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Front Matter

Front Matter

Editor(s):
Tony Killick
Published Date:
September 1982
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    Papers of a seminar jointly sponsored by the International Monetary Fund and the Overseas Development Institute, held at Addington Palace, near Croydon, England, October 16–18, 1981.

    International Standard Book Numbers:

    • ISBN 9780939934188 (cloth)

    • ISBN 0-939934-19-1 (paper)

    Library of Congress Card Number: 82-9213

    Library of Congress Classification Numbers:

    HG3890.A38 1982 332.1’52

    Price: US$12.00 or £6.75 (cloth)

    US$8.00 or £4.50 (paper)

    © 1982 International Monetary Fund and Overseas Development Institute

    The material in this book may be freely reproduced and translated, provided that acknowledgment is made of the source and notification of use is made to the International Monetary Fund.

    International Monetary Fund

    Washington, D.C. 20431, U.S.A.

    Overseas Development Institute

    10-11 Percy Street, London W1P OJB, England

    Foreword

    The last decade has been a particularly difficult one for many developing countries. They have experienced a slowdown in the growth of export markets, deteriorating terms of trade, higher interest costs, and, in some cases, impaired access to international capital markets. The tightening of the balance of payments constraint has intensified the problems these countries face in maintaining satisfactory growth rates or even current living standards. The worsening environment has, at the same time, posed new challenges for the International Monetary Fund in its efforts to help developing countries address their balance of payments problems.

    In attempting to meet this challenge, the Fund has adapted its policies and practices in a number of ways. It has introduced facilities that provide financial assistance in larger amounts, in support of longer-term programs, and with extended repayment periods. In the past two years, the number of Fund-supported adjustment programs in the developing world and the demands on its resources have reached record levels. Even as the tempo of its activities has risen, there has emerged a growing need to explain them to a wider community of scholars, journalists, and others interested in the work of the Fund. In 1981, we began experimenting with a program of seminars aimed at promoting understanding of what the Fund has done and is doing to help members solve their balance of payments problems. The seminars are also designed to improve the Fund’s perception of the way it is viewed in academic, business, and other circles and its knowledge of the ideas the latter may have for enhancing the effectiveness of the Fund’s role.

    The papers included in this book originated in the first of these seminars, arranged jointly by the Fund and the Overseas Development Institute, London, and held in October 1981. A wide range of views was represented at the seminar, and participants included senior academics from the United Kingdom and developing countries, bankers and officials, as well as senior members of the Fund staff. All attended in a personal capacity, and the emphasis was on informality and frankness. If the seminar did not resolve the problems that were discussed, it did serve to draw out their complexities and to strengthen lines of communication among the participants.

    This book marks the first occasion on which the Fund has published a wide variety of views about its role and activities in the developing world. The views are not, of course, necessarily shared by the Fund, but should contribute to a better understanding of the problems addressed.

    J. de Larosiere

    Managing Director International Monetary Fund

    Aprii 1982

    Acknowledgment

    A special tribute is due to Mr. Azizali F. Mohammed, Director of the External Relations Department of the International Monetary Fund, who originated the concept of a seminar jointly sponsored by the Fund and the Overseas Development Institute. He was active in each stage of the planning and preparation, and he played a prime role in bringing the project to fruition. The seminar and this volume were made possible largely through his initiatives, encouragement, and counsel. It was a pleasure to work with Mr. Mohammed and his colleagues at both the personal and professional levels.

    I should also like to place on record my indebtedness to Mrs. Margaret Cornell, the Meetings Officer of the Overseas Development Institute, for her most valuable contribution to the planning and organization of the seminar on which this volume is based; and also to Margaret Beringer and Ramila Mistry, who did much of the typing in ODI. Equally fervent thanks are due to the Editorial Division of the IMF External Relations Department, and particularly to Mrs. Ella H. Wright, who put the manuscript into publishable form and saw it through all stages of production.

    Tony Killick

    Editor

    Seminar Papers

    Disequilibria, Financing, and Adjustment in Developing Countries

    Tony Killick and Mary Sutton

    Economic Management and International Monetary Fund Conditionality

    Manuel Guitián

    Alternative Approaches to Short-Term Economic Management in Developing Countries

    Daniel M. Schydlowsky

    Roles of the Euromarket and the International Monetary Fund in Financing Developing Countries

    Richard O’Brien

    Some Issues and Questions Regarding Debt of Developing Countries

    Bahram Nowzad

    The Position and Prospects of the International Monetary System in Historical Context

    Brian Tew

    Developing Country Interests in Proposals for International Monetary Reform

    Graham Bird

    Seminar Participants

    Authors and Discussants

    George C. Abbott*

    Senior Lecturer, Department of International Economic Studies, University of Glasgow.

    Graham Bird

    Senior Lecturer, University of Surrey, and Research Associate, Overseas Development Institute.

    Graeme S. Dorrance*

    Professor of Economics, London School of Economics.

    Alejandro Foxley*

    President of CIEPLAN, Santiago, Chile.

    Manuel Guitián

    Senior Advisor, Exchange and Trade Relations Department, International Monetary Fund.

    Tony Killick

    Research Officer, Overseas Development Institute.

    Geoffrey Maynard*

    Vice-President and Director of Economics, Europe and Middle East Division, Chase Manhattan Bank, London.

    Azizali F. Mohammed*

    Director, External Relations Department, International Monetary Fund.

    Bahram Nowzad

    Assistant Director, External Finance Division, Exchange and Trade Relations Department, International Monetary Fund.

    Richard O’Brien

    Senior Economist, Amex Bank, London.

    Daniel M. Schydlowsky

    Professor of Economics, Center for Latin American Development Studies, Boston University.

    Mary Sutton

    Research Officer, Overseas Development Institute.

    Brian Tew

    Midland Bank Professor of Money and Banking, University of Nottingham.

    Rosemary Thorp*

    Fellow of St. Antony’s College, Oxford.

    John Williamson*

    Senior Fellow, Institute for International Economics, Carnegie Endowment for International Peace, Washington.

    Other Participants

    Anthony Bottrill

    Assistant Secretary, Her Majesty’s Treasury, United Kingdom.

    E. A. Brett

    Lecturer, University of Sussex.

    Margaret Cornell

    Meetings Organizer, Overseas Development Institute.

    Ronald Gilchrist

    Advisor, Bank of England.

    Reginald Green

    Professorial Fellow, Institute of Development Studies, Sussex University.

    Hellmut Hartmann

    Chief Information Officer, External Relations Department, International Monetary Fund.

    Pendarall Kent

    Advisor, Bank of England.

    David Llewellyn

    Professor of Money and Banking, Loughborough University.

    Rupert Pennant-Rea

    Economics Editor, The Economist, London.

    Stanley Please

    Senior Advisor to the Senior Vice-President, Operations, World Bank,

    Rosemary Righter

    Diplomatic and Development Correspondent, Sunday Timen, London.

    Jennifer Sharpley

    Research Fellow, Chr. Michelsen Institute, Bergen.

    Anthony P. Thirlwall

    Professor of Applied Economics, University of Kent.

    Discussant.

    Contents

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