Back Matter

Back Matter

Author(s):
Margaret De Vries
Published Date:
March 1987
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    Further Reading
      Selected Bibliography

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      Index

      Members cited as examples of the use of Fund resources are not included in this index. The reader is referred to the tables in the appendix.

      Absorption Approach

      • development of, 16–19

      • explanation of, 17

      • use of continued, 30; first, 18; in analysis of balance of payments adjustment of Japan, 43, 45

      Adjustment

      • “blown off course,” 149–58

      • case-by-case basis, need for, 140, 171

      • choosing between financing and, 58, 120, 189–92, 284

      • circumstances necessitating, 187–89, 195, 219

      • Committee of Twenty deliberates problem of. 95–97

      • complementarity in, need for, 196

      • consequences of postponement of, 239–40

      • coordinated growth, scenario for, 154–58

      • failure of as cause of collapse of par value system, 81–82, 94

      • measuring size of needed, 123–28

      • mix of policies suggested. 83

      • new emphasis on, 128–34, 188–89

      • policies, shift in 1979, 169–73; endorsed by officials, 198

      • relation between recycling and, 132, 139–41

      • renewed emphasis on growth and, 243–51

      • role in of: exchange rates, 158–61; prices, 57; supplementary financing facility. 143–44

      • size of by indebted members, 231, 233–34

      • See also Adjustment Programs; Balance of Payments Adjustment: Conditionality; Debt Crisis; Fund; and individual countries

      Adjustment Programs

      • credit ceilings in, 202–203

      • criticisms of and Fund’s replies, 236–41

      • design of, Fund’s review of, 283–85

      • endorsed by Interim Committee, 198

      • features of, 188, 198. 201–203, 224–27, 281

      • Fund staff role in, 163

      • Fund’s mid-1982 review of, 199–206

      • Fund’s study of, 110–111, 192–94

      • in Argentina, 224

      • in Brazil, 224–25

      • in Mexico, 224; in 1986, 257–58; performance criteria of, 203

      • need to cover projected deficit, 191–92

      • See also Conditionality; Debt Crisis; Fund; Stabilization Programs; and individual countries

      Africa

      • as low-income members, 173

      • de Larosière’s remarks about expansionary domestic policies of, 194–95

      • external indebtedness of, 213

      • unable to borrow in private markets, 209

      • See also Developing Members; and individual countries

      Alexander. S. Sidney

      • as expositor of absorption approach, 19

      Alsogary, Alvaro

      • on stabilization program in Argentina, 69–70

      Argentina

      • adjustment program of, 224

      • debt problem of, 209, 221

      • domestic policies of, 216

      • Fund resources, use of, 66, 223

      • multiple exchange rates, elimination of, 26

      • progress toward adjustment. 149

      Articles of Agreement

      • Article VIII, acceptance of. See individual countries

      • provisions of Second Amendment on exchange rates, 160–61

      Asia

      • external indebtedness of, 213

      • See also individual countries

      • Australia external convertibility achieved, 31

      Austria

      • external convertibility achieved, 31

      Baker. James A., III

      • debt initiative of, 245–44

      • exchange markets, proposes intervention in, 274–75;

      • Mexico as test case of Baker plan, 257–59

      • on economic policy coordination, 276–78

      • remarks on debt strategy in 1986, 259–61

      Balance of Payments

      • changed global pattern of, 119–23, 138

      • conference on methodology of, 123–28

      • sustainable position of defined, 191–92

      • See also Developing Members; Industrial Members: and individual countries

      Balance of Payments Adjustment

      • achieved by 1958, 30–32

      • as policy problem, 9–12

      • as related to coordination of economic policies, 283

      • difficulty in attaining, 281–82

      • effects of on developing members, 76–77

      • larger role for Fund in, 179–86

      • macroeconomic policies ineffective for, 81, 169

      • medium-term strategy, need for 134–35, 154, 163, 188

      • not worked as expected under Bretton Woods system, 33–39

      • reasons for postwar success of, 56–59

      • theories not adequate for, 284–86

      • trade seen as key to, 14

      • See also Adjustment; Adjustment Programs; Developing Members: Industrial Members: and individual countries

      Balance of Payments Deficits

      • Financing of by commercial banks, 121–22

      • oil price rises aggravate, 117–20, 167–68

      • postwar persistance of, 20, 21

      • reasons for and remedies, 26–27

      • reduction of: by indebted members, 233: by industrial members, 87–88; by the United States and danger of world recession, 86

      • Set also Developing Members; Financing of Deficits; Industrial Members; and individual countries

      Bank for International Settlements (BIS)

      • as lender to Fund. 185, 232

      • call for coordinated growth, 156

      • See also Basle Agreement

      Banks, Commercial

      • as element in low use of Fund resources, 163, 209

      • fear of debt default of, 207

      • increased lending by, 121, 123, 210–11; reasons for, 208–209

      • lending by alter start of debt crisis. 232–35

      • official concern about lending prospects of, 174, 179,

      • pyschology of, 211

      • reduced lending by, 212, 215, 250–51, 259

      • role in debt strategy, ‘financial packages.” 221–22, 244, 258

      • role in recycling: nature of, 123; encouraged by authorities. 132, 209; success of, 139

      • strengthened position of, 234

      • see also Debt, External of Developing Members: and Debt Crisis

      Basle Agreement, 80

      Belgium

      • Article VIII, acceptance of, 31

      • as lender to Fund, 231

      • balance of payments position of, 24

      • external convertibility achieved, 31

      • fluctuating exchange rates of, 20

      • monetary policy, effectiveness of, 38

      Bernstein, Edward M.

      • on balance of payments deficits, causes and remedies, 26–27

      • on the Bretton Woods system, 10

      • on cause of inflation, 8

      • on liquidity problem, solutions to, 85

      Bolivia

      • and development of monetary approach, 29

      • Fund resources, use of, 66

      • multiple exchange rates, elimination of, 26

      Brazil

      • adjustment program of, 224–25

      • balance of payments position of, 113, 231

      • debt problem of, 209, 221

      • domestic policies of, 216

      • Fund resources, use of, 66

      Bretton Woods System

      • as way to overcome defects of gold standard, 10

      • problems with, 34–36, 82, 281–82

      • reasons for collapse of, 80–83

      • situation in 1986 as precise opposite of, 286

      • See also Par Value System

      Burma

      • external convertibility achieved, 31

      • Fund resources, use of, 66

      Burns. Arthur F.

      • on curbing inflation, 171–72

      • on declines in capital flows, 215

      • on global solutions to debt crisis, 219

      Burundi

      • use of Strutlual Adjustment Facility, 254

      Canada

      • coordinated growth, response to call for, 157

      • fluctuating exchange rates of, 20

      • revaluation of exchange rate, 38

      Captal Movements

      • as factor aggravating adjustment, 79, 80, 82

      • effect of floating rates on, 267

      • flight from indebted members, 216, 233, 235, 240, 246

      • large size of, 177

      • projections of, 126

      • restrictions on permitted under Bretton Woods system, 10

      Chile

      • and development of monetary approach, 29

      • Fund resources, use of, 66, 223

      • multiple exchange rates, elimination of, 26

      Clausen, A. W.

      • as President of World Bank, 251

      Colombia

      • and development of monetary approach, 29

      • crawling peg, introduction of, 109–110

      • Fund resources, use of, 66

      • stabilization, experience with in 1950s and early 1960s, 70–76

      • stabilization program. Fund’s evaluation of, 109–110

      • stand-by arrangement with Fund, 73, 135

      Committee of Twenty

      • adjustment problem, deliberation of, 95–97

      • approves oil facility, 118

      Compensatory Financing Facility

      • decreased use of, 162

      • drawing on by Brazil. 222–23

      • establishment of, 100

      • increased use of, 183

      Conable, Barber

      • as President of World Bank, 257

      Conditionality

      • as alleged cause of declining use of Fund resources, 162–63, 209

      • as linked to adjustment, 140, 143–47

      • evenhanded application of, 146

      • new guidelines on, 180–81

      • of compensatory financing facility, 100

      • of oil facility, 118–19

      • of supplementary financing facility, 144–47

      • use of, 66

      • See also Adjustment Programs; and Stand-By Arrangements

      Confidence in Reserve Media Problem, 82–83, 96–97

      Convertibility

      • external achieved, 30–32

      • of U.S. dollar suspended, 91

      • See also individual countries

      Costa Rica

      • Fund resources, use of, 66

      Credit Ceilings. See Adjustment Programs; and Stabilization Programs

      Cuba

      • Fund resources, use of, 66

      Currie, Lauchlin

      • on the 1951 devaluation in Colombia, 71

      Debt Crisis

      • causes of. 208–17

      • expansionary domestic policies of developing members as cause of, 215–17

      • fear of repetition of 1930s, 207

      • management of, 231–34

      • onset of with Mexico, 217–18

      • overborrowing by developing members, 208

      • overlending by banks, 208–213

      • proposals for global solutions to, 219, 238

      • spread of, 218

      • status of: mid-1983, 231; mid-1984. 231; in 1985. 234–36. 239: December 1986, 256

      • strategy for, 219–30; reasons lor, 220, 238–41; experience with, 231–42; proposals for adjustment with growth, 243–63

      • viewed as liquidity crisis, 226–27

      • world recovery assumed. 227–28, 238

      • See also J. de Larosière; and Fund, debt strategy used

      Debt, External of Developing Members

      • concern about buildup of, 105–106, 132, 173–74, 179

      • increase in, 105–106, 211–12, 233

      • restructuring of, 229, 232

      • servecing of. 173–74.211–15

      de Gaulle, Charles

      • on the par value system, 92

      de Larosière, J.

      • on African domestic policies, 194–95

      • on allocations of SDRs, 288–89

      • on borrowed resources, increase in, 184–85

      • on conditionality, function of, 164

      • on co-responsibility for solving debt problem. 256

      • on debt strategy, 232, 240, 245. 261–62

      • on economic policy coordination, 270, 272, 276–77

      • on fiscal systems of industrial members, 197

      • on Fund-supported programs: response to criticisms, 241; relates success of, 205–206

      • on Fund role in adjustment, 179–86 on need for new net lending, 221–22. 234, 256

      • on need for official development assistance, 174, 228

      • on need to control inflation, 163–64, 172–73

      • on protectionism, 248–49

      • on quota increase, 184–85

      Denmark

      • external convertibility achieved, 31

      Developing Members

      • adjustment: difficult circumstances for, 189; progress toward, 147–49, 231, 233–34

      • balance of payments: causes of problems in, 60–64, 76–77; policies pursued, 103–106, 286: positions of in 1950s. 76, 77; in 1971 and 1972, 111–14; in 1985, 233, 264–65

      • borrowed funds, alleged misuse of, 217

      • domestic policies: expansionary, 215–17; fiscal and monetary. 102–105: improvement needed, 246

      • economic status of by mid-1985. 233–34

      • exports of, 60–61, 247. 249

      • external policies of: improvement needed, 246; related to financing available, 286

      • growth rate of, 98. 139, 235–36

      • impact on of industrial members’: interest rates, 214–15; policies, 197, 272

      • official financing advocated for, 141, 146, 151, 174, 175, 228

      • protectionism, effect on, 248–19

      • See also Economic Development: Non-Oil Developing Members: and Oil Exporting Members

      Development Committee

      • on debt strategy, position of, 255

      Dominican Republic

      • Fund resources, use of. 66

      Economic Development

      • change in strategy of, 99–100

      • domestic financing of, 23–24

      • effect of methods of promoting on balance of payments, 62–63

      • Fund’s concern with, 100–102, 195–96

      • import substitution as technique for, 63

      • multiple exchange rates used for, 68–69

      • restrictions used for, 68–69

      • two-gap model, 63

      • See also Developing Members

      Ecuador

      • Fund resources, use of, 66

      Elasticities Approach

      • compared with absorption approach. 17

      • continued use of. 30, 80

      • development of, 12–13

      • pessimism about elasticities, 63–64

      El Salvador

      • Fund resources, use of, 66

      Employment, See Full Employment

      Exchange Rates

      • appreciation of: deutsche mark, 160; U.S. dollar, 265–66; yen, 160

      • as balance of payments policy instrument. 9–12. 17–19, 25

      • changes in rejected in 1960s. 87, 95–96

      • depreciation of: as feature of adjustment programs, 69, 108, 202: U.S. dollar, 159. 166–67, 274–75: effect on payments position, 193–94

      • floating rates, movements in, 176–77, 266–71

      • floating system of: advocated, 84; calls for reform of, 269–70. 273; efforts to improve in 1986,275–78: Fund studies of, 268–71: new Bretton Woods conference proposed. 270; problems with, 266–68, 286

      • Fund conference on, 269

      • intervention in exchange markets, 268, 274–75

      • measurements of, 285–86

      • multilateral exchange rate model (MERM), 93. 124

      • multiple, 26, 68, 70; Fund’s policy on, 68–69

      • realistic, emphasized, 25

      • role of: in adjustment, 281; in scenario for world growth, 158–60

      • stable under Bretton Woods system. 11

      • under Second Amendment, 160–61

      • under gold standard, 8

      • Williamsburg Declaration, 209–70

      • See also Par Values; Par Value System; and individual countries

      Exchange Restrictions

      • elimination of urged by Fund, 20, 22–23

      • fear of after oil price rise, 117–18

      • need for approval of under BreTton Woods system, 10, 34

      • postwar retention of, 34–35

      • See also Restrictions, Trade

      Exports

      • fluctuations in as cause of payments problem in developing members, 60–61

      • Of indebted members, 213–14. 216, 231. 234, 247

      • See also Trade; and individual countries

      Extended Fund Facility

      • arrangement with Mexico, 222

      • establishment of, 123, 134–36

      • See also Resources of Fund, use of

      Financing of Deficits

      • amount of by Fund from 1982 to 1986, 232–33

      • changed sources of, 212

      • cut in, 215

      • in 1950s and 1960s, 56–58, 86

      • need for adequate, 250–51

      • need for in 1986, 262. 263

      • unavailability of adequate, 239

      • See also Banks, Commercial; Developing Members, official financing advocated; and Resources of Fund, use of

      Finland

      • external convertibility achieved, 31

      Fiscal Policy

      • as destabilizing force in industrial members, 197

      • of developing members. Fund’s analysis of and recommendations for, 102–105

      • See also Adjustment Programs

      Fleming, J. Marcus

      • on adjustment process, 34, 89–90

      • on use of restrictions, 13, 34, 36

      France

      • Article VIII, acceptance of, 31

      • balance of payments position of, 24, 91

      • coordinated growth, response to call for, 157

      • de facto devaluation of, 1957, 50–51

      • exchange rate system, calls for reform of. 269–70

      • external convertibility achieved, 31

      • Fund resources, use of, 33

      • monetary policy, effectiveness of, 38

      • stabilization efforts by, 47–51

      • stand-by arrangement with Fund, 47, 48

      Friedman, Irving s.

      • as Director of Exchange Restrictions Department, 22

      Full Employment

      • as policy goal of Bretton Woods system, 12

      • commitment to by members, 59

      • inflation not necessary for, Fund declares, 22

      • problems arise in pursuing, 20, 27, 35, 86–87

      Fund

      • adjustment: responsibility of for promoting, 132, 144, 179–80, 198; shift in emphasis on how to achieve, 286

      • applying lessons learned, 287–89

      • as financial organizer in debt crisis, 222

      • as lender of last resort, 209–10

      • Baker initiative on debt, reaction to, 245

      • collaboration with World Bank; on adjustment programs from 1979 to 1982, 188–89, 202; on Colombia, 75; in search for ways to improve, 192: to foster international cooperation, 272; under Baker plan, 251, 255, 261; under Structural Adjustment Facility. 252–53

      • conference on exchange rates, 269

      • coordination of economic policies: calls for, 270,272. 277–78: policy indicators, 287–88

      • debt strategy used by: beginnings of, 219–29; criticisms of, 236–38; endorsement of by officials, 220, 239; evaluation of, 241–42; response to criticisms of, 238–42; success of, 234

      • difficulties in promoting adjustment, 283–85

      • urges elimination of exchange restrictions, 20, 22–23

      • See also individual topics

      Fundamental Disequilibrium

      • nature of, 11, 34–36

      General Agreement on Tariffs and Trade (GATT)

      • jurisdiction over import restrictions, 10 Mexico joins, 258–59

      • requests Fund study on exchange rates, 270–71

      General Arrangements to Borrow (GAB)

      • establishment of, 80

      • increase in, 231–32

      Germany, Federal Republic of

      • Article VIII. acceptance of, 31

      • balance of payments: position of, 24, 91, 147, 152–53, 168; in 1972 and 1973, 119

      • coordinated growth, response to call for, 156–57

      • deutsche mark, appreciation of, 160

      • exchange rate: movement in, 177; revaluation of, 38

      • external convertibility achieved, 31

      • supplementary financing facility, support for, 145

      Ghana

      • external convertibility achieved, 31

      Gold Standard

      • balance of payments adjustment under, 7–9

      • defects of, 8–9

      Greece

      • external convertibility achieved, 31

      Group of Five

      • exchange markets, intervention in, 274–75

      Group of Seven

      • establishment of, 276

      Group of Ten

      • communiqué of emphasizes stronger fiscal policy for industrial countries, 197–98

      • debt strategy, position of, 254

      • Deputies of on floating exchange rates, 273

      • exchange rates in 1960s, reject change in, 87

      Group of Twenty-Four

      • debt strategy, position on, 254

      • Deputies of: on floating exchange rates, 273–74; on surveillance, 273–74

      • international monetary reform, proposal for, 174–75

      Guatemala

      • and development of monetary approach, 29

      • Fund resources, use of, 66

      • stand-by arrangement with Fund, 135

      Gutt, Camille

      • on inflation, 16

      Guyana

      • stand-by arrangement approved, 135

      Haiti

      • Fund resources, use of, 66

      • stand-by arrangement with Fund, 135

      Hirschman, Albert O.

      • unbalanced growth approach of, 64

      Honduras

      • Fund resources, use of, 66

      • stand-by arrangement with Fund, 135

      Howe, Sir Geoffrey

      • on inflation strategy of United Kingdom, 173

      Imports

      • as cause of deficit in Japan, 43–44

      • decline of: in indebted members, 231, 235; in oil exporting members, 214

      • substitution ot as development policy. 63–64, 99

      • See also Trade

      Incomes Policies

      • advocated as supplement to monetary and fiscal policies, 83–84, 90

      India

      • external convertibility achieved, 31

      • Fund resources, use of, 66

      Indonesia

      • Fund resoitces, use of, 66

      • inflation, reduction of, 110

      • stand-by arrangement with Fund, 110, 135

      Industrial Members

      • adjustment by: status of, 173, 175–76, 206; until 1960s, 55–59

      • balance of payments positions of. 89, 130, 168; in mid-1982, 206; 264–65

      • coordination of policies of, emphasis on, 270–72

      • effect of policies of on developing members. 197, 272

      • exchange rates of: adverse effects on payments position, 267–68, 271; movements in, 176. See also Exchange Rates and individual countries

      • growth in, 178; need for improved, 247

      • inflation persists, 150

      • policies needed to end stagflation in, 196–97

      • protectionism, need to reduce, 248–49

      • recession in, consequences of, 213–14

      • unemployement in, 150; rates of, 178

      • See also individual countries

      Inflation

      • and economic development of developing members, 23–24

      • as cause of payments problem in developing members, 25, 61–62

      • as inimical to economic development. 64–65

      • as postwar problem, 15–16, 35

      • fear of after oil price rise, 120

      • Fund’s concern with, 15–16, 64, 167, 169–71

      • persists in industrial members, 150

      • reduced in industrial members, 232

      • renewed emphasis on control of, 169–73

      • structuralists’ solutions to, 67–68

      • surge of in 1979, 166–67

      • worsened by swings in exchange rates, 268

      Interest Rates

      • effects of: on capital movements and exchange rates, 268; on debl service of developing members, 175, 214–15

      • levels of, 214, 247–48

      • low as inducement to borrow, 121–22, 208

      • real, defined, 121–22

      International Bank for Reconstruction and Development (IBRD) See World Bank

      International Monetary Fund. See Fund

      Interim Committee

      • adjustment principles, communiqué on, 142–43

      • anti-inflationary policies, advocacy of, 172, 175

      • communiqué of, stresses adjustment, 151

      • coordinated strategy, consensus on, 156

      • debt strategy: position of on, 239, 254–55; in 1986, 259

      • external financing, more of advocated by, 174

      • inflation, reiterates need to curb, 177, 198

      • outlines remaining debt problems in 1985 and conditions needed, 244–45

      • quotas, approves increase in, 165, 223

      • supplementary financing facility, endorses, 144

      Iraq

      • external convertibility achieved, 31

      Iran, Islamic Republic of

      • Fund resources, use of, 66

      Ireland

      • Article VIII, acceptance of, 31

      • external convertibility achieved, 31

      Israel

      • Fund resources, use of, 66

      Italy

      • Article VIII, acceptance of, 31

      • balance of payments position of, 24, 147, 168: in 1972 and 1973, 119

      • coordinated growth, response to call for, 157

      • external convertibility achieved, 31

      • monetary policy, effectiveness of, 38

      • stand-by arrangement with Fund, 133, 146–47

      Jacobsson, Per

      • on anti-inflationary policies to solve external payments problems, 64–65

      • on problems of developing countries, 70

      • on French stand-by arrangement with Fund, 48

      Jamaica

      • stand-by arrangement with Fund, 148

      Japan

      • as lender to Fund, 185, 232

      • balance of payments position of, 24, 91, 147, 152–53, 168; in 1972, 119, 265

      • coordinated growth, response to call for, 157

      • exchange rate, movement in, 177

      • exports, increase in, 44

      • Fund resources, use of, 33

      • imports, increase in, 44

      • payments adjustment, experiences with, 39–47

      • stand-by arrangements with Fund, 46–47

      • supplementary financing facility, support for, 145

      • yen, appreciation of, 160

      Jordan

      • external convertibility achieved, 31

      Kalecki, Michael, 67

      Kennedy, John F.

      • on U.S. balance of payments deficit, 79

      Korea

      • stand-by arrangement with Fund, 135

      Latin America

      • external indebtedness of, 213

      • lending to, decline in, 250

      • See also individual countries

      Liberia

      • stand-by arrangement with Fund, 135

      Libyan Arab Jamahariya

      • external convertibility achieved, 31

      Liquidity, International

      • as problem in Bretton Woods system, 80–81

      • priority given to, in 1960s, 84–86

      • role in balance of payments adjustment, 86–87

      Luxembourg

      • external convertibility achieved, 31

      • Article VIII, acceptance of, 31

      Malaya (Malaysia and Singapore)

      • external convertibility achieved, 31

      Marshall Plan

      • role in adjustment, 57

      Martincz-Ostos, Raul, 69

      Meade, James E.

      • conceived of balance of payments adjustment as policy problem, 12

      • conceived of problems with “adjustable peg,” 36

      Mexico

      • absorption approach, development of, 18

      • adjustment, progress toward, 147–18, 231

      • adjustment program. 224; in 1986, 257–58

      • Baker initiative, as test case for, 257–59

      • debt, emergency financing of, 257 debt problem of, 209, 217–18, 221

      • debt service payments of: announces inability to make, 217–18: impact of announcement, 218- 19

      • domestic policies of, 216

      • Fund resources, use of, 66

      • growth rates of, 210

      • joins GATT. 258 -59

      • monetary approach, development of, 28

      • stand-by arrangement with Fund, 257

      Middle Eastern Members, 113. See also Oil Exporting Members; and individual countries

      Miller, William G.

      • agrees on inflation strategy, 172. See Volcker, Paul A.; and Schmidt. Helmut

      Monetary Approach

      • development of, 27–30

      Monetary Policy

      • effectiveness of, 38

      • revival of in 1950s, 24, 36–39

      • use of in Mexico to control prices, 28

      • See also Adjustment Programe and individual countries

      Morocco

      • external convertibility achieved, 31

      • stand-by arrangement with Fund, 135

      Narvekar, P.R.

      • on Japanese balance of payments adjustment, 43

      • on Japanese deficit: of 1953, 40; of 1957–58, 45

      Netherlands, The

      • Article VIII, acceptance of, 31

      • balance of payments position of, 24

      • exchange rates, revaluation of, 38

      • external convertibility achieved, 31

      • monetary policy, effectiveness of, 38

      New Zealand

      • external convertibility achieved, 31

      Nicaragua

      • Fund resources, use of, 66

      Non-Oil Developing Members

      • balance of payments; position of, 168; problems, cause of in 1979–81, 201

      • current account deficit of, 120–21, 130–31, 149, 231; concern with, 173–75; considered manageable, 138, 141

      • debt service payments of, 212–13

      • deficit in, 178

      • domestic policies of in 1970s. 216

      • economic situation of, 176, 198

      • external debt of, 211–12

      • Fund concern with adjustment burden of, 142

      • Fund financing of, 163

      • increased deficit forecast for, 184

      • nature of creditors, change in. 212

      • overborrowing by, 208, 210–11

      • recession, impact of in industrial countries on, 213–14

      • reserves of, 212

      • See also Developing Members: and individual countries

      Norway

      • external convertibility achieved, 31

      Nurkse, Ragnar

      • on function of Fund, 11

      • on import substitution, 64

      Oil Exporting Members

      • balance of payments position of, 113, 119–20, 130, 138, 214

      • See also Developing Members: and individual countries

      Oil Facility

      • Committee of Twenty approves, 118

      • drawings under, 121

      • purpose of: described. 118–19. 151; conditionality associated with, 118–19

      Oil Prices

      • increase in, 117, 166–69

      Organization for Economic Cooperation and

      • Development (OECD)

      • call for coordinated growth, 156

      • report of: on balance of payments adjustment. 87; on use of restrictions by developing countries, 69

      Organization of Petroleum Exporting

      • Countries (OPEC)

      • increase in oil prices by, 166–67

      Pakistan

      • external convertibility achieved, 31

      • Fund resources, use of, 66

      Panama

      • stand-by arrangement with Fund. 135

      Paraguay

      • Fund resources, use of, 66

      • monetary approach, development of, 29

      • multiple exchange rates, elimination of, 26

      Par Value System

      • problems with: arise, 82; foreseen, 36

      • reasons for collapse of, 94

      • suggestions for change, 84; rejected. 84, 87

      • view of: European countries, 92; United States, 92

      • See also Bretton Woods System

      Par Values

      • devaluation of, ascertaining effects of, 12–13, 17, 18–19

      • initial: devaluation of, 18, 19, 50, 57; established, 14; after 1949, 56

      • problems with changing, 34–35, 36, 81–82

      • revaluation of, 38–39, 57

      • See also Elasticities Approach: Exchange rates; and individual countries

      Peru

      • Article VIII, acceptance of, 31

      • monetary approach, development of, 29

      • Fund resources, use of, 66

      Philippines

      • adjustment, progress toward, 148

      • Fund resources, use of, 66

      • stand-by arrangement with Fund, 135

      Phillips Curve, 81

      Polak. J.J.

      • on developing members’ capital needs, 141

      • on exchange rates under Second Amendment, 161

      • on link between adjustment and growth, 156

      • role in: absorption approach, 18; monetary approach. 28

      Portugal

      • external convertibility achieved, 31

      Prcbisch, Raul

      • on import substitution, 64

      • role in UNCTAD, 99–100

      Prices

      • of oil, 117–18

      • of primary commodities: developments in, 129–30, 249–50: viewed as serious problem in 1986, 256

      • of state enterprises: as problem in debtor members, 188: in adjustment programs, 192, 202, 224, 225

      Protectionism

      • as obstacle to debl repayment, 234, 248–49, 256

      • rise of, 153

      Quotas of Fund

      • as proportion of world imports, 182

      • increase in, 79–80, 165, 184–85, 223

      • members’ purchases as multiples of, 183

      Reagan, Ronald

      • on U.S. anti-inflationary policies, 177

      Recession

      • fear of as reason for oil facility, 117–18, 190

      • impact of on developing members, 213–14

      • worldwide in 1974, 121

      Reserves

      • as policy instrument for balance of payments adjustment, 14

      • long-term global need for, 289

      • postwar amount of ample in United Suites, 79

      • use of U.S. dollar as, 81

      • See also Liquidity, International

      Resources of Fund

      • borrowing agreement with: Bank of England. 185; Bank for International Settlements (BIS), 185, 232; Japan, 185, 232; National Bank of Belgium, 185, 232; Saudi Arabian Monetary Agency (SAMA). 185, 232; Swiss National Bank. 185

      • circumstances of members using, 199–201

      • compensatory financing facility, establishment of, 100

      • conditionality applied to, 145–47

      • drawings on. 181–82

      • enlarged access, policy of adapted, 183

      • enlargement of, 122–23

      • expansion of, 181–83

      • extended Fund facility, 134–36

      • oil facility; purpose of, described, conditionality associated with, 118–19

      • policy on: in 1947, 14–15: by 1960s, 59; contercyclical in 1974–75, 122

      • quotas, increase in, 79–80, 165, 223

      • revolving character of, 190–91

      • supplementary financing facility, 143–44

      • Structural Adjustment Facility, establishment of, 252–53

      • tranche policy, 22, 143

      • use of, 122, 222–23; decreased, 161–63; emphasis on temporary, 190–91; review of, 199,200: up to April 30, 1984, 223–24: from mid-1982 to mid-1986, 232

      Restrictions, Trade

      • as alternative to devaluation, 13

      • as tool for development, 68

      • Fund’s policy on liberalizing, 68–69

      • used to correct balance of payments deficits, 14, 34–35

      Rooth, Ivar

      • on balance of payments threat to developing members, 26

      • on inflation, 21

      Rostow, Walt W., 169

      Saad, Ahmed Zaki

      • on financing economic development, 24

      Saudi Arabia

      • Article VIII, acceptance of, 31

      • as lender to Fund, 231–32

      • Fund’s borrowing agreement with SAMA, 185, 232

      Schmidt, Helmut

      • agrees on inflation strategy, 172. See Volcker, Paul A,: and Miller, William G.

      Schweitzer, Pierre-Paul

      • on monetary system, 89.

      • on stability as basis for economic growth, 101–102

      SDR

      • allocations advocated or proposed, 146, 175. See also de Larosière, J., on allocations of SDRs

      • establishment of, 89

      Simon, William E.

      • on external debt buildup, 132

      Somalia

      • stand-by arrangement with Fund, 135

      Sourrouille, Juan Vital

      • on Latin American debt, 262–63

      South Africa

      • external convertibility achieved, 31

      Sri Lanka (Ceylon)

      • external convertibility achieved, 31

      • Fund resources, use of, 66

      Stabilization Programs

      • content and rationale of, 59, 66–67, 77, 106–109

      • Fund’s evaluation of, 109–111

      • in Argentina, 149

      • innovation of pre-announced exchange rate in, 194

      • See also Adjustment Programs; Conditionality; Developing Members: and individual countries

      Stagflation

      • complementary actions needed to grapple with, 196–97

      • defined,167

      Stand-By Arrangements

      • approved, 135

      • decrease in, 161

      • drawings under, interruption of, 204–205

      • number approved from 1963 to 1972, 106

      • under decision of 1968, 112–13

      • use of increased, 182

      • with Argentina. 224; Colombia. 73; frame, 47, 48; Italy, 133, 146–47; Jamaica, 148; Japan, 46–47; Mexico, 257; the United Kingdom, 88, 133, 146–47

      • See also Adjustment Programs; Resources of Fund, use of; Stabilization Programs; and individual countries

      Structural Adjustment Facility

      • establishment of, 252–53

      • first use of, 253

      Structuralists

      • view of, 67–68

      Sudan

      • external convertibility achieved, 31

      • Fund resources, use of, 66

      Supplementary Financing Facility

      • conditionality of, 144–47; use of, 66

      • Interim Committee, endorsement of, 144

      • introduction of, 143–44

      • purpose of, 151–52

      • U.S. support of, 145

      Surveillance

      • calls for more effective, 272–75

      • Fund emphasizes importance of, 272

      • objective of, 272

      • relation to payments adjustment, 161

      • steps to improve, 288

      • See also Exchange Rates

      Sweden

      • Article VIII, acceptance of, 31

      • external convertibility achieved, 31

      switzerland

      • balance of payments position of, 152–53

      • Swiss National Bank as lender to Fund, 185

      Syrian Arab Republic

      • Fund resources, use of, 66

      Technical Assistance

      • as tool: for balance of payments management, 101–105; in debt crisis, 229

      Tinbergen, Jan

      • on need For policy instrument for each objective, 12

      Trade, World

      • as engine of growth, 26

      • declines in, 129, 152, 176, 247

      • expansion of, 89, 152. 247; as key to adjustment, 14–15; questioned, 256

      • helped by debt strategy, 240

      • See also Exports; and Imports

      Triffin, Robert

      • role in monetary approach, 29

      Tsiang, S.C.

      • on effect of international transactions on domestic flow of income, 19

      Tunisia

      • exiernal convertibility achieved, 31

      • stand-by arrangement with Fund, 135

      Turkey

      • Fund resources, use of, 66

      • stand-by arrangement with Fund, 135

      Unemployment

      • in industrial countries, 150

      • in the United States, 79

      • rate of: in the United Kingdom, 86; in the United Stales, 86

      • rates of in industrial members, 178

      United Kingdom, 33

      • adjustment experience of, 51–57

      • Article VIII, acceptance of, 31

      • balance of payments position of, 78, 79, 88–89, 147; in 1972 and 1973, 147

      • deficit of in 1961. 51–55

      • exchange rate, 8

      • external convertibility achieved, 31

      • Fund resources, use of, 33

      • inflation strategy of, 173

      • monetary policy, effectiveness of, 38

      • stand-by arrangement with Fund, 53, 54, 55, 88, 133, 146–47

      • supplementary financing facility, support for, 145

      • unemployment rate in, 86

      United Nations Conference on Trade and

      • Development (UNCTAD)

      • conclusions of study on adjustment, 141–42

      United States

      • balance of payments position of, 78–79, 87, 88, 91, 93, 147; in 1972, 119

      • coordinated growth, response to call for, 157

      • decline of dollar, measurements of, 286

      • deficits of, 265

      • dollar: convertibility of suspended, 91; depreciation of, 153, 159–60, 166–67; shortage of, 13, 82–83

      • effect of dollar rise on debt of developing members, 215

      • exchange rate movement, 176

      • Fund borrowing for supplementary financing facility, 145

      • inflation strategy of, 173

      • Mexico, concern about debt payments of, 218

      • unemployment rate in, 86

      • view of par value system, 92

      Uruguay

      • progress toward adjustment, 148–49

      Venezuela

      • Fund resources, use of, 66

      Viner, Jacob

      • on function of Fund, 11

      Volcker, Paul A.

      • agrees on inflation strategy. 172. See Miller, William G.; and Schmidt, Helmut

      • on inflation strategy of United States, 173

      • role in debt strategy, 220, 263

      Wages

      • in adjustment programs, 224, 225

      • increases in as cause of inflation: in Colombia, 76; in debtor members, 246

      • in stand-by arrangements with Italy, 147

      Witteveen. H. Johannes

      • official financing, emphasizes need for, 151–52

      • oil-related deficits, concern with, 115–18; proposes oil facility, 118

      • on adjustment, 128–30, 132; “blown off course,” 150–51; need lot symmetrical, 133–34

      • on bank financing of deficits, 128–29

      • on external debt buildup, 132

      • on coordinated growth scenario, 153–58

      • on increasing private investment for growth, 157–58

      • on revolving character of Fund resources, 133

      • substitution account, proposes, 158

      • supplementary financing facility, introduces, 143

      World Bank

      • concern with external debt, 106

      • role in Colombia, 71, 75

      • role in debt strategy, 219, 220, 221, 251–52, 256, 257, 258, 259

      • See also Fund, collaboration with World Bank

      World Economic Outlook

      • estimates payments positions, 124

      • role in policy coordination, 287

      • suggests need for increased financial flows, 262

      Yugoslavia

      • Fund resources, use of, 66

      The Author

      Margaret Garritsen de Vries, who is an economics graduate of the University of Michigan and holds a doctorate in economics from the Massachusetts Institute of Technology, was Historian of the International Monetary Fund from 1973 to early 1987, when she retired. She was among the first staff members of the Fund, joining the Research Department in August 1946. From 1950 to 1957 she served in the Exchange Restrictions Department and from 1957 to 1959 in the Asian Department as Chief of the Far Eastern Division. From 1963 to 1973 she was a consultant to the Fund.

      Mrs. de Vries is the author of The International Monetary Fund, 1972–1978: Cooperation on Trial (3 vols.), The International Monetary Fund, 1966–1971: The System Under Stress (2 vols.), and The International Monetary Fund in a Changing World, 1945–1985, and a co-author of The International Monetary Fund, 1945–1965: Twenty Years of International Monetary Cooperation (3 vols.). She has also been a lecturer in economics at The George Washington University.

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