Front Matter

Author(s):
Joseph Gold
Published Date:
September 1987
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    SDRs, Currencies, and Gold

    Seventh Survey of New Legal Developments

    Joseph Gold

    INTERNATIONAL MONETARY FUND

    Washington, D.C.

    1987

    International Standard Serial Number ISSN 0538-8759

    Reprinted December 1992

    References to Articles of Agreement

    ArticleSectionPage (and Note)*
    I(ii)29
    III3(a)7 (n. 15)
    IV22; 29; 32; 101; 107; 108; 111; 113; 115
    127; 31–32; 35
    1(i)32; 35
    1(ii)32; 35
    1(iii)22; 32; 35
    1(iv)32; 35
    237 (n. 99)
    2(b)27 (n. 66); 90 (n. 231)
    332
    3(a)22; 35
    3(b)30
    437 (n. 99)
    V12(e)90 (n. 232)
    VI338; 102
    VII1(ii)7 (n. 15)
    814 (n. 28)
    VIII107; 111; 115
    2(b)43
    338; 102
    737 (n. 99)
    XII6(e)7 (n. 15)
    XIV107; 111; 115
    XVI27 (n. 15)
    XVII3(i)9
    XVIII27 (n, 15)
    XIX57 (n. 15)
    XX16 (n. 11); 7 (n. 16)
    26 (n. 12); 8 (n. 17); 8 (n. 19)
    36 (n. 10)
    57 (n. 14); 8 (n. 18);8 (n. 19)
    XXII37 (n. 99)
    *

    Notes are set at end of Pamphlet (pages 129–45).

    ScheduleParagraphPage (and Note)*
    B390 (n. 232)
    790 (n. 232)
    C190 (n. 231)
    D2(a)37 (n. 99)
    K290 (n. 232); 94 (n. 246)
    *

    Notes are set at end of Pamphlet (pages 129–45).

    REFERENCES TO RULES AND REGULATIONS

    RulePage (and Note)*
    B-611 (n. 24)
    J-76 (n. 13)
    0-12
    0-2(a)4
    0-2(b)4
    T-16–8
    T-1(a)8
    *

    Notes are set at end of Pamphlet (pages 129–45).

    REFERENCES TO DECISIONS OF THE EXECUTIVE BOARD

    Decision No.DatePage (and Note)*
    5392-(77/63)April 29, 197731 (n. 89)
    6631-(80/145) G/SSeptember 17, 19802 (n. 2)
    6790-(81/43)March 20, 198138 (n. 104)
    7707-(84/79) SMay 17, 19849 (n. 21)
    8160-(85/186) G/SDecember 23, 19854 (n. 5)
    *

    Notes are set at end of Pamphlet (pages 129–45).

    CASES CITED

    Page (and Note)*
    Anton Birke v. Commission of the European Communities [1982] E.C.R. 442570 (n. 168)
    Avco Financial Services Ltd. v. Commissioner of Taxation (Cth), Australian Law Journal (Sydney), Vol. 56 (July 1982), pp. 668–7865 (n. 159); 66 (n. 160)
    Bernina Distributors, Inc. v. Bernina Sewing Machine Co., 646 F.2d 434 (10th Cir. 1981)57 (n. 131); 59 (n. 140)
    Birkenstock v. Commissioner of Internal Revenue, 646 F.2d 1185 (1981)99 (n. 264)
    Borletti Brothers Inc. v. Dolphin Shipping Agency, Foro Italiano (Bologna), Part I-134 (1982), pp. 2074–7869; 80 (n. 198)
    Bradford v. Plains Cotton Cooperative Association, 539 F.2d 1249 (10th Cir. 1976)59
    The Despina R. [1978] 3 W.L.R. 80449 (n. 121)
    Federal Commissioner of Taxation v. Hunter Douglas Ltd. (1983) 14 A.T.R. 639; [1983] A.T.C. 456266 (n. 161)
    Frigoscandia Transport B.V. v. Sea Products International, Schip en Schade (Zwolle, The Netherlands), No. 30 (1983), pp. 78–8085 (n. 212)
    Glafke Shipping Co. AS v. Pinios Shipping Co. No. 1 (The Maria) [1985] 1 Lloyd’s Rep. 30055 (n. 130)
    Gold Bondholders Protective Council, Inc. v. United States, 676 F.2d 643 (1982)97 (n. 255)
    Gulf Oil Corp. v. F.P.C., 563 F.2d 588 (3rd Cir. 1977)59 (n. 136)
    Gunter Bruckner v. Commission of the European Communities [1982] E.C.R. 452570 (n. 168)
    Jan Amesz and Others v. Commission of the European Communities [1982] E.C.R. 446570 (n. 166, 167)
    Kislinger v. Austrian Airtransport No. 1 R 145/8387 (n. 221)
    Les Rapides Savoyards S.à.r.l. and Others v. Directeur Général des Douanes et Droit Indirects (Case 218/84) [1985] 3 C.M.L.R. 11655 (n. 129)
    Miliangos v. George Frank (Textiles) Ltd. [1976] A.C. 44340 (n. 107); 49; 55; 76
    National Standard Company v. Commissioner of Internal Revenue, 80 T.C. 551 (1983)64 (n. 157)
    P. Dumortier Frères SA and Others v. Council of the European Communities, Joined Cases 64 and 113/76, 167 and 239/78, 27, 28 and 45/79 [1982] E.C.R. 1733; [1979] E.C.R. 309147 (n. 118)
    Pakistan International Airlines v. Compagnie Air Inter S.A. et al., Droit maritime français (Paris), Vol. 32 (1980), pp. 285–9480 (n. 195)
    Pattison v. Marine Midland Ltd. [1984] 1 A.C. 362 [1984] 2 W.L.R. 14; [1983] 2 W.L.R. 81962 (n. 152); 63 (n. 155, 156)
    Perry v. United States, 294 U.S. 330, 55 S. Ct. 432, 79 L Ed. 912 (1935)97 (n. 256)
    Rendezvous-Boutique-Parfumerie Friedrich und Albine Breitinger Gesellschaft mbH v. Austrian Airlines No. 1 R 145/8390 (n. 230)
    Saint Paul Fire and Marine Insurance Co. v. S.E.A., Journal du droit international, 110th year, No. 1 (January–February–March 1983), pp. 194–9584 (n. 209)
    Société Egyptair v. Chamie, Droit maritime français (Paris), Vol. 32 (1980), pp. 285–9480 (n. 194)
    Société français Bunge S.A. v. Belcan NV (The Federal Huron) [1985] 3 All E.R. 378; [1985] 2 Lloyd’s Rep. 18950 (n. 124)
    Transarctic Shipping Corporation, Inc. Monrovia, Liberia v. Krögerwerft Company, European Transport Law (Antwerp), Vol. 9 (1974), pp, 701–1088 (n. 222)
    Trans World Airlines, Inc. v. Franklin Mint Corporation et al. (1984) 466 U.S. 243; 80 L Ed. 2d 273; 104 S. Ct. 177668 (n. 162); 71 (n. 169); 79; 86; 89; 91
    Trustees of the British Museum v. Attorney General [1984] 1 All E.R. 33760 (n. 146–49)
    *

    Notes are set at end of Pamphlet (pages 129–45).

    PREFATORY NOTE

    This pamphlet is the seventh survey of developments in international and national monetary law and practice involving SDRs, currencies, and gold. These developments have occurred as the result of the Second Amendment of the Articles of Agreement of the International Monetary Fund, which became effective on April 1, 1978, or of the circumstances that led to that event. The developments are related mainly to three principles that are recognized by the present Articles: the SDR is to become the principal reserve asset in the international monetary system; members are free, now that the par value system has been abrogated, to choose their exchange arrangements and to determine the external value of their currencies; and the role of gold in the international monetary system is to be gradually reduced.

    Earlier surveys of legal developments that have been influenced by these three principles have appeared in the Fund’s Pamphlet Series as Nos. 19, 22, 26, 33, 36, and 40, and are referred to in this pamphlet by the appropriate number in the series. A consolidated list of cases and a consolidated index of topics for the seven pamphlets are included in this pamphlet (pages 147–62).

    References to the Articles are to the Articles of Agreement of the International Monetary Fund. References to the Second Amendment are to that amendment of the Articles.

    The opinions expressed in this pamphlet are those of the author, now Senior Consultant and formerly the General Counsel and Director of the Legal Department of the International Monetary Fund, and they do not necessarily represent the opinions of the Fund.

    June 1986

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