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Mr. Eduard H. Brau

and protracted payments difficulties, and the agencies would generally be off cover, either formally or effectively. However, most authorities indicated that, even where they are off cover, they may continue to provide special export credit assistance and selective cover on a case-by-case basis. For instance, cover could be provided to complete ongoing projects, to assure essential inputs for the production of exports, and for projects in which the World Bank or regional development banks are involved. Cover could also be provided for essential imports financed

Ms. Chanpen Puckahtikom and Mr. Eduard H. Brau


In the current environment of payments difficulties, a principal role of the Fund remains the encouragement and support of timely adjustment policies of member countries.

Ms. Chanpen Puckahtikom and Mr. Eduard H. Brau

internationally coordinated arrangements to provide export credit assistance to countries undertaking appropriate adjustment. All of the agencies have shown a willingness to maintain short-term credit cover for rescheduling countries to ensure financing for essential imports, provided that appropriate conditions are met. A rescheduling country could maximize its chances of continued short-term cover if it makes clear its intention to not seek a rescheduling of short-term debt and if it is seen as being able to honor current short-term obligations. It was broadly accepted that

R.J. Familton

currencies: one (called “Account A” in the U.S.S.R.) may be used only for domestic payments after conversion into the local currency; the other (“Account B”) may also be used for payments abroad. Development assistance and export credits Assistance from the CMEA countries to developing countries takes the form of grants, state credits, commercial credits, and state commercial credits; of these, the state credits are the most significant. Institutional arrangements and credit terms pertaining to the different types of credit, briefly, are as follows: State credits

International Monetary Fund. Research Dept.
This paper analyses possible approaches to a model of world trade and payments. Any world economic model resulting from linking national models together will inevitably have some of the characteristics of these national models. Since the national models that are to be connected are, overall, constructed so as to explain short-run variations in aggregate economic magnitudes such as economic activity, employment, and over-all price levels, the resulting world economic model will be best suited to explain short-term variations in trade and financial flows and the relationships between these flows and the policies conducted in the various countries with respect to the adjustment of demand and economic activity in the short run. Any model intended to explain the trade flows among many countries and regions must have strong microeconomic features it must be more nearly Walrasian than Keynesian. The practicability of building into a trade model the appropriate microeconomic features of this sort is, of course, a function of the size and degree of disaggregation of the model.