Review of Foreign Developments
		The Review of Foreign Developments (RFD) series begins in 1945 and ends in 1975. Starting in August 1971, papers in the RFD series also appear in the International Finance Discussion Paper (IFDP) series. The analyses and conclusions set forth in the RFD series are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. All papers in the RFD series are public and may be quoted or cited. Some of the papers in the RFD series were initially marked "Confidential," "Restricted," or "Not for publication," but these markings no longer apply.