, Frederick H. "Monetary Fund: Erreichtes und Erstrebtes," Zeitschrift fur das Gesamte Kreditwesen (Frankfurt am Main), 2, pp. 470-72 (October 1949).

Sacchetti, Ugo. Bretton Woods e i piani monetari internazionali, Studi 1, Societa Italiana per POrganizzazione Internazionale (Rome, Edizioni Italiane, 1947), 327 pp. . "II concetto di 'squilibrio fondamentale' e le sue applicazioni pratiche," Giornale degli Economisti e Annali di Economia (Milan), 6, pp. 627-45 (November/December 1947). . "La conferenza monetaria di Savannah," Politica Estera (Rome), 3, pp. 508-10 (May 5, 1946). ——. "II Fondo Monetario, la stabilita monetaria e i fondi di stabiliz- zazione," Comunita Internazionale (Rome), 1, pp. 506-24 (). Sakolski, A. M. "The International Monetary Fund; has it done more harm than good?", Commercial and Financial Chronicle (New York), 167, pp. 798, 826 (February 19, 1948). Samhaber, Ernesto. "Bretton Woods y America Latina," Economia, Revista de la Facultad de Economia de la Universidad de Chile (Santiago), 10, No. 3/4, pp. 96-110 (1949). Scott, R. H. "Bretton Woods," Economic Record (Melbourne), 23, pp. 49-57 (June 1947). Shapiro, Eli and Joseph N. Froomkin. "Devaluation procedures and the role of the International Monetary Fund," Journal of Business of the (Chicago), 23, pp. 103-9 ().

©International Monetary Fund. Not for Redistribution 488 IMF STAFF PAPERS and Ezra Solomon. "International monetary relations," Southern Economic Journal (Chapel Hill, N.C.), 16, pp. 310-25 (January 1950). Silz, Edouard. "La devaluation frangaise et la crise du systeme monetaire international," Revue Politique et Parlementaire (Paris), 196, pp. 3-18 (July 1948). Partially reprinted in Pro6- lemes Economiques (Paris), No. 32, pp. 2-5 (August 10, 1948). Simone, Giovanni M. di. "II vero significato di Bretton Woods," Politica Estera (Rome), 3, pp. 1162-66 (, 1946). Smith, Frederick C. "International Monetary Fund," Congressional Record (Washington), 94, pp. 4469-72 (April 14,1948). Reprinted with title "United States should withdraw from International Monetary Fund," Commercial and Financial Chronicle (New York), 167, pp. 1760, 1770-71 (April 22, 1948). Snyder, John W. "Explains position on currency devaluation in ERP countries," Commercial and Financial Chronicle (New York), 167, pp. 1010,1013 (,1948). Letter from Secretary of Treasury J. W. Snyder to Representative J. D. Lodge. Solis Ogarrio, Jorge. "El Fondo Monetario y los diferentes grados de intensidad de la organizacion economica nacional," Investigacion Economica (Mexico, D.F.), 9, pp. 403-19 (4th quarter, 1949). Souza Costa, Artur de. Bretton Woods e o Brasil (Rio de Janeiro, 1944), 54 pp. "Specialized agency agreements approved; relations with Bank and Fund debated," United Nations Bulletin (Lake Success), 3, pp. 570-72 (, 1947). Stephens, Joseph. The case for gold and Bretton Woods (Christchurch, Whitcombe & Tombs, 1946), 40 pp. Stokvis, H. J. Bretton Woods en het internationaal monetair bestel (Leiden, H. E. Stenfert Kroese, 1948), 448 pp. Swidrowski, Jozef. Bretton Woods (Lodz, Spoldzielnia Wydawnicza "Ingos," 1946), 140pp.

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©International Monetary Fund. Not for Redistribution IMF: A SELECTED BIBLIOGRAPHY 489 Triffin, Robert. "National central banking and the international econ- omy," in Postwar economic studies, No. 7, Board of Governors of the Federal Reserve System (Washington, 1947), pp. 46-81. Re- printed in Review of Economic Studies (London), 14, No. 36, pp. 53-75 (1946/47). Spanish translation in El Trimestre Eco- nomico (Mexico, D.F.), 14, pp. 569-617 (January/March 1948). . "La politica monetaria y el equilibrio internacional," in Memoria, Reunion de Tecnicos sobre Problemas de Banca Central del Continente Americano, Primera Reunion (Mexico, D.F., 1946), pp. 286-308. "Troubles of the International Monetary Fund; is it a financial 'white elephant'?" Financial Times (London), p. 4 (,1948). Tuchtfeldt, Egon. "Weltbank und Weltwahrungsfonds; eine Zwischen- bilanz weltwirtschaftlicher Zusammenarbeit," Wirtschaftsdienst (Hamburg), 30, pp. 20-26 (June 1950). Tyrer, A. J. and N. G. Crowley. Will Bretton Woods work? An eco- nomic analysis (Melbourne, 1946), 63 pp.

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©International Monetary Fund. Not for Redistribution 490 IMF STAFF PAPERS annual report to the President and to the Congress, not in the Congressional series. . Special reports on the operations and policies of the Interna- tional Monetary Fund and the International Bank for Reconstruc- tion and Development (Washington, Government Printing Office, 1948-1950). Two reports: 1st, May 18, 1948 (80th Congress, House doc. 656); 2nd, May 31, 1950 (81st Congress, House doc. 611). Urquidi, Victor L. and Consuelo Meyer L'Epee. Memorandum sobre las operaciones de Mexico con el Fondo Monetario Internacional (Mexico, D.F., Banco de Mexico, 1946), 110 + 63+9 + 2 pp. Urquidi, Victor L. and Ernesto Fernandez Hurtado. "Diversos tipos de desequilibrio economico internacional," El Trimestre Economico (Mexico, D.F.), 13, pp. 601-32 (January/).

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Zimmerman, L. J. "Enige beschouwingen over het accoord van Bretton Woods," Economisch-Statistische Berichten (Rotterdam), 31, pp. 294-98 (May8,1946).

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©International Monetary Fund. Not for Redistribution Contents for Volume I

Authors Page Ahumada, J., and A. Nataf. Terms of Trade in Latin American Countries 123 Alexander, Sidney S. Devaluation Versus Import Restriction as an Instrument for Improving Foreign Trade Balance 379 Bernstein, E. M. Latent Inflation: Problems and Policies 1 . Some Economic Aspects of Multiple Exchange Rates 224 Carlson, H. K, and W. J. R. Woodley. Role of the EGA Program in Imports of Participating Countries and in U.S. Exports... 71 Chang, T. C., and J. J. Polak. Effect of Exchange Depreciation on a Country's Export Price Level 49 de Vries, Barend A. Immediate Effects of Devaluation on Prices of Raw Materials 238 . Price Elasticities of Demand for Individual Commodities Imported into the United States 397 Gold, Joseph. The Fund Agreement in the Courts 315 Hexner, Ervin. The International Trade Organization and the Monetary Fund 136 . The General Agreement on Tariffs and Trade and the Monetary Fund 432 Horsefield, J. Keith. The Measurement of Inflation 17 . Inflation in Latin America 175 Loftus, Martin L. The International Monetary Fund, 1946-1950: A Selected Bibliography 471 McLeod, Alex N. Local Currency Proceeds of an Import Surplus.. 114 Nataf, A., and J. Ahumada. Terms of Trade in Latin American Countries 123 Polak, J. J., and T. C. Chang. Effect of Exchange Depreciation on a Country's Export Price Level 49 Shannon, H. A. Evolution of the Colonial Sterling Exchange Standard 334 Shenoy, B. R. The Currency, Banking, and Exchange System of Thailand 289 Tsiang, S. C. Balance of Payments and Domestic Flow of Income and Expenditures 254

©International Monetary Fund. Not for Redistribution INDEX

Page Vera, Fernando A. A Note on Payments Relations between Latin American and EPU Countries 465 Vinelli, Paul. The Currency and Exchange System of Honduras.. 420 White, William H. Measuring the Inflationary Significance of a Government Budget 355 Woodley, W. J. R., and H. K. Carlson. Role of the EGA Program in Imports of Participating Countries and in U.S. Exports.... 71 Wyczalkowski, Marcin R. The Soviet Price System and the Ruble Exchange Rate 203

SubjectS Balance of Payments and Domestic Flow of Income and Expendi- tures. By S. C. Tsiang 254 The Currency, Banking, and Exchange System of Thailand. By B. R. Shenoy 289 The Currency and Exchange System of Honduras. By Paul Vinelli. 420 Devaluation Versus Import Restriction as an Instrument for Im- proving Foreign Trade Balance. By Sidney S. Alexander.... 379 Effect of Exchange Depreciation on a Country's Export Price Level. By J. J. Polak and T. C. Chang 49 Evolution of the Colonial Sterling Exchange Standard. By H. A. Shannon 334 The Fund Agreement in the Courts. By Joseph Gold 315 The General Agreement on Tariffs and Trade and the Monetary Fund. By Ervin Hexner 432 Immediate Effects of Devaluation on Prices of Raw Materials. By Barend A. de Vries 238 Inflation in Latin America. By J. Keith Horsefield 175 The International Monetary Fund, 1946-1950: A Selected Bibliog- raphy. By Martin L. Loftus 471 The International Trade Organization and the Monetary Fund. By Ervin Hexner 136 Latent Inflation: Problems and Policies. By E. M. Bernstein... 1 Local Currency Proceeds of an Import Surplus. By Alex N. McLeod 114 The Measurement of Inflation. By J. Keith Horsefield 17 Measuring the Inflationary Significance of a Government Budget. By William H. White 355 A Note on Payments Relations between Latin American and EPU Countries. By Fernando A. Vera 465

©International Monetary Fund. Not for Redistribution INDEX Page Price Elasticities of Demand for Individual Commodities Im- ported into the United States. By Barend A. de Vries 397 Role of the EGA Program in Imports of Participating Countries and in U.S. Exports. By H. K. Carlson and W. J. R. Woodley. 71 Some Economic Aspects of Multiple Exchange Rates. By E. M. Bernstein 224 The Soviet Price System and the Ruble Exchange Rate. By Marcin R. Wyczalkowski 203 Terms of Trade in Latin American Countries. By J. Ahumada and A. Nataf 123

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Balance of Payments Yearbooks These Yearbooks make available to the public the bulk of the balance of payments information that the Fund has gathered for operating purposes. They present a systematic statement of balance of payments principles and of surplus or deficit in a country's balance of payments. The first volume gives data for 51 countries for 1938, 1946, and 1947. The second volume covers 58 countries through 1948, with preliminary data for 1949. The third volume, scheduled for publication in the summer of 1951, will complete 1949, carry the preliminary record through 1950, and give a regional classification of the balance of pay- ments for Europe, Latin America, and about 25 individual countries. Price for each Yearbook: US$5.00 for library bound buckram and US$4.00 for paper bound volume, or approximately equiva- lent prices in currencies of most countries. First volume 383 pages; second volume 428 pages. International Financial Statistics Statistics on all aspects of international finance for most of the countries in the world are contained in this publication. It is available monthly by subscription, and will be sent by either regular mail or air mail throughout the world. For rapid delivery to European subscribers, each issue is printed in Paris as well as in Washington. About 200 pages, monthly. Subscription: US$5.00 or approxi- mately equivalent price in currencies of most countries.

Direction of International Trade This is a joint publication of the International Monetary Fund, the International Bank for Reconstruction and Development, and the Statistical Office of the United Nations. It is issued monthly and presents trade-by-country statistics, expressed in U.S. dollars, for 94 countries. The first eight numbers, now available, contain data for 1948, 1949, and 1950 through November. Inquiries should be addressed to Statistical Office of the United Nations, New York, N. Y., U. S. A. INTERNATIONAL MONBTABY FUND 1818 H STREET, N. W. WASHINGTON 25, D. C., U. S. A.