1264 BOOK REVIEWS
used by private holders. Both of these papers describe a unique new institutional arrangement which very well may be worthwhile, but they neglect current problems, especially those dealing with macro policy. There are about 30 different presentations contained in this book. This includes the major articles, comments on them, and editor von Furstenberg's, "Summary of Findings," listed as #9 of the 13 major works. The last four of these were distributed in advance to conference participants. These papers are the most coherent single group in that they discuss the evolution of the SDR both inside and outside the IMF and trace the historical relation between the establishment of the SDR in 1967 and the subsequent development of the world monetary system. R. Cumby's article: "The Evolving Role of the SDR," is the most complete study in the volume on this topic. It is well researched and would be a good starting point for potential students of the world monetary system in general and the IMF in particular. Of the other articles, this reviewer would recommend W. M. Corden's article #5) and D. Lomax's article #6) to graduate students and advanced undergraduates. They both use what may be called an iqstitutional historical approach to describe how the IMF has attempted to create a world money and what is the current status of the problem. Prof. Lomax makes clear that his article provides a "secondary source" on the subject of a common unit of account money in Europe. He also provides a number of useful references which may be profitably used by students who want to learn more on the subject. This reviewer would recommend to potential researchers the first half of J. Frenkel's article #2) an econometric analysis of the demand for international reserves; W. Buiter and J. Eaton's piece #3) an overlapping generation growth model of world economic welfare; and P. Kenen's piece #7) which gives a well researched background and describes a scheme to allow private commercial bank holdings of SDR's. This collection of articles would be most profitably used as a reference source on the topic: "The Background and Current Status of the Search for an International Reserve Currency." The most useful portions of the collection are the historical materials on this topic and the new schemes which some of the authors have dreamed up to improve on the current status of the SDR. The book should not be used as a course text, even in a supplementary fashion. If one wishes to use the book for reference, care should be taken to choose the relevant articles because they do not necessarily follow in a logical sequence. Each of them would have quite different uses.