ABSTRACT
The major reforms which the developing countries as a whole, including the oil-exporting countries, have sought in the international monetary system are: to re-establish a system of stable exchange rates; to "internationalise" reserve creation; and to link the resource transfer involved in reserve creation to development. The system which obtains is of managed floating exchange rates. A variety of exchange regimes have come to be adopted by different countries or groups of countries. The developing countries' espousal of a system of fixed exchange rates should not however be construed to mean that the par value system, set up at the end of World War II, operated in any significant measure to the advantage of the developing countries. The developing countries have been arguing for internationalising reserve creation and for linking such reserve creation with development assistance. The non-oil exporting developing countries together possess foreign exchange reserves close to $ 75 billion.
