Suchergebnisse

One of the forms of payments arrangements among the developing
countries recognized by the Group of Experts appointed by United Nations
Conference on Trade and Development (UNCTAD) [6] is the establishment of
a reserve fund by pooling the reserves of the interested countries. The
Committee on Invisibles and Financing Related to Trade of UNCTAD
recommended that "the pooling of the reserves of the developing
countries in particular regions should be considered" [7, Annex I, p.
9]. While a great deal of talk about other forms of payments
arrangements has been going on in the region denned by the United
Nations Economic Commission for Asia and the Far East (to be called Asia
and the Far East region in the paper) i, not much has yet been thought
about the possibilities of the formation of reserve funds on regional or
subregional basis as a possible measure toward the cherished goal of
regional economic cooperation unanimously adopted at the Ministerial
Conference on Asian Econo¬mic Cooperation held in Manila [9]. The
purpose of this paper is to theoretically examine the rationale for
reserve pooling among a group of countries and then to apply this theory
to explore the possibilities of gains from reserve pooling on both
regional and subregional basis in Asia and the Far East
region.