^{Page 503 note 1} The Economist (London), 19 10 1985.Google Scholar

^{Page 504 note 1} Cf. the survey of the literature in Wickham, Peter, The Choice of Exchange Rate Regime in Developing Countries (Washington, D.C., 1985), I.M.F. Staff Papers No. 32.Google Scholar

^{Page 504 note 2} Quirk, Peter J. et al. , Floating Exchange Rates in Developing Countries: experience with auction and interbank markets (Washington, D.C., 05 1987), I.M.F. Occasional Paper No. 53, pp. 1 and 32.Google Scholar

^{Page 505 note 1} See Dunn, R. M., The Many Disappointments of Flexible Exchange Rates (Princeton, 1983), Essays in International Finance No. 154, pp. 2ff.Google Scholar

^{Page 506 note 1} Ibid. pp. 8ff.

^{Page 506 note 2} Cf. Jacob A. Frenkel, ‘Flexible Exchange Rates, Prices, and the Role of “News”: lessons from the 1970s’, and Frankel, Jeffrey A., ‘Monetary and Portfolio-Balance Models of Exchange Rate Determination’, in Bhandari, J. S. and Putnam, B. H. (eds.), Economic Interdependence and Flexible Exchange Rates (Cambridge, Mass., 1983), pp. 3ff. and 84ff, respectively.Google Scholar

^{Page 507 note 1} See, for example, Akyüz, Yilmaz and Dell, Sidney, ‘Issues in International Monetary Reform’, in Unctad, International Monetary and Financial Issues for the DCs (New York, 1987).Google Scholar

^{Page 509 note 1} For an empirical study, see Brodsky, David A. and Sampson, Gary D., ‘Exchange Rate Variations Facing Individual Industries in Developing Countries’, in Journal of Development Studies (London), 19, 1983, pp. 349ff.Google Scholar

^{Page 509 note 2} See, for example, A. O. Crockett and S. M. Nsouli, ‘Exchange Rate Policies for Developing Countries’, in ibid. 13, 1976–1977, pp. 125ff., and Wickham, op. cit.

^{Page 510 note 1} Black, S. W., Exchange Policies for Less Developed Countries in a World of Floating Rates (Princeton, 1976), Essays in International Finance No. 119.Google Scholar

^{Page 510 note 2} For the basic choices of managed exchange-rate régimes, see Wickham, op. cit. and the literature to which he refers.

^{Page 513 note 1} Harvey, Charles, ‘Non-Marginal Price Changes’, Economic Association of Zambia Conference on Auctioning of Foreign Exchange, Lusaka, 1987.Google Scholar

^{Page 515 note 1} World Bank, Report to the Consultative Group for Zambia on the Economic Reform Program (Washington, D.C., 1986), p. 4.Google Scholar

^{Page 515 note 2} See Makgetla, Neva Seidman, ‘Theoretical and Practical Implications of I.M.F. Conditionality in Zambia’, in The Journal of Modern African Studies (Cambridge),24, 3, 09 1986, pp. 395–422.Google Scholar

^{Page 515 note 3} Cf. Harvey, op. cit. pp. 6ff.

^{Page 517 note 1} The Economist, 30 September 1989.

^{Page 518 note 1} Financial Times (London), 21 09 1989.Google Scholar