Abstract
This paper examines how the analysis of export earnings instability effects can help in the search for international policies of export earnings stabilization. Export instability, which has been increasing and has been a quantity instability as well as a price instability, is seen as a development problem, a judgment relying mainly on a new cross-section study and its policy implications. Stabilization of export earnings is analyzed as a response to this problem: shortfall compensation and its different alternative conditions are examined with regard to the assumed effects of export instability and with special reference to the IMF Compensatory Financing Facility, to the Stabex and to the new proposal of the 1985 UNCTAD Expert Group.
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