Money and finance in world economic order

This publication brings together recent research and discussion on issues such as development aid and debt, SDRS, IMF policies and exchange rates, cooperation among developing countries. Increasing transfer of resources to those countries, on softer terms, is one of the necessary condi tions of their growth and development. Monetary reforms are sought to help the developing countries in their balance of payments financing and thereby facilitate their faster growth. But, the fact remains that the IMF rules never served as ade quate support for these objectives. The IMF drawings carry short-term maturi ties due to revolving nature of financial resources.

The conditionality ceilings and targets hamper development programmes, rather than help in restoring external equili brium. Adjustment, due to various factors, has let to rather heavier burden on the economies of the developing countries. Hence more smooth balance of payments adjustment process will require several changes in the present rules. In order to bring about necessary reforms it is being debated whether all the existing institu tions should be totally revamped, recon stituted and some new set of institutions should be created which could take care of the aspirations of the newly independent members of the world community. This book tries to discuss these prob lems in a wider context. Select papers. by experts from various countries have been conveniently grouped into five main sec tions dealing with five dimensions of the world monetary order viz. (1) Debt and Aid, (2) International Reserves and SDRS, (3) Institutional Issues, (4) The Exchange Rate Fluctuations, and (5) Monetary Co operation among Developing Countries. This book should prove valuable and stimulate interest of Government depart ments, economists, monetary and financial institutions, banking organisations, inter national agencies, research institutes, uni versities and all those concerned with in ternational economic order.